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  • MIL-OSI: Ready Capital Corporation Reports Fourth Quarter 2024 Results and Declares First Quarter 2025 Dividends

    Source: GlobeNewswire (MIL-OSI)

    – GAAP LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS OF $(1.80) –
    – DISTRIBUTABLE LOSS PER COMMON SHARE OF $(0.03) –
    – DISTRIBUTABLE EARNINGS PER COMMON SHARE BEFORE REALIZED LOSSES OF $0.23 –
    – DISTRIBUTABLE RETURN ON AVERAGE STOCKHOLDERS’ EQUITY BEFORE REALIZED LOSSES OF 7.1%    –
    – DECLARED A QUARTERLY CASH DIVIDEND OF $0.125 PER SHARE OF COMMON STOCK AND OPERATING PARTNERSHIP UNIT FOR THE QUARTER ENDING MARCH 31, 2025 –

    NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner-occupied commercial real estate loans, today reported financial results for the quarter ended December 31, 2024 and declared dividends for the quarter ending March 31, 2025.

    “The fourth quarter closes out a year of mixed results. On one hand, our Small Business Lending segment performed well, with significant origination growth reflecting the benefits of past investments. Meanwhile, our multi-family lending focused business faced challenges from higher rates, inflationary pressures, and lower rent growth,” said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Entering 2025, we have taken decisive actions to stabilize and better position our balance sheet going forward by fully reserving for all of our non-performing loans in our CRE portfolio. While this reduces our book value per share in the short term, we believe it provides a path to recovery in our net interest margin through the accelerated resolution of our non-performing loans to generate liquidity for reinvestment in higher-yielding new originations. Additionally, we have adjusted our dividend to $0.125 per share to align with anticipated cash earnings to preserve capital for reinvestment and share repurchases with potential upward bias co-incident with the recovery in earnings. We believe these actions will enable the Company to resume growth in both book value per share and the dividend as we move forward.”

    Fourth Quarter Highlights

    • LMM commercial real estate originations of $436 million
    • Small Business Lending (“SBL”) loan originations of $348 million, including $315 million of Small Business Administration 7(a) loans
    • Book value of $10.61 per share of common stock as of December 31, 2024
    • Entered into a definitive merger agreement to acquire United Development Funding IV, a real estate investment trust providing capital solutions to residential real estate developers and regional homebuilders
    • Acquired approximately 5.8 million shares of the Company’s common stock at an average price of $7.35 per share as part of stock repurchase program
    • Issued $130 million in aggregate principal amount of 9.00% Senior Unsecured Notes due 2029

    Full Year Highlights

    • GAAP Loss per common share from continuing operations of $(2.52)
    • Distributable earnings per common share before realized losses of $0.97
    • Distributable return on average stockholders’ equity before realized losses of 7.5%
    • Total LMM and SBL originations of $2.4 billion, including $1.1 billion of Small Business Administration 7(a) loans
    • Sold $7.6 billion in mortgage servicing rights in connection with the disposition of its residential mortgage banking segment
    • Completed the acquisitions of Madison One, a leading originator and servicer of USDA and SBA guaranteed loan product, and Funding Circle USA, Inc., an online lending platform that originates and services small business loans
    • Acquired approximately 10.3 million shares of the Company’s common stock at an average price of $7.95 per share as part of stock repurchase program

    Subsequent Events

    • On January 16, 2025, the Board approved a new stock repurchase program authorizing the repurchase of up to $150 million of the Company’s common stock
    • On February 21, 2025, ReadyCap Holdings, LLC, a taxable REIT subsidiary of the Company, closed a private placement of $220 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028. The Company intends to use the net proceeds from the private placement to repay its indebtedness and for general corporate purposes

    Dividends

    • The Company announced that its Board of Directors declared a quarterly cash dividend of $0.125 per share of common stock and Operating Partnership unit for the quarter ending March 31, 2025. The dividend is payable on April 30, 2025, to shareholders of record as of the close of business on March 31, 2025
    • Additionally, the Company announced that its Board of Directors declared quarterly cash dividends on its 6.25% Series C Cumulative Convertible Preferred Stock (the “Series C Preferred Stock”), and its 6.50% Series E Cumulative Redeemable Preferred Stock (the “Series E Preferred Stock”)
    • The Company declared a dividend of $0.390625 per share of Series C Preferred Stock payable on April 15, 2025, to Series C Preferred stockholders of record as of the close of business on March 31, 2025
    • The Company declared a dividend of $0.40625 per share of Series E Preferred Stock payable on April 30, 2025, to Series E Preferred stockholders of record as of the close of business on March 31, 2025

    Use of Non-GAAP Financial Information

    In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized gains and losses related to residential mortgage servicing rights (“MSR”) from discontinued operations, unrealized changes in our current expected credit loss reserve, unrealized gains or losses on de-designated cash flow hedges, unrealized gains or losses on foreign exchange hedges, unrealized gains or losses on certain unconsolidated joint ventures, non-cash compensation expense related to our stock-based incentive plan, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses.

    The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because distributable earnings is an incomplete measure of the Company’s financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company’s net income computed in accordance with U.S. GAAP as a measure of the Company’s financial performance. In addition, because not all companies use identical calculations, the Company’s presentation of distributable earnings may not be comparable to other similarly-titled measures of other companies.

    In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating distributable earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.

    In addition, in calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains or losses on residential MSRs, held at fair value from discontinued operations. Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing. In calculating distributable earnings, the Company does not exclude realized gains or losses on commercial MSRs, as servicing income is a fundamental part of Ready Capital’s business and is an indicator of the ongoing performance.

    To qualify as a REIT, the Company must distribute to its stockholders each calendar year at least 90% of its REIT taxable income (including certain items of non-cash income), determined without regard to the deduction for dividends paid and excluding net capital gain. There are certain items, including net income generated from the creation of MSRs, that are included in distributable earnings but are not included in the calculation of the current year’s taxable income. These differences may result in certain items that are recognized in the current period’s calculation of distributable earnings not being included in taxable income, and thus not subject to the REIT dividend distribution requirement until future years.

    The table below reconciles Net Income computed in accordance with U.S. GAAP to Distributable Earnings.

    (in thousands) Three Months Ended
    December 31, 2024    		 Year Ended
    December 31, 2024
    Net Loss $ (314,751 ) $ (430,398 )
    Reconciling items:    
    Unrealized loss on MSR – discontinued operations   33,175     40,394  
    Unrealized gain on joint ventures   (5,015 )   (3,503 )
    Increase in CECL reserve   277,277     272,964  
    Increase (decrease) in valuation allowance   (31,229 )   124,878  
    Non-recurring REO impairment   31,175     55,686  
    Non-cash compensation   2,826     8,510  
    Unrealized loss on preferred equity, at fair value   15,613     15,613  
    Merger transaction costs and other non-recurring expenses   6,579     17,432  
    Bargain purchase gain   —     (13,859 )
    Realized losses on sale of investments   51,688     183,718  
    Total reconciling items $ 382,089   $ 701,833  
    Income tax adjustments   (22,825 )   (89,504 )
    Distributable earnings before realized losses $ 44,513   $ 181,931  
    Realized losses on sale of investments, net of tax   (44,246 )   (153,571 )
    Distributable earnings $ 267   $ 28,360  
    Less: Distributable earnings attributable to non-controlling interests   3,113     8,167  
    Less: Income attributable to participating shares   2,248     9,125  
    Distributable earnings attributable to common stockholders $ (5,094 ) $ 11,068  
    Distributable earnings before realized losses on investments, net of tax per common share – basic and diluted $ 0.23   $ 0.97  
    Distributable earnings per common share – basic and diluted $ (0.03 ) $ 0.07  

    U.S. GAAP return on equity is based on U.S. GAAP net income, while distributable return on equity is based on distributable earnings, which adjusts U.S. GAAP net income for the items Din the distributable earnings reconciliation above.

    Webcast and Earnings Conference Call

    Management will host a webcast and conference call on Monday, March 3, 2025 at 8:30am ET to provide a general business update and discuss the financial results for the quarter ended December 31, 2024. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

    The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

    To Participate in the Telephone Conference Call:

    Dial in at least five minutes prior to start time.

    Domestic: 1-877-407-0792
    International: 1-201-689-8263

    Conference Call Playback:

    Domestic: 1-844-512-2921
    International: 1-412-317-6671
    Replay Pin #: 13750356

    The playback can be accessed through March 17, 2025.

    Safe Harbor Statement

    This press release contains statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company’s investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company’s assets; the degree and nature of competition, including competition for the Company’s target assets; and other factors, including those set forth in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    About Ready Capital Corporation

    Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

    Contact
    Investor Relations
    Ready Capital Corporation
    212-257-4666
    InvestorRelations@readycapital.com

    Additional information can be found on the Company’s website at www.readycapital.com.

    READY CAPITAL CORPORATION
    UNAUDITED CONSOLIDATED BALANCE SHEETS
    (in thousands) December 31, 2024   December 31, 2023
    Assets      
    Cash and cash equivalents $ 143,803     $ 138,532  
    Restricted cash   30,560       30,063  
    Loans, net (including $3,533 and $9,348 held at fair value)   3,378,149       4,020,160  
    Loans, held for sale (including $128,531 and $81,599 held at fair value and net of valuation allowance of $97,620 and $0)   241,626       81,599  
    Mortgage-backed securities   31,006       27,436  
    Investment in unconsolidated joint ventures (including $6,577 and $7,360 held at fair value)   161,561       133,321  
    Derivative instruments   7,963       2,404  
    Servicing rights   128,440       102,837  
    Real estate owned, held for sale   193,437       252,949  
    Other assets   362,486       300,175  
    Assets of consolidated VIEs   5,175,295       6,897,145  
    Assets held for sale   287,595       454,596  
    Total Assets $ 10,141,921     $ 12,441,217  
    Liabilities      
    Secured borrowings   2,035,176       2,102,075  
    Securitized debt obligations of consolidated VIEs, net   3,580,513       5,068,453  
    Senior secured notes, net   437,847       345,127  
    Corporate debt, net   895,265       764,908  
    Guaranteed loan financing   691,118       844,540  
    Contingent consideration   573       7,628  
    Derivative instruments   352       212  
    Dividends payable   43,168       54,289  
    Loan participations sold   95,578       62,944  
    Due to third parties   1,442       3,641  
    Accounts payable and other accrued liabilities   188,051       207,481  
    Liabilities held for sale   228,735       333,157  
    Total Liabilities $ 8,197,818     $ 9,794,455  
    Preferred stock Series C, liquidation preference $25.00 per share   8,361       8,361  
           
    Commitments & contingencies      
           
    Stockholders’ Equity      
    Preferred stock Series E, liquidation preference $25.00 per share   111,378       111,378  
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 162,792,372 and 172,276,105 shares issued and outstanding, respectively   17       17  
    Additional paid-in capital   2,250,291       2,321,989  
    Retained earnings (deficit)   (505,089 )     124,413  
    Accumulated other comprehensive loss   (18,552 )     (17,860 )
    Total Ready Capital Corporation equity   1,838,045       2,539,937  
    Non-controlling interests   97,697       98,464  
    Total Stockholders’ Equity $ 1,935,742     $ 2,638,401  
    Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity $ 10,141,921     $ 12,441,217  
    READY CAPITAL CORPORATION
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share data) Three Months Ended
    December 31, 2024    		   Year Ended
    December 31, 2024
    Interest income $ 203,965     $ 896,975  
    Interest expense   (153,911 )     (696,455 )
    Net interest income before provision for loan losses $ 50,054     $ 200,520  
    Provision for loan losses   (285,008 )     (292,759 )
    Net interest income after provision for loan losses $ (234,954 )   $ (92,239 )
    Non-interest income      
    Net realized gain (loss) on financial instruments and real estate owned   (10,934 )     (54,000 )
    Net unrealized gain (loss) on financial instruments   (17,025 )     (14,991 )
    Valuation allowance, loans held for sale   31,229       (124,878 )
    Servicing income, net of amortization and impairment of $7,756 and $21,972   4,112       16,556  
    Gain on bargain purchase   —       13,859  
    Income on unconsolidated joint ventures   6,065       10,886  
    Other income   13,557       50,803  
    Total non-interest income (expense) $ 27,004     $ (101,765 )
    Non-interest expense      
    Employee compensation and benefits   (23,320 )     (82,522 )
    Allocated employee compensation and benefits from related party   (3,350 )     (11,387 )
    Professional fees   (7,557 )     (26,887 )
    Management fees – related party   (5,518 )     (24,862 )
    Loan servicing expense   (12,749 )     (46,656 )
    Transaction related expenses   (4,878 )     (10,118 )
    Impairment on real estate   (29,876 )     (56,503 )
    Other operating expenses   (19,637 )     (63,572 )
    Total non-interest expense $ (106,885 )   $ (322,507 )
    Loss from continuing operations before benefit for income taxes   (314,835 )     (516,511 )
    Income tax benefit   17,318       104,512  
    Net loss from continuing operations $ (297,517 )   $ (411,999 )
    Discontinued operations      
    Loss from discontinued operations before benefit for income taxes   (22,978 )     (24,532 )
    Income tax benefit   5,744       6,133  
    Net loss from discontinued operations $ (17,234 )   $ (18,399 )
    Net loss $ (314,751 )   $ (430,398 )
    Less: Dividends on preferred stock   1,999       7,996  
    Less: Net income attributable to non-controlling interest   1,389       5,357  
    Net loss attributable to Ready Capital Corporation $ (318,139 )   $ (443,751 )
           
    Earnings per common share from continuing operations – basic $ (1.80 )   $ (2.52 )
    Earnings per common share from discontinued operations – basic $ (0.10 )   $ (0.11 )
    Total earnings per common share – basic $ (1.90 )   $ (2.63 )
           
    Earnings per common share from continuing operations – diluted $ (1.80 )   $ (2.52 )
    Earnings per common share from discontinued operations – diluted $ (0.10 )   $ (0.11 )
    Total earnings per common share – diluted $ (1.90 )   $ (2.63 )
           
    Weighted-average shares outstanding      
    Basic   167,434,683       169,107,477  
    Diluted   168,845,426       170,472,273  
           
    Dividends declared per share of common stock $ 0.25     $ 1.10  
    READY CAPITAL CORPORATION
    UNAUDITED SEGMENT REPORTING
      Three Months Ended December 31, 2024
    (in thousands) LMM
    Commercial
    Real Estate    		   Small Business
    Lending    		   Corporate-Other   Consolidated
    Interest income $ 170,292     $ 33,673     $ —     $ 203,965  
    Interest expense   (131,128 )     (22,783 )     —       (153,911 )
    Net interest income before provision for loan losses $ 39,164     $ 10,890     $ —     $ 50,054  
    Provision for loan losses   (279,483 )     (5,525 )     —       (285,008 )
    Net interest income after provision for loan losses $ (240,319 )   $ 5,365     $ —     $ (234,954 )
    Non-interest income              
    Net realized gain (loss) on financial instruments and real estate owned   (33,206 )     22,272       —       (10,934 )
    Net unrealized gain (loss) on financial instruments   (19,629 )     2,604       —       (17,025 )
    Valuation allowance, loans held for sale   31,229       —       —       31,229  
    Servicing income, net   1,761       2,351       —       4,112  
    Income on unconsolidated joint ventures   6,065       —       —       6,065  
    Other income   2,279       9,155       2,123       13,557  
    Total non-interest income (loss) $ (11,501 )   $ 36,382     $ 2,123     $ 27,004  
    Non-interest expense              
    Employee compensation and benefits   (4,741 )     (14,564 )     (4,015 )     (23,320 )
    Allocated employee compensation and benefits from related party   (335 )     —       (3,015 )     (3,350 )
    Professional fees   (1,639 )     (3,210 )     (2,708 )     (7,557 )
    Management fees – related party   —       —       (5,518 )     (5,518 )
    Loan servicing expense   (11,592 )     (1,157 )     —       (12,749 )
    Transaction related expenses   —       —       (4,878 )     (4,878 )
    Impairment on real estate   (29,876 )     —       —       (29,876 )
    Other operating expenses   (4,257 )     (12,215 )     (3,165 )     (19,637 )
    Total non-interest expense $ (52,440 )   $ (31,146 )   $ (23,299 )   $ (106,885 )
    Income (loss) before provision for income taxes $ (304,260 )   $ 10,601     $ (21,176 )   $ (314,835 )
    Total assets $ 8,058,707     $ 1,427,281     $ 368,338     $ 9,854,326  
    READY CAPITAL CORPORATION
    UNAUDITED SEGMENT REPORTING
      Year Ended December 31, 2024
    (in thousands) LMM
    Commercial
    Real Estate    		   Small Business
    Lending    		   Corporate-Other   Consolidated
    Interest income $ 766,354     $ 130,621     $ —     $ 896,975  
    Interest expense   (598,846 )     (97,609 )     —       (696,455 )
    Net interest income before provision for loan losses $ 167,508     $ 33,012     $ —     $ 200,520  
    Provision for loan losses   (283,800 )     (8,959 )     —       (292,759 )
    Net interest income after provision for loan losses $ (116,292 )   $ 24,053     $ —     $ (92,239 )
    Non-interest income              
    Net realized gain (loss) on financial instruments and real estate owned   (132,746 )     78,746       —       (54,000 )
    Net unrealized gain (loss) on financial instruments   (20,588 )     5,597       —       (14,991 )
    Valuation allowance, loans held for sale   (124,878 )     —       —       (124,878 )
    Servicing income, net   5,759       10,797       —       16,556  
    Gain on bargain purchase   —       —       13,859       13,859  
    Income on unconsolidated joint ventures   10,876       10       —       10,886  
    Other income   22,605       23,424       4,774       50,803  
    Total non-interest income (loss) $ (238,972 )   $ 118,574     $ 18,633     $ (101,765 )
    Non-interest expense              
    Employee compensation and benefits   (25,821 )     (46,036 )     (10,665 )     (82,522 )
    Allocated employee compensation and benefits from related party   (1,139 )     —       (10,248 )     (11,387 )
    Professional fees   (4,963 )     (12,681 )     (9,243 )     (26,887 )
    Management fees – related party   —       —       (24,862 )     (24,862 )
    Loan servicing expense   (44,667 )     (1,989 )     —       (46,656 )
    Transaction related expenses   —       —       (10,118 )     (10,118 )
    Impairment on real estate   (56,428 )     (75 )     —       (56,503 )
    Other operating expenses   (15,212 )     (36,108 )     (12,252 )     (63,572 )
    Total non-interest expense $ (148,230 )   $ (96,889 )   $ (77,388 )   $ (322,507 )
    Income (loss) before provision for income taxes $ (503,494 )   $ 45,738     $ (58,755 )   $ (516,511 )
    Total assets $ 8,058,707     $ 1,427,281     $ 368,338     $ 9,854,326  

    The MIL Network –

  • MIL-OSI: Wearable Devices to Showcase the World’s First Neural Sensing Wristband at MWC Barcelona 2025

    Source: GlobeNewswire (MIL-OSI)

    The Company will demonstrate its newly launched Mudra Link across multiple operating systems alongside the Mudra Dev-Kit, with a strong focus on Extended Reality (XR) and smart glasses applications

    Yokneam Illit, Israel, March 03, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, today announced its participation at MWC Barcelona 2025 (“MWC 2025”), the world’s leading event for mobile technology and connectivity. The Company will showcase its latest advancements in neural gesture input technology, emphasizing the role of Mudra Link, the world’s first neural sensing wristband, in XR and Smart Glasses control, alongside the Mudra Band for Apple Watch. Wearable Devices will be exhibiting at Hall 5 – 5E61, from Monday, March 3 to Thursday, March 6, 2025.

    At MWC 2025, Wearable Devices invites attendees to experience the Mudra Link, the first neural gesture control wristband that enables seamless interaction across Android, macOS, and Windows devices using simple gestures like tap, swipe, pinch, and drag. With Mudra Link, users can control mobile devices, apps, and computers on any OS, offering an intuitive and touch-free user experience. More importantly, Mudra Link introduces new capabilities for controlling Smart Glasses and XR applications, allowing users to interact with augmented and virtual reality environments using natural hand gestures without the need for external controllers. This latest offering represents a major step in expanding neural gesture control beyond the Apple ecosystem, bringing Wearable Devices’ technology to a broader consumer audience.

    Alongside the Mudra Link, the Company will present a new Mudra Dev-Kit program (the “MDK Program”). The MDK Program is tailor-made for enterprises looking to both explore, build proof of concepts and pilots before deciding on the final neural band product experience. The MDK Program also includes onsite support and training of technical and marketing teams, sample code, a hands-on demo day covering multiple uses cases. The MDK Program accelerates time to market and boost visibility for the final product, and builds confidence in using the Company’s latest new and novel technology.

    Offir Remez, Executive Vice President of Business Development at Wearable Devices, stated, “MWC 2025 is a premier event for mobile technology, and we are excited to demonstrate how our AI-powered neural gesture control technology is revolutionizing user interactions. With the launch of the Mudra Link, we are expanding beyond Apple and bringing our technology to a wider audience across multiple platforms. Most significantly, our focus on XR and Smart Glasses opens new doors for intuitive user experiences in digital and virtual environments. We see strong interest from both consumers and industry partners and we are looking forward to seeing co-branded products shipped in volume soon.”

    Asher Dahan, Chief Executive Officer of Wearable Devices, added, “Our vision is to redefine the way users interact with technology, and our participation at MWC 2025 is a pivotal moment for us. The introduction of Mudra Link marks a major milestone, as it allows us to offer a universal neural control solution that integrates seamlessly across platforms, particularly for the emerging XR and Smart Glasses industry. Combined with the continued success of the Mudra Band for Apple Watch, we are driving the future of AI-powered, touchless interaction for consumers worldwide.”

    To book a meeting with our team and learn how you can integrate Mudra technology into your products and solutions, please fill out the form at this link.

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming, and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss the benefits and advantages of our devices and technology; the potential of neural gesture control technology to redefine user interactions; and the interest from both consumers and industry partners in our technology and devices. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Michal Efraty
     IR@wearabledevices.co.il

    The MIL Network –

  • MIL-OSI United Kingdom: New soft play area opens in Hanley Market

    Source: City of Stoke-on-Trent

    Published: Monday, 3rd March 2025

    Stoke-on-Trent has welcomed a brand-new, state-of-the-art, soft play facility in Hanley Market – thanks to £50,000 of funding from the UK Shared Prosperity Fund (UKSPF).

    The play area is part of the Family Matters programme, which helps families access the support, advice, and opportunities they need to thrive.

    It features a range of equipment including a slide, climbing frames, puzzles and a seating area and will be supported by a programme of activities and access to advice and drop in support on a range of topics such as finance, nursery funding and school readiness.

    The soft play area is just the beginning of a wider scheme that will see the creation of Stoke-on-Trent’s newest Family Hub at the market, which will offer services like financial MOTs and other support to help families with their health and wellbeing.

    Councillor Sarah Hill, cabinet member for children’s services at Stoke-on-Trent City Council, said: “We’re excited to open this new soft play facility at Hanley Market. It will be a great space for children to enjoy, and it’s part of our work to support families and bring more visitors to the city centre.

    “The new soft play area will provide a vital resource for local families, offering both a fun space for children and practical support. This is also part of wider plans to revitalise Hanley Market, supporting our local traders.”

    Councillor Lynn Watkins, cabinet member for health and wellbeing at Stoke-on-Trent City Council said: “This soft play area will be a valuable resource for families, offering children a place to have fun and develop important skills. We’re proud to offer this new facility as part of our wider support for families in the city.”

    The facility is now open to the public, with an official celebration to follow as part of Stoke-on-Trent’s Centenary year celebrations.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Liverpool Calling: The Results Are In

    Source: City of Liverpool

    Ground-breaking research has found that hosting the Eurovision Song Contest 2023 delivered a £54million economic boost to the Liverpool City Region. 

    In a first for any Eurovision Song Contest host city, a Multi-Agency Evaluation Steering Group led by Liverpool City Council, has commissioned five in-depth, independent evaluations – the interim results of which will be announced today (Thursday 26 October) by Leader of Liverpool City Council, Councillor Liam Robinson and Liverpool City Region Mayor, Steve Rotheram.

    The reports looked at the economic and social impact of staging the event on behalf of Ukraine, as well as the influence on cultural relations; the impact on wellbeing in the city and the wider city region; the visitor experience and the effectiveness of the strategic collaboration between delivery agencies. 

    Key data highlights include:

    The Big Numbers

    • Eurovision boosted the Liverpool City Region economy by £54.8million (net) with restaurants, accommodation providers, shops, bars and transport networks all benefitting.
    • In total 473,000 people attended Eurovision events in the city, with 306,000 additional visitors heading to Liverpool to be part of the celebrations.
    • In May, 175,000 city centre hotel rooms were sold  – the best month on record since 2018. (STEAM data)   

    Culture Counts

    • The education and community programmes, EuroStreet and EuroLearn, engaged with 367 organisations and directly with 50,000 people, young and old. The overall programme is estimated to have reached 2 million people.
    • EuroFestival – the Culture Liverpool curated two-week culture festival – presented 24 brand new commissions, 19 of which were in collaboration with Ukrainian artists. A huge 328,346 people engaged with this programme – 557 artists, 1,750 participants involved in a commission and an audience number of 326,039.
    • The official Eurovision Village, located at the Pier Head attracted 250,000 visitors across the ten days it was open, with the ticketed final selling out within hours.

    Visitor’s Views

    • Visitors to Liverpool reported an overwhelmingly positive experience. In a survey, 89 per cent of those questioned, felt it was a safe event and 88 per cent praised its inclusivity. A whopping 96 per cent of those surveyed would recommend Liverpool as a destination to visit and 42 per cent of overseas visitors said the city’s staging of the event had a positive impact on how they viewed the UK.
    • The official Eurovision Fan Club – the OGAEs – carried out a survey and found that 99 per cent of their members felt welcomed in the city and 98 per cent loved the undeniable festival atmosphere.

    Resident’s Reaction

    • There was a huge amount of pride around Liverpool being the host city, with 80 per cent of residents noting how important it was for Liverpool and a further 93 per cent saying they were pleased with how the city delivered the event.
    • Of those questioned, 74 per cent were enthusiastic about Liverpool hosting on behalf of Ukraine and 71 per cent felt that the city’s leading role promoted positive feelings across all of the participating nations.

    People Power

    • An impressive 475 people provided 12,000 hours of volunteering, covering 350 shifts. The majority (90 per cent) were from the North West of England, and 30 were Ukrainian.
    • A Eurovision job recruitment fair saw 394 jobs offered in one day.
    • A partnership between the BBC and Liverpool Institute for Performing Arts saw 145 students become part of the Eurovision production – in roles such as on stage dancers in the live shows, costume makers or in the TV production team.

    Read all about it

    • Between the period of October 2022, when Liverpool was announced as host city, until end of May 2023, more than 280,000 pieces of global news coverage were generated.
    • The three live BBC shows were watched by 162 million people.

    Keep Liverpool Tidy

    • More than 50,000 tonnes of waste was collected throughout the Eurovision period, 80 per cent of which could be recycled.

    The independent reports were:

    • Economic Impact – Commissioned by Liverpool City Region Combined Authority and funded by Arts and Humanities Research Council. The research was compiled by AMION Consulting.
    • Community and Wellbeing – Commissioned by Liverpool City Council and funded by Spirit of 2012 and the Department of Culture, Media and Sport (DCMS). The research was carried out by University of Liverpool.
    • Cultural Diplomacy – Commissioned by Liverpool City Council and funded by British Council and DCMS. The British Council led on the research along with the University of Hull, and consultants from Universities of Brighton, Southampton and Royal Holloway (University of London).
    • Nightlife – Funded and compiled by Liverpool John Moores University.
    • Multi–Agency Working – Led by Edge Hill University.  

    Along with these reports, the BBC has commissioned its own Eurovision Highlights Report.

    To bring together the findings of the reports, Liverpool City Council’s Public Health team commissioned The Heseltine Institute for Public Policy, Practice and Place to compile the headline findings. This comprehensive overview can be found at the Heseltine Institute website. 

    The interim findings of these reports will be discussed at a special one-day Eurovision event taking place at ACC Liverpool today (Thursday 26 October).

    Head to the official Liverpool Calling website for full details of the day which will include panels with the Liverpool Host City team who will give an insight into the complexities of staging an event of this scale. This is a Liverpool City Council event supported by the Liverpool BID Company and The ACC Liverpool Group.

    Follow @CultureLpool on Twitter, @CultureLiverpool on Facebook and @culture_liverpool on Instagram for the latest updates as well as using #LiverpoolCalling on social media.

    Reaction

    Leader of Liverpool City Council, Councillor Liam Robinson, said:

    “The whirlwind that was Eurovision, gave this city an unparalleled stage where it could showcase not just its organisational prowess, but also its heart and soul.

    “From the outset, we put plans in place to evaluate everything we programmed in order to have a thorough understanding of the impact of major events.

    “The visitor and economic figures speak for themselves – jobs were created, local businesses were on the receiving end of a much-needed boost and hundreds of thousands of people came to the city, had a great time and are more than likely to return again.

    “My mantra is proud but never satisfied. These comprehensive reports give us the opportunity to reflect on what was achieved over an incredibly short period of time, but more importantly we can look at lessons learnt for the next time we host a major event. And this is Liverpool, so there will definitely be a next time.

    “Knowing the financials and the visitor numbers is always a great indicator of success, but with Eurovision we wanted to do more. As the first host city ever to introduce a school and community programme dedicated to Eurovision, we needed to drill into what that really meant for people – did it make a positive difference to their lives and as a result to our city? Never before has any other location commissioned such a detailed analysis, and it goes without saying that our methodology can be adopted by locations across the world which is a real badge of honour for Liverpool.

    “This collective research proves that events like Eurovision can transcend boundaries, leaving a legacy of inspiration and goodwill. It was a milestone moment in our city’s history, and now we’re more than ready for the next one.”

    Liverpool City Region Mayor Steve Rotheram said:
    “There was never a doubt in my mind as to whether our region was up to the challenge of hosting a global spectacle like Eurovision on behalf of our friends in Ukraine – because nowhere does culture bigger or better than the Liverpool City Region. From the hundreds of thousands of visitors who flocked to our region for a fortnight of fun and frivolity, to the tens of millions around the world who tuned in, we gave millions of people a Eurovision they will never forget.

    “While that’s an incredible result in itself, the contest was also a vital shot in the arm for our local economy, bringing in more than £54m, creating thousands of jobs and opportunities for local people and showcasing our brand to an international audience. None of this would have been possible without the hard work of everyone who truly embraced the Eurovision spirit and made our visitors feel so welcome. I said all along that nowhere can throw a party quite like us – and now we have the results to prove it!”

    Liverpool’s Director of Culture, Claire McColgan CBE, said:

    “We experienced this Eurovision-high as a result of cultural back catalogue.

    “We have spent years working towards what we all experienced in May – we cut our teeth during our European Capital of Culture year and from that point we have grown exponentially in confidence and ability as year-on-year we continue to deliver events that rival any other on the world stage.

    “The pandemic was a real line in the sand for us, and undoubtedly Liverpool’s role in leading the charge on the reopening of venues nationwide made us stand out from the crowd – we are recognised as a city that can deliver unforgettable moments, safely, quickly and with a scouse panache that simply can’t be replicated anywhere else.

    “Quite simply, it was an honour to deliver Eurovision on behalf of Ukraine and the UK. I’ve never known time move so fast as it did across those seven months and it has been a real pleasure to digest these impact reports and relive the experience once again and reassure myself it wasn’t just a crazy dream! They underline the fact Liverpool has the skill, agency-wide teamwork and the creativity to deliver time and time again.

    “So I’d like to say to everyone – whether you worked on the event, donned those iconic yellow hoodies and volunteered, performed on stage or on our streets, danced at the Village, sang along at the arena or perhaps you discovered more about Ukraine in the classroom or even helped evaluate the event – thank you. You made Eurovision. Liverpool made Eurovision. We were all united by music.”

    Eurovision Minister Stuart Andrew said: 

    “It is fantastic to see the impact that hosting the Eurovision Song Contest has had on Liverpool. The city put on a fantastic display of culture and creativity, showing solidarity with our friends in Ukraine and highlighting what unites us all. 

    “This research demonstrates the positive impact of hosting major events and I hope that we can continue to build on this success.” 

    Tim Jones, the University of Liverpool’s Vice-Chancellor said:

    “Today’s announcement gives us much to be proud of. It was the University’s Heseltine Institute that compiled the data that this success is judged on and it was our academics who played an important role in carrying out a key strand of research. But as a civic institution, we are immensely proud of the city of Liverpool. Our city put on a show like no other and I am delighted to see these positive results that I’m sure will have a lasting legacy for those who live, work, study and do business here.”

    Rhiannon Corcoran, Professor of Psychology and Public Mental Health University of Liverpool said:

    “Our survey was designed to understand Eurovision’s impact on the wellbeing and sense of community of local residents. The data we collected shows overwhelmingly positive feelings of pride in the city. I’m sure many people will recognise and understand how this is hugely beneficial to wellbeing.” 

    Sue Jarvis, Co-Director at the Heseltine Institute said:

    “At the Heseltine Institute we were delighted to work with partners across the city to publish this summary of the comprehensive evaluation of what Eurovision achieved for our city.

    “Liverpool has a long history of hosting and learning from major events, and these evaluations will help developing understanding of the key lessons from Eurovision 2023.

    “While the full legacy will emerge over time, it was fantastic to see that the positive impacts of Eurovision exceeded expectations. Eurovision not only brought immense financial and cultural benefits to the city but also enhanced the view of Liverpool across the UK, Europe and the world.”

    Phil Harrold, BBC Chief of Staff and Chair of 2023 City Selection Group, said:
    “When the BBC selected Liverpool to host the Eurovision Song Contest 2023 we knew that the city would deliver with a passion and enthusiasm that was second to none. The incredible numbers proven in this research, coupled with our own record-breaking audience figures, demonstrate that 2023 was indeed the most successful Eurovision ever and is testament to all who played a part in bringing this year’s Song Contest to life.”

    Amy Finch – Head of Policy & Influencing, Spirit of 2012, said:

    “We are proud to see the headline statistics from the Eurovision evaluations show tremendous benefits for Liverpool. Particularly, we are delighted to see the amazing reach of EuroLearn and the effects of cultural engagement inspiring civic pride in Liverpool residents. Liverpool has once again proven itself to be a world class host city and we must ensure that the impact of Eurovision in communities will endure for years to come.”

    Dr Rebecca Phythian, Reader in Policing at Edge Hill University, said:

    “Having behind the scenes access to see first-hand the partnership working that goes into staging multi-agency operations like Eurovision was incredible. Since then, we’ve been working with practitioners from Merseyside Police, Culture Liverpool, BBC and many of the other organisations involved to identify what worked well and what could be done differently, all to inform future large-scale operations.”

    Mike Smith, Edge Hill University’s Senior Lecturer in Policing, said:

    “We found that trust and co-location were key to effective information sharing and multi-agency working. This was supported by building new, and strengthening existing, relationships, and ensured a joint understanding of risk and situational awareness.”

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Unlocking Investment for Greener, Resilient Cities

    Source: United Nations Economic Commission for Europe

    Many of the positive impacts of urban trees and forests serve as vital public goods. However, the lack of traditional revenue streams and the indirect nature of their economic benefits make them challenging to fund through conventional project finance mechanisms.

    Join us on 13 March 2025 for our latest webinar: “Unlocking Investment for Greener, Resilient Cities.”

    In this session, we will:

    • Explore the economic, social, and environmental benefits that urban trees and forests contribute to sustainable development, climate action, biodiversity, and land restoration.
    • Examine the financing needs to support these benefits throughout the entire lifecycle of urban forests, from planning and tree planting to long-term maintenance and monitoring.
    • Introduce actionable financing mechanisms, including green bonds, carbon credits, biodiversity credits, municipal finance instruments, and public-private partnerships, that can be utilized to fund the maintenance, restoration, and expansion of urban trees and forests.
    • Discuss how to design innovative financing concepts for urban forests and explore opportunities to integrate these concepts into broader urban development initiatives.

    This webinar will provide:

    • Insights into how urban trees and forests can be meaningfully integrated into urban development projects.
    • Examples of financing approaches and mechanisms that can support the planning, implementation, and long-term management of urban trees and forests.

    This webinar is designed for:

    • Investors, funders, project developers, national and city leaders, planners, and all stakeholders interested in financing urban nature-based solutions.

    MIL OSI United Nations News –

  • MIL-OSI: Volatus Aerospace and Draganfly Expand Collaboration to Service High-Value Geospatial Power Utility Customers

    Source: GlobeNewswire (MIL-OSI)

    Toronto, ON and Saskatoon, SK, March 03, 2025 (GLOBE NEWSWIRE) — Volatus Aerospace Inc. (TSXV: FLT) (OTCQX:TAKOF) (Frankfurt: ABB) (“Volatus”) and Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly”) announced today a strategic collaboration to address rapidly growing global demand for the automation and digitization of geospatial data collection and analysis solutions for Utility Infrastructure. This teaming agreement builds on the previously announced collaboration agreement, harnessing Volatus’ operational and regulatory capabilities, advanced sensor technology and Draganfly’s advanced product, engineering, and integration capabilities.

    This expanded collaboration will engage high-profile global power and infrastructure providers to enhance efficiency and safety in power utility solutions. By combining Volatus’ extensive experience in power utility inspections and right of way management with Draganfly’s product and engineering capabilities, the partnership is positioned to offer a strong competitive advantage to support large Enterprise clients looking for an advanced end to end solution.

    “As the demand for drone-based solutions continues to increase in multiple sectors, strategic collaborations are a key enabler to meet the diverse needs of clients without introducing unnecessary commercial risk,” Glen Lynch, CEO of Volatus Aerospace, stated. “Industries need more than products, they need solutions. By combining Draganfly’s advanced product platform with Volatus’ deep domain expertise and operational and regulatory capabilities, we can provide clients with a complete solution to their challenges.”

    “Partnering with Volatus Aerospace allows us to incorporate our advanced product platform of multiple interoperable drones into a complete solution for power utilities,” Cameron Chell, CEO of Draganfly, commented. “The power utility industry is increasingly seeking advanced, safe, and efficient data acquisition methods, something we have designed from the ground up. This collaboration reinforces our commitment to providing cutting-edge solutions that meet the complex demands of today’s power utilities while enhancing our market reach.”

    In a recent report, MarketsandMarkets estimates that the global market for utility asset management, which includes inspection services among other components, is projected to grow to USD 4.09 billion by 2026. This growth is driven by the increasing investments in grid modernization activities, the need for efficient and reliable power supply, and the integration of renewable energy sources into the grid.

    The collaboration is expected to deliver enhanced value to an identified client(s) that will ultimately contribute to the modernization of infrastructure management.

    About Volatus Aerospace Inc.

    Volatus Aerospace is a leader in innovative global aerial solutions for intelligence and cargo. With a strong foundation of over 100 years of combined institutional knowledge in aviation, Volatus provides comprehensive solutions using both piloted and remotely piloted aircraft systems (RPAS). We serve industries such as oil and gas, utilities, healthcare, and public safety. Our mission is to enhance operational efficiency, safety, and sustainability through cutting-edge, real-world solutions.

    About Draganfly Inc.

    Draganfly Inc. is a pioneer in drone technology and systems, providing quality, cutting-edge UAV solutions, software, and AI systems to revolutionize operations across public safety, agriculture, industrial inspections, defense, and surveying. With over 24 years of innovation, Draganfly is recognized for its commitment to ingenuity, first-class service, and the ability to save time, money, and lives.

    For more information on Draganfly, please visit www.Draganfly.com

    Forward-Looking Statements

    This news release contains statements that constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) the anticipated benefits of, and estimated revenue to be generated by, the collaboration agreement; (ii) the business plans and expectations of the Company; and (iii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs of management as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Company’s current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the anticipated benefits and revenues of the agreement to Draganfly; meeting the continued listing requirements of the TSXV and Draganfly meeting the continued listing requirements of the Canadian Securities Exchange and the Nasdaq; and including, but not limited to, those factors set forth in the Company’s Annual Information Form under the section “Risk Factors” and Draganfly’s most recent filings in accordance with securities regulations in Canada on the SEDAR+ website at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information 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 information.

    None of the Canadian Securities Exchange, TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) or the Nasdaq accepts responsibility for the adequacy or accuracy of this news release.

    TSXV: FLT

    Media Contacts

    Danielle Gagne
    Head of Marketing and Communications, Volatus Aerospace
    +1 833-865-2887
    Danielle.gagne@volatusaerospace.comErika Racicot
    Public Relations, Draganfly
    media@draganfly.com
    Company Contact Email: info@draganfly.com

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Magadh Central Co-operative Bank Limited, Bihar

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 27, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Magadh Central Co-operative Bank Limited, Bihar (the bank) for non-compliance with certain directions issued by RBI on ‘Know your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had failed to put in place a system of carrying out periodic review of risk categorisation of accounts at least once in six months.

    This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2292

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Government to take over redress for convicted postmasters from Post Office

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government to take over redress for convicted postmasters from Post Office

    All postmasters who have had their convictions overturned will now have their conviction claims administered by the government

    • Government to manage redress for postmasters who have had convictions overturned by the Courts to ensure it is delivered promptly and sensitively
    • The Post Office will cease to be involved in the redress for postmasters with overturned convictions following calls from campaigners and postmasters
    • Redress for victims of Horizon scandal has more than doubled under this government, delivering on a key manifesto commitment

    All postmasters who have had their convictions overturned, whether by a court or legislation last year, will now have their conviction claims administered by the government, completely taking them out of the hands of the Post Office – fulfilling a key request from those impacted by the scandal.  

    After a three-month transitional period, the Department for Business and Trade’s Horizon Convictions Redress Scheme (HCRS) will broaden its scope to take on responsibility for redress for postmasters who have had their convictions overturned by the Courts. These are currently dealt with by the Post Office through their Overturned Convictions scheme. This is something that postmasters, campaigners, and Parliamentarians, including the Business and Trade Select Committee, have all called for.  

    Postmasters have suffered a huge amount. While the government can’t fully put right what they have been through, it can make sure the compensation process works better for them by listening to their grievances and acting upon them where possible to ensure postmasters are treated with dignity and respect. Today, this means ending the difficulty of dealing with the organisation which upended so many of their lives.   

    The delivery of redress for victims of the Post office Horizon scandal is a key government manifesto commitment, with a commitment of £1.8 billion to ensure all postmasters receive the justice and financial redress they deserve. 

    Post Office Minister Gareth Thomas said:

    My priority upon coming into office was to speed up the delivery of compensation to the victims of the Horizon scandal. We have made significant progress, and we are now moving to ensure there is a quick transfer of schemes from the Post Office to the Department. 

    In the meantime, I encourage all those eligible to apply for redress under the Overturned Convictions scheme and continue to progress their claims with the Post Office until the transfer date.

    The Department for Business and Trade will formally take over on 3 June 2025. The three-month transitional period between now and then will allow for the smooth transfer of active claims from one scheme to the other, ensuring there is no gap in service for postmasters who have claims in the system. 

    As of 31 January, approximately £663 million has been paid to over 4,300 claimants, which has more than doubled since the end of June 2024. 

    Today’s announcement is the latest in a series of government actions to address the Post Office Horizon Scandal, including:  

    • launching the Horizon Convictions Redress Scheme (HCRS) for postmasters whose horizon-related convictions were quashed by Parliament. This scheme has made 364 interim payments to eligible claimants and has fully settled 208 claims, paying out a total of £156 million;    

    • on the HCRS, committing to provide first offers on receipt of detailed claims within 40 working days in 90% of cases;  

    • beginning payments of a £75,000 fixed offer for those postmasters in the Horizon Shortfall Scheme (HSS) who want to accept it: approximately £171 million has been paid in award top-ups and £75,000 awards;  

    • publishing our response to the consultant’s report into the Post Office Capture software (predecessor to Horizon) and have committed to offering redress to all non-convicted postmasters who fell victim to flaws in Capture software;   

    • announcing an independent appeals process for the HSS to provide individuals with a chance to have their claims reassessed through a DBT-run process. We expect the first cases will be ready for submission in the Spring;  

    • confirmed the Horizon Compensation Advisory Board in place.

    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: SLC announces new Glasgow apprenticeships during Scottish Apprenticeship Week

    Source: United Kingdom – Executive Government & Departments

    News story

    SLC announces new Glasgow apprenticeships during Scottish Apprenticeship Week

    SLC announces 12 new Glasgow apprenticeships during Scottish Apprenticeship Week

    To mark Scottish Apprenticeship Week (3-7 March), the Student Loans Company (SLC) has announced it is recruiting 12 new apprentices in Glasgow.

    Applications for the Student Finance Officer (SFO) Apprenticeships are now open, and successful candidates will be based in the Hillington office within the Customer Operations team.

    The 12–18-month programme will start on 30th June and is being delivered in conjunction with education provider, Babbington. Apprentices will work towards will work towards a SCQF level 6 in Business and Administration.

    SLC supports students across the UK to invest in their futures and unlock their potential by administering loans and grants to students in universities and colleges across the UK. The new SFO apprentices will be at the heart of this operation, supporting customers through their student finance journeys and helping to process around 1.5million applications each year.

    Jackie Currie, Executive Director of Customer Operations at SLC said: “It’s fantastic to be launching our latest apprentice search during Scottish Apprenticeship Week. The theme for the week is ‘Made for Business’ and I’m proud of the role that SLC plays in developing the talent of the future, through our apprenticeship programmes. 

    “I’m looking forward to welcoming our new apprentices to the Customer Operations Team this summer and would urge people across Glasgow and the surrounding area to apply. It’s a fantastic opportunity to work and gain experience within a large public sector organisation and achieve a recognised qualification at the same time.”

    SLC currently has 29 apprentices working across all areas of the organisation, with many former apprentices continuing to progress their careers with SLC after completing their qualification.

    For more information and to apply, please visit https://www.civil-service-careers.gov.uk/student-loans-company-hub/.

    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Bridge Specialty Group completes the acquisition of NBS Insurance Agency, Inc., announces new brand name—introducing LocalEdge

    Source: GlobeNewswire (MIL-OSI)

    DAYTONA BEACH, Fla., March 03, 2025 (GLOBE NEWSWIRE) — Bridge Specialty Group (“BSG”) today announced the completion of the previously announced acquisition of the insurance operations of NBS Insurance Agency, Inc. (operating as “Nationwide Brokerage Solutions” or “NBS”). The acquisition only includes NBS Insurance Agency, Inc. and no other Nationwide affiliated companies.

    In conjunction with the close of this transaction, Bridge Specialty Group is pleased to announce that NBS is beginning a new chapter by introducing its new brand name, LocalEdge, ushering in a new chapter in excellence and custom solutions.

    Ted Stuckey, president of LocalEdge, shared, “This change represents more than just a rebranding; it underscores our commitment to delivering unmatched service and customized solutions that our agents have come to expect. Under the LocalEdge banner, agents will continue to benefit from the same great team, specialization and resources they rely on, now enhanced as we join the Bridge Specialty Group team.”

    “It is a very exciting time for our collective Bridge Specialty Group and LocalEdge team. This is only the start of our journey together, and we look forward to further introducing our new teammates to our culture and leveraging the added and enhanced specializations of LocalEdge alongside our existing capabilities,” stated Anurag Batta, chief operating officer for BSG.

    The LocalEdge name will be implemented across communications, tools and resources in the coming weeks and months. Despite these changes, the team’s dedication to serving customers and helping them grow their businesses seamlessly remains steadfast.

    About Bridge Specialty Group, LLC

    Bridge Specialty Group is a leading global insurance wholesaler with access to over 230 admitted, excess and surplus lines and Lloyd’s markets that support our nearly $7 billion premium book. With more than 50 locations and 2,000+ teammates throughout the United States, United Kingdom, Europe and Asia, Bridge Specialty Group holds market recognition that enables us to connect retail partners with tailored insurance solutions through our specific practice groups including property, casualty, environmental, executive risk, farm & ranch, personal lines, public entity, transportation and workers’ compensation.

    This press release may contain certain statements relating to future results, which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown & Brown’s consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.

    For more information:

    Steve Boyd
    President, Bridge Specialty Group
    (760) 710-6865

    The MIL Network –

  • MIL-OSI: How to Make Money Easily in the Web3.0 Era? JA Mining Cloud Mining Reveals the Secret

    Source: GlobeNewswire (MIL-OSI)

    Warwick, England, March 03, 2025 (GLOBE NEWSWIRE) — JA MiningWith the advancement of blockchain technology, cloud mining has become a new hotspot attracting global investors. The JAmining platform offers a simple and efficient way to start mining cryptocurrency without the need to purchase expensive hardware or master complex technology, while earning substantial profits. The platform’s daily earnings can reach up to $35,000, attracting the attention of numerous investors.

    How to Start Cloud Mining with JAmining？

    Click to start making money

    JA Mining was founded in 2004 and is a global company headquartered in the UK. It is authorized and regulated by the UK government and conducts business legally and compliantly. It focuses on mainstream cryptocurrency cloud mining and has a reliable operating record and global influence.

    Platform reputation guarantee

    • · · JA Mining is a global company legally registered in the UK, authorized and regulated by the UK Financial Services Authority (FCA)
    • · · Has more than 100 global data centers located in Eastern Europe, North America, the Middle East and South America
    • · · Always abide by local laws and regulations to provide users with safe and stable services

     Here are the main advantages of JA Mining：

    1. Easy and quick start

    2. Top technology guarantee

    • · Use industry-leading hardware such as Bitmain and NVIDIA to ensure efficient mining performance
    • · The data center uses advanced cooling technology to ensure stable operation even under high load

    3. Environmentally friendly mining

    • · Use renewable energy such as solar and wind power to power data centers, reducing environmental impact while lowering operating costs

    4. Transparent with no hidden fees

    • · Only the contract deposit needs to be paid, which will be fully refunded after the contract expires
    • · No additional maintenance fees or hidden costs

    Flexible mining contract plan

    JA Mining offers a variety of flexible mining contracts suitable for both beginners and experienced investors. The following are some examples of plans：

    • · Basic Cloud Computing Plan： Invest $200, contract period 2 days, profit $214
    • · Classic Cloud Computing Plan： Invest $500, contract period 3 days, profit $527
    • · Advanced Cloud Computing Plans： Invest $1000, contract period 5 days, profit $1095.
    • · Super Cloud Computing Plan： Invest $5800, contract period 14 days, profit $7424

     After the contract ends, the investment principal will be automatically returned to the account, and the user can choose to continue investing or exit the platform

    Join JA Mining Now

    JA Mining is not only a cloud mining platform, but also an ideal choice for users to provide efficient and sustainable income sources. Whether you are a novice or a senior investor, you can find a low-risk, high-return solution that suits you here. Join JA Mining now, seize the wealth opportunities in the cryptocurrency era, start your passive income journey, and realize your dream of wealth freedom.

    Official Website： https://jamining.com/
    Contact Email： info-at-jamining.com

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI: Bitfarms Provides February 2025 Production and Operations Update  

    Source: GlobeNewswire (MIL-OSI)

    – Operational hashrate of 16.1 EH/s –
    – Acquisition of Stronghold Digital Mining & sale of Yguazu site on track for Q1 2025 close –
    -Appoints Craig Hibbard to SVP of Infrastructure-

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, March 03, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global Bitcoin and vertically integrated data center company, today issued its latest monthly production report. All financial references are in U.S. dollars.

    CEO Ben Gagnon stated, “We are on track to close our acquisition of Stronghold Digital Mining (“Stronghold”) following the recent successful shareholder vote which Stronghold shareholders voted overwhelmingly in support. Combined with the strategic sale of our 200 MW Yguazu, Paraguay data center, also on track for a Q1 2025 close, these accretive transactions will improve our energy portfolio and transform Bitfarms into a North American energy and compute infrastructure company with lower-cost energy and high-quality assets, suitable for both HPC/AI and Bitcoin mining.

    “In addition, I am thrilled to welcome our new SVP of Infrastructure, Craig Hibbard. Craig joins us from Mawson Infrastructure Group where he was Chief Development Officer. He has over 25 years of experience leading large-scale real estate development projects, including the recent rapid design and construction of over 200 MW of digital infrastructure for a U.S. firm specializing in digital assets and HPC/AI. Based in Pennsylvania, Craig will play a critical role in managing infrastructure development for our rapidly expanding PJM portfolio and advancing our HPC/AI business.”

    SVP of Global Mining Operations Alex Brammer said, “During February we grew our operational hashrate 6% to 16.1 EH/s and grew our average operational hashrate 20% to 13.4 EH/s, achieving new all-time highs in three out of four countries. This growth will continue as we deploy miners in the U.S. and Argentina and optimize performance across all of our data centers.”

    February 2025 Select Operating Highlights

    Key Performance Indicators February 2025 January 2025
    Total BTC earned 213 201
    Month End Operating EH/s 16.1 15.2
    BTC/Avg. EH/s 16 18
    Average Operating EH/s 13.4 11.2
    Energized Capacity (MW) 437 437
    Hydropower (MW) 256 256
    Watts/Terahash Efficiency (w/TH) 20 20
    BTC Sold 75 42
    • 16.1 EH/s operational at February 28, 2025, up 6% M/M.
    • 13.4 EH/s average operational, up 20% M/M.
    • 16 BTC/average EH/s, 11% lower M/M.
    • 213 BTC earned, 6% higher M/M.
    • 7.6 BTC earned daily on average, equal to ~$638,400 per day based on a BTC price of $84,000 at February 28, 2025.

    February 2025 Financial Update

    • Sold 75 of the 213 BTC earned as part of the Company’s regular treasury management practice for total proceeds of $6.5 million.
    • Added 108 BTC, bringing Treasury to 1,260 BTC, up from 1,152 BTC last month and representing $105.8 million based on the Bitcoin price of $84,000 at February 28, 2025. This includes the transfer of 30 BTC to a third party as collateral for active option contracts during the month.

    Upcoming Conferences and Events

    • March 12, 2025: Cantor Fitzgerald Global Technology Conference (NYC)
    • March 17-18, 2025: 37th Annual ROTH Conference (Dana Point, CA)

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that sells its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers.

    Bitfarms currently has 13 operating Bitcoin data centers, as well as hosting agreements with two data centers, in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

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

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

    Glossary of Terms

    • Y/Y or M/M= year over year or month over month
    • BTC or BTC/day = Bitcoin or Bitcoin per day
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • GW or GWh= Gigawatts or gigawatt hour
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
    • HPC/AI = High Performance Computing / Artificial Intelligence
    • Energized capacity= Power available
    • Operational capacity= Power and infrastructure being used for current operations
    • PJM= Pennsylvania- New Jersey- Maryland Interconnection LLC

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding projected growth, target hashrate, opportunities relating to the Company’s geographical diversification and expansion, the merits of the rebalancing operations to North America and projected growth, the North American energy and compute infrastructure strategy, deployment of miners as well as the timing therefor, closing of the Stronghold acquisition on a timely basis and on the terms as announced, the positive impact of the Stronghold acquisition and the ability to gain access to additional electrical power and grow hashrate of the Stronghold business, the sale of the Yguazu, Paraguay Site and the reinvestment of the proceeds of the sale for growth, opportunities relating to the potential of the Company’s data centers for HPC/AI, performance of the plants and equipment upgrades and the impact on operating capacity including the target hashrate and multi-year expansion capacity, the opportunities to leverage Bitfarms’ proven expertise to successfully enhance energy efficiency and hashrate, the benefits of diversification and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of the Company’s facilities may not occur as currently planned, or at all; there is no guarantee that the Company will be able to complete the acquisition of Stronghold Digital Mining, Inc. or the sale of the Yguazu, Paraguay Site on the terms as announced, or at all; expansion may not materialize as currently anticipated, or at all; the anticipated merits of the HPC/AI strategy, the benefits and programs of the PJM deregulated market and the objectives of diversification in general may not be realized as planned; efforts to improve and optimize the performance of equipment may not be successful; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risk that a material weakness in internal control over financial reporting could result in a misstatement of the Company’s financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law . Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Additional Information about the Stronghold Acquisition and Where to Find It

    This communication relates to a proposed merger between Stronghold and Bitfarms. In connection with the proposed merger, Bitfarms has filed the registration statement with the SEC. After the registration statement is declared effective, Stronghold will mail the proxy statement/prospectus to its shareholders. This communication is not a substitute for the registration statement, the proxy statement/prospectus or any other relevant documents Bitfarms and Stronghold has filed or will file with the SEC. Investors are urged to read the proxy statement/prospectus (including all amendments and supplements thereto) and other relevant documents filed with the SEC carefully and in their entirety if and when they become available because they will contain important information about the proposed merger and related matters.

    Investors may obtain free copies of the registration statement, the proxy statement/prospectus and other relevant documents filed by Bitfarms and Stronghold with the SEC, when they become available, through the website maintained by the SEC at www sec.gov. Copies of the documents may also be obtained for free from Bitfarms by contacting Bitfarms’ Investor Relations Department at investors@bitfarms.com and from Stronghold by contacting Stronghold’s Investor Relations Department at SDIG@gateway-grp.com.

    No Offer or Solicitation

    This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    Participants in Solicitation Relating to the Stronghold Acquisition

    Bitfarms, Stronghold, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from Stronghold’s shareholders in respect of the proposed merger. In connection with the proposed merger, Bitfarms has filed with the SEC a registration statement on Form F-4 on December 19, 2024, which includes a proxy statement of Stronghold that also constitutes a prospectus of Bitfarms. This communication may be deemed to be solicitation material in respect of the proposed merger. Additional information regarding the interests of such potential participants, including their respective interests by security holdings or otherwise, will be set forth in the proxy statement/prospectus and other relevant documents filed with the SEC in connection with the proposed merger if and when they become available. These documents are available free of charge on the SEC’s website and from Bitfarms using the sources indicated above.

    Investor Relations Contact:

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

    Media Contact: 

    Bitfarms
    Caroline Brady Baker 
    Director, Communications   
    cbaker@bitfarms.com 

    The MIL Network –

  • MIL-OSI: Montauk Renewables Schedules Full Year 2024 Conference Call for Thursday, March 13, 2025, at 8:30 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    PITTSBURGH, March 03, 2025 (GLOBE NEWSWIRE) — Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), will host a conference call and webcast on Thursday, March 13, 2025, at 8:30 a.m. Eastern time to discuss its financial results for the full year ended December 31, 2024. The Company will issue a press release reporting the financial results after the close of regular stock market trading hours on the day prior to the conference call and webcast.

    Full Year 2024 Conference Call and Webcast Details

    Date: Thursday, March 13, 2025
    Time: 8:30 a.m. ET
    Participant Access: [Link Here]
       

    Please register for the conference call and webcast using the above link in advance of the call start time. The webcast platform will register your name and organization as well as provide dial-in numbers and a unique access pin. Please contact Gateway Group at (949) 574-3860 if you experience technical difficulties.

    The conference call and webcast will have a live Q&A session and be available here and on the Company’s website at https://ir.montaukrenewables.com.

    A replay of the conference call and webcast will be available after 11:30 a.m. Eastern time on the same day through March 13, 2026.

    About Montauk Renewables, Inc.

    Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has operations at 13 projects and ongoing development projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, South Carolina, and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information, visit https://ir.montaukrenewables.com.

    Company Contact:

    John Ciroli
    Chief Legal Officer (CLO) & Secretary
    investors@montaukenergy.com
    (412) 747-8700

    Investor Relations Contact:

    Georg Venturatos
    Gateway Group
    MNTK@Gateway-grp.com
    (949) 574-3860

    The MIL Network –

  • MIL-OSI: CareCloud Reignites Acquisition Strategy with MesaBilling Acquisition

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., March 03, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and AI-driven solutions, is back in acquisition mode— and ready to redefine the future of revenue cycle management.

    The Company today announced the successful acquisition of Mesa, LLC, d/b/a MesaBilling, marking its first deal in a renewed push for aggressive expansion. Finalized on February 28, 2025, this acquisition, though very small, sets the stage for a dynamic new era of strategic growth, reinforcing CareCloud’s position at the forefront of the healthcare billing industry.

    “Partnering with CareCloud presents an incredible opportunity for our clients to access a broader range of services and cutting-edge AI-powered technology,” said Marc Dobberstein, Managing Member of MesaBilling. “I have no doubt this collaboration will unlock significant value and drive even greater success for our clients.”

    CareCloud’s Co-CEO Stephen Snyder echoed this enthusiasm, “Strategic acquisitions have been a cornerstone of CareCloud’s success, and today, we’re reigniting that momentum. The healthcare industry is evolving at lightning speed, and we’re positioning CareCloud to lead the charge. This acquisition, though very modest in size, marks the beginning of what we envision as an exciting wave of strategic acquisitions, impactful partnerships, and unprecedented growth.”

    Between 2012 and 2022, CareCloud built an empire, executing more than 20 acquisitions and achieving a staggering >30% compound annual growth rate (CAGR). After a brief pause in deal-making since Q2 2021, the Company is now shifting back into high gear—starting with MesaBilling.

    CareCloud’s renewed focus on acquisitions comes at a time when medical practices are increasingly seeking streamlined, tech-enabled solutions for financial management. By leveraging its proprietary technology, including AI-powered revenue cycle management and automation tools, CareCloud plans to scale its platform to serve an even broader network of healthcare providers. 

    About CareCloud

    CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.

    To listen to video presentations by CareCloud’s management team, read recent press releases and view our latest investor presentation, please visit https://ir.carecloud.com/videos.

    Follow CareCloud on LinkedIn, X and Facebook.

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company Contact:

    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:

    Stephen Snyder
    Co-Chief Executive Officer
    CareCloud, Inc.
    ir@carecloud.com 

    The MIL Network –

  • MIL-OSI: eQ Plc has released the 2024 Annual Report and the Remuneration Policy for Governing Bodies

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc Annual Financial Report

    3 March 2025, at 2:00 p.m.

    eQ Plc´s Annual Report, which includes the Report by the Board of Directors, the Financial Statements, the Corporate Governance Statement, the Remuneration Report for Governing Bodies and the Sustainability Report, is enclosed to this release and has also been published on eQ’s website www.eQ.fi.

    The Remuneration Report for Governing Bodies and the Corporate Governance Statement are also published as separate attachments to this release. eQ has also published as an attachment to this release an updated Remuneration Policy for Governing Bodies which will be handled in the Annual General Meeting of 25 March 2025.

    eQ publishes the Financial Statement in accordance with European Single Electronic Format (ESEF) reporting requirements with the format of the report being Extensible Hypertext Markup Language (xHTML). In line with the ESEF requirements, the consolidated financial statement has been labelled with XBRL tags. The audit firm KPMG Oy Ab has provided an independent auditor’s reasonable assurance report on ESEF financial statement. 

    Annual Report is enclosed to this release in PDF-format.

    Helsinki 3 March 2025

    eQ Plc

    Additional information:
    Antti Lyytikäinen, CFO, tel. +358 9 6817 8741

    Distribution: Nasdaq Helsinki, www.eQ.fi

    eQ Group is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the Group total approximately EUR 13.4 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

    More information about the Group is available on our website at www.eQ.fi.

    Attachments

    The MIL Network –

  • MIL-OSI United Nations: Message from the Director of World Heritage, Lazare Eloundou Assomo, for World Wildlife Day 2025

    Source: United Nations

    Mr. Lazare Eloundou Assomo, Director of the World Heritage Centre (WHC), shares a message for World Wildlife Day 2025.

    Today, World Wildlife Day is a powerful reminder of the urgent need to protect and conserve biodiversity. Around the globe, countless plant and animal species face unprecedented threats, with many on the brink of extinction. This includes some of the rarest and most extraordinary species that inhabit sites protected under the World Heritage Convention.

    UNESCO World Heritage sites exemplify our cultural treasures and the most outstanding natural places. They protect over a fifth of the planet’s mapped species richness.

    World Heritage sites include the mangrove ecosystems of the Sundarbans in Bangladesh and India, home to the largest remaining population of the Bengal tiger. The Rainforests of the Atsinanana in Madagascar and Manú National Park in Peru, are among the most biodiverse places on Earth. World Heritage sites also show how wildlife conservation supports livelihoods and promotes sustainable socio-economic development.

    However, the extraordinary biodiversity found in UNESCO World Heritage sites must be protected from threats such as overexploitation and illegal wildlife trade. To combat these threats, UNESCO and site managers work closely with CITES and other key actors. We need all hands on deck. To protect these irreplaceable places, it is crucial to give site managers the financial resources they need to sustain the rich life these sites support.

    On this World Wildlife Day, I urge everyone to look for innovative financial solutions that will allow wild species of plants and animals to thrive for generations to come. Together, we can ensure the survival of wildlife and the preservation of the planet’s natural wonders.

    Lazare Eloundou Assomo, Director of World Heritage

    MIL OSI United Nations News –

  • MIL-OSI: Hyperscale Data, Inc. Announces Preliminary 2024 Results: $108.8 Million in Revenue, $150.3 Million Pro Forma with Giga-tronics

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, March 03, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today reported preliminary unaudited financial results for the year ended December 31, 2024, reflecting significant revenue contributions from its two primary subsidiaries, (i) Sentinum, Inc. (“Sentinum”), whose subsidiary, Alliance Cloud Services, LLC (“ACS”) owns the Michigan data center (the “Data Center”), which is focused on high-performance computing (“HPC”) services powering artificial intelligence (“AI”) infrastructure and (ii) Ault Capital Group, Inc. (“ACG”), which operates as a hybrid private equity firm. The Company also reaffirmed its commitment to transforming into a pure-play AI data center operator by the end of 2025.

    2024 Unaudited Preliminary Financial Highlights:

    • Total revenue: $108.8 million;
    • Pro forma revenue (including Giga-tronics defense unit): $150.4 million;
    • Sentinum revenue: $30.6 million from crypto mining and $0.9 million from real estate leases;
    • ACG revenue: $77.3 million across energy, fintech, hotels and technology investments; and
    • Giga-tronics defense unit (deconsolidated and discontinued operations): $41.6 million in revenue.

    Giga-tronics

    On August 14, 2024, Giga-tronics, Inc. (“Giga-tronics”), filed a petition for reorganization under Chapter 11 of the bankruptcy laws. The filing placed Giga-tronics under the control of the bankruptcy court, which oversees its reorganization and restructuring process. Prior to the bankruptcy, Hyperscale Data consolidated Giga-tronics as a majority owned subsidiary. The Company assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof and concluded that it was appropriate to deconsolidate Giga-tronics and its subsidiaries effective on the petition date. Based on the latest restructuring plans submitted to the bankruptcy court, the Company anticipates that it will regain control of Giga-tronics upon successful completion of the plan. If successful, the Company would again consolidate Giga-tronics in its financial statements. There can be no assurances that the restructuring plan will be successful or that the Company will regain control of Giga-tronics.

    Strategic Growth in AI Data Centers

    Hyperscale Data is working to rapidly advance its AI Data Center. The 34.5-acre facility, including 617,000 square feet of infrastructure, is designed to support HPC and AI applications at scale. The Company recently announced several initiatives and agreements in principle, which if successful, would enable ACS to increase its power capacity at the Data Center from approximately 30 megawatts (“MW”) to approximately 340 MW.

    Corporate Transformation: Moving Toward an AI-Focused Future

    As previously announced, Hyperscale Data plans to divest itself of ACG by December 31, 2025. Post-separation, Hyperscale Data will operate exclusively as an HPC and AI data center company, led by Chief Executive Officer William B. Horne, President and General Counsel Henry Nisser, and Chief Financial Officer Kenneth S. Cragun.

    William B. Horne, Chief Executive Officer of Hyperscale Data, commented, “The separation of Hyperscale Data and ACG marks a pivotal moment for our company and its stockholders. By focusing solely on AI-driven infrastructure, we believe Hyperscale Data will unlock tremendous value. The Data Center is a cornerstone of this transformation, and we expect it to position us at the forefront of the AI revolution. With this transition, we are confident in our ability to drive long-term growth and create a compelling opportunity for our investors.”

    The completion of the power upgrades is subject to a number of risks and uncertainties, one or more which could result in the project being curtailed, delayed or terminated, including, but not limited to: failure to agree upon terms and execute definitive agreements; the inability of the Company to raise sufficient funds to pay for the power upgrades; failure to obtain regulatory consents and approvals; the inability to obtain sufficient easements, rights-of-way and land rights necessary to the work to be performed, and other presently unforeseen events or conditions.

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

    About Hyperscale Data, Inc.

    Through its wholly owned subsidiaries, Hyperscale Data owns and operates the Data Center at which it mines digital assets and offers colocation and hosting services for the emerging AI ecosystems and other industries. Hyperscale Data’s subsidiary, ACG, is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

    Hyperscale Data intends to completely divest itself of ACG on or about December 31, 2025, at which time, it would solely be an owner and operator of data centers to support HPC services. Until that happens, the Company provides, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network –

  • MIL-OSI: Hut 8 Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fortified balance sheet, optimized operations, disciplined growth initiatives, and strategic hires set foundation for 2025

    12,300 MW development pipeline with 2,800 MW under exclusivity as of December 31, 2024

    Earnings Release Highlights

    • Full year 2024 revenue of $162.4 million, net income of $331.4 million, and Adjusted EBITDA of $555.7 million.
    • Fourth quarter 2024 energy cost per megawatt-hour (“MWh”) of $31.63, a 30% decrease from the fourth quarter of 2023.
    • Total energy capacity under management of 1,020 megawatts (“MW”) as of December 31, 2024.
    • 12,300 MW development pipeline with 2,800 MW of capacity under exclusivity as of December 31, 2024.
    • Strategic Bitcoin reserve of 10,171 Bitcoin with a market value of $949.5 million as of December 31, 2024.

    MIAMI, March 03, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the fourth quarter and full year of 2024.

    “In 2024, we delivered on our commitment to operational excellence and bottom-line economics, setting the foundation for disciplined growth in 2025,” said Asher Genoot, CEO of Hut 8. “In the fourth quarter, we fortified our capital strategy and balance sheet—converting our Anchorage loan to equity, launching ATM and stock repurchase programs, and expanding our strategic Bitcoin reserve. Today, we operate from a position of strength as we focus on advancing our 12.3-gigawatt development pipeline.”

    “We believe our platform model will enable us to strategically allocate capital as we aim to optimize returns, mitigate sector-specific volatility, accelerate speed to market, and deliver innovation at every stage of the development value chain. To align our reporting structure with this model as we enter this next phase of growth, we have realigned our operating segments around the three layers of our platform: Power, Digital Infrastructure, and Compute, as reflected in our results.”

    “Looking ahead, we believe our application-agnostic approach to digital infrastructure development and experience in greenfield development will reinforce a structural advantage over peers reliant on single-market exposure or more complex commercialization models. Together with our robust development pipeline and strengthened team, we believe we are well-positioned to meet the continued and rising demand for energy capacity from applications like AI while building a platform positioned to fuel the world’s most transformative technologies for decades to come.”

    2024 Highlights

    Power

    • Generated $56.6 million in full-year revenue, consisting of revenue from Power Generation and Managed Services.
    • Secured Vega, a 205 MW behind-the-meter site in Texas, which is expected to be energized in Q2 2025, less than one year after acquisition, through the Company’s greenfield development capabilities, which enables rapid deployment low-cost Bitcoin mining infrastructure.
    • Advanced three large-scale AI data center development projects, which, if secured, would collectively add over 430 MW of capacity. After the quarter, Hut 8 secured 592 acres of land for its River Bend campus, a project from this subset of its development pipeline.

    Digital Infrastructure

    • Generated $17.5 million in full-year revenue, consisting of revenue from CPU Colocation and ASIC Colocation services.
    • Completed the greenfield development and energization of Salt Creek, a 63 MW Bitcoin mining facility, just over three months after breaking ground for an all-in cost of approximately $240,000 per MW.
    • Developed custom data center architecture for Bitcoin mining ASIC compute. Set for deployment at Vega, the architecture enables rack-based ASIC compute utilizing a custom-designed direct-to-chip (“DTC”) liquid cooling system at densities of up to 180 kilowatts per rack, helping bridge the gap to traditional HPC architecture.
    • Secured a major colocation contract with BITMAIN Technologies Ltd. (“BITMAIN”), the world’s leading manufacturer of digital currency mining servers. The ASIC colocation contract is expected to generate ~$125 million in annualized revenue upon full ramp and includes a purchase option at Hut 8’s discretion for the full ~15 exahash-per-second (“EH/s”) deployment.

    Compute

    • Generated $80.7 million in full-year revenue, consisting of revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
    • Partnered with BITMAIN to develop and launch a next-generation ASIC miner. The U3S21EXPH will be the first model mass-commercialized by BITMAIN with DTC cooling within a U form factor.
    • Launched Highrise AI, Inc. (“Highrise”), a wholly-owned subsidiary providing GPU-as-a-Service through an initial five-year customer agreement with an AI cloud services provider. Hut 8 intends to leverage operational data and insights from Highrise to optimize the design, development, and operations of its digital infrastructure as it expands into AI data center development.
    • Executed a purchase agreement for BITMAIN Antminer S21+ miners for the Company’s initial ASIC fleet upgrade, which is expected to increase self-mining hashrate to ~10.3 EH/s while driving average fleet efficiency down to 20.5 joules per terahash (“J/TH”). If the Company were to execute its purchase option under the aforementioned BITMAIN colocation agreement, it anticipates total self-mining hashrate of ~25.1 EH/s with average fleet efficiency of 16.0 J/TH.

    Operations

    • Appointed Asher Genoot as CEO on February 7, 2024.
    • Executed a comprehensive restructuring program to strengthen bottom-line economics, delivering a ~30% reduction in energy cost per MWh and an approximately eight-point increase in gross margin per Bitcoin mined from Q4 2023 to Q4 2024.
    • Expanded team with strategic hires, including Sean Glennan as CFO and Victor Semah as CLO.

    Capital Strategy and Balance Sheet

    • Closed a $150 million strategic investment from Coatue to partner in building AI infrastructure.
    • Converted our $37.9 million Anchorage Digital loan balance to shares of our common stock at a 51% premium to the 20-Day VWAP through the day prior to the signing of the Debt Repayment Agreement.
    • Launched a $500 million ATM program and a $250 million stock repurchase program.
    • Surpassed 10,000 Bitcoin held in reserve with the purchase of approximately 990 Bitcoin, of which 968 were pledged as collateral to BITMAIN as part of an innovative financing model for the purchase of Antminer S21+ miners for our initial fleet upgrade.

    Key Performance Indicators

      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024   2023   2024   2023
    Cost to mine a Bitcoin (excluding hosted facilities)(1)   $ 37,958   $ 17,171   $ 27,959   $ 13,198
    Cost to mine a Bitcoin(2) $ 37,958   $ 20,051   $ 28,161   $ 16,570
    Weighted average revenue per Bitcoin mined(3) $ 82,412   $ 37,313   $ 60,834   $ 29,913
    Bitcoin mined(4)   236     852     1,466     2,789
    Energy cost per MWh $ 31.63   $ 45.47   $ 32.52   $ 40.80
    Hosting cost per MWh $ N/A   $ 65.84   $ 68.72   $ 62.57
    Energy capacity under management (mining)(5)   665 MW     839 MW     665 MW     839 MW
    Total energy capacity under management(6)   1,020 MW     842 MW     1,020 MW     842 MW
    Number of Bitcoin in strategic reserve(7)   10,171     9,195     10,171     9,195
    (1) Cost to mine a Bitcoin (excluding hosted facilities) is equivalent to the all-in electricity cost to mine a Bitcoin at owned facilities and includes our net share of the King Mountain JV.
    (2) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (3) Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (4) Bitcoin mined includes our net share of the King Mountain JV. Bitcoin mined excluding our net share of the King Mountain JV was 190 and 690 for the three months ended December 31, 2024 and 2023, respectively. Bitcoin mined excluding our net share of the King Mountain JV was 1,184 and 2,138 for the twelve months ended December 31, 2024 and 2023, respectively.
    (5) Energy capacity under management (mining) represents the total power capacity related to Bitcoin mining infrastructure, including self-mining sites, colocation agreements, and managed services agreements.
    (6) Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including power generation, non-operational sites, and traditional data centers.
    (7) Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, and pledged for a miner purchase under an agreement with BITMAIN.
       

    Select Fourth Quarter 2024 Financial Results

    U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) and Hut 8 Mining Corp. completed an all-stock merger of equals (the “Business Combination”) on November 30, 2023. USBTC was deemed the accounting acquirer in the transaction and, as a result, the historical figures in the Company’s income statement for the three months ended December 31, 2023 reflect two months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the three months ended December 31, 2024 reflect the performance of the combined company. All financial results are reported in US dollars.

    Revenue for the three months ended December 31, 2024 was $31.7 million compared to $38.9 million in the prior year period, and consisted of $9.9 million in Power revenue, $2.5 million in Digital Infrastructure revenue, $19.2 million in Compute revenue, and $0.1 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the three months ended December 31, 2024 was $152.0 million compared to $10.6 million for the prior year period. This included gain on digital assets of $308.2 million and $32.8 million for the three months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the three months ended December 31, 2024 was $310.6 million compared to $48.6 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Select Full Year 2024 Financial Results

    As a result of the Business Combination, the historical figures in the Company’s income statement for the twelve months ended December 31, 2023 reflect eleven months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the twelve months ended December 31, 2024 reflect the performance of the combined company. With respect to the balance sheet, the ending balance for year-end 2024 is being compared to year-end 2023, both of which reflect the combined company’s performance.

    Revenue for the twelve months ended December 31, 2024 was $162.4 million compared to $96.0 million in the prior year, and consisted of $56.6 million in Power revenue, $17.5 million in Digital Infrastructure revenue, $80.7 million in Compute revenue, and $7.6 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the twelve months ended December 31, 2024 was $331.4 million compared to $21.9 million for the prior year period. This included gain on digital assets of $509.3 million and $32.6 million for the twelve months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the twelve months ended December 31, 2024 was $555.7 million compared to $85.7 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Conference Call

    The Hut 8 Corp. Full-Year 2024 Conference Call will commence today, Monday, March 5, 2025, at 8:30 a.m. ET today. Investors can join the live webcast here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    Analyst Coverage

    A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.

    Upcoming Conferences & Events

    • March 11–12, 2025: Cantor Crypto, Digital Assets & AI Infrastructure Conference, Miami
    • March 16–18, 2025: 37th Annual ROTH Conference, Dana Point
    • March 25–27, 2025: Mining Disrupt, Fort Lauderdale
    • April 7–8, 2025: Jones Healthcare and Technology Innovation Conference, Las Vegas
    • May 13–15, 2025: J.P. Morgan Global Technology, Media and Communications Conference, Boston
    • May 19–20, 2025: Barclays 15th Annual Emerging Payments and FinTech Forum, New York

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company’s foundation for disciplined growth; its position of strength; its development pipeline, including the three large-scale AI data center development projects and the expected capacity assuming these projects are secured; its platform model; its ability to strategically allocate capital; its goal of optimizing returns, mitigating sector volatility, accelerating speed to market, and delivering innovation across the development value chain; its next phase of growth; its structural advantage over peers; its ability to meet demand for energy capacity; its expected energization of Vega, including the expected timing and site capabilities; its colocation contract with BITMAIN, including the anticipated revenue and expected hashrate and average fleet efficiency improvements if the Company executes its purchase option under the agreement; the commercialization of the U3S21EXPH miner from BITMAIN, including the expected timing and miner capabilities; the initial Highrise customer agreement; the operational data and insights derived from Highrise for the Company’s planned expansion into AI data center development; its expected ASIC fleet upgrade, including the expected timing and anticipated hashrate and average fleet efficiency improvements; and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Adjusted EBITDA

    In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss), adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, gain on debt extinguishment, gain on derivatives, gain on bargain purchase, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gains or losses, the removal of non-recurring transactions, impairment on assets, gain or loss on sale of property and equipment, loss from discontinued operations, net loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.

    The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period.
    Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

     
    Hut 8 Corp. and Subsidiaries
    Consolidated Statements of Operations and Comprehensive Income (Loss)
    (Unaudited, in USD thousands, except share and per share data)
     
      Three Months Ended   Twelve Months Ended
          December 31,       December 31,
      December 31,   2023   December 31,   2023
    (in USD thousands) 2024      (Unaudited)      2024      (Unaudited)
    Revenue:                      
    Power $ 9,949     $ 7,818     $ 56,602     $ 22,794  
    Digital Infrastructure   2,520       4,455       17,482       8,291  
    Compute   19,159       26,519       80,701       64,851  
    Other   66       110       7,600       110  
    Total revenue   31,694       38,902       162,385       96,046  
                           
    Cost of revenue (exclusive of depreciation and amortization shown below):                  
    Cost of revenue – Power   7,465       1,944       21,538       7,263  
    Cost of revenue – Digital Infrastructure   2,929       3,048       15,556       4,321  
    Cost of revenue – Compute   9,781       15,764       44,977       42,592  
    Cost of revenue – Other   138       20       4,584       18  
    Total cost of revenue   20,313       20,776       86,655       54,194  
                           
    Operating (income) expenses:                      
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    General and administrative expenses   18,844       33,380       72,917       49,133  
    Gains on digital assets   (308,157 )     (32,811 )     (509,337 )     (32,626 )
    Loss (gain) on sale of property and equipment   —       443       (634 )     888  
    Realized gain on sale of digital assets   —       —       —       (2,376 )
    Impairment of digital assets   —       —       —       1,431  
    Impairment – other   4,472       —       4,472       —  
    Legal settlement   —       —       —       (1,531 )
    Total operating (income) expenses   (270,533 )     7,146       (384,809 )     32,456  
    Operating income (loss)   281,914       10,980       460,539       9,396  
                           
    Other (expense) income:                      
    Foreign exchange (loss) gain   (4,042 )     1,002       (5,000 )     1,002  
    Interest expense   (9,563 )     (5,980 )     (29,794 )     (24,933 )
    Gain on debt extinguishment   —       —       5,966       23,683  
    (Loss) gain on derivatives   (13,143 )     —       6,780       —  
    Gain on bargain purchase   3,060       —       3,060       —  
    Equity in earnings of unconsolidated joint venture   1,902       4,098       10,359       12,815  
    Total other (expense) income   (21,768 )     (880 )     (8,629 )     12,567  
                           
    Income from continuing operations before taxes   260,146       10,100       451,910       21,963  
                           
    Income tax (provision) benefit   (110,482 )     482       (113,457 )     (190 )
                           
    Net income from continuing operations $ 149,664     $ 10,582     $ 338,453     $ 21,773  
                           
    Income (Loss) from discontinued operations   2,320             (7,044 )     77  
                           
    Net income   151,984       10,582       331,409       21,850  
    Less: Net loss attributable to non-controlling interests   241       —       473       —  
    Net income attributable to Hut 8 Corp. $ 152,225     $ 10,582     $ 331,882     $ 21,850  
                           
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Other comprehensive loss:                      
    Foreign currency translation adjustments   (46,011 )     10,761       (56,390 )     10,761  
    Total comprehensive income   105,973       21,343       275,019       32,611  
    Less: Comprehensive loss attributable to non-controlling interest 387       —       549       —  
    Comprehensive income attributable to Hut 8 Corp. $ 106,360     $ 21,343     $ 275,568     $ 32,611  


    Adjusted EBITDA Reconciliation

      Three Months Ended   Twelve Months Ended
      December 31,   December 31,      December 31,   December 31,
    (in USD thousands) 2024      2023   2024      2023
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Interest expense   9,563       5,980       29,794       24,933  
    Income tax provision (benefit)   110,482       (482 )     113,457       190  
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    Gain on debt extinguishment   —       —       (5,966 )     (23,683 )
    Loss (gain) on derivatives   13,143       —       (6,780 )     —  
    Gain on bargain purchase   (3,060 )     —       (3,060 )     —  
    Share of unconsolidated joint venture depreciation and amortization (1)   3,120       2,887       21,792       21,016  
    Foreign exchange loss (gain)   4,024       (1,002 )     5,000       (1,002 )
    Loss (gain) on sale of property and equipment   —       443       (634 )     888  
    Non-recurring transactions (2)   327       12,044       (9,882 )     10,513  
    Impairment – other   4,472       —       4,472       —  
    (Income) loss from discontinued operations   (2,320 )     77       7,044       (77 )
    Net loss attributable to non-controlling interests   241       —       473       —  
    Stock-based compensation expense   4,342       11,912       20,783       13,563  
    Adjusted EBITDA $ 310,626     $ 48,575     $ 555,675     $ 85,728  
    (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 10. Investment in unconsolidated joint venture of the Consolidated Financial Statements for further detail.
    (2) Non-recurring transactions for the three months ended December 31, 2024 represent approximately $0.2 million of restructuring costs and $0.1M of Far North related costs. Non-recurring transactions for the three months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination. Non-recurring transactions for the twelve months ended December 31, 2024 represent approximately $4.0 million of restructuring costs and $1.9 million related to the Far North transaction costs, offset by a $13.5 million contract termination fee received from MARA, and a $2.2 million tax refund. Non-recurring transactions for the twelve months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination, partially offset by a gain from a legal settlement of $1.5 million.
       

    Contacts

    Hut 8 Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Media Relations
    media@hut8.com

    The MIL Network –

  • MIL-OSI: Apollo to Present at the 2025 RBC Financial Services Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Jim Zelter, President of Apollo Global Management, will participate in a keynote panel discussion focused on private markets at the RBC Financial Services Conference on Wednesday, March 5, 2025 at 12:20 pm ET.

    A live webcast of the event will be available on Apollo’s Investor Relations website at ir.apollo.com. For those unable to join live, a replay will be available shortly after the event.

    About Apollo

    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

    Contacts

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    (212) 822-0540
    IR@apollo.com 

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    (212) 822-0491
    Communications@apollo.com 

    The MIL Network –

  • MIL-OSI United Kingdom: Investigators help ensure jail time for former Brookside actor

    Source: City of York

    A total of 23 years in prison for a former Brookside actor and his associates has been awarded this afternoon.

    Former Brookside actor Philip Foster and 8 associates have today (28 February 2025) been sentenced for their part in a £13.6 million fraud that ran for over 8 years.

    The sentences handed down at Sheffield Crown Court today are the result of an over 6-year investigation by National Trading Standards, whose work uncovered an extensive network of sham modelling agencies that cruelly exploited the dreams of aspiring young models and their parents.

    Foster was the ringleader of the operation. He orchestrated the fraud from Spain, using a network of associates based in England who operated a string of sham modelling agencies and photography studios in cities across the country, including London, Manchester, Leeds, Bristol, Coventry, and Nottingham.

    More than 6,000 victims were deceived by the group – mainly young people and mothers – who ended up parting with substantial amounts of money under the false promise of securing paid modelling work.

    The fraud worked by setting up a photographic studio in the area and running a social media advertising campaign. People who responded were given the false impression that a model agency was interested in them, with emails telling them they had potential. Victims were then invited to a ‘free’ test shoot at the photographic studio, which turned out to be a ruse to try to extort money out of them.

    At the test shoot, victims were given a studio experience, handed glossy brochures and told how successful other people had been. They would then be told that they passed their studio test and that modelling agencies were interested, but they needed to purchase their portfolio photographs from the studio in order to join an agency and become an agency model.

    Victims were duped by the group who, between them, gave a good impression of running successful model businesses and lied to them about their potential. Millions of pounds were taken from aspiring models, with some coerced into financing the upfront payment through credit deals arranged by the fraudsters or taking out expensive payday loans.

    Instead, victims received poor quality digital photographs that stood no real chance of landing them professional jobs. Virtually none of the victims received any paid modelling work.

    The sham agencies were often dissolved after short periods, rebranded repeatedly to avoid detection, and paid no tax. Money from the scam was laundered through UK bank accounts before being transferred to Spain or carried in cash on commercial flights by co-conspirators.

    The investigation traced substantial sums to Foster, who lived in luxury abroad and purchased high-end watches and cars with the proceeds of the fraud. The investigation heard how many victims, left financially and emotionally devastated, described feeling humiliated and betrayed. Some experienced lasting distress that affected their confidence, wellbeing and their ability to trust others.

    The sentences, which were handed down today in the absence of Philip Foster, who is currently living in Spain, are as follows:

    • Philip Foster, aged 49, Edificio Marina Mariola, Marbella, Spain, sentenced to 8.5 years for conspiracies to defraud
    • Michael Foster, aged 27, Snowdon Lane, Liverpool, sentenced to 3.5 years for conspiracy to defraud
    • Paul Evans, aged 39, no known address, sentenced to 3.5 years for offences related to money laundering
    • Jamie Peters, aged 52, Pentland Place, Warrington, sentenced to 24 months, suspended for 2 years, for conspiracy to defraud
    • Lisa Foster, aged 42, Manchester Road, Astley, sentenced to 18 months, suspended for 12 months, for conspiracy to defraud
    • Emily Newall, aged 29, Bolton Road, Kearsley, Greater Manchester, sentenced to 10 months, suspended for 12 months, for conspiracy to defraud
    • Atif Qadar, aged 44, Larkswood Drive, Crowthorne, sentenced to 12 months, suspended for 12 months, for conspiracy to defraud
    • Paul Fleury, aged 57, Manchester Road, Swinton, Manchester, sentenced to 18 months, suspended for 12 months, for conspiracy to defraud
    • Aslihan Foster aged 39, Tredington Road, Coventry, sentenced to 18 months, suspended for 12 months, for an offence related to money laundering

    Today’s sentencing follows over 6 years of investigative work by the National Trading Standards eCrime Team, hosted by North Yorkshire Council and City of York Council, including forensic analysis of financial transactions, thousands of consumer complaints, and witness testimony from victims. The team was supported by the National Trading Standards South West Regional Investigations Team, hosted by Bristol City Council.

    Judge Dixon, said: 

    The business worked on the basis of greed taking what they could where they could. Some people were so convinced by the level of deception that they took out payday loans, which gives a clear indication as to how manipulative and cynical the fraud was. It was horrible, despicable, dishonest behaviour and every single one of you deserves to go to prison. 

    “The officers have carried out an exceptional job to bring these defendants to justice. It was not straightforward or easy. This investigation was conducted with particular skill.  A commendation should be made on the basis of the skill deployed.”

    Lord Bichard, Chair of the National Trading Standards, said:

    Foster’s cruel exploits left thousands of victims in serious debt, causing lasting emotional distress and significant financial pressures.

    “Today’s sentences are an important reminder to would-be criminals that Trading Standards officers across the country are determined to clamp down on fraud, protecting victims and bringing criminals to justice.

    “I would encourage anyone who has been a victim of similar scams to report it to the Citizens Advice Consumer Service on 0808 223 1133.”

    Councillor Jenny Kent, Executive Member with responsibility for Trading Standards at City of York Council, said:

    Today’s sentencing follows years of highly effective trading standards investigative work. Mr Foster and his associates made millions by exploiting the hopes of young people, leaving a trail of broken dreams and financial hardship. I urge everyone to question any modelling contract which demands money up front, and hope that the young people and families affected can now move on to a brighter future, whichever path they choose.”

    North Yorkshire Council’s executive member Councillor Greg White, whose responsibilities include Trading Standards, said:

    Foster and his fellow scammers cruelly exploited young hopefuls trying to break into one of the most competitive industries. In some cases, parents borrowed money or sacrificed savings, believing they were investing in their children’s futures.

    “I urge anyone searching online for modelling opportunities to remember that legitimate agencies don’t ask for money upfront, it’s often only scam agencies who push expensive photoshoots as a pre-requisite to getting work.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Passengers to enjoy greener air travel as UK backs sustainable fuel production

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    Passengers to enjoy greener air travel as UK backs sustainable fuel production

    Have your say on how the sustainable aviation fuel (SAF) revenue certainty mechanism could be funded.

    • air travel to become greener as government introduces industry-led price guarantee to boost sustainable aviation fuel supply while keeping ticket fares down
    • investment in low carbon fuels could support up to 15,000 new jobs and £5 billion for the UK economy by 2050 – delivering economic growth as part of the government’s Plan for Change
    • plans will turbocharge investment in UK SAF, bolster expansion plans and cut carbon emissions while minimising the impact on industry and passengers

    Passengers will enjoy greener plane journeys thanks to new support for the sustainable aviation fuel (SAF) industry helping to tackle emissions, establish Britain as a clean energy superpower and allow the UK to go further and faster with expansion plans.   

    The government has today (3 March 2025) published a consultation setting out how it intends to support the green fuels sector and provide certainty for SAF producers, in the latest step in the government’s plan to support the aviation sector to kickstart economic growth.

    The SAF industry is crucial for the future of aviation, offering a sustainable alternative to traditional jet fuels. By reducing greenhouse gas emissions by up to 70% compared to fossil fuels, SAF will play a vital role in delivering our clean energy mission as part of our Plan for Change and allow the UK to back airport expansion in line with climate commitments.

    Backing investment in the low carbon sector also has huge potential for driving economic growth, as it’s expected to support up to 15,000 new jobs and deliver £5 billion to the UK economy by 2050.

    As this is still a new and emerging industry, today’s proposals will tackle the current uncertainty in the sector by introducing an industry funded price guarantee – known as the revenue certainty mechanism (RCM) – to ensure a steady income flow for producers, even if the price of SAF fluctuates, helping to keep down costs for airlines and holidaymakers.   

    The proposals will help to reduce risk, give investors the confidence they need to invest in UK SAF plants and help the sector secure the supply it needs to bolster the SAF industry in the UK. The mechanism is also designed to limit costs and protect holidaymakers and working people against significant cost increases, with any rises expected to be in line with the usual variation of ticket prices.

    The revenue certainty comes alongside the introduction of the SAF Mandate in January 2025, which requires a growing percentage of aviation fuel to come from sustainable sources to support the industry by securing demand and driving production in the UK. The mandate was one of the first in the world to be put into law, once again putting the UK at the forefront of decarbonising air travel.

    The revenue certainty mechanism combined with the mandate will contribute to our net zero goals, enabling the aviation sector to continue to grow, including through airport expansion. This is also expected to drive significant investment into the SAF sector, creating green jobs, fostering innovation and driving growth as part of our Plan for Change.

    Aviation Minister, Mike Kane, said:    

    We are committed to building the technology and fuel supply that will see greener flying become a reality in a way that protects consumers.    

    As part of our Plan for Change, these proposals will power up SAF production in the UK, support thousands of green jobs and bolster expansion plans.

    Tim Alderslade, Chief Executive of Airlines UK, said:

    UK airlines support the RCM as a means of driving production in SAF and ensuring the industry can comply with the mandate.

    We look forward to working with government on its design with a particular focus on encouraging a competitive market and supporting FOAK plants. The goal must be the production of as much SAF at the cheapest possible price for consumers, to help the industry get to net zero, support growth in UK aviation whilst minimising the impact on passengers.

    Karen Dee, Chief Executive of AirportsUK, said: 

    SAF will play a key role in decarbonising aviation and a revenue certainty mechanism will not only ensure the UK can access enough supply but also that we can benefit from thousands of jobs and billions in investment.

    Airports will work with government as part of the aviation sector to develop the right solution that will give the market the confidence it needs to bring investment forward, enabling a new UK industry producing homegrown SAF to emerge.

    This, in turn, will allow the UK’s global air connectivity to expand sustainably within our net zero targets and play an increasing role in growing our economy, something the government is prioritising to drive up the prosperity of the whole country.

    Gaynor Hartnell, Chief Executive of the Renewable Transport Fuel Association, said: 

    The RCM is essential if SAF is to be manufactured here in the UK rather than imported. Home produced SAF leads to more jobs and improved fuel security, plus it’s a better way of dealing with household and commercial waste than burning it for electricity generation.

    The consultation will run from 3 March to 31 March, with the Sustainable Aviation Fuel (Revenue Support Mechanism) Bill being laid in Parliament in the spring. This support will build on the £63 million recently announced by the Chancellor in her growth speech to boost production of alternative fuels in the UK.

    Last month, the Chancellor also invited Heathrow Airport to bring forward expansion plans for consideration by the summer. The government will then review the Airports National Policy Statement (ANPS) to ensure that any scheme is delivered in line with our legal, environmental and climate obligations.

    In September last year, the department announced a refreshed and rejuvenated Jet Zero taskforce, which is serving as the driving force to transform how people fly – aligning with the government’s missions to make the UK a clean energy superpower and kickstart the economy.

    In a further boost for sustainable aviation, the UK led the charge for new carbon limits on aircrafts at the International Civil Aviation Organization (ICAO), which will see all new aircraft types become 10% more efficient from 2031. This will help cut emissions and fuel costs, benefitting passengers as well as the planet. Regulations on aircraft noise will also be strengthened from 2029 to make planes quieter when taking off and landing.

    The RCM will help deliver certainty in the green fuels market, supporting stable production of the SAF needed for aviation decarbonisation. The scheme is similar to that used in the UK’s world-leading renewables sector and could now boost domestic sustainable fuel production, driving investment in the UK SAF industry and boosting the economy through more green jobs. 

    This is a temporary measure, while SAF market prices are uncertain, to help scale early technologies while supporting a competitive market for SAF production. The government will monitor its impacts and can manage liabilities by capping the support to a pre-agreed volume of SAF, as well as agreeing the strike price within contracts.

    Aviation, Europe and technology media enquiries

    Media enquiries 0300 7777 878

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    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Asian Development Blog: Multi-Stakeholder Solutions Needed for Women Entrepreneurs in South Asia

    Source: Asia Development Bank

    Gender-inclusive entrepreneurship in South Asia remains hindered by financial, social, and structural barriers. A holistic approach—combining access to finance, business development services, and multi-stakeholder partnerships—can accelerate women’s entrepreneurship and foster inclusive growth.

    While gender-inclusive entrepreneurship is a significant enabler of economic growth, only 18% of firms in South Asia are owned by women, compared to 34% globally. Women in the region lack capital and finance, as well as opportunities to access business networks and effectively market products and services. They have limited engagement in trade activities and with innovative solutions. 

    These challenges are compounded by structural barriers, such as social and customary norms and disproportionate household and care responsibilities that limit women’s opportunities as entrepreneurs and hinder their economic participation. 

    The following approaches, which should be tailored to distinct contexts, cultures, and levels of development, can help boost women’s entrepreneurship in South Asia:

    Create an inclusive business ecosystem: Accelerating women’s entrepreneurship in South Asia, a region with complexities and inequalities intertwined, requires development of an ecosystem of inclusive interventions and investments, policies, private sector engagement, and promoting resources that give women access to capital, skills, innovation, services and new markets.

    Access to finance for women has positive direct and indirect impact on business and economic empowerment, reducing poverty, and achieving good health and well-being. 

    Addressing only one issue in the chain of challenges cannot produce a sustainable effect; rather, adopting a holistic approach that creates an enabling environment by explicitly addressing constraints of women and promoting women’s entrepreneurship through specific actions is essential for long-term strategic changes that can support inclusive economic growth and development in South Asia. 

    Providing access to finance for women can be life changing: Limited financial resources confine women to smaller-scale business operations at the micro level in countries such as Sri Lanka, Bhutan, and Bangladesh. Challenges related to capital are often rooted in gender biases, lack of tailored financial products, absence of collateral, and limited understanding of financial institutions.

    Applying innovations in finance, more targeted approaches, including for women in more vulnerable positions, can help overcome the barriers related to social norms, mobility, and control of resources and assets. While 65% of women-led small and medium enterprises in developing countries are unserved financially, access to finance for women has positive direct and indirect impact on business and economic empowerment, reducing poverty, and achieving good health and well-being. 

    Providing targeting approaches and giving access to finance has been done in Bangladesh, India, Sri Lanka, Nepal, and Bhutan and has helped women to expand and grow their businesses. Targeting women as clients has a business case as well, offering opportunities for the private sector to capitalize on this important segment by providing tailored financial products and services.

    Offer comprehensive business development services: Because women-owned enterprises are under-financed and under-resourced in South Asia, offering non-financial services can be a driver of business growth. Business development services, such as mentoring, financial advisory, legal support, skills training, and accessing new markets and networks can be key drivers for women entrepreneurs in Bangladesh, Maldives, Sri Lanka, and other South Asian countries. 

    Providing tailored services for women in start-ups is equally important as challenges at this stage are intertwined with a lack of confidence, social norms, and expectations towards women with limited resources. While also facing other forms of discrimination (particularly, in India and Nepal), supplying women with these services can lead to more equitable access to non-financial resources and significant economic growth on local and regional levels. 

    Leverage multi-stakeholder partnerships: Development partners, governments, and private sector companies – all can play role in advancing women’s entrepreneurship in South Asia. Gender-inclusive investments by development partners, improving policy frameworks by governments, and fostering bold actions by the private sector through targeted investments and financial products can all address the gender divide in entrepreneurship. Moreover, partnerships across stakeholders can only enhance these actions. 

    The path to advancing women’s entrepreneurship and engagement of stakeholders needs to be deepened to also address often discriminatory underlying social norms and practices that hold women back. This is particularly so in South Asia, where gender disparities are intertwined with religion, caste, ethnicity, and other social exclusions that exacerbate gender inequalities.

    MIL OSI Economics –

  • MIL-OSI Economics: Development Asia: Harnessing Youth and Infrastructure for Timor-Leste’s Sustainable Future

    Source: Asia Development Bank

    Timor-Leste presents a unique mix of strengths and weaknesses that shape its development trajectory.

    Youth and labor supply. The country’s youthful population is part of its strength, with a median age of 20.7 years and 64.6% of its citizens under 30. By 2037, the labor forces is expected to grow by 34.8% compared to the 2022 population. Depending on various population growth scenarios, the labor force will increase by at least 26% to 27% over the next 15 years based on the latest population census (Figure 1). This increase in the working-age labor force presents a significant opportunity to boost employment prospects and sustain higher economic growth.

    Figure 1: Supply of Labor Force

    Source: The National Institute of Statistics (INETL). 2023. Timor-Leste Population and Housing Census 2022; Author’s estimate.

    Strategic location and vibrant democracy. Geographically situated in Southeast Asia, Timor-Leste holds a strategic position at the intersection of key sea lines in the Indo-Pacific region—giving it an advantage in terms of regional investments, maritime trade, and security. Benefitted from a robust electoral process, pluralism, and civil liberties, Timor-Leste is ranked 45th out of 167 countries in the 2023 Democracy Index, surpassing the average indices of the Association of Southeast Asian Nations (ASEAN), Asia and the Pacific, and the world (Figure 2).

    Figure 2: Democracy Index

    Source: The Economist Intelligence Unit (EIU). 2024. Democracy Index 2023-Age of Conflict.

    Resource endowment and savings. The country boasts significant oil and gas reserves in the Timor Sea, especially in the Greater Sunrise gas and condensate field. In 2005, it established a petroleum fund as a sovereign wealth fund, primarily sourced from petroleum revenues from the Bayu-Undan field and investment income from the petroleum fund. By the end of 2024, the petroleum fund’s balance has reached nearly $18.3 billion, exceeding the non-petroleum gross domestic product (GDP) by more than tenfold (Figure 3).

    Figure 3: The Petroleum Fund

    Source: The Central Bank of Timor-Leste (BCTL). 2024. The Petroleum Fund Reports; Author’s estimate.

    High poverty and food and nutrition insecurity. Despite its strengths, Timor-Leste faces significant challenges with poverty and food insecurity. Issues—such as poverty rate standing at 41.8% based on the national poverty line and 48.3% when measured using the multidimensional poverty, over 62.5% of the population experiencing food insecurity, 42% of households dealing with acute food insecurity, and half of the children under five years old are stunted—represent major barriers to development. Malnutrition, reduced cognitive development, impaired learning ability, and low productivity have limited human capital development.

    Narrow economic base and high dependence on the petroleum fund. The economy remains undiversified and highly susceptible to domestic and external shocks, including disasters from natural hazards and trade fluctuations. GDP growth has been low and volatile, heavily reliant on public expenditures and the petroleum fund, projected to be depleted by 2035 based on current spending. From 2009 to 2023, the average annual real GDP growth was 2.9%, but it decelerated to just 1% over the past decade, highly correlated with the growth in budget expenditure and withdrawals from the petroleum fund (Figure 4).[1]

    Figure 4: GDP Growth and Public Spending

    Source: Ministry of Finance of Timor-Leste. 2009-2024. Budget Transparency Portal; Author’s estimate.

    Lack of competitiveness and budget deficit. The high cost of doing business stems from challenges related to connectivity, land title issues, limited electricity and clean water supply, and low labor productivity—contributing to lack of competitiveness. The underdeveloped private sector contributes to a low domestic revenue base, averaging only 12.3% over the past 15 years. In contrast, total spending has been exceedingly high, averaging 90.5% of GDP. This imbalance has resulted in a significant government budget deficit, averaging 35.4% of GDP over the same period, primarily financed through persistent and excessive withdrawals from the petroleum fund (Figure 5).[2] As of 2023, GDP per capita and gross national income per capita remained low at $1,324 and $1,294 respectively. This current economic structure underscores the urgent need for economic diversification and development of a robust private sector to ensure sustainable growth and resilience against economic shocks.

    Figure 5: Government Budget

    ESI = estimated sustainable income, GDP = gross domestic product, PF = petroleum fund.
    Source: Ministry of Finance of Timor-Leste. 2009-2024. Budget Transparency Portal; Author’s estimate.

    Infrastructure gaps and limited basic services. In addition to underdeveloped human, institutional, and private sector capacities, Timor-Leste faces significant gaps and challenges in infrastructure development and provision of basic services. The country was ranked 46th out of 50 in terms of facilities supporting regulatory compliance and institutions and infrastructure enabling business activities. Due to inadequate infrastructure connectivity, access to markets and essential services—such as healthcare, education, and clean water—is limited, particularly in rural areas where 71.4% of the population resides. Significant investment in human capital, institutional strengthening, and infrastructure and logistics is crucial to support development and improve living standards.

    Lack of policy continuity. New administrations often bring changes in policies and program orientations, along with high staff turnover in the public sector. To advance ongoing priority initiatives and achieve development goals, it is crucial to strengthen institutions and ensure policy continuity and certainty.

    Suboptimal allocation of government resources to social sectors. Over the past 15 years, the compound annual growth rate of current budget expenditures in Timor-Leste was 8.9%, significantly outpacing the 4.2% compound annual growth rate of capital expenditures. Consequently, the share of current spending in the total budget has risen to 79% in 2024 from 65% in 2009. Despite the increase, there remains a persistent misallocation of resources, particularly in health and education. This misallocation leads to intergenerational human capital issues and economic disparity. Notably, the planned spending from the veterans’ fund for 2025 is nearly double the annual healthcare budget. Education spending has remained low at 7.6% of total government expenditure, significantly below the ASEAN historical average of 13.8%. Similarly, healthcare expenditure per capita in Timor-Leste is only $59, starkly contrasted with the ASEAN average of $630.

    MIL OSI Economics –

  • MIL-Evening Report: French minister wraps up key talks in New Caledonia, returning late March

    By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk

    French Minister for Overseas Manuel Valls left New Caledonia at the weekend after a one-week stay which was marked by the resumption of inclusive political talks on the French territory’s future.

    He has now submitted a “synthetical” working document to be discussed further and promised he would return later this month.

    During his week-long visit, Valls had taken time to meet New Caledonia’s main stakeholders, including political, economic, education, health, and civil society leaders.

    He has confirmed France’s main pillars for its assistance to New Caledonia, nine months after deadly and destructive riots broke out, leaving 14 dead, several hundred businesses destroyed, and thousands of job losses for a total estimated damage of 2.2 billion euros (NZ$4 billion).

    The French aid confirmed so far mainly consisted of a loan of up to 1 billion euros (NZ$1.8 billion) as well as grants to rebuild all damaged schools and some public buildings.

    Valls also announced French funding to pay unemployment benefits (which were to expire at the end of this month) were now to be extended until the end of June.

    However, the main feature of his stay, widely regarded as the major achievement, was to manage to gather all political tendencies (both pro-independence and those in favour of New Caledonia remaining a part of France) around the same table.

    The initial talks were first held at New Caledonia’s Congress on February 24.

    Two days later, talks resumed at the French High Commission between Wednesday and Friday last week, in the form of “tripartite” discussions between pro-France, pro-independence local parties and the French State.

    As some, especially the pro-independence umbrella FLNKS (Kanak and Socialist National Liberation Front), insisted that those sessions were “discussions”, not “negotiations”, there was a general feeling that all participants now seemed to recognise the virtues of the exchanges and that they had at least managed to openly and frankly confront their respective views.

    Valls, who shared a feeling of relative success in view of what he described as a sense of “historic responsibility” from political stakeholders, even extended his stay by 24 hours.

    Speaking at the weekend, he said he had now left all parties with a document that was now supposed to synthesise all views expressed and the main items remaining to be further discussed.

    New Caledonia’s parties begin talks at the French High Commission in Nouméa last Wednesday. Image: RNZ Pacific/RRB

    ‘A situation no longer sustainable’
     “Political deadlocks, economic and social stagnation, violence, fear, and the lack of prospects for the territory’s inhabitants create a situation that is no longer sustainable. Everyone agrees on this observation,” the document states.

    A cautiously hopeful Valls said views would continue to be exchanged, sometimes by video conference.

    Taking part in the same visit last week was Eric Thiers, a special adviser to French Prime Minister François Bayrou.

    Valls also stressed he would return to New Caledonia sometime later this month, maybe March 22-23, depending on how talks and remote exchanges were going to evolve.

    In the meantime, the shared document would be subjected to many amendments and suggestions in order to take the shape of a fit-enough basis for a compromise acceptable by all.

    The work-in-progress document details a wide range of subjects, such as self-determination, the relationship with France, the transfer of powers, who would be in charge of international relations, independence, a future system of governance (including the organisation of the three provinces), the electoral roll for local elections, the notion of citizenship (with a proposed system of “points-based” accession system), all these under the generic notion of “shared destiny”.

    There was also a form of consensus on the fact that if a future text was to be submitted to popular approval by way of a referendum, it should not be based on a binary “yes” or “no” alternative, but on a comprehensive, wide-ranging “project”.

    On each of those topics, the draft takes into account the different and sometimes opposing views expressed and enumerates a number of possible options and scenarios.

    Based on this draft working document, the next round of talks would lead to a new agreement that is supposed to replace and offer a continuation to the ageing Nouméa Accord, signed in 1998 and install a new roadmap for New Caledonia’s future.

    As part of discussions, another topic was the future of New Caledonia’s great council of chiefs, the Customary Senate, and possible changes from its until-now consultative status to a more executive role to turn New Caledonia’s legislative system from a Congress-only system to a bicameral one (Congress-Parliament and a chiefly Senate).

    Struggling nickel mining industry
     The very sensitive question of New Caledonia’s nickel mining industry was also discussed, as the crucial industry, a very significant pillar of the economy, is undergoing its worst crisis.

    Since August 2024, one of its three factories and smelters, Koniambo (KNS) in the north of the main island has been mothballed and is still up for sale after its majority stakeholder, Anglo-Swiss Glencore, decided to withdraw after more than a decade of losses (more than 13 billion euros — NZ$24 billion).

    Another nickel-producing unit, in the South, Prony, is currently engaged in negotiations with potential investment companies, one South African, one from  the United Arab Emirates and the other Indian.

    New Caledonia’s historic nickel miner, Société le Nickel (SLN, a subsidiary of French giant Eramet), is still facing major hurdles to resume operations as it struggles to regain access to its mining sites.

    The situation was compounded by a changing competition pattern on the world scale, New Caledonia’s production prices being too high and Indonesia now clearly emerging as a world leader, producing much cheaper first-class nickel and in greater quantities.

    ‘A new nickel strategy is needed’, Valls says
     While political parties involved in the talks (all parties represented at the Congress) remained tight-lipped and media-elusive throughout last week, they recognised a spirit of “constructive talks” with a shared goal of “listening to each other”.

    However,  the views remain radically opposed, even irreconcilable — pro-independence supporters’ most clear-cut position (notably that from the Union Calédonienne) consists of a demand for a quick, full independence, with a “Kanaky Accord” to be signed this year, to be followed by a five-year “transition” period.

    On the pro-France side, one of the main bones of contention defended by the two main parties (Les Loyalistes and Rassemblement-LR) is to affirm that their determination to maintain New Caledonia as a part of France has been confirmed by three referenda (in 2018, 2020 and 2021) on self-determination.

    Pro-independence parties argue, however, that the third and last referendum, in December 2021, was boycotted by the pro-independence movement and that it was not legitimate, even though it was ruled by the courts as valid.

    They are also advocating for significant changes to be made in the way the three provinces are managed, a system described as “internal federalism” but decried by opponents as a form of separatism.

    In the pro-France camp, the Calédonie Ensemble party holds relatively more open views.

    In between are the more moderate pro-independence parties, PALIKA and UMP, which favour of a future status revolving around the notion of “independence in association with France”.

    ‘At least no one slammed the door’
     “At least no one slammed the door and that, already, is a good thing,” said pro-France leader and French MP Nicolas Metzdorf.

    “We’re still a long way away from a political compromise, but we have stopped moving further away from it,” he added, giving credit to Vall’s approach.

    On his part, Valls stressed that he did not want to rush things in order to “maintain the thread” of talks, but that provincial elections were scheduled to take place no later than 30 October 2025.

    “I don’t want to force things, I don’t want to break the thread . . . sometimes, we wanted to rush things, and that’s why it didn’t work,” he elaborated, in a direct reference to numerous and unsuccessful attempts by previous French governments, since 2022, to kick-start the comprehensive talks.

    “Some work will be done by video conference. I will always take my responsibilities, because we have to move forward”, Valls told public broadcaster NC la 1ère.

    He said France would then return with its proposals and offers.

    “And we will take our responsibilities. The debate cannot last for months and months. We respect everyone, but we have to move forward. There is no deadline, but we all know that there are provincial elections.”

    Those elections — initially scheduled in May 2024 and then in December 2024 — have already been postponed twice.

    They are supposed to elect the members of New Caledonia’s three provinces (North, South and Loyalty Islands), which in turn makes up the territory’s Congress and the proportional makeup of the government and election of President.

    All parties involved will now to consult with their respective supporters to get their go-ahead and a mandate to embark on full negotiations.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: The 13th Rosneft Winter Sports Games have ended in Krasnoyarsk

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    The award ceremony for the winners of the XIII Rosneft Winter Sports Games, which took place in Krasnoyarsk over five days, was held. The company dedicated the competition to the 80th anniversary of the Victory in the Great Patriotic War, which the entire country is celebrating this year.

    Sports development is one of the main areas of Rosneft’s social policy. The company supports amateur sports and carries out large-scale work to popularize a healthy lifestyle among both its employees and the population in the regions where it operates. Rosneft also finances the construction of ice arenas, sports complexes, and multifunctional sports grounds in the regions where it operates.

    During the five days of the Winter Games, about 650 oil industry athletes from 41 teams of the Company’s subsidiaries competed in the three most popular winter disciplines – hockey, cross-country skiing and biathlon. For skiers, there were men’s and women’s distances, as well as a relay race.

    The winner of the XIII Winter Sports Games in the overall team standings was the Ufaorgsintez team, silver went to the athletes of Samaraneftegaz, and RN-Vankor came in third.

    The ice squad of the Ufaorgsintez team became the strongest in the hockey tournament, winning the Super League division. Silver went to athletes from RN-Vankor, third place was won by the RN-Purneftegaz team. In the Major League, the first place went to the Taas-Yuryakh Neftegazodobycha team, silver was won by athletes from RN-BashNIPIneft, third place went to Bashneft-Stroy. The winner in the First League was SIBINTEK, the hockey team of Ryazan NPK took second place, and third place went to athletes from RN-Nyaganneftegaz.

    Traditionally, the biathlon competitions attracted increased interest from spectators. The competitions in this sport were held for the third time – they were included in the Winter Games program only in 2023. The winners of the men’s and women’s races were the RN-Yuganskneftegaz team, the second and third places were won by RN-Uvatneftegaz and Udmurtneft. In the biathlon relay, the RN-Uvatneftegaz and RN-Yuganskneftegaz teams swapped places (first and second, respectively), and Vostsibneftegaz won bronze.

    In cross-country skiing, the Samaraneftegaz team won both individual and relay races. The top three also included Ufaorgsintez and Udmurtneft (races), as well as Udmurtneft and RN-Uvatneftegaz (relay).

    The jury did not limit itself to counting points in the main nominations. The teams were rewarded for discipline, original approach, and persistence. Thus, the RN-Nyaganneftegaz team was named the most disciplined. The most united was Angara (Angarsk NHK), the most progressive – TomskNIPIneft. The best debutant was recognized as SIBINTEK, and the diploma “For the Will to Win” was awarded to the RN-Transport team.

    All participants of the competition received awards and memorable prizes. The award ceremony was attended by multiple Russian Sambo Champion Alexander Matays.

    We congratulate the winners and participants of the Rosneft Winter Games and wish them new achievements and victories!

    Department of Information and Advertising of PJSC NK Rosneft March 3, 2025

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

    MIL OSI Russia News –

  • MIL-OSI USA: Touchdown! Carrying NASA Science, Firefly’s Blue Ghost Lands on Moon

    Source: NASA

    Carrying a suite of NASA science and technology, Firefly Aerospace’s Blue Ghost Mission 1 successfully landed at 3:34 a.m. EST on Sunday near a volcanic feature called Mons Latreille within Mare Crisium, a more than 300-mile-wide basin located in the northeast quadrant of the Moon’s near side.
    The Blue Ghost lander is in an upright and stable configuration, and the successful Moon delivery is part of NASA’s CLPS (Commercial Lunar Payload Services) initiative and Artemis campaign. This is the first CLPS delivery for Firefly, and their first Moon landing.  
    The 10 NASA science and technology instruments aboard the lander will operate on the lunar surface for approximately one lunar day, or about 14 Earth days.
    “This incredible achievement demonstrates how NASA and American companies are leading the way in space exploration for the benefit of all,” said NASA acting Administrator Janet Petro. “We have already learned many lessons – and the technological and science demonstrations onboard Firefly’s Blue Ghost Mission 1 will improve our ability to not only discover more science, but to ensure the safety of our spacecraft instruments for future human exploration – both in the short term and long term.”
    Since launching from NASA’s Kennedy Space Center in Florida on Jan. 15, Blue Ghost traveled more than 2.8 million miles, downlinked more than 27 GB of data, and supported several science operations. This included signal tracking from the Global Navigation Satellite System (GNSS) at a record-breaking distance of 246,000 miles with the Lunar GNSS Receiver Experiment payload – showing NASA can use the same positioning systems on Earth when at the Moon. Science conducted during the journey also included radiation tolerant computing through the Van Allen Belts with the Radiation-Tolerant Computer System payload and measurements of magnetic field changes in space with the Lunar Magnetotelluric Sounder payload.
    “The science and technology we send to the Moon now helps prepare the way for future NASA exploration and long-term human presence to inspire the world for generations to come,” said Nicky Fox, associate administrator for science at NASA Headquarters in Washington. “We’re sending these payloads by working with American companies – which supports a growing lunar economy.”
    During surface operations, the NASA instruments will test and demonstrate lunar subsurface drilling technology, regolith sample collection capabilities, global navigation satellite system abilities, radiation tolerant computing, and lunar dust mitigation methods. The data captured will benefit humanity by providing insights into how space weather and other cosmic forces impact Earth.  
    Before payload operations conclude, teams will aim to capture imagery of the lunar sunset and how lunar dust reacts to solar influences during lunar dusk conditions, a phenomenon first documented by former NASA astronaut Eugene Cernan on Apollo 17. Following the lunar sunset, the lander will operate for several hours into the lunar night.
    “On behalf of our entire team, I want to thank NASA for entrusting Firefly as their lunar delivery provider,” said Jason Kim, CEO of Firefly Aerospace. “Blue Ghost’s successful Moon landing has laid the groundwork for the future of commercial exploration across cislunar space. We’re now looking forward to more than 14 days of surface operations to unlock even more science data that will have a substantial impact on future missions to the Moon and Mars.”
    To date, five vendors have been awarded 11 lunar deliveries under CLPS and are sending more than 50 instruments to various locations on the Moon, including the lunar South Pole. Existing CLPS contracts are indefinite-delivery, indefinite-quantity contracts with a cumulative maximum contract value of $2.6 billion through 2028. 
    Learn more about NASA’s CLPS initiative at:
    https://www.nasa.gov/clps
    -end-
    Amber Jacobson / Karen Fox Headquarters, Washington202-358-1600amber.c.jacobson@nasa.gov / karen.c.fox@nasa.gov 
    Natalia Riusech / Nilufar RamjiJohnson Space Center, Houston281-483-5111nataila.s.riusech@nasa.gov / nilufar.ramji@nasa.gov
    Antonia JaramilloKennedy Space Center, Florida321-501-8425antonia.jaramillobotero@nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: With growing fire risk, Governor Newsom proclaims state of emergency to fast-track critical wildfire prevention projects statewide

    Source: US State of California 2

    Mar 1, 2025

    What you need to know: Governor Newsom is proclaiming a state of emergency to fast-track critical forest management projects – part of the state’s ongoing efforts to protect communities from catastrophic wildfire.

    SACRAMENTO – Following the devastation of the Los Angeles firestorms and with the risk of wildfire increasing statewide, Governor Gavin Newsom today proclaimed a state of emergency to fast-track critical projects protecting communities from wildfire, ahead of peak fire season. 

    Today’s emergency proclamation will cut bureaucratic red tape – including suspending CEQA and the Coastal Act – that is slowing down critical forest management projects. Text of the proclamation is available here. 

    This year has already seen some of the most destructive wildfires in California history, and we’re only in March. Building on unprecedented work cutting red tape and making historic investments – we’re taking action with a state of emergency to fast-track critical wildfire projects even more.

    These are the forest management projects we need to protect our communities most vulnerable to wildfire, and we’re going to get them done.

    Governor Gavin Newsom

    This action builds on years of work to increase forest management and wildfire resilience in the state. It also follows the Governor’s executive order signed last month to further improve community hardening and wildfire mitigation strategies to increase neighborhood resilience statewide.

    How it works

    Today’s proclamation includes:

    • Suspending environmental regulations, including CEQA and the Coastal Act, as needed to expedite fuels reduction projects. Projects include vegetation and tree removal, adding fuel breaks, prescribed fire, and more.
    • Allowing non-state entities to conduct approved fuels reduction work with expedited and streamlined approval.
    • Directing state agencies to submit recommendations for increasing the pace and scale of prescribed fire.
    • Increasing the California Vegetation Treatment Program’s (CalVTP) efficiency and utilization, in order to continue promoting rapid environmental review for large wildfire risk reduction treatments.

    Governor Newsom took similar action in March 2019 to expedite forest management projects ahead of particularly challenging fire seasons in 2019 and 2020.

    More forest management and prescribed burns than ever before

    • Preventing wildfire through forest and land management. The state is investing $2.5 billion to ramp up and implement the Governor’s Wildfire and Forest Resilience Action Plan, increasing the pace of fuel reduction, prescribed fire, and forest health. 100% of the 99 key actions outlined in the plan are underway or completed. This is in addition to $200 million invested annually through 2028-29 for healthy forest and fire prevention programs.
    • Using controlled burns to build community and forest resilience. California launched a strategic plan on beneficial fire to expand the use of prescribed fire and cultural burning to build forest and community resilience. Key goals from the plan are already in action to increase the use of prescribed fires, and prescribed fire activity has nearly doubled between 2021 and 2023.
    • Tracking wildfire prevention. California recently unveiled newly updated, first-of-their-kind dashboards that will help Californians track the state’s wildfire prevention work.
    • Early action. One of the very first executive actions Governor Newsom took after assuming office was to declare a state of emergency in response to wildfires in 2019. This order, in part, exempted critical wildfire and forest management projects from California’s environmental law (CEQA).

    See all of Governor Newsom’s actions to increase wildfire resilience and forest management. 

    Recent news

    Feb 28, 2025

    News SACRAMENTO – Governor Gavin Newsom today released judicial applicant and appointee data for the administration’s judicial appointments.Since taking office in 2019 through 2025, Governor Newsom made 576 judicial appointments – including 131 in 2024 – from a pool…

    Feb 28, 2025

    News What you need to know: Local community leaders are praising Governor Newsom’s announcement this week of new financial investments to help boost LA’s economic recovery, as well as the launch of California’s Economic Blueprint and the Los Angeles County Jobs First…

    Feb 28, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the appointment of Nani Coloretti as his new Cabinet Secretary and expressed deep gratitude to departing Cabinet Secretary Ann Patterson for her six years of exemplary service. Patterson, who had planned to step…

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom releases 2024 judicial appointment data

    Source: US State of California 2

    Feb 28, 2025

    SACRAMENTO – Governor Gavin Newsom today released judicial applicant and appointee data for the administration’s judicial appointments.

    Since taking office in 2019 through 2025, Governor Newsom made 576 judicial appointments – including 131 in 2024 – from a pool of 1,898 applicants.

    More than half of the Governor’s judicial appointments have been women judges and justices, and more than half also identified as Asian, Black or African American, Hispanic, or Native Hawaiian or other Pacific Islander.

    A copy of the judicial applicant and appointee data chart can be found here and is below:

    Judge and Justice demographic data is collected by the Judicial Council of California and State Bar membership data is collected by the California State Bar, based on voluntary survey results. A more detailed breakdown of the demographic data collected by the Judicial Council and the State Bar can be found here and here.

    Press Releases, Recent News

    Recent news

    Feb 28, 2025

    News What you need to know: Local community leaders are praising Governor Newsom’s announcement this week of new financial investments to help boost LA’s economic recovery, as well as the launch of California’s Economic Blueprint and the Los Angeles County Jobs First…

    Feb 28, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the appointment of Nani Coloretti as his new Cabinet Secretary and expressed deep gratitude to departing Cabinet Secretary Ann Patterson for her six years of exemplary service. Patterson, who had planned to step…

    Feb 27, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Aaron Maguire, of Roseville, has been appointed Executive Officer of the Board of State and Community Corrections, where he has been Acting Executive Officer at the Board of State and…

    MIL OSI USA News –

  • MIL-OSI USA: What they are saying: Governor Newsom’s latest economic investments will help bolster LA firestorm recovery

    Source: US State of California 2

    Feb 28, 2025

    What you need to know: Local community leaders are praising Governor Newsom’s announcement this week of new financial investments to help boost LA’s economic recovery, as well as the launch of California’s Economic Blueprint and the Los Angeles County Jobs First Regional Plan.

    LOS ANGELES – This week, Governor Newsom announced $24 million in investments towards the economic recovery of Los Angeles following January’s devastating firestorms. The announcement came during the seventh stop of the Governor’s statewide Jobs First tour, where the Governor received the Los Angeles Regional Plan — a community-driven strategy to leverage the innovation, social infrastructure, and LA-area industries — and debuted the statewide California Jobs First Economic Blueprint.

    Funds announced will strengthen infrastructure, and provide support for small business and workers in the LA region, including disaster response: 

    • $10 million in partnership with LA Rises, Maersk and APM Terminals to the LA Region Small Business Relief Fund, a grant program run by the City and County of LA that will provide direct financial support to businesses and nonprofits in fire-impacted communities. This is the first investment by LA Rises, the unified recovery effort launched by the Governor in January and led by Dodgers Chairman Mark Walter, business leader and basketball legend Earvin “Magic” Johnson, and Casey Wasserman.
    • $3 million toward the Los Angeles Jobs First Collaborative in their recovery efforts for the region, including for the launch of public-facing campaigns to promote small business support and additional capacity for near-term business and economic recovery. 
    • $11 million toward High Road Training Partnerships with workforce training organizations based in Los Angeles. 

    Here’s what leaders in the Los Angeles community are saying:

    State leaders 

    Senator Sasha Renée Pérez (D – Pasadena): “The Governor’s Jobs First Economic Blueprint will create good-paying jobs in regions across the state, and reduce barriers for students to access job opportunities through career education. In addition, the plan contains funding to help small businesses recover from the Los Angeles County wildfires that devastated the Altadena and Pasadena region in my district. The recovery will take ongoing support. This Blueprint is an important component that will help brighten our state’s future.”

    Assemblymember Mike Fong (D-Alhambra): “Cultivating one of the best economies in the world starts with our communities.  Governor Newsom’s economic plan is reflective of statewide and regional needs, while utilizing work-based learning opportunities in connection to the state’s upcoming Master Plan for Career Education. Our Los Angeles community was devastated by the fires in our region, and I look forward to working with the Governor on a recovery plan which draws on our higher education institutions to rebuild and strengthen our local and statewide economies.”

    Los Angeles County 

    Kathryn Barger, Los Angeles County Chair and Supervisor for the Fifth District: “I appreciate Governor Newsom‘s plan to invest in our local workforce. Our local economy will greatly benefit from investments that focus on local implementation as Los Angeles County recovers and rebuilds. Strengthening our workforce is key to long-term resilience, and I look forward to seeing these investments create lasting opportunities for our residents.”

    Hilda L. Solis, Los Angeles County Chair Pro Tem and Supervisor for the First District: “Across Los Angeles County, residents have been experiencing job loss by the wildfires in Pacific Palisades and Altadena, including nannies, in-home health workers, landscapers, actors, stagehands, and many others who work in these areas. This week’s announcement, which includes $10 million in funding to the LA Regional Small Business Fund, will be crucial in accelerating economic recovery and providing relief to our impacted families. I am deeply grateful to the Governor for his demonstrated commitment to our relief efforts and look forward to continuing to implement California Jobs First locally. Together, we will ensure an equitable recovery for all Angelenos.”

    Lindsey Horvath, Los Angeles County Supervisor for the Third District: “More support is on the way for small businesses and workers impacted by the Palisades and Eaton fires thanks to this $10 million investment from Governor Newsom that will bolster LA County’s Small Business and Worker Relief Funds. Los Angeles County and our State partners, with support from philanthropy, are marshalling unprecedented financial resources to help fire-affected communities fill gaps in monthly expenses and heal. We thank Governor Newsom for his continued support.”

    City leaders

    Karen Bass, Mayor of Los Angeles: “Thank you Governor Newsom, for your continued support through LA’s unprecedented recovery. As we make urgent progress months faster than expected to get residents back home, we also need to ensure that small businesses have the support they need and deserve while navigating through this devastating time. Together, we will get residents home as quickly and as safely as possible, and we will give the Los Angeles workforce the support they deserve. We are grateful for your partnership as we continue our urgent recovery work.”

    Vinh T. Ngo, Mayor of Monterey Park: “We are very excited to see the new economic jobs plan laid out by Governor Newsom that will have direct benefit not just the wildfire impacted areas but all of California. I’m proud that the Governor chose the City of Monterey Park to make this critical announcement this week.”  

    Victoria Knapp, Chair of the Altadena Town Council: “As Chair of the Altadena Town Council, I want to express our deep gratitude to Governor Newsom for his leadership and steadfast commitment to the region since the early days of this disaster. His administration’s continued support has been a lifeline for our communities as we navigate the long road to recovery. This much-needed infusion of aid will be critical in helping our small businesses rebuild, creating new job opportunities, and ensuring our local workforce has access to the training needed to thrive in high-growth industries. With this investment, we are not just restoring what was lost—we are building a more resilient and prosperous future for Altadena and the entire Los Angeles region.”

    Business Leaders 

    Stephen Cheung, President and CEO of the Los Angeles County Economic Development Corporation: “We applaud Governor Newsom and the State of California for their leadership in supporting Los Angeles County’s economic recovery. The $3 million investment in the California Jobs First initiative will strengthen our efforts to create quality jobs and economic opportunities for local communities, especially those most impacted by economic challenges. Additionally, the $10 million in small business relief funding will provide critical support to the backbone of our economy—our small businesses—helping them rebuild, innovate, and thrive. LAEDC is committed to working with our partners across the region to ensure these investments drive inclusive and sustainable economic growth for all Angelenos.”

    Maria Salinas, President and CEO of the LA Area Chamber of Commerce: “Governor Newsom’s announcement marks an exciting step forward in realizing California Jobs First—turning a bold vision into local impact. By investing in key industry sectors and aligning workforce development with economic priorities, this initiative will create accessible, good-paying jobs and drive sustainable growth across our communities. We are proud of the vision set forth in this economic blueprint and the additional investment to help Los Angeles recover and rebuild. This ensures our region continues to lead in innovation, opportunity, and economic resilience.”

    Tracy Hernandez, CEO of BizFed & New California Coalition: “Governor Newsom took talk to action this week delivering much needed real time funding to super charge the LA firestorm rebuilding process and accelerate the vital long term economic resiliency of our state.”

    Alysia Bell, President of UNITE-LA: “Governor Newsom’s leadership drives California’s progress and elevates the triple bottom line: economy, equity, and environment. UNITE-LA, a nonprofit intermediary committed to equitable economic mobility, applauds the state’s continued investment in innovation and regional collaboration, essential for Los Angeles’ wildfire recovery.”

    Judy Matthews, President of the Altadena Chamber of Commerce: “As President of the Altadena Chamber of Commerce, I want to express my strong support for Governor Newsom’s announcement of the California Jobs First Economic Blueprint and its potential impact on Southern California. The focus on job apprenticeship programs and support for small businesses including home-base affected by the fires will generate significant employment opportunities and drive economic growth in our Altadena community. By investing in workforce development and entrepreneurship, these initiatives will create a more resilient economy and attract investments that will revitalize our community and strengthen our local economy.”

    Read more about California’s response to the LA firestorms and support to help speed the recovery and rebuilding of Los Angeles here. For the latest information, resources, and services, visit ca.gov/LAfires. 

    Press Releases, Recent News

    Recent news

    Feb 28, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the appointment of Nani Coloretti as his new Cabinet Secretary and expressed deep gratitude to departing Cabinet Secretary Ann Patterson for her six years of exemplary service. Patterson, who had planned to step…

    Feb 27, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Aaron Maguire, of Roseville, has been appointed Executive Officer of the Board of State and Community Corrections, where he has been Acting Executive Officer at the Board of State and…

    Feb 27, 2025

    News SACRAMENTO – California and a consortium of 21 Brazilian states are partnering together to combat pollution and foster sustainable economic growth. Governor Gavin Newsom and Governor Renato Casagrande of the Brazilian state of Espírito Santo signed a Memorandum…

    MIL OSI USA News –

  • MIL-OSI: Rethinking Basement Usage: Allstate Canada Data Reveals Water Damage Among Top Claim Reasons

    Source: GlobeNewswire (MIL-OSI)

    MARKHAM, Ontario, March 03, 2025 (GLOBE NEWSWIRE) — Basements have evolved from mere storage spaces to integral parts of many homes, now equipped with state-of-the-art entertainment systems, expensive gym equipment and valuable furniture. However, these spaces remain highly susceptible to flooding, potentially leading to costly repairs. Recent data from the Insurance Bureau of Canada highlights 2024 as the most expensive year for severe weather-related losses in our country’s history, with flooding contributing to over $1 billion in losses.

    In fact, Allstate Insurance Company of Canada (Allstate Canada) data reveals that water damage is one of the top reasons customers submit a home insurance claim, and the cost to repair a water-damaged basement has risen by nearly 20 per cent between 2019-2024. According to a recent Léger poll conducted on behalf of Allstate Canada, 80 per cent of Canadians who responded have a basement and one in 10 have experienced basement flooding. The survey also revealed that 61 per cent of responding homeowners have a bathroom, sink or access to running water in their basement, and 55 per cent use their basement to store a spare fridge or freezer. Additionally, 47 per cent have a bedroom, 30 per cent have a home gym or workout area, 23 per cent installed a home theatre system, 20 per cent a home office, and 25 per cent say their basement has a playroom for their children.

    While Canadian homeowners use their basements in different ways, the results of the poll also show that:

    • 41 per cent use their basements to store expensive sports gear such as skis and bikes;
    • Nearly one in three (32 per cent) store home entertainment equipment in their basement;
    • Basements are also commonly the site for priceless possessions, such as photo albums (40 per cent) and family heirlooms (24 per cent);
    • Other items stored in the basement include tools, extension cords and lightbulbs (65 per cent), seasonal items like patio furniture or holiday decorations (59 per cent), furniture (51 per cent), collectibles or memorabilia (31 per cent), important financial, legal or tax documents (28 per cent), computer equipment (23 per cent) and musical instruments (15 per cent).

    Rethinking Home: A New Era for Basements

    “Kitchens are often a central, social part of the home, but basements play an important role as a space to relax with hobbies, store gear between adventures, or to simply unwind,” says Odel Laing, Agency Manager at Allstate Canada. “Homeowners should consider how they can protect these valuable spaces from flooding, which can quickly affect plans as we approach the spring season.”

    Protection and Remodeling Tips

    Flooding typically occurs during warmer weather months, so Laing invites homeowners to consider taking steps to protect their basement and its contents.

    • Elevate high-quality, expensive entertainment systems on stands or hang them up on the wall. Alternatively, keep them on the main floor, if possible.
    • Swap cardboard boxes for plastic ones for storage.
    • Select waterproof cabinetry and shelving.
    • Review your home insurance policy to understand your coverage for water damage.
    • Consult a professional about landscaping opportunities to direct water away from the home’s foundation.
    • Install water or leak detectors compatible with your monitored home security system to notify owners of flooding quickly.
    • If owners are planning to finish or renovate their basement, discuss with your contractor how to best protect from flooding risks.

    For more home flooding-related safety advice, go to the GOOD HANDS® blog at http://blog.allstate.ca/rethink-basement-tips-protect-against-flooding-damage.

    About the Léger poll
    Allstate commissioned Léger to conduct a study among Canadian homeowners to better understand their use of basements, storage habits, flood prevention measures, and overall preparedness for extreme weather events. In order to meet research objectives, an online survey was conducted with 1,000 Canadian homeowners, aged 18 and over, who could express themselves in French or English from January 23 to 27, 2025. It should be noted that due to the non-probabilistic nature of the sample (associated with any web survey), the calculation of the margin of error does not apply. For comparative purposes, a probabilistic sample of 1,000 respondents (web panel) would have a global margin of error of ± 3.1% 19 times out of 20. The margin of error would, however, increase for subgroups.

    About Allstate Insurance Company of Canada
    Allstate Insurance Company of Canada is a leading home and auto insurer focused on providing its customers prevention and protection products and services for every stage of life. Serving Canadians since 1953, Allstate strives to reassure both customers and employees with its “You’re in Good Hands®” promise. Allstate is committed to making a positive difference in the communities in which it operates through partnerships with charitable organizations, employee giving and volunteerism. To learn more, visit www.allstate.ca. For safety tips and advice, visit www.goodhandsadvice.ca.

    For more information, please contact:
    Jessica Hoffeldt
    Agnostic on behalf of Allstate Insurance Company of Canada
    647-269-7438
    jhoffeldt@thinkagnostic.com  

    Maude Gauthier (Quebec only)
    Capital-Image on behalf of Allstate Insurance Company of Canada
    514-915-9469
    mgauthier@capital-image.com

    Cody Gillen
    Public Relations Specialist
    905-475-4536
    cgillen@allstate.ca

    The MIL Network –