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Category: Economy

  • MIL-OSI Global: The Eagles and Chiefs have already made Philadelphia and Kansas City economic winners

    Source: The Conversation – USA – By Michael Davis, Associate Professor of Economics, Missouri University of Science and Technology

    People celebrate following the Philadelphia Eagles’ NFC championship win on Jan. 26, 2025. Thomas Hengge/Anadolu via Getty Images

    If you live in the Philadelphia or Kansas City metro areas, congratulations: The fact that your city made it to the Super Bowl translates to about $200 extra in your pocket.

    That’s right – whether the Philadelphia Eagles or the Kansas City Chiefs win the big game on Feb. 9, both cities have scored an economic victory. Research shows that making the playoffs alone is enough to boost personal incomes in the region. And if your team wins, you and your city will get an even bigger boost.

    This windfall isn’t coming from increased merchandise sales, as you might expect. Instead, the key driver is happiness. A successful season lifts fans’ moods, which leads – indirectly – to greater spending and productivity.

    Why winning pays

    I’m a macroeconomist with an interest in sports economics, and my colleague Christian End of Xavier University is a psychologist who specializes in fan behavior. Together, we published two studies combining our areas of expertise: “A Winning Proposition: The Economic Impact of Successful NFL Franchises” and “Team Success, Productivity and Economic Impact.”

    In a study using data from the late 20th century and early 21st century, we found that when a team goes from zero to 11 wins – the typical number needed to make the playoffs – its home region sees an average per-person income rise by about US$200 over the year, adjusted for inflation. We also found that winning the Super Bowl was associated with a $33 bonus, again adjusted for inflation.

    When you multiply $200 by the 6 million people who live in the Philadelphia metropolitan area and the 2 million in the Kansas City region, it comes out to a whole lot of money overall.

    It’s about happiness, not jerseys

    If you’ve ever been to a Super Bowl parade, you might assume that the income boost is linked to people spending more on team-related merchandise. But research shows that professional sports teams usually have a small impact on local incomes.

    Even hosting the Super Bowl doesn’t seem to do that much: Our research shows that people are better off economically if their local team wins the Super Bowl than if their local area hosts one.

    So if people aren’t spending more directly on the team, something else must be going on. Our work pointed to two possible explanations – both having to do with happiness.

    First, we hypothesized that happier people tend to spend more. And when people spend more, that money is returned to the population through wages, so people’s incomes rise. The key here is that people are spending more on everything, not just things associated with the sports teams.

    Since the football season usually finishes in December, it could be that happy parents who are fans of the local NFL team are spending more on Christmas gifts for their kids. With the Super Bowl stretching later into the winter, loved ones might get nicer flower bouquets and more chocolate for Valentine’s Day when the local team wins the Super Bowl.

    Happy people – like Kansas City Chiefs coach Andy Reid, left, celebrating his team’s Super Bowl win on Feb. 11, 2024 – tend to spend more.
    Steph Chambers/Getty Images

    The other possible path is through increased productivity. Psychology research has found that happier people are more productive. So as the season progresses and the home team keeps winning, it stands to reason that people in the area will go into work happy and work harder.

    Previous research backs up this idea. For example, a 2011 study found that when the home team in Washington performs better, federal regulators are more productive. In places where private businesses dominate the local economy – which is to say, most of the rest of the U.S. – an increase in productivity would lead companies to be more profitable, which could lead to locals having higher earnings. Even nonfans see benefits when their neighbors are happier, spending more and working harder.

    No matter how the Super Bowl turns out, both the Philadelphia and Kansas City metropolitan areas have already won, as both fans and nonfans in each region stand to benefit from higher incomes.

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

    – ref. The Eagles and Chiefs have already made Philadelphia and Kansas City economic winners – https://theconversation.com/the-eagles-and-chiefs-have-already-made-philadelphia-and-kansas-city-economic-winners-248289

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump’s offshore wind energy freeze: What states lose if the executive order remains in place

    Source: The Conversation – USA – By Barbara Kates-Garnick, Professor of Practice in Energy Policy, Tufts University

    The offshore wind industry brings jobs and economic development. AP Photo/Seth Wenig

    A single wind turbine spinning off the U.S. Northeast coast today can power thousands of homes – without the pollution that comes from fossil fuel power plants. A dozen of those turbines together can produce enough electricity for an entire community.

    The opportunity to tap into such a powerful source of locally produced clean energy – and the jobs and economic growth that come with it – is why states from Maine to Virginia have invested in building a U.S. offshore wind industry.

    But much of that progress may now be at a standstill.

    One of Donald Trump’s first acts as president in January 2025 was to order a freeze on both leasing federal areas for new offshore wind projects and issuing federal permits for projects that are in progress.

    The U.S. Northeast and Northern California have the nation’s strongest offshore winds.
    NREL

    The order and Trump’s long-held antipathy toward wind power are creating massive uncertainty for a renewable energy industry at its nascent stage of development in the U.S., and ceding leadership and offshore wind technology to Europe and China.

    As a professor of energy policy and former undersecretary of energy for Massachusetts, I’ve seen the potential for offshore wind power, and what the Northeast, New York and New Jersey, as well as the U.S. wind industry, stand to lose if that growth is shut down for the next four years.

    Expectations fall from 30 gigawatts by 2030

    The Northeast’s coastal states are at the end of the fossil fuel energy pipeline. But they have an abundant local resource that, when built to scale, could provide significant clean energy, jobs and supply chain manufacturing. It could also help the states achieve their ambitious goals to reduce their greenhouse gas emissions and their impact on climate change.

    The Biden administration set a national offshore wind goal of 30 gigawatts of capacity in 2030 and 110 gigawatts by 2050. It envisioned an industry supporting 77,000 jobs and powering 10 million homes while cutting emissions. As recently as 2021, at least 28 gigawatts of offshore wind power projects were in the development or planning pipeline.

    With the Trump order, I believe the U.S. will have, optimistically, less than 5 gigawatts in operation by 2030.

    That level of offshore wind is certainly not enough to create a viable manufacturing supply chain, provide lasting jobs or deliver the clean energy that the grid requires. In comparison, Europe’s offshore wind capacity in 2023 was 34 gigawatts, up from 5 gigawatts in 2012, and China’s is now at 34 gigawatts.

    What the states stand to lose

    Offshore wind is already a proven and operating renewable power source, not an untested technology. Denmark has been receiving power from offshore wind farms since the 1990s.

    The lost opportunity to the coastal U.S. states is significant in multiple areas.

    Trump’s order adds deep uncertainty in a developing market. Delays are likely to raise project costs for both future and existing projects, which face an environment of volatile interest rates and tariffs that can raise turbine component costs. It is energy consumers who ultimately pay through their utility bills when resource costs rise.

    The potential losses to states can run deeper. The energy company Ørsted had estimated in early 2024 that its proposed Starboard Offshore Wind project would bring Connecticut nearly US$420 million in direct investment and spending, along with employment equivalent to 800 full-time positions and improved energy system reliability.

    Massachusetts created an Offshore Wind Energy Investment Trust Fund to support redevelopment projects, including corporate tax credits up to $35 million. A company planning to build a high-voltage cable manufacturing facility there pulled out in January 2025 over the shift in support for offshore wind power. On top of that, power grid upgrades to bring offshore wind energy inland – critical to reliability for reducing greenhouse gas emissions from electricity – will be deferred.

    Atlantic Coast wind-energy leases as of July 2024. Others wind energy lease areas are in the Gulf of Mexico, off the Pacific coast and off Hawaii.
    U.S. Bureau of Safety and Environmental Enforcement

    Technology innovation in offshore wind will also likely move abroad, as Maine experienced in 2013 after the state’s Republican governor tried to void a contract with Statoil. The Norwegian company, now known as Equinor, shifted its plans for the world’s first commercial-scale floating wind farm from Maine to Scotland and Scandinavia.

    Sand in the gears of a complex process

    Development of energy projects, whether fossil or renewable, is extremely complex, involving multiple actors in the public and private spheres. Uncertainty anywhere along the regulatory chain raises costs.

    In the U.S., jurisdiction over energy projects often involves both state and federal decision-makers that interact in a complex dance of permitting, studies, legal regulations, community engagement and finance. At each stage in this process, a critical set of decisions determines whether projects will move forward.

    The federal government, through the Department of Interior’s Bureau of Offshore Energy Management, plays an initial role in identifying, auctioning and permitting the offshore wind areas located in federal waters. States then issue requests for proposals from companies wishing to sell wind power to the grid. Developers who win bureau auctions are eligible to respond. But these agreements are only the beginning. Developers need approval for site, design and construction plans, and several state and federal environmental and regulatory permits are required before the project can begin construction.

    Trump targeted these critical points in the chain with his indefinite but “temporary” withdrawal of any offshore wind tracts for new leases and a review of any permits still required from federal agencies.

    Jobs and opportunity delayed

    A thriving offshore wind industry has the potential to bring jobs, as well as energy and economic growth. In addition to short-term construction, estimates for supply chain jobs range from 12,300 to 49,000 workers annually for subassemblies, parts and materials. The industry needs cables and steel, as well as the turbine parts and blades. It requires jobs in shipping and the movement of cargo.

    To deliver offshore wind power to the onshore grid will also require grid upgrades, which in turn would improve reliability and promote the growth of other technologies, including batteries.

    The U.S. has offshore wind farms operating off Virginia, Rhode Island and New York. Three more are under construction.
    AP Photo/Steve Helber

    Taken all together, an offshore wind energy transition would build over time. Costs would come down as domestic manufacturing took hold, and clean power would grow.

    While environmental goals drove initial investments in clean energy, the positive benefits of jobs, technology and infrastructure all became important drivers of offshore wind for the states. Tax incentives, including from the Inflation Reduction Act, now in doubt, have supported the initial financing for projects and helped to lower costs.

    It’s a long-term investment, but once clear of the regulatory processes, with infrastructure built out and manufacturing in place, the U.S. offshore wind industry would be able to grow more price competitive over time, and states would be able to meet their long-term goals.

    The Trump order creates uncertainty, delays and likely higher costs in the future.

    Barbara Kates-Garnick receives funding as an Outside Director for Anbaric Transmission, which has no operating projects related to offshore wind. She has received funding for a research project through Tufts University jointly funded by NOWRDC and the Massachusetts Clean Energy Center. She serves on the board of several nonprofits that are not politically active organizations.

    – ref. Trump’s offshore wind energy freeze: What states lose if the executive order remains in place – https://theconversation.com/trumps-offshore-wind-energy-freeze-what-states-lose-if-the-executive-order-remains-in-place-249125

    MIL OSI – Global Reports –

  • MIL-OSI Global: How populist leaders like Trump use ‘common sense’ as an ideological weapon to undermine facts

    Source: The Conversation – USA – By Dannagal G. Young, Professor of Communication and Political Science, University of Delaware

    Secretary of Defense Pete Hegseth, left, is part of a ‘revolution of common sense’ led by President Donald Trump. Chip Somodevilla/Getty Images

    It’s “the revolution of common sense,” President Donald Trump announced in his second inaugural address.

    And so it is. The latest installment of that assertion came in his Jan. 30, 2025, press conference about the Potomac plane crash. When asked how he had concluded that diversity policies were responsible for a crash that was still under investigation, Trump responded, “Because I have common sense, OK?”

    “Common sense” is what’s known to scholars as a “lay epistemology,” or how regular people make sense of the world. We don’t rely on statistical evidence or expert research while we’re buying lettuce or driving in traffic. Instead, we’re guided by direct experience, emotions and intuition.

    Because it comes from regular people and not institutions that some people deem to be “corrupt,” champions of common sense suggest it leads to a purer form of truth.

    President Donald Trump is asked how he could conclude that DEI policies caused the Potomac plane crash.

    Yet it is precisely because it comes from personal observations and intuition that research shows common sense is steeped in bias and often leads us astray.

    Populist leaders like Trump commonly celebrate common sense and attack expertise and evidence. Populism is less about being liberal or conservative than it is a way of appealing to the public. These appeals are based on a moral separation between the corrupt, bad people with cultural power and the good, pure people who hold the right values – like faith in common sense over expertise and evidence.

    And with the new Trump administration, the elevation of common sense as a virtue has been quick and broad.

    Dusty boots vs. elite credentials

    In his confirmation hearing for the position of secretary of defense, Pete Hegseth pointed to “dust on his boots” as evidence of his qualifications, in contrast to the elite credentials of past defense secretaries, who have often been Washington insiders.

    Hegseth couldn’t name members of the Association of Southeast Asian Nations, an alliance of countries playing a crucial role in global security. But he did show that he knew the diameter of the rounds that fit in the magazine of an M4 rifle.

    That was evidence that he was, in his words, “a change agent. Someone with no vested interest in certain companies or specific programs or approved narratives.”

    Even Meta’s announcement that it would roll back expert fact-checking on its U.S. social media platforms reflects a “lay epistemic” shift.

    Meta explained that fact-checkers, “like everyone else, have their own biases and perspectives” and that these biases had made fact-checking “a tool to censor.”

    Instead, the company would embrace a community notes model where users could provide additional information on posts, which Meta argued would be “less prone to bias.”

    “We’ve seen this approach work on X,” wrote Meta’s Chief Global Affairs Officer Joel Kaplan, “where they empower their community to decide when posts are potentially misleading and need more context, and people across a diverse range of perspectives decide what sort of context is helpful for other users to see.”

    This policy change is probably less of a shift in Facebook founder and CEO Mark Zuckerberg’s principles than a change made out of necessity. Given Trump’s penchant for falsehoods, I imagine Meta’s previous policy would soon have proved financially and politically inconvenient.

    Regardless, the result is a populist’s dream: the demotion of formal expertise in favor of “common sense.”

    When asked whether he knew the members of a regional security alliance, defense secretary nominee Pete Hegseth was stumped.

    Common sense is ideological

    For the past two decades, the rise in social media, combined with declining trust in formal news organizations, has democratized knowledge: the sense that no one person or institution has special access to truth – not scholars with many degrees, not experts armed with scientific evidence or data, and definitely not journalists.

    In a 2020 study of public sentiment across 20 countries, Pew Research Center found that the overwhelming majority of those surveyed, 66%, reported trusting people with “practical experience” to solve problems over experts. Only 28% trusted the experts to solve problems.

    If institutions and experts are perceived as corrupt and ideological, the only truth that we can trust is what comes from our own eyes and our own minds.

    But does common sense bring us to truth? Sometimes, yes. It’s also appealing: Since our observations of the world are informed by our values and beliefs, we often see what we want – such as diversity-hiring initiatives known as “DEI” causing a plane crash, for example.

    And our intuition rarely tells us we’re wrong. This helps account for the existence of confirmation bias, which is our tendency to see and remember things that tell us we’re right. This is also why, even in those rare instances when facts change minds, they rarely change hearts. If we do update our knowledge with correct information, research has shown that our gut will still tell us our overall view of the world was right.

    Ironically, studies also show that the more a person trusts common sense, the more likely they are to be wrong.

    My research has shown that the people most likely to believe misinformation about COVID-19 and the 2020 election were those who placed more trust in intuition and emotion, and less trust in evidence and data. In addition, the more people liked Donald Trump, the more they valued intuition and emotion – and rejected evidence and data.

    So, common sense is ideological.

    When our pathway to knowledge is limited by our experiences and intuition, we’re not actually looking for truth. We’re happy with whatever answers are available, including conspiracy theories or explanations that make us feel good and right.

    We blame individuals – especially people we don’t like or identify with – for their own misfortune. We tend to think “those people should be better and try harder” instead of looking for public policy solutions to problems such as poverty or drug addiction. Without evidence and data summarizing large trends – such as cancer rates tracked through National Institutes of Health funding or ocean temperatures tracked by National Science Foundation funding – we are limited to what we can see through our own eyes and biases.

    And our limited observations merely reinforce our underlying beliefs: “My neighbor probably has breast cancer from taking that medicine I don’t like” or “Today is probably just a randomly hot day.” We’ll either overgeneralize from or downplay these limited examples depending on what our “common sense” says.

    So, when populists elevate common sense as a virtue, it’s not just to celebrate how regular people understand the world. It’s to promote a worldview that rejects verifiable facts, exaggerates our biases, and paves the way for even more propaganda to come.

    Dannagal G. Young was a co-investigator on an NIH grant that provided funding for one of the studies referenced in this piece.

    – ref. How populist leaders like Trump use ‘common sense’ as an ideological weapon to undermine facts – https://theconversation.com/how-populist-leaders-like-trump-use-common-sense-as-an-ideological-weapon-to-undermine-facts-248608

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Reviewed supervisors overall applied the EBA’s recommendations on tax integrity and dividend arbitrage trading schemes, the EBA Report finds.

    Source: European Banking Authority

    The European Banking Authority (EBA) today published a Peer Review assessing the effectiveness and degree of supervisory convergence of issues relating to tax integrity and dividend arbitrage trading schemes following the implementation of its 2020 Action plan on dividend arbitrage trading schemes. The action plan aimed to clarify that supervisors, while not responsible for investigating tax crimes, have responsibility for ensuring that financial institutions have systems and controls in place to manage tax crime risks.

    The Peer Review found that most of the reviewed supervisors largely or fully applied the benchmarks assessed and, overall, supervised these areas adequately.  This indicates that the EBA’s action plan has been effective in strengthening supervision in this area.

    The Peer Review sampled six national prudential authorities and supervisors on anti-money laundering and countering the financing of terrorism (AML/CFT) to see how they integrated tax integrity into their risk-based supervisory work. It considered tax integrity issues broadly, not just dividend arbitrage trading schemes (such as cum-cum or cum-ex schemes), as these vary across jurisdictions.

    The Peer Review focuses on the responsibilities assigned to AML/CFT and prudential supervisors, mainly to ensure that financial institutions have systems and controls in place to manage tax crime risks.  The Report does not look at or comment on the effectiveness of the national frameworks in place to identify or investigate tax crimes which are beyond the responsibility of AML/CFT and prudential supervisors.

    The Report sets out its findings based on four benchmarks:

    •            the effectiveness of integration of tax integrity into risk-based AML/CFT supervisory work on credit and financial institutions;

    •            the effectiveness of integration of tax integrity into sectoral and institution-specific ML/TF risk assessments;

    •            the effectiveness of arrangements for reviewing the due consideration of tax integrity in institutions’ internal governance arrangements;

    •            the effectiveness of consideration of tax integrity in the assessment of the reputation, honesty and integrity of members of the management body and key function holders.

    The EBA identified general and individual follow-up measures, which will help further build consistency and effectiveness in supervisory outcomes across the EU and to limit the financial system’s exposure to illegal tax schemes and other tax evasion.

    Legal basis and background

    Article 30 of the EBA Founding Regulation requires the EBA to periodically conduct peer reviews of some or all of the activities of competent authorities within its remit, to further strengthen consistency and effectiveness in supervisory outcomes. Peer reviews identify follow-up measures to achieve this, together with best practices seen in competent authorities. After two years, the EBA is required to assess the adequacy and effectiveness of actions taken by competent authorities in response to the follow-up measures.

    The Peer Review has been performed by an ad hoc Peer Review Committee made up of EBA and competent authorities’ staff in accordance with the EBA peer review work plan for 2023-2024 and following the process in Article 30 of the EBA Regulation and EBA peer review methodology.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: NFU Scotland conference 2025 – UK Government keynote address

    Source: United Kingdom – Executive Government & Departments 2

    Today (Thursday, 6 February) UK Government Scotland Office Minister Kirsty McNeill spoke at the NFU Scotland conference in Glasgow.

    Good morning everyone, thank you for inviting me to be here with you today. I’d like to thank Martin Kennedy for that kind introduction and congratulate him for his work in leading the NFUS as he finishes his term as your President.

    I’d also like to start with a huge thanks for your dedicated work in continuing to produce, gather and distribute top quality food across the whole of the UK. But more than that, thank you to all farmers and crofters for the central role you play in our national life and heritage in Scotland.

    Despite countless challenges – not least the famous Scottish climate – farmers continue to work tirelessly, day after day, to feed the United Kingdom, and further afield.

    And be in no doubt, the UK Government will continue to do our part in supporting Scottish farmers and crofters, who form such a central part of our rural and island communities.

    Of course, the majority of environmental policy is devolved, with agriculture policy fully devolved. We will continue to respect the devolution settlement and strengthen relations with the Scottish Government as part of our ongoing resetting of relations.

    But there is much we can and are doing for farming and rural communities more broadly through our Plan for Change to turbo-charge economic growth and deliver a decade of national renewal and opportunity for all.

    Now, let’s be real. I know what you want to ask me about today. And I know that you’re angry. So I’m not going to shy away from a conversation about APR. But I do want to contextualise it. It’s the job of the NFU to make the case for your members. And it’s the job of the UK Government to listen, yes, but to also take a broad and long term view, balancing competing perspectives.

    And the facts are these. The UK Government’s Autumn Budget last year delivered the largest settlement for the Scottish Government in the history of devolution.

    The Chancellor announced on 30 October an additional £1.5 billion for the Scottish Government to spend in this financial year, and an additional £3.4 billion in the next.

    The Scottish Government will be able to allocate this record funding to devolved areas, including agriculture and rural communities. And that does mean your interests will be weighed alongside other devolved policy areas – that’s devolution in action. But I hope you will also see the benefit to your members of this record investment we’ve made available for Scotland’s public services. Because you know better than anyone that our farming communities are too often the ones with the worst access to NHS services. Public transport is sparse or non-existent. Cuts to schools and local services often hit your families harder than those in our big cities. I’m proud of this investment into the Scottish Government and I hope you will come to be too.

    And where policy is reserved, such as in relation to immigration or international trade, we will help support the industry through continuous engagement and development of policy. This is how devolution should work, and we are determined that it does.

    Our new Food Strategy will deliver clear long-term outcomes that create a healthier, fairer, and more resilient food system. We will work together with the Scottish government to complement the progress that they have already made in this area.

    Russia’s illegal invasion of Ukraine sent shock waves across the global supply chain, and the price of fertilisers and energy bills skyrocketed. That is one reason why we have launched our Clean Power 2030 Action Plan. By sprinting towards clean, homegrown energy, we will protect our energy security from international shocks, create thousands of good quality jobs, tackle climate change and drive down bills for good.

    We are taking some bold steps, including by setting up Great British Energy. This new, homegrown energy company – headquartered here in Scotland – will provide a catalyst for new, clean energy projects across the UK.

    Unpredictable weather has been causing floods and droughts as the climate continues to change, directly impacting crop production and, consequently, your profits. This hits particularly hard in areas that are less favourable for farming, and there are many of these in Scotland.

    This industry is resilient. I am in awe of everyone in this room who contributes to our food security, our rural and island communities and the growth of the UK economy. But let me make one thing clear – this Government does not take your resilience and adaptability for granted.

    My own constituency of Midlothian is dotted with farms and farmers, many of whom I have had the pleasure of meeting both as I campaigned, and in my first proud months as their representative in Parliament.

    I know that there is no substitute for meeting people in the places they live and work, on their terms. I have carried this principle into my first months as a Minister in the Scotland Office. On one of my very first ministerial visits last year I met with Lucy and Pete Grewar, who own Sheriffton Farm in Perthshire.

    I was there to discuss their challenges in finding staff to help pick their broccoli, and made a promise to come back with a Home Office ministerial colleague to visit Scotland to hear about these issues directly. I was thrilled that we were able to do that earlier this week when alongside NFUS representatives, Seema Malhotra, the Minister for Migration and Citizenship, and I visited a soft fruit farm in Aberdeenshire.

    Whilst on the farm, Seema and I had further discussion with the owners and NFUS about the Seasonal Workers; Visa scheme and how labour shortages impact their work, but also the need to drive economic growth and encourage domestic workers to take up these vital jobs.

    I also had similarly frank and productive conversations with crofters on the Isle of Lewis. We will continue to engage with you, and I will continue to invite my UK Government colleagues to come up to Scotland and hear directly from rural communities what they need.

    I value every single one of these visits as it gives me the opportunity to really hear from the people who are directly impacted by Government policy, and who also help us achieve our goals of food security, sustainability, Net Zero, economic growth, and countless others.

    And I just want to reassure you that I really listen in these conversations and I do, personally, read everything that I am sent in follow up. So if you have evidence you want me to read, stories you want me to hear or places you want me to visit I give you my word: you will always get a hearing from me. Just be in touch.

    Now there are four areas of UK Government policy that I want to focus on in the time I have left.

    Firstly, inheritance tax.

    This Government was forced to make many difficult decisions when it came into power due to our own challenging inheritance of the £22 billion financial black hole in public finances left by the previous Conservative administration.

    We could have just ignored it. We could have kicked the problem down the road. But when we stood for election we promised to take the hard choices head on. We needed to act.

    I know many of you in this room don’t agree with how we responded and feel let down. So I want you to hear in my own words, as someone who represents farmers right across my own constituency, why the Government made this decision.

    Under the current system, APR and BPR have granted 100% relief since 1992 on business and agricultural assets. However, this is heavily skewed towards the very wealthiest landowners and business owners.

    According to the latest data from HMRC, 40% of agricultural property relief is claimed by just 7% of UK estates making claims. That means that just 117 estates across the UK were claiming over £200 million of relief in 2021-22.

    Unfortunately, we also know that the reality today is that buying agricultural land is one of the most well-known ways to avoid inheritance tax.

    This has artificially inflated the price of farmland, locking younger farmers out of the market.

    None of this is either fair or sustainable. That is why we are reforming how agricultural and business property relief work. From April 2026, relief will be targeted in a way that still maintains significant tax relief while supporting the public finances, and protecting working people.

    I would like to thank Martin and his colleagues at NFUS for their helpful engagement with myself and the Secretary of State for Scotland, Ian Murray, on this issue. I am grateful for the dialogue we have had and will continue to have.

    We have had a disagreement, not a falling out – a difference of opinion on one question should not – must not – prevent us from talking about all the others. And talking is what we will continue to do. We will continue to engage with stakeholders in meetings like this and on farms, and we will continue to strengthen relations with the Scottish Government, respecting the fact that agriculture policy is devolved. 

    That’s why in the coming months the Scotland Office will host a food and farming roundtable where we will invite the industry and the Scottish Government to sit together and discuss these important issues. This will allow us to keep these conversations going.

    Now I would like to further address the devolved agriculture budget.

    I appreciate the vital role Scottish agriculture plays in rural communities and the economy in Scotland. The Secretary of State for Scotland wrote to the Defra Minister for Rural Affairs and Food Security outlining this prior to the Autumn Budget.

    And at the Budget, Defra announced the biggest budget for sustainable food production and nature recovery in history. This included £620m for Scotland for 2025-2026, baselined from last year. This is an above-population share, and the ringfence was removed to respect the devolution settlement – meaning it is for the Scottish Government to determine how they support farmers and rural communities with the public services they rely on.

    But we did not stop there. We wanted to address the issues rural communities face holistically – and the Autumn Budget delivered on that.

    The fuel duty freeze extension means that rural communities who depend on cars, vans and tractors will be able to save more of their income.

    The Budget also gave the go ahead for rural growth deals in Scotland, such as for Argyll and Bute, creating hundreds of jobs and countless opportunities for rural and island communities there.

    We recognise how important it is for rural areas, especially in Scotland, to have the same broadband connectivity and opportunities as the rest of the UK, so we announced in the Budget last year an additional £500 million for Project Gigabit and the Shared Rural Network.

    Next I would like to touch on seasonal workers, referred to earlier.

    While we are not currently considering a Scotland-only visa, this Government knows how important securing the right workforce is to the agri-food chain. This includes skilled jobs such as butchers and vets and temporary roles, such as seasonal horticulture harvesting and poultry processing jobs.

    Underlining the government’s commitment to the horticultural and poultry industry, the Seasonal Worker visa route has been confirmed for 2025, with a total of 43,000 Seasonal Worker visas available for horticulture and 2,000 for poultry next year.

    This will help the sector secure the labour and skills needed to bring high quality British produce, including strawberries, rhubarb, turkey and daffodils to market.

    In addition, Defra published the 2023 Seasonal Workers Survey report on 21 October 2024. 

    The survey showed that the vast majority of respondents reported a positive experience from their time in the UK and 95% expressed a desire to return. This excellent feedback reflects so well on farmers and the vibrancy of rural communities.

    When I visited a Perthshire farm weeks into office, the clearest thing I heard was that Scotland’s farmers wanted a hearing at the Home Office – I promised then that I’d try to bring a Home Office minister to Scotland to hear from farmers directly and that’s a promise kept. Just two days ago I was in a farm in Aberdeenshire with Seema Malhotra, the immigration minister, hearing about how seasonal worker rules could be made to work better for you. The door is always open and so are our minds – we want an ongoing relationship with a practical focus on getting things done.

    -And finally, just let me say something on future trade deals.

    Supporting farmers will always be a priority for this Government. We have been clear we will protect farmers from being undercut by low welfare and low standards in trade deals.

    We will continue to maintain our existing high standards for animal Health and food hygiene, ensuring that imported products comply with our domestic standards and import requirements.

    We are committed to developing a trade strategy that will support economic growth and promote the highest standards of food production.

    The UK has a network of sixteen agrifood and drink attachés around the world who break down market access barriers, create new export opportunities and protect existing trade. Our attachés work closely with Scottish Development International’s global network on delivering market access / export opportunities for Scotland.

    Promoting Scotland internationally through initiatives such as Brand Scotland – a new initiative led by my department backed by three quarters of a million pounds of funding – is a priority for this Government, and these export opportunities are an excellent way to do that.

    In addition, we will seek to negotiate a Sanitary and Phytosanitary agreement with the EU to reduce trade frictions, boost trade and deliver significant benefits on both sides.

    I want to reiterate my commitment to you that this Government will do everything it can to support you, listen to you and advocate for you, to ensure we not only protect but also maximise the potential of this incredible industry.

    Let me end by saying that it has been the honour of my life to serve as MP of Midlothian since July of last year, so I am here today telling you that I will fight for you as a Minister, but I also understand the views of my constituents. Many of them have the same concerns as you.

    Many of them are either farmers themselves, or live in a rural community where farming is a crucial backbone.

    And I want to assure you I understand your importance is more than the material benefits you bring – important though that is. Alongside farming, tourism and heritage are also in my portfolio. I treasure Scotland’s vibrant national museums, and the National Museum of Rural Life is no different – it’s a beautiful, living tribute to Scottish farming and rural life.

    Every time I visit, I can feel the importance of farming to the Scottish identity. I know that all you want is to be able to do what you are good at, what you love.

    It is my duty and that of this Government to ensure you have everything you need to do that, to protect your place in this extremely important endeavour. I promise you we will not let you down. It’s just too important.

    I am going to take a few questions now. Thank you to NFUS for inviting me here today, and to all of you for coming along. I wish you the very best for the rest of your conference.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: WTW debuts new Insurance Pricing and Underwriting Technology to accelerate speed to market in Guidewire PolicyCenter

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 06, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, today announced the latest advancement in its Radar rating and analytics engine with the launch of its Rating, Pricing, and Underwriting acceleratori for Guidewire.

    Radar, WTW’s external rating engine, is an end-to-end solution designed specifically for the insurance sector. It provides cutting-edge analytics and decision-making guidance for pricing and underwriting, deployed to the market in real time. Radar’s new Guidewire accelerator will streamline the integration of Radar with PolicyCenter, Guidewire’s policy administration system, allowing carriers to realize the benefits of Radar more quickly. The accelerator uses a highly innovative approach that draws Guidewire product definitions directly into Radar’s pricing environment, massively expediting the integration process.

    Market and customer demand for more innovative insurance solutions has increased significantly in recent years. Pricing and underwriting teams have been stretched he need to provide new products in a competitive market while balancing regulatory requirements for rating accuracy, transparency, and fairness. Radar is a proven solution that delivers success for insurers and their customers in this challenging environment.

    Gio Smyth, Managing Director and Americas Regional Leader, Insurance Consulting and Technology, WTW, commented, “WTW’s integration between Guidewire PolicyCenter and our Radar technology platform will enhance the operational efficiency of our shared clients by reducing implementation time and cost, enabling them to maximize the benefits of Radar. The addition of game-changing speed and accuracy to the pricing process makes it possible to update market pricing in minutes rather than days, weeks, or months, affording insurers a particular competitive edge.”

    Will Murphy, Vice President, Global Technology Alliances, Guidewire, said: “With the launch of the Radar Accelerator from WTW, our shared customers can now quickly leverage a valuable rating solution that enables insurers to realize quicker and more accurate underwriting and pricing performance.”

    About Radar

    Smarter insights. Better results. Delivered faster.

    Radar is a complete, end-to-end analytics and model deployment solution. It was built specifically for insurers by insurance experts and continually enhanced through ongoing investment, development, and innovation.

    Radar delivers proprietary machine learning algorithms, real-time decision-making, regulatory reporting, speed, and ease of deployment.

    Radar is part of WTW’s Insurance Consulting and Technology business, which serves the insurance industry with a powerful combination of advisory services and leading-edge technology. Its mission is to innovate and transform insurance and deliver solutions that help clients better select, finance, and manage risk and capital.

    We work with clients of all sizes globally, including most of the world’s leading insurance groups. Over 1,000 client companies use our specialist insurance software on six continents. With over 1,700 colleagues in 35 markets, we continually strive to be a partner and employer of choice to the insurance industry.

    About Insurance Consulting and Technology (ICT)

    WTW’s Insurance Consulting and Technology (ICT) business has over 1,200 colleagues operating and capital, improve business performance, and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management, and strategy.in 35 markets worldwide. ICT is a leading provider of advice, solutions, and software – primarily to the insurance industry. Its consulting services help clients manage risk

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk, and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce, and maximize performance.

    Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success and provide a perspective that moves you.

    Learn more at wtwco.com.

    Media Contact

    Douglas Menelly +1 516 445 5387 | douglas.menelly@wtwco.com

    _______________
    i https://marketplace.guidewire.com/s/product/radar-accelerator-for-rating-and-pricing-for-policycenter/01t3n00000SqGjIAAV?language=en_US

    The MIL Network –

  • MIL-OSI: WeFi Launches Deobank — the World’s First Decentralized Onchain Bank

    Source: GlobeNewswire (MIL-OSI)

    CHARLESTOWN, Saint Kitts and Nevis, Feb. 06, 2025 (GLOBE NEWSWIRE) —

    WeFi, a Web3 financial ecosystem, announces the launch of its deobank — the first Decentralized Onchain Bank aimed to remove the boundaries between physical payments and the DeFi world. Planning to draw from WeChain’s decentralized ZK Payment Engine capabilities and relying on AI-assisted simplified compliance procedures and AI agents, WeFi’s deobank is committed to channeling innovation into the financial sphere and offering banking services to everyone, including previously disadvantaged populations.

    Unlike the existing neobanks, deobanks as a new category of financial services providers will offer their clients full control over their deposited funds through non-custodial wallets. In the current unstable regulatory environment, account freezes and withdrawal limitations are increasingly becoming the norm, meaning that users frequently lose flexibility in managing their funds or access to their custodial wallets.

    WeFi’s deobank breaks with perpetuating legacy TradFi flaws, fully committed to catering to people who would like but cannot participate in the global financial system. Leaving excessively stringent account opening criteria in the past, deobanks will adapt their regulatory stance to comply where it is needed while leveraging its technology to simplify and streamline KYCs thanks to AI.

    Operating entirely on blockchain, WeFi’s deobank will bypass the outdated banking infrastructure by limiting its ties to traditional financial institutions. Removing intermediaries entirely, WeFi’s deobank creates greater security, reduced operating costs, and enhanced transparency — all while offering better flexibility to adapt to the constantly evolving global or local regulatory environment. Preserving access to fiat money on ramps and off ramps, deobanks as a vertical will mainly rely on stablecoins, making transaction confirmations fast, secure, low-cost, and border-independent.

    WeFi’s deobank plans to adapt to the increasing demands for customers’ flexibility. The modern consumer culture relies on phones, and very few people actually need a plastic card in the times when most payments can be made through Apple Pay and Google Pay.

    “This is not just a new product — it’s a new paradigm in digital banking,” comments Maksym Sakharov, Co-Founder and Group CEO at WeFi. “The rise of neobanks has transformed the way we think about opening a bank account, transferring money, dealing with cross-border payments and exchange rates. But neobanks dropped the ball way too early — and WeFi is here to pick it up. By removing an additional layer of the TradFi limitations, we will be able to make banking more convenient, accessible, and all-encompassing than ever before.”

    Discarding the low APR interest rates for traditional bank deposits and savings accounts, WeFi will offer its customers an opportunity to build meaningful wealth generation through DeFi and Web3 services. Individualized AI agents will adapt to the user’s personal risk aversion profile and preferred investment opportunities, offering advice in navigating the crypto sphere, helping execute trades, and boosting earnings. By purchasing the ITO node, contributors will be able to participate in token minting and offer their computational capacities for network validation and functioning. Shortly after its launch, the product will include options like staking, and participation in liquid pools with more variability to follow with the expansion of the WeFi ecosystem.

    The platform also plans to integrate WeFi’s native token, WFI, rewarding its users for participation in the ecosystem’s decision-making process with fee rebates, higher spending limits on cards, and more.

    About WeFi
    WeFi is the world’s first Deobank – Decentralized Onchain Bank. It leverages Blockchain Technology to simplify DeFi experience while keeping it fast, secure and efficient. On top of all the traditional financial services like virtual cards, loans and asset transfer, WeFi proposes non-custodial accounts and stablecoin earnings powered by AI Agents.

    More information can be found here: Website | X

    Contact

    WeFi
    press@wefi.co

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8d029ec5-2e37-4c96-9229-dfb4ad8eb73b

    The MIL Network –

  • MIL-OSI: Drone Operations Industry Substantially Expanding Usages, Transforming into A Billion Dollar Revenue Opportunity

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Feb. 06, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Drones play many roles in every region of the globe… and they seem to be utilized in more situations every day! A report from MarketsAndMarkets said that the Commercial Drone market alone is projected to grow from USD 5.32 billion in 2024 to USD 9.34 Billion by 2030. The report added: “Drones are particularly important for inspecting difficult-to-reach locations at certain altitudes or in contaminated surroundings. The use of drones has modernized the telecommunication tower scrutiny as they can be used to carry out supervision of these towers cost-effectively and in less time. Drones can also be employed for aerial evaluation of buildings and other infrastructures, such as pipelines, electric grids, offshore plants, and solar plates. They can use thermal imaging cameras to detect hotspots on solar plates; spots where energy is not spreading evenly. This can enhance the productivity of solar power plants by the instant identification of potentially problematic areas… Drones can be used to deliver medical supplies in difficult terrains. Drones are considered the future of the last-mile delivery for consumer supplies since they will reduce cost per delivery, along with delivery time. As the wages of delivery persons persist to rise, autonomous delivery or human-less services will become gradually advantageous, especially in developed countries… Emerging economies lack access to roads, and this hampers speedy delivery of basic medical supplies such as blood, medicines, vaccines, drugs, etc. Air transportation of these supplies is costly.” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Draganfly Inc. (NASDAQ: DPRO), Red Cat Holdings, Inc. (NASDAQ: RCAT), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), Safe Pro Group Inc. (NASDAQ: SPAI).

    MarketsAndMarkets continued: “The success of drones in the fields of ecology and environment creates a trust factor that they can also be utilized in public health, especially to deliver medical couriers. The crucial aspect of using drones is that they reduce the travel time for diagnosis and treatment. Drones are a cost-effective replacement for road transportation in challenging terrains. Drones can be used in disaster relief processes for saving victims and delivering food, water, etc., to survivors and rescue teams. As drone technology advances, regulatory bodies globally are proactively shaping clearer and more supportive regulations to facilitate drone operations. This strategic initiative aims to lower operational barriers and enhance safety, thereby accelerating the adoption of drones across various sectors. Enhanced regulatory frameworks are anticipated to unlock significant business opportunities and drive innovation in drone applications.”

    ZenaTech (NASDAQ:ZENA) ZenaDrone Starts Testing its High-Density Batteries to Extend Flight Time for ZenaDrone 1000 Drone for US Defense Applications – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that ZenaDrone will commence testing work this quarter on a high density battery for the ZenaDrone 1000 multifunction AI drone designed for defense and commercial applications. High density batteries are lightweight and enable longer drone flight times, more reliability and endurance for longer defense missions, heavier payloads, and greater operational success of a wide range of military applications. ZenaDrone will use the batteries from ZenaTech’s affiliated company Galaxy Batteries Inc.

    “High density batteries are key to longer flight times and reliability in the harsh conditions of military defense operations such as cargo and resupply, intelligence gathering, surveillance, and reconnaissance missions. We will test to ensure these batteries will provide the customization, cost savings, supply chain control and superior performance we require. This is important to our goal to become a Blue UAS-certified supplier to sell to US defense branches and other military organizations,” said CEO Shaun Passley, Ph.D.

    ZenaDrone 1000 is an autonomous multifunction drone offering stable flight, maneuverability, heavy lift capabilities, innovative software technology, sensors, AI, and purpose-built attachments, along with compact and rugged hardware engineered for military and industrial use. The company previously completed two paid trials with the US Air Force and the US Navy Reserve for logistics and transportation applications carrying critical cargo, such as blood, in the field.

    The company previously announced that its supply chain is fully NDAA (National Defense Authorization Act) compliant and that it plans to apply for Green UAS (Unmanned Aerial System) followed by Blue UAS certification, an approved supplier list for drone companies.

    NDAA compliance refers to adhering to the provisions outlined in the National Defense Authorization Act, which is a set of US federal laws passed every year that specify the budget and expenditures for the Department of Defense (DoD) and address growing cybersecurity concerns. For a product to be NDAA compliant, it must not be produced by a set list of Chinese manufacturers, which extends to the chipsets, cameras, displays and other technology used.

    The Blue UAS (Unmanned Aerial System) program is a stringent government approved supplier list of drone companies that wish to do business with the US DoD; suppliers including ZenaDrone must meet strict NDAA cybersecurity and supply chain sourcing requirements. The Green UAS program is essentially the same as the Blue UAS program but has a more streamlined and faster certification process without the specifications on country of origin.   Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the drone industry include:

    Draganfly Inc. (NASDAQ: DPRO), an award‑winning leader in drone solutions and systems development, recently confirmed through recent sales activities its positioning and preparedness to support the enhancement of border security amid evolving global trade and security uncertainties and shifting geopolitical dynamics. Highlighting recent sales activities with policing agencies, Draganfly continues to strengthen its position to support border security with advanced drone technology solutions.

    “Recent global trade challenges, tariff uncertainties, and security concerns underscore the critical importance of secure borders and resilient supply chains,” said Cameron Chell, CEO of Draganfly Inc. “Our recent sales activities with policing agencies are a testament to our ability and readiness to provide drone technology and services in support of border security solutions.”

    Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced that it will host an Investor and Analyst Day on Thursday, February 27 from 11:00 a.m. – 1:00 p.m. eastern time at the Nasdaq MarketSite in New York City.

    The event will feature presentations by Jeff Thompson, Red Cat’s CEO; Geoffrey Hitchcock, Red Cat’s chief revenue officer and other members of the executive leadership team. Robert Imig, Head of USG Research and Development at Palantir Technologies, Inc. (Nasdaq: PLTR) will also present a roadmap for its recently announced strategic partnership with RedCat.

    Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a technology company in the defense, national security and global markets, recently announced that Kratos Unmanned Systems Division successfully executed a multi-week demonstration of its self-driving truck platooning system technology with FPInnovations, a Canadian research and technology organization that assesses, adapts and delivers solutions to Canada’s forest industry’s total value chain.

    The Kratos developed self-driving system “kit”, which enables vehicles to be capable of autonomous driving, was deployed for evaluation in forestry operations in northern Québec, Canada. Deployment of this technology is intended to mitigate driver shortages, improve safety protocols, boost rural economic vitality, and contribute to the development of a regulatory framework for autonomous vehicles. The automated platooning technology performed exceptionally well in the challenging forestry environment and hauled both unloaded and loaded timber trailers. The Kratos system demonstrated precision navigation in automated platooning mode along complex off-pavement roadways with degraded access to GPS, steep grades, severe visibility-limiting dust, sub-freezing temperatures, rain, and under variable day/night/twilight lighting conditions.

    Safe Pro Group Inc. (NASDAQ: SPAI), a leading provider of artificial intelligence (AI) solutions specializing in drone imagery processing, recently announced that it has entered into a multi-year Memorandum of Understanding (MOU) with NIBULON Ltd. (NIBULON) to cooperate on addressing Ukraine’s agriculture crisis which has sustained billions in damages and losses due to the ongoing war.

    Safe Pro will provide NIBULON with services and access to SpotlightAI™, its patented hyper-scalable AI-powered drone demining ecosystem running on the Amazon Web Services (AWS) cloud. The collaboration will focus on utilizing AI technology to drastically reduce the time and costs of manually surveying Ukrainian farmland potentially contaminated by landmines and unexploded ordnance (UXO).

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

    Follow us on Facebook to receive the latest news updates: https://www.facebook.com/financialnewsmedia

    Follow us on Twitter for real time Market News: https://twitter.com/FNMgroup

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated fifty four hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:

    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI: CERo Therapeutics Holdings, Inc. Highlights Progress

    Source: GlobeNewswire (MIL-OSI)

    Increased cash balance and momentum with both Nasdaq and Phase 1 trial initiation mark strong beginning for 2025

    SOUTH SAN FRANSCISCO, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — CERo Therapeutics Holdings, Inc., (Nasdaq: CERO) (“CERo” or the “Company”) an innovative immunotherapy company seeking to advance the next generation of engineered T cell therapeutics that employ phagocytic mechanisms, provides investors with a corporate update highlighting its improved cash balance following its recent capital raise, steady progress in the initiation of its Phase 1 clinical trial of CER-1236, and a pathway toward maintaining Nasdaq listing.

    CEO Chris Ehrlich commented, “We have had a very strong entry into 2025, which has greatly improved the outlook of the Company from the previous year. As announced, we completed a $5 million financing, which gives us a current cash position of approximately $8 million. We believe this funding will allow us to achieve numerous value-creating milestones in the coming year. In addition, we have also completed the conversion of the majority of our preferred shares into common shares, which significantly improves our cap table moving forward.

    “Further, we have been diligently working with FDA to complete the set-up of operations and processes needed to initiate our Phase I clinical trials of CER-1236 in AML as noted in our communications with the FDA. We have made significant progress with a leading cancer center as our initial trial site and believe we will dose our first patient in the trial during the first half of the year. In addition, we anticipate submitting our second IND to expand and explore CER-1236 into breast and lung cancers in the coming months.

    “Finally, we executed a 100:1 reverse stock split, which enabled us to better position ourselves within the market and move us toward complete Nasdaq compliance. A subsequent meeting with Nasdaq has provided us with the additional time we need and a path forward to achieve that compliance in the near term.

    “CERo has made measurable progress in the last two months, and we believe we are now in a favorable position to progress our business plan, as well as to provide a clear pathway toward shareholder value. We thank our team for its invaluable insight and tireless work, as well as our advisors who have been instrumental in getting us to this moment,” concluded Mr. Ehrlich.

    About CERo Therapeutics Holdings, Inc.

    CERo is an innovative immunotherapy company advancing the development of next generation engineered T cell therapeutics for the treatment of cancer. Its proprietary approach to T cell engineering, which enables it to integrate certain desirable characteristics of both innate and adaptive immunity into a single therapeutic construct, is designed to engage the body’s full immune repertoire to achieve optimized cancer therapy. This novel cellular immunotherapy platform is expected to redirect patient-derived T cells to eliminate tumors by building in engulfment pathways that employ phagocytic mechanisms to destroy cancer cells, creating what CERo refers to as Chimeric Engulfment Receptor T cells (“CER-T”). CERo believes the differentiated activity of CER-T cells will afford them greater therapeutic application than currently approved chimeric antigen receptor (“CAR-T”) cell therapy, as the use of CER-T may potentially span both hematological malignancies and solid tumors. CERo anticipates initiating clinical trials for its lead product candidate, CER-1236, in 2024 for hematological malignancies.

    Forward-Looking Statements

    This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations of CERo the timing and completion of the reverse stock split, and the acceptance and implementation of its proposed plan of compliance with Nasdaq continued listing standards. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this communication, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. When CERo discusses its strategies or plans, it is making projections, forecasts or forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, CERo’s management.

    Actual results could differ from those implied by the forward-looking statements in this communication. Certain risks that could cause actual results to differ are set forth in CERo’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, filed on April 2, 2024, and the documents incorporated by reference therein. The risks described in CERo’s filings with the Securities and Exchange Commission are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can CERo assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements made by CERo or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. CERo undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Contact:

    Chris Ehrlich
    Chief Executive Officer
    chris@cero.bio

    Investors:

    CORE IR
    investors@cero.bio

    The MIL Network –

  • MIL-OSI: Richtech Robotics Announces Grand Opening of Clouffee & Tea in Las Vegas

    Source: GlobeNewswire (MIL-OSI)

    Company’s new ADAM-centric food and beverage brand to officially launch at Town Square location with ribbon-cutting ceremony on February 9, 2025

    LAS VEGAS, Feb. 06, 2025 (GLOBE NEWSWIRE) — Richtech Robotics Inc. (Nasdaq: RR) (“Richtech Robotics” or the “Company”), a Nevada-based provider of AI-driven service robots, announces that the grand opening of Clouffee & Tea at Town Square, Las Vegas will take place on February 9, 2025. Clouffee & Tea is the Company’s food and beverage brand centered around its AI-powered robot ADAM. This is the first store of Richtech Robotics’ Clouffee & Tea brand, with additional stores expected to be open soon.

    With ADAM serving as barista, Clouffee & Tea at Town Square will be offering a wide variety of milk teas, coffees, and desserts. Utilizing NVIDIA AI technology, ADAM will detect when customers are present, engage them in conversation, take orders verbally, monitor and adapt to changes in his environment, and craft beverages with high levels of precision and accuracy.

    “Today’s announcement is a major milestone for Richtech Robotics, marking the official launch of our innovative food and beverage brand, Clouffee & Tea. This grand opening highlights our ability to leverage AI-powered robotics to drive real revenue in the hospitality industry, setting a new standard for automation in customer experiences,” said Richtech Robotics’ President, Matt Casella. “Clouffee & Tea at Town Square will be a vibrant destination, delivering an interactive and dynamic experience that perfectly captures the energy and excitement Las Vegas locals and visitors crave.”

    The grand opening at 6587 S Las Vegas Blvd #B187, Las Vegas, NV 89119 will begin at 11:00 am with a ribbon-cutting ceremony.

    Richtech Robotics has deployed over 300 robot solutions across the U.S. including in restaurants, retail stores, hotels, healthcare facilities, casinos, senior living homes, and factories. Current clients include, Texas Rangers’ Globe Life Field, Golden Corral, Hilton, Sodexo, Boyd Gaming, and more. 

    About Richtech Robotics

    Richtech Robotics is a provider of collaborative robotic solutions specializing in the service industry, including the hospitality and healthcare sectors. Our mission is to transform the service industry through collaborative robotic solutions that enhance the customer experience and empower businesses to achieve more. By seamlessly integrating cutting-edge automation, we aspire to create a landscape of enhanced interactions, efficiency, and innovation, propelling organizations toward unparalleled levels of excellence and satisfaction. Learn more at www.RichtechRobotics.com and connect with us on X (Twitter), LinkedIn, and YouTube.

    Forward Looking Statements

    Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Such forward-looking statements include, but are not limited to, statements regarding the performance of Richtech Robotics’ products.

    These forward-looking statements are based on Richtech Robotics’ current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements include, among others, risks and uncertainties related to the performance of ADAM and the success of Clouffee & Tea. Investors should read the risk factors set forth in Richtech Robotics’ Annual Report on Form 10-K, filed with the SEC on January 14, 2025, the IPO Registration Statement and periodic reports filed with the SEC on or after the date thereof. All of Richtech Robotics’ forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof. New risks and uncertainties arise over time, and it is not possible for Richtech Robotics to predict those events or how they may affect Richtech Robotics. If a change to the events and circumstances reflected in Richtech Robotics’ forward-looking statements occurs, Richtech Robotics’ business, financial condition and operating results may vary materially from those expressed in Richtech Robotics’ forward-looking statements.

    Readers are cautioned not to put undue reliance on forward-looking statements, and Richtech Robotics assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:

    Investors:
    CORE IR
    Matt Blazei
    ir@richtechrobotics.com

    Media: 
    Timothy Tanksley
    Director of Marketing
    Richtech Robotics, Inc
    press@richtechrobotics.com
    702-534-0050

    Attachments

    The MIL Network –

  • MIL-OSI: Agillic A/S publishes preliminary results for 2024 and guidance for 2025

    Source: GlobeNewswire (MIL-OSI)

    Announcement no. 01 2025
    Inside information

    Copenhagen – 5 February 2025 – Agillic A/S

    Preliminary results for 2024
    ARR from subscriptions is expected to be DKK 54.3m in 2024, which is 3% below the guidance of DKK 56-60m.
    ARR from transactions is expected to be DKK 11.2m in 2024, which is in line with the guidance of DKK 10-14m.
    Total ARR is therefore expected to be DKK 65.5m in 2024 compared to the guidance of DKK 66-74m.
    As a result of the development in revenue from subscriptions, total revenue is expected to be DKK 60.2m in 2024, which is 3% below the guidance of DKK 62–66m.
    EBITDA is expected to be DKK 1.0m, which is in line with the guidance of DKK 0-2m.

    2024 was a challenging year that led to a reorganisation, reductions in costs and staff, and a redefinition of company focus. In 2025, a new management team is in place focusing on improved sales in core markets, new product offerings and features, and a robust organization.

    Annual Report release
    Please note that figures referenced above are unaudited. The Annual Report 2024 is scheduled to be released on 25th February 2025 followed by a management presentation

    Guidance for 2025
    In 2025, revenue is expected to amount to DKK 60-63m (2024 prelim: DKK 60.2m) with an EBITDA of DKK 5-8m (2024 prelim: DKK 1.0m). ARR from subscriptions is expected to grow to DKK 56-60m (2024 prelim: DKK 54.3m). 

    Financial guidance 2025

    Revenue DKK 60-63m
    EBITDA DKK 5-8m
    ARR Subscriptions DKK 56-60m

    For further information, please contact:
    Christian Samsø, CEO
    +45 24 88 24 24
    Christian.samsoe@agillic.com

    Claus Boysen, CFO
    +45 28 49 18 46
    claus.boysen@agillic.com

    Certified Adviser
    HC Andersen Capital
    Pernille Friis Andersen

    Disclaimer
    The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk. which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore. some of these expectations are based on assumptions regarding future events. which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report.

    About Agillic A/S
    Agillic A/S (Nasdaq First North Growth Market Denmark: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate, and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit agillic.com.  
      

    Published on 5 February 2025

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Construction boss jailed after fraudulently obtaining two maximum-value Covid loans

    Source: United Kingdom – Executive Government & Departments

    Director jailed for Bounce Back Loan fraud and transferring criminal property

    • Arti Deda overstated the turnover of his Knight Workers Limited company to secure two Bounce Back Loans when companies were only entitled to one 
    • Money from the loans was transferred to associates and third parties, not to benefit his business 
    • Deda was jailed for two-and-a-half years and banned as a company director for 10 years 

    A Berkshire-based director who fraudulently obtained two Covid loans for his construction firm has been jailed. 

    Arti Deda, 31, overstated the turnover of his Knight Workers Limited company to obtain maximum-value Bounce Back Loans worth £50,000 each from the bank in 2020, when companies were only entitled to one. 

    None of the £100,000 was used for the economic benefit of the business as was required under the terms of the scheme. 

    Deda, of Littleport Spur, Slough, was sentenced to two-and-a-half years in prison at Reading Crown Court on Wednesday 5 February. 

    He was also disqualified as a company director for 10 years. 

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

    This significant jail term and director disqualification reflects the seriousness of Covid-related fraud.  

    Bounce Back Loans were designed to support small and medium-sized businesses through the pandemic. Taxpayers’ money should not have been used for personal purposes by company directors. 

    The Insolvency Service is committed to investigating these crimes, which have a substantial impact on the public purse, and prosecuting those responsible.

    Knight Workers was incorporated in December 2017 with Deda as its sole director. 

    The company claimed to be in the business of construction of domestic buildings. 

    However, Insolvency Service investigators found minimal evidence of any trading in the construction industry. 

    Deda made the fraudulent applications to two separate banks for Bounce Back Loans for the company during the same week in July 2020, falsely declaring its annual turnover was both £390,000 and £495,000 for 2019. 

    He also claimed in securing the second Bounce Back Loan that this was his only application. 

    A total of £44,500 was transferred to an associate just days after Deda received the funds. A further £13,000 was later transferred to a third party and £20,000 was transferred from the account with the reference ‘material’. 

    Deda applied to have Knight Workers liquidated in November 2021 in an attempt to avoid having to repay the loan.  

    The company was eventually dissolved in April 2023, with Deda having made no repayments. 

    Deda also failed in his duties as a company director to provide accounting records to the liquidator on request. 

    The Insolvency Service is seeking to recover the fraudulently obtained funds under the Proceeds of Crime Act 2002. 

    Further information 

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: GetUSAMemes.org Achieves an Unprecedented Milestone by $USA’s 90% Supply Burn, Sparking a New Era of Transparency

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) — In the latest news, Get USA Memes is making history with an unprecedented $USA’s 90% supply burn—one that sets a new standard for transparency, investor trust, and long-term sustainability in the crypto space. This move, backed by renowned legal expert Nahla Kamaluddin, Esq., is a deliberate effort to strengthen the $USA ecosystem and ensure accuracy in market valuations.

    Currently, DexScreener and other platforms display an artificially inflated market cap due to a lack of recognition for liquidity locks. While $USA had already committed to locking 80% of its supply for four years, this move was not fully reflected on certain tracking platforms.

    To address this issue, $USA is now permanently burning 90% of its total supply, ensuring that:

    • DexScreener and other platforms will accurately display the true market cap.
    • The remaining tokens will increase in scarcity, enhancing long-term value.
    • Investors will see a transparent and reliable valuation moving forward.

    In addition, Nahla Kamaluddin, Esq., Co-Founder of $USA and a leading authority in crypto and blockchain law has been instrumental in shaping this initiative. As the Founding Attorney of Kamaluddin Law Firm, she brings extensive legal expertise and a proven track record in high-value financial settlements and regulatory compliance. With her guidance, $USA is implementing one of the most significant supply adjustments in recent blockchain history—while maintaining full regulatory integrity.

    By addressing market cap adjustments, this burn will correct the displayed market cap, which currently appears inflated. As an example:

    Before the burn:

    • 20 million tokens circulating
    • $1 million true market cap
    • Price per token: $0.05

    After the burn:

    • 10 million tokens circulating
    • Still a $1 million market cap
    • Price per token: $0.10

    This move is about numbers as well as it’s about ensuring that $USA remains one of the most transparent, strategically positioned tokens in the space. The involvement of Nahla Kamaluddin, Esq., in this initiative underscores $USA’s commitment to legal integrity and best practices in crypto. Furthermore, as the $USA ecosystem evolves, this burn solidifies its foundation for long-term growth, investor confidence, and mainstream adoption.

    Media Contact:
    Websites URL : https://getusamemes.org
    Person Name: Jon Menjivar
    Physical address: 150 Motor Pkwy
    Hauppauge, NY 11788
    Support@getusamemes.org

    Disclaimer: This press release is provided by Get USA Memes. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.

    The MIL Network –

  • MIL-OSI: Mixed Martial Arts (MMA) Market is Substantially Growing, Morphing into a Billion Dollar Opportunity

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Feb. 06, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The mixed martial arts (MMA) equipment market has been substantially growing over the past several years and is projected to continue in the coming years. The increasing public participation, easy availability of advanced training facilities, and the integration of advanced technologies represent some of the key factors driving the market. A report from IMARC Group projected that the global mixed martial arts equipment market size reached USD 1.39 Billion in 2024 and is looking forward to reach USD 2.13 Billion by 2033, exhibiting a growth rate (CAGR) of 4.64% during 2025-2033. The report said: “Mixed martial arts (MMA) refer to a hybrid combat sport that employs various fighting skills and techniques. It is performed using various equipment to facilitate the training or fight, such as a mouth and groin guard, punching bag, gloves, shorts, shin guards, hand wraps, ankle, elbow, and knee pads, and headgear. Amongst these, hand wraps help protect hands during training and fighting competitively, while the headgear is used for sparring to shield the skull from harsh strikes. At present, leading players operating worldwide are launching MMA equipment in various materials, types, and designs. These players are offering customizations to meet the requirements of the consumers and expanding their product portfolio.” Active Companies in the markets today include Mixed Martial Arts Group Limited (NYSE: MMA), Sphere Entertainment Co. (NYSE: SPHR), Meta Platforms, Inc. (NASDAQ: META), Live Nation Entertainment, Inc. (NYSE: LYV), Peloton Interactive, Inc. (NASDAQ: PTON).

    IMARC Group continued: “Presently, the increasing participation of individuals in recreational sports and fitness and athletic activities represents one of the major factors driving the demand for MMA equipment around the world. Moreover, the rising awareness about the health benefits associated with MMA, such as improving heart health, reducing stress, and enhancing the overall strength, and the surging prevalence of chronic diseases on account of sedentary lifestyles, are favoring the market growth. In addition, the growing number of professional training camps and the easy availability of advanced training facilities for fighters are influencing the market positively. Apart from this, the increasing number of fitness centers that offer MMA training is also contributing to the market growth. Furthermore, key players are financing advertising campaigns, such as celebrity and social media influencer endorsements, for improving their profitability. Besides this, the expansion of the e-commerce sector is resulting in the increasing sales of MMA equipment on account of easy equipment availability, flexible payment options, secure transactions, and convenient return policies.”

    Mixed Martial Arts Group Limited (NYSE American:MMA) – MMA.inc on Track to Achieve US$0.75 Million in Warrior Training Program Gross Sales for the March 25 Quarter, Driven by Record-Breaking 200% YoY Growth – Key Highlights:

    • Explosive Growth: Sales have surged 200% year-over-year and are on track to achieve $0.75 Million in Warrior Training Program Gross Sales which is above total gross sales for FY24.
    • Record-Breaking Quarter: With over 750 confirmed sales in Q1 alone, MMA.inc is on the cusp of exceeding its quarterly target of 800 participants, with 7 weeks remaining in the quarter to achieve the target.
    • Revenue Per Participant: Consistent with prior fiscal year averages, each participant has historically generated an average of US$1,004 in gross revenue, reinforcing the program’s strong unit economics.
    • Strategic Expansion: In 2025 the Warrior Training Program is live across 30 gyms spanning the US, Europe, Australia and New Zealand, with new gym partnerships fueling expansion.
    • Additional Revenue Streams: SaaS subscriptions and monthly transaction revenue from the recently acquired Hype and BJJLink platforms are not included in the above Warrior Training Program sales numbers, delivering further upside to MMA.inc revenue over the year.
    • Growing Ecosystem: MMA.inc continues to scale its platform with 5 million social media followers, 530,000 user profiles, 50,000 active students, and 802 active gym partners across 16 countries.

    Mixed Martial Arts Group Limited (“MMA.inc” or the “Company”), a leading technology company at the forefront of combat sports participation, today announced 200% year-over-year growth in Warrior Training Program sales, with over 750 participants confirmed in Q1 alone. This sales surge underscores MMA.inc’s ability to convert global MMA fandom into active participation while delivering substantial revenue growth for partner gyms.

    This milestone marks the most successful quarter in the program’s history, reflecting both the rising global demand for MMA training experiences and the strength of MMA.inc’s platform driven approach. By providing participants with a 20 week training subscription, designed by the world’s best MMA coaches, and culminating in a fully sanctioned amateur MMA bout, MMA.inc continues to redefine the combat sports landscape for participants, gym owners and coaches.

    “Our ability to achieve 200% growth year over year speaks volumes about the strength of our platform and the demand for authentic MMA training experiences,” said Nick Langton, Founder and CEO of MMA.inc. “With over 750 confirmed participants in Q1 alone, we’re not just selling training programs, we’re building an ecosystem that empowers over 640 million MMA fans to step into a gym to learn and train martial arts.”

    “The success of the UFC and other professional combat sports leagues has driven fanbase growth, which has in turn led to unprecedented interest in learning martial arts. At MMA.Inc we are building a platform to make the participation “on ramp” easily accessible for all MMA fans and fitness consumers who want to find a great gym where they can start their training journey.” Continued… Read the MMA full press release and supporting notes by going to:   https://ir.mma.inc/news-events/press-releases

    Other recent developments in the markets include:

    Meta Platforms, Inc. (NASDAQ: META) has recently appointed three new members to its board of directors, including Dana White, the president and CEO of Ultimate Fighting Championship (UFC) and a familiar figure in the orbit of the incoming president, Donald Trump.

    The social media company, which owns Facebook, Instagram and WhatsApp, is also adding the auto tycoon John Elkann and the tech investor Charlie Songhurst, Meta’s CEO, Mark Zuckerberg, said in a Facebook post.

    Live Nation Entertainment, Inc. (NYSE: LYV) – Hard Rock® recently announced that it was named #1 and #5 in the Newsweek Top 10 Readers’ Choice Best Casinos with Live Entertainment in the U.S. Newsweek describes this award as “…some of the best live entertainment options at casinos from around the country for when you need a break from the gambling floor.”

    “We are humbled that the public voted for Hard Rock Live Sacramento to take the #1 spot in this year’s Top 10,” explained Randy Maddocks, Director of Entertainment for Hard Rock Live Sacramento. “We dedicate our programming to reaching the largest audience with diverse shows that represent all genres.”

    Sphere Entertainment Co. (NYSE: SPHR) recently announced that Glenn Derry, an Academy Award winning technologist with over 30 years of industry-defining entertainment technology experience, has joined the Company as Executive Vice President of MSG Ventures.

    In this role, Mr. Derry will oversee a wide range of technology initiatives across MSG Ventures, a wholly-owned subsidiary of Sphere Entertainment focused on developing advanced technologies for live entertainment. MSG Ventures also supports Sphere Studios, the immersive content studio dedicated to creating multi-sensory entertainment experiences exclusively for Sphere, and the Sphere platform overall, including future Sphere venues. Mr. Derry will work across the organization to deploy both new and existing technologies that enhance Sphere’s live entertainment and experiential content, which has been redefining immersive experiences since the first Sphere opened in Las Vegas in September 2023.

    Peloton Interactive, Inc. (NASDAQ: PTON) recently announced that it will release its second quarter 2025 financial results before the U.S. stock market opens on Thursday, February 6, 2025. The company will host a conference call and live audio webcast to discuss the financial results at 8:30 a.m. (Eastern Time) that day.   To access the conference call by phone, please visit this phone registration link to receive dial-in details. To avoid delays, we encourage participants to register a day in advance or at least 15 minutes before the start of the call.

    A live audio webcast of the conference call will also be available on the company’s investor relations website at https://investor.onepeloton.com/news-and-events/events.   For those unable to participate in the conference call live, a replay will be available on the investor relations page of the company’s website for 30 days.

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

    Follow us on Facebook to receive the latest news updates: https://www.facebook.com/financialnewsmedia

    Follow us on Twitter for real time Market News: https://twitter.com/FNMgroup

    Follow us on Linkedin: https://www.linkedin.com/in/financialnewsmedia/

    DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated twenty five hundred dollars for news coverage of the current press releases issued by Mixed Martial Arts Group Limited by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:

    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI: Veea Announces Upcoming Industry Conference Schedule

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) — Veea Inc. (NASDAQ: VEEA), a pioneer in edge computing and AI-driven solutions, today announced the Company’s upcoming conference presentation schedule. The Company will be offering attendees the opportunity to learn more about the Veea Edge Platform™ and its broad range of applications across end markets.

    OATSCON25
    February 6-7, 2025

    An annual gathering of experts to address some of the most promising avenues for sustainable food-ag system improvements, from novel applications of sensing, networking, and computation to big data science, visualization, and analytics. Veea has deployed its hyperconverged Edge Platform in use cases that promote precision agriculture.

    Presenter: Tom Williams, Veea’s Vice President Worldwide Sales & Marketing
    Topic: Connectivity in Rural Spaces
    Title: “Connecting Rural Communities”
    Day: Thursday, February 6, 2025
    Time: 2:00 pm
    Location: Purdue University, West Lafayette, IN

    AHR Expo
    February 10-12, 2025
    Orlando, Florida

    The International Air-Conditioning, Heating, Refrigerating Exposition (AHR Expo), which started in 1930 as a heating and ventilation show, has grown into the largest event in the world exclusively focused on the HVACR industry. The 2025 Show will host industry professionals from all across the United States and worldwide. Attendees can learn about Veea’s Edge Platform – a highly flexible, cloud-connected platform that ensures seamless integration with third-party hardware and software to enable building owners and operators to easily add new data sets to their platforms allowing for improved control and monitoring while supporting their digital transformation journey. 

    MWC Barcelona 2025
    March 3-6, 2025
    Barcelona, Spain
    Hall 6

    Mobile World Congress (MWC) Barcelona, the world’s largest and most influential connectivity event, is attended by global mobile operators, device manufacturers, technology providers, vendors and content owners. Attendees are encouraged to learn more about how the Veea Edge Platform and Veea’s Trusted Broadband Access (vTBA) can provide a path towards 5G/Wi-Fi Fixed Mobile Convergence.

    About Veea

    Veea Inc. (NASDAQ: VEEA) was formed in 2014 and is headquartered in New York City with a rich history of major innovations in the development of advanced networking, wireless and computing technologies. Veea makes living and working at the edge simpler and more secure. Veea has unified multi-tenant computing, multiaccess multiprotocol communications, edge storage and cybersecurity solutions through fully integrated cloud- and edge-managed products. Veea’s fully integrated turnkey solution offers end-to-end cloud management of devices, applications and services with Zero Trust Network Access (ZTNA), optionally with a highly simplified plug and play 5G-based Secure Access Service Edge (SASE) offering. Veea Edge Platform™ enables direct connections from the wide area optical fiber, cellular and satellite networks to devices on the local area networks created by a VeeaHub® mesh cluster over network-managed Wi-Fi and IoT devices – a unique patented capability called Multiprotocol Private Network Slicing (MPNS) for ISPs to offer subscription-based services for one or a group of endpoints. Veea Developer Portal and development tools provide for rapid development of edge applications including federated learning with pre-trained models for inferencing to cost-effectively enable Edge AI for most enterprise use cases.

    Veea was recognized in 2023 by Gartner as a Leading Smart Edge Platform for the innovativeness and capabilities of our Veea Edge Platform™ and a Cool Vendor in Edge Computing in 2021. Veea was named in Market Reports World’s in its research report published in October 2023 as one of the top 10 Edge AI solution providers alongside IBM, Microsoft, Amazon Web Services among others. For more information about Veea and its product offerings, visit veea.com and follow us on LinkedIn.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, 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 the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Veea’s Form 10-Q for the fiscal quarter ended September 30, 2024 and any subsequent filings which Veea makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

    The Equity Group
    Devin Sullivan
    Managing Director
    dsullivan@equityny.com

    Conor Rodriguez
    Associate
    crodriguez@equityny.com

    The MIL Network –

  • MIL-OSI: Byrna Expands Retail Footprint with Nashville Store Opening

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Feb. 06, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced the opening of its second company-owned retail store, located in Franklin, Tennessee, part of the Greater Nashville Area. This new location advances Byrna’s vision of normalizing less-lethal solutions as a mainstream personal safety choice, establishing a broader physical presence, and amplifying brand recognition in key markets.

    The Nashville store builds on the success of Byrna’s Las Vegas location, which validated the potential of company-owned retail with an annual run rate exceeding $1 million and gross profit margins over 60%. The Nashville store features an in-store shooting range where customers can experience Byrna’s less-lethal launchers firsthand. In the Las Vegas store, conversion rates are approximately 80%, compared to approximately 1% online. Byrna expects the hands-on and interactive experience of its new stores to deliver similarly high conversion rates, foster deeper customer trust, and reinforce the company’s reputation as a leader in the less-lethal market.

    “The Nashville store represents an important step in Byrna’s strategic retail expansion,” said Byrna CEO Bryan Ganz. “Our retail store rollout is designed to strengthen customer connections, provide unique hands-on experiences, and expand overall brand awareness. Positioned in a vibrant retail hub, the Nashville store is well-suited to drive strong demand and further the adoption of Byrna’s less-lethal solutions. While we recognize new stores take time to reach their optimal performance, we are confident in the potential of our brick-and-mortar strategy and look forward to tracking the impact of our future locations.”

    Byrna’s retail strategy reflects a deliberate, phased approach to scaling its store model. The Nashville store is one of four new locations planned in the first part of 2025, with additional stores in Fort Wayne, Indiana, Scottsdale, Arizona, and Salem, New Hampshire set to open in coming weeks. These initial locations will provide valuable insights to refine store operations, finalize employee training programs, and optimize marketing strategies ahead of a potential broader rollout.

    Luan Pham, Byrna Chief Revenue Marketing Officer, added: “Our retail expansion is a transformational step in making less-lethal solutions accessible and mainstream. These new stores enable us to build stronger, more personal connections with our customers through workshops and in-store events, ensuring they are confident in using our products when it matters most.”

    The grand opening of the Nashville store featured local officials, law enforcement representatives, and media. Byrna will continue prioritizing community engagement and education as it expands its physical footprint across the United States.

    Byrna Nashville
    330 Mayfield Dr.
    D-3
    Franklin, TN 37067

    About Byrna Technologies Inc.
    Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

    Forward-Looking Statements
    This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue results for the fourth fiscal quarter and fiscal year 2024, the timing of the release of full financial results for the quarter, trends regarding brand recognition and future sales potential, sales during the holiday season and during 2025, and the Company’s plans to open Company-owned retail stores. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

    Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of the Company’s supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels not to carry or reduce inventory of the Company’s products; determinations by advertisers to prohibit marketing of some or all Byrna products; the loss of marketing partners; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or sanctions or embargos that could affect the Company’s supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

    Investor Contact:
    Tom Colton and Alec Wilson
    Gateway Group, Inc.
    949-574-3860
    BYRN@gateway-grp.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5feb5941-b01f-4175-941b-5c3ad99702ee

    The MIL Network –

  • MIL-OSI: Live Ventures Reports Fiscal First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Feb. 06, 2025 (GLOBE NEWSWIRE) — Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its fiscal first quarter 2025 ended December 31, 2024. 

    Fiscal First Quarter 2025 Key Highlights:

    • Revenue was $111.5 million, compared to $117.6 million in the prior year period
    • Net income was $0.5 million and diluted earnings per share (“EPS”) was $0.16, compared to the prior year period net loss of $0.7 million and loss per share of $0.22. Net income for the first quarter 2025 includes a $2.8 million gain on the settlement of the earnout liability related to the Precision Metal Works, Inc. (“PMW”) acquisition and a $0.7 million gain on the settlement of PMW seller notes
    • Adjusted EBITDA¹ was $5.7 million, compared to $8.7 million in the prior year period
    • Total assets of $395.5 million and stockholders’ equity of $73.3 million as of December 31, 2024
    • Approximately $31.1 million of cash and availability under the Company’s credit facilities as of December 31, 2024

    “Both our Retail-Entertainment and Steel Manufacturing segments delivered improved operating performance in the first quarter, with increases in operating income and operating margins as compared to the prior year period. However, high interest rates and a slowdown in the housing market continued to impact our Retail-Flooring and Flooring Manufacturing segments, as reduced consumer demand weighed on performance,” commented David Verret, Chief Financial Officer of Live Ventures.

    “We are pleased with the operating improvements achieved in our Retail-Entertainment and Steel Manufacturing segments during the first quarter. That said, industry-specific headwinds are impacting our Retail-Flooring and Flooring Manufacturing segments. To address this, we are implementing additional measures to enhance the efficiency of our flooring businesses,” stated Jon Isaac, President and Chief Executive Officer of Live Ventures. “Despite these challenges, we remain confident in the long-term strength of our businesses.”

    First Quarter FY 2025 Financial Summary (in thousands except per share amounts)
      For the three months ended December 31,
        2024     2023     % Change
    Revenue $ 111,508   $ 117,593     -5.2 %
    Operating income $ 762   $ 3,541     -78.5 %
    Net income (loss) $ 492   $ (682 )   172.1 %
    Diluted earnings (loss) per share $ 0.16   $ (0.22 )   172.7 %
    Adjusted EBITDA¹ $ 5,744   $ 8,696     -33.9 %
                       

    Revenue decreased approximately $6.1 million, or 5.2%, to approximately $111.5 million for the quarter ended December 31, 2024, compared to revenue of approximately $117.6 million in the prior year period. The decrease is attributable to the Flooring Manufacturing, Retail-Flooring, and Steel Manufacturing segments, which decreased by approximately $6.7 million in the aggregate.

    Operating income was approximately $0.8 million for the quarter ended December 31, 2024, compared with operating income of approximately $3.5 million in the prior year period. The decrease in operating income is primarily attributable to the decrease in revenue and increased general and administrative expenses in the Retail-Flooring segment. The decrease in operating income was partially offset by increased operating income in the Retail-Entertainment and Steel Manufacturing segments.

    For the quarter ended December 31, 2024, net income was approximately $0.5 million, and diluted EPS was $0.16, compared with net loss of approximately $0.7 million and loss per share of $0.22 in the prior year period. The increase in net income is primarily attributable to a $2.8 million gain on the settlement of the earnout liability related to the PMW acquisition and a $0.7 million gain on the settlement of PMW seller notes.

    Adjusted EBITDA¹ for the quarter ended December 31, 2024 was approximately $5.7 million, a decrease of approximately $3.0 million, or 33.9%, compared to the prior year period. The decrease in adjusted EBITDA is primarily due to an overall decrease in operating income.

    As of December 31, 2024, the Company had total cash availability of $31.1 million, consisting of cash on hand of $7.4 million and availability under its various lines of credit of $23.7 million.

    First Quarter FY 2025 Segment Results (in thousands)

      For the three months ended December 31,
        2024       2023     % Change
    Revenue          
    Retail – Entertainment $ 21,273     $ 20,586     3.3 %
    Retail – Flooring   31,747       34,319     -7.5 %
    Flooring Manufacturing   25,996       29,245     -11.1 %
    Steel Manufacturing   32,435       33,354     -2.8 %
    Corporate & Other   57       89     -36.0 %
    Total Revenue $ 111,508     $ 117,593     -5.2 %
               
      For the three months ended December 31,
        2024       2023     % Change
    Operating Income (loss)          
    Retail – Entertainment $ 3,408     $ 3,143     8.4 %
    Retail – Flooring   (2,174 )     90     N/A
    Flooring Manufacturing   (81 )     945     -108.6 %
    Steel Manufacturing   1,166       982     18.7 %
    Corporate & Other   (1,557 )     (1,619 )   3.8 %
    Total Operating Income $ 762     $ 3,541     -78.5 %
               
      For the three months ended December 31,
        2024       2023     % Change
    Adjusted EBITDA¹          
    Retail – Entertainment $ 3,810     $ 3,667     3.9 %
    Retail – Flooring   (971 )   $ 1,303     -174.5 %
    Flooring Manufacturing   750       1,877     -60.0 %
    Steel Manufacturing   2,801       2,802     0.0 %
    Corporate & Other   (646 )     (953 )   32.2 %
    Total Adjusted EBITDA¹ $ 5,744     $ 8,696     -33.9 %
               
    Adjusted EBITDA¹ as a percentage of revenue        
    Retail – Entertainment   17.9 %     17.8 %    
    Retail – Flooring   -3.1 %     3.8 %    
    Flooring Manufacturing   2.9 %     6.4 %    
    Steel Manufacturing   8.6 %     8.4 %    
    Corporate & Other N/A   N/A    
    Total Adjusted EBITDA¹   5.2 %     7.4 %    
    as a percentage of revenue          
               

    Retail – Entertainment

    Retail-Entertainment segment revenue for the quarter ended December 31, 2024 was approximately $21.3 million, an increase of approximately $0.7 million, or 3.3%, compared to prior year period revenue of approximately $20.6 million. Revenue increased primarily due to increased consumer demand for used products. The increase in used products contributed to the increase in gross margin to 56.6% for the quarter ended December 31, 2024, compared to 56.0% for the prior year period. Operating income for the quarter ended December 31, 2024 was approximately $3.4 million, compared to operating income of approximately $3.1 million for the prior year period.

    Retail – Flooring

    The Retail-Flooring segment revenue for the quarter ended December 31, 2024, was approximately $31.7 million, a decrease of approximately $2.6 million, or 7.5%, compared to the prior year period revenue of approximately $34.3 million. The decrease was primarily due to reduced demand. Gross margin for the quarter ended December 31, 2024 was 37.2%, compared to 38.0% for the prior year period. The decrease in gross margin was primarily driven by a change in product mix. Operating loss for the quarter ended December 31, 2024 was approximately $2.2 million, compared to operating income of approximately $0.1 million for the prior year period. The increase in operating loss was primarily due to additional wages and other general and administrative costs during the quarter ended December 31, 2024.

    Flooring Manufacturing

    Revenue for the quarter ended December 31, 2024 was approximately $26.0 million, a decrease of approximately $3.2 million, or 11.1%, compared to prior year period revenue of approximately $29.2 million. The decrease in revenue was primarily due to reduced consumer demand. Gross margin was 21.2% for the quarter ended December 31, 2024, compared to 22.0% for the prior year period. The decrease in gross margin was primarily due to changes in product mix. Operating loss for the quarter ended December 31, 2024 was approximately $0.1 million, compared to operating income of approximately $0.9 million for the prior year period.

    Steel Manufacturing

    Revenue for the quarter ended December 31, 2024 was approximately $32.4 million, a decrease of approximately $0.9 million or 2.8%, compared to prior year period revenue of approximately $33.4 million. The decrease was primarily due to reduced customer demand, partially offset by incremental revenue of $3.1 million at Central Steel Fabricators, LLC (“Central Steel”), which was acquired in May 2024. Gross margin was 18.3% for the quarter ended December 31, 2024, compared to 15.8% for the prior year period. The increase in gross margin was primarily due to strategic price increases, as well as the acquisition of Central Steel. Operating income for the quarter ended December 31, 2024 was approximately $1.2 million, compared to operating income of approximately $1.0 million in the prior year period.

    Corporate and Other

    Revenue for the quarter ended December 31, 2024 was approximately $57,000, a decrease of approximately $32,000, or 36.0%, compared to prior year period revenue of approximately $89,000. Operating loss for the quarters ended December 31, 2024 and 2023 were approximately $1.6 million.

    Non-GAAP Financial Information

    Adjusted EBITDA

    We evaluate the performance of our operations based on financial measures, such as “Adjusted EBITDA,” which is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation, amortization, stock-based compensation, and other non-cash or nonrecurring charges. We believe that Adjusted EBITDA is an important indicator of the operational strength and performance of the business, including the business’s ability to fund acquisitions and other capital expenditures and to service its debt. Additionally, this measure is used by management to evaluate operating results and perform analytical comparisons and identify strategies to improve performance. Adjusted EBITDA is also a measure that is customarily used by financial analysts to evaluate a company’s financial performance, subject to certain adjustments. Adjusted EBITDA does not represent cash flows from operations, as defined by generally accepted accounting principles (“GAAP”), should not be construed as an alternative to net income or loss, and is indicative neither of our results of operations, nor of cash flow available to fund our cash needs. It is, however, a measurement that the Company believes is useful to investors in analyzing its operating performance. Accordingly, Adjusted EBITDA should be considered in addition to, but not as a substitute for, net income, cash flow provided by operating activities, and other measures of financial performance prepared in accordance with GAAP. As companies often define non-GAAP financial measures differently, Adjusted EBITDA, as calculated by Live Ventures Incorporated, should not be compared to any similarly titled measures reported by other companies.

    Forward-Looking and Cautionary Statements

    The use of the word “Company” refers to Live Ventures and its wholly owned subsidiaries. Certain statements in this press release contain or may suggest “forward-looking” information within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” created by those sections. Words such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements are intended to identify forward-looking statements. Live Ventures may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Additionally, new risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. Live Ventures undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

    About Live Ventures Incorporated

    Live Ventures is a diversified holding company with a strategic focus on value-oriented acquisitions of domestic middle-market companies. Live Ventures’ acquisition strategy is sector-agnostic and focuses on well-run, closely held businesses with a demonstrated track record of earnings growth and cash flow generation. The Company looks for opportunities to partner with management teams of its acquired businesses to build increased stockholder value through a disciplined buy-build-hold long-term focused strategy. Live Ventures was founded in 1968. In late 2011, Jon Isaac, Chief Executive Officer and strategic investor, joined the Company’s Board of Directors and later refocused it into a diversified holding company. The Company’s current portfolio of diversified operating subsidiaries includes companies in the textile, flooring, tools, steel, and entertainment industries.

    Contact:
    Live Ventures Incorporated
    Greg Powell, Director of Investor Relations
    725.500.5597
    gpowell@liveventures.com 
    www.liveventures.com 

    Source: Live Ventures Incorporated

    CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)
    (dollars in thousands, except per share amounts)

      December 31, 2024   September 30, 2024
      (Unaudited)    
    Assets      
    Cash $ 7,407     $ 4,601  
    Trade receivables, net of allowance for doubtful accounts of $1.4 million at December 31, 2024 and $1.5 million at September 30, 2024   38,040       46,861  
    Inventories, net   123,389       126,350  
    Prepaid expenses and other current assets   3,594       4,123  
    Total current assets   172,430       181,935  
    Property and equipment, net   81,527       82,869  
    Right of use asset – operating leases   55,113       55,701  
    Deposits and other assets   1,455       787  
    Intangible assets, net   23,847       25,103  
    Goodwill   61,152       61,152  
    Total assets $ 395,524     $ 407,547  
    Liabilities and Stockholders’ Equity      
    Liabilities:      
    Accounts payable $ 28,478     $ 31,002  
    Accrued liabilities   30,548       31,740  
    Income taxes payable   1,483       948  
    Current portion of lease obligations – operating leases   13,219       12,885  
    Current portion of lease obligations – finance leases   467       368  
    Current portion of long-term debt   39,595       43,816  
    Current portion of notes payable related parties   7,670       6,400  
    Seller notes – related parties   —       2,500  
    Total current liabilities   121,460       129,659  
    Long-term debt, net of current portion   54,339       54,994  
    Lease obligation long term – operating leases   46,566       50,111  
    Lease obligation long term – finance leases   42,200       41,677  
    Notes payable related parties, net of current portion   6,871       4,934  
    Seller notes – related parties   41,119       40,361  
    Deferred tax liability, net   5,812       6,267  
    Other non-current obligations   3,882       6,655  
    Total liabilities   322,249       334,658  
    Commitments and contingencies      
    Stockholders’ equity:      
    Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 shares issued and outstanding at December 31, 2024 and September 30, 2024, with a liquidation preference of $0.30 per share outstanding   —       —  
    Common stock, $0.001 par value, 10,000,000 shares authorized, 3,115,674 and 3,131,360 shares issued and outstanding at December 31, 2024 and September 30, 2024, respectively   2       2  
    Paid in capital   69,743       69,692  
    Treasury stock common 710,373 and 694,687 shares as of December 31, 2024 and September 30, 2024, respectively   (9,229 )     (9,072 )
    Treasury stock Series E preferred 80,000 shares as of December 31, 2024 and September 30, 2024   (7 )     (7 )
    Retained earnings   12,766       12,274  
      Total stockholders’ equity   73,275       72,889  
        Total liabilities and stockholders’ equity $ 395,524     $ 407,547  
                   

    LIVE VENTURES, INCORPORATED
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (dollars in thousands, except per share)

      For the Three Months Ended December 31,
        2024       2023  
    Revenue $ 111,508     $ 117,593  
    Cost of revenue   76,146       81,266  
    Gross profit   35,362       36,327  
           
    Operating expenses:      
    General and administrative expenses   30,071       27,679  
    Sales and marketing expenses   4,529       5,107  
    Total operating expenses   34,600       32,786  
    Operating income   762       3,541  
    Other expense:      
    Interest expense, net   (4,162 )     (4,163 )
    Gain on settlement of seller notes   713       —  
    Gain on settlement of earnout liability   2,840       —  
    Other income (expense)   420       (284 )
    Total other expense, net   (189 )     (4,447 )
    Income (loss) before provision for income taxes   573       (906 )
    Provision (benefit) for income taxes   81       (224 )
    Net Income (loss) $ 492     $ (682 )
           
    Income (loss) per share:      
    Basic and diluted $ 0.16     $ (0.22 )
           
    Weighted average common shares outstanding:      
    Basic   3,124,581       3,163,541  
    Diluted   3,124,820       3,163,541  
                   

    LIVE VENTURES INCORPORATED
    NON-GAAP MEASURES RECONCILIATION

    Adjusted EBITDA

    The following table provides a reconciliation of Net (loss) income to total Adjusted EBITDA¹ for the periods indicated (dollars in thousands):

      For the Three Months Ended
      December 31, 2024   December 31, 2023
    Net income (loss) $ 492     $ (682 )
    Depreciation and amortization   4,415       4,295  
    Stock-based compensation   50       50  
    Interest expense, net   4,162       4,163  
    Income tax expense (benefit)   81       (224 )
    Debt refinancing costs   —       183  
    Gain on extinguishment of debt   (713 )     —  
    Gain on write-off of earnout   (2,840 )     —  
    Acquisition costs   97       406  
    Adjusted EBITDA $ 5,744     $ 8,696  

    The MIL Network –

  • MIL-OSI: Monarch Private Capital Announces Successful $275 Million Bond Issuance Led by HSBC

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Feb. 06, 2025 (GLOBE NEWSWIRE) — Monarch Private Capital, a nationally recognized tax-advantaged investment firm, proudly announces a $275 million bond issuance to finance affordable housing projects, reinforcing its commitment to narrowing the affordable housing gap in the United States.

    HSBC served as the Sole Placement Agent for the Monarch Issuer 2024-2, LLC private asset-backed securities (ABS) transaction. On December 11, 2024, HSBC priced the $275 million issuance, with $220 million funded on December 18, 2024. The remaining $55 million will be funded through a Delay Draw mechanism over the next 12 months, supporting additional projects currently under construction.

    The bond proceeds will finance 58 low-income housing projects across Georgia, South Carolina, and Oklahoma, generating quality affordable housing units while stimulating local economies. Monarch will repay principal and interest on the Notes through its syndication of Low Income Housing Tax Credits (LIHTCs) to institutional investors, including insurance companies, corporate clients, and high-net-worth individuals.

    A Collaborative Effort for Positive Impact

    HSBC’s collaboration extended beyond placement services, contributing structuring, ratings advisory, and trustee services to ensure seamless execution.

    “This bond issuance reflects our unwavering commitment to addressing the nation’s urgent housing needs,” said Ian Chomat, Partner and Chief Financial Officer at Monarch Private Capital. “By leveraging our extensive experience in affordable housing, we aim to deliver more high-quality homes and create opportunities that strengthen communities and local economies.”

    Monarch’s Continued Leadership in Impact Investing

    Since its inception, Monarch has paired tax equity investing with a focus on community impact, while mitigating federal and state tax liabilities for investors. Monarch has managed tax equity impact investments in 945 projects generating $7.2 billion of tax credits, including more than $2.2 billion in LIHTCs, as of December 2024. Those projects have enabled nearly $18 billion in project capital, and over $37 billion in economic impact in 42 states, plus Washington D.C.

    For more information about Monarch’s programs and services, please contact Ian Chomat at ichomat@monarchprivate.com.

    About Monarch Private Capital

    Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

    About HSBC

    HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organizations.

    CONTACT

    Jane Rafeedie

    Monarch Private Capital

    Jrafeedie@monarchprivate.com

    470-283-8431

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3952c63a-5dd4-4db2-bbf2-221fd808bad1

    The MIL Network –

  • MIL-OSI United Kingdom: ‘It Starts in Wolverhampton’ event showcases city’s innovation and green credentials

    Source: City of Wolverhampton

    Aligned with the West Midlands Growth Company’s ‘It Starts Here’ campaign, the ‘It Starts in Wolverhampton: Innovating for Sustainable Growth’ event demonstrated why there has never been a better time to invest, grow and succeed in the city.

    More than 200 delegates attended the showcase supported by headline sponsors University of Wolverhampton and WLV Business Link, and reception sponsor Turner & Townsend.

    They heard how City of Wolverhampton Council in partnership with University of Wolverhampton is developing the Green Innovation Corridor (GIC) in the city, to create a world class eco, green innovation district delivering in excess of 20,000sqm of new R&D, laboratory and commercial floorspace and 1,200 new jobs.

    The early phases of the GIC programme focusing on bringing forward demand led business space on 4 underutilised land parcels of land at Wolverhampton Science Park will be supported by £7million of Investment Zone funding and £20million of funding secured by the council from the Government.

    As well as this capital funding, GIC and the wider city will benefit from the IZ Regional Business Support, Skills and R&D programmes and Delivery Capacity Funding programmes, being developed with local and regional partners.

    This builds on pioneering facilities and businesses already in place in the city such as the National Brownfield Institute, School of Architecture and Built Environment, Elite Centre for Manufacturing Skills, University of Wolverhampton Science Park, including the SPARK Incubator, Composite & Additive Layer Materials Engineering Research & Innovation Centre, Centre for Green Electricals Materials Manufacturing and global companies like JLR, Collins, Moog, and leaders in 3D printing, EOS UK.

    Industry leaders and visionaries shaping the future of clean and green industries also highlighted why Wolverhampton is the place to be for innovation and sustainable growth.

    This included Craig Osman, Operations Director for EPMC i54, JLR, who focused on vehicle electrification, investment and cutting edge innovation at the Electric Propulsion Manufacturing Centre at i54, jobs, supply chain, the wider overview of the footprint in the West Midlands and the JLR Reimagine strategy.

    Olivia Simpson, Chief Operations Officer, FlexSea, also explained why her business relocated from London to Wolverhampton and is redefining bioplastics with a revolutionary product made from seaweed – certified plastic free and home compostable.

    Davide lacovelli, Regional Director EMEA, EOS UK highlighted his company’s work in partnership with the University of Wolverhampton at the new UK Centre of Excellence for Additive Manufacturing based in the Elite Centre for Manufacturing Skills at the university’s Springfield Campus. It specialises in the development of advanced materials and processes for demanding applications within industries such as space, automotive, aerospace, electronics, and quantum computing.

    Councillor Chris Burden, City of Wolverhampton Council Cabinet Member for City Development, Jobs and Skills, said: “The event showed the level of innovation, the groundbreaking designs, partnerships and research and development happening right here in our city.

    “It is truly remarkable and testament to the skilled people that have been attracted here and been nurtured by our businesses and organisations.

    “Building on some of our local strengths, and particularly those of the university and businesses, we will make the Green Innovation Corridor a success.

    “Our ambition for the Green Innovation Corridor is for it to be a world leading research led cluster in green technologies with a focus on green construction, green computing and green engineering. The GIC will support businesses and the wider economy in its transition to net zero and aim to create more productive, sustainable, highly skilled and innovative industry.

    “It is also about taking the economy of Wolverhampton forward, building on the expertise, research and development and skills that Wolverhampton has to offer and deliver jobs growth, a higher wage economy, a more inclusive economy, a more sustainable economy and place, the development of brownfield sites – some that have been vacant for years- and a vibrant corridor that is well connected and renowned for its research led clusters in engineering, computing and construction.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Financial news: The Bank of Russia has excluded information about the Microcredit Company “Entertaining Finances” from the state register (06.02.2025)

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The Bank of Russia has excluded information about the Limited Liability Company Microcredit Company “Entertaining Finances” (hereinafter referred to as LLC MCC “Entertaining Finances”, MCC, microcredit company) from the state register of microfinance organizations (register entry number No. 2203045009908).

    The Bank of Russia adopted this solution in accordance with paragraph 1 of part 1.1 of article 7 and paragraph 8 of part 4 of article 14 of Federal Law No. 151-FZ1, based on the fact that the microcredit company violated federal laws, including in the field of consumer lending, as well as regulatory acts of the Bank of Russia, in connection with which the regulator has repeatedly applied supervisory measures to the MCC over the past 12 months.

    During 2024, LLC MCC “Entertaining Finances” submitted false reporting data to the Bank of Russia, in particular, it understated the calculated value of the maximum debt burden (MDB) for borrowers. In addition, the MCC provided consumer loans to borrowers at rates exceeding the maximum permissible amount, charged increased penalties (fines, penalties) on overdue loans, and also imposed additional services when issuing loans.

    The understatement of the DTI allowed the microcredit company to issue loans to over-indebted citizens. The share of such loans issued was one of the highest in OOO MCC “Entertaining Finances” among the participants of the microfinance market.

     

    1 Federal Law of 02.07.2010 No. 151-FZ “On microfinance activities and microfinance organizations”.

    When using the material, a link to the Press Service of the Bank of Russia is required.

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV.KBR.ru/Press/PR/? File = 638744311296666060MICROFINANCE. CHTM

    MIL OSI Russia News –

  • MIL-OSI: NB Private Equity: Holding(s) in Company

    Source: GlobeNewswire (MIL-OSI)

    TR-1: Standard form for notification of major holdings

    1. Issuer Details
    ISIN
    GG00B1ZBD492
    Issuer Name
    NB PRIVATE EQUITY PARTNERS LIMITED
    UK or Non-UK Issuer
    Non-UK
    2. Reason for Notification
    An acquisition or disposal of voting rights
    3. Details of person subject to the notification obligation
    Name
    Quilter Plc
    City of registered office (if applicable)
    London
    Country of registered office (if applicable)
    United Kingdom
    4. Details of the shareholder
    Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above

    City of registered office (if applicable)

    Country of registered office (if applicable)

    5. Date on which the threshold was crossed or reached
    31-Jan-2025
    6. Date on which Issuer notified
    06-Feb-2025
    7. Total positions of person(s) subject to the notification obligation

    . % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer
    Resulting situation on the date on which threshold was crossed or reached 10.298234 0.000000 10.298234 4759831
    Position of previous notification (if applicable) 14.987802 0.000000 14.987802  

    8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
    8A. Voting rights attached to shares

    Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1)
    GG00B1ZBD492   4759831   10.298234
    Sub Total 8.A 4759831 10.298234%

    8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

    Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights
             
    Sub Total 8.B1      

    8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))

    Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights
               
    Sub Total 8.B2      

    9. Information in relation to the person subject to the notification obligation
    2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)

    Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold
    Quilter Plc Quilter Investors Limited 0.305208   0.305208%
    Quilter Plc Quilter Cheviot Europe Limited 0.324496   0.324496%
    Quilter Plc Quilter Cheviot Limited 8.241279   8.241279%
    Quilter Plc Quilter Cheviot International Limited 1.427249   1.427249%

    10. In case of proxy voting
    Name of the proxy holder

    The number and % of voting rights held

    The date until which the voting rights will be held

    11. Additional Information

    12. Date of Completion
    06-Feb-2025
    13. Place Of Completion
    London,UK

    The MIL Network –

  • MIL-OSI NGOs: MSF mobile clinics bring care to neglected region of east Ghouta in Syria

    Source: Médecins Sans Frontières –

    “Going to east Ghouta and seeing it with my own eyes was heartbreaking,” says Patrick Wieland, Médecins Sans Frontières’ (MSF’s) head of mission in Syria. “The scale of destruction is huge, people are trapped in extreme poverty, barely holding on, and in urgent need of medical care.”

    After years of neglect, east Ghouta, a region located only 10 kilometres from Damascus, shows little signs of normalcy, the streets lined with the ruins of buildings are empty of the signs of life. The people here are struggling under the strain of overwhelming economic hardship. Years of health facility closures have left huge needs for medical care, and the available services are incredibly limited. East Ghouta’s suffering is far from over and urgent support is needed now.

    Following the fall of Bashar al Assad’s 24-year rule, MSF has gained access to Damascus for the first time in over a decade. We began operating mobile clinics on 21 January, offering basic healthcare, like consultations for gastrointestinal infections. In this short time, we have seen 576 patients, including 77 children under the age of five.

    Families living in the shells of buildings

    East Ghouta was once a lush and green 110 square kilometres, filled with fruit trees and farms. After years of relentless airstrikes by the former Syrian government forces it now stands in ruins. What’s left behind of this major food producing region is destroyed land dotted with grey buildings that have been stripped of rooftops, windows, and life. Still, families are here and struggling to make do.

    “Entire families are living in the rubble of destroyed buildings that look as if they have come from the Middle Ages,” says Bilal Alsarakibi, MSF’s medical referent in Syria. “The level of negligence is unimaginable; the medical needs are huge and for people to find healthcare is a desperate race against time.”

    People are living in difficult conditions. They lack clean water, proper food, sanitation infrastructure, and heating for their homes, exposing them to many health hazards.

    A new chapter of hope

    Since January 2025, MSF has sent several teams to cities in east Ghouta, including Douma, Harasta, Zamlka, Hamoria, Ain Tarma, and Kafr Batna. Our teams are providing basic healthcare, like medical consultations and mental health support, through mobile clinics.

    We attempted to reach east Ghouta many times during the rule of Bashar al Assad. Our teams were repeatedly denied entry, which ensured that people had less access to healthcare than they desperately needed.

    “When people get sick or injured, getting healthcare is really hard, there are no ambulances and medicine is too expensive,” says Mohammed Riad, who attended a mobile clinic. “Mobile clinics are a great idea. If they were covering all the areas, it can save people a lot of trouble.” 

    Our teams are helping people suffering from different conditions, with the most common being respiratory infections, asthma, and gastroenteritis due to food contamination. We are also seeing people for non-communicable diseases such as diabetes, hypertension, and other cardiovascular diseases.

    Our teams are also assessing the overall medical and humanitarian situation in these cities. The work is currently underway to understand the depth of people’s needs after our years of absence. 

    Besieged and bombarded

    When the opposition forces gained control of the east Ghouta in 2012, the Syrian armed forces then imposed a severe siege on the area. Relentless ground and aerial bombardments targeted homes, markets and hospitals, while food, water and medicines were deliberately denied as a method of warfare. 

    A UN report shows the devastating toll on people. Between 18 February and 11 March 2018, attacks by the former government forces killed 1,100 people and injured 4,000. During the same period, shelling on Damascus city by different armed groups killed and injured hundreds more people. 

    Saving lives was everyone’s struggle

    “Due to the siege in 2013, a lot of people were injured and lost their limbs in daily airstrikes,” says Othman Al-Rifai, a resident of east Ghouta. “The doctors travelled abroad because salaries were low and until today you can see the impact.”

    Between 2013 to 2018, MSF provided remote support to Syrian medics in east Ghouta. Our teams sent medical supplies, offered financial support and provided technical guidance. Since MSF could not work in east Ghouta directly, this was the only way to help the medical teams there. 

    We supported 20 clinics and hospitals in 2013. Over the years of escalating violence, the number went down to just one clinic by 2018. The other 19 facilities were either closed or abandoned after former government forces took over the area. At a certain point, there was nothing left that we could support.

    “Today, the mobile clinics give a small sense of relief to the people who endured a lot in east Ghouta over the past years,” adds Bilal Alsarakibi. “Despite what they have seen, people are still able to smile. They have been through a lot of suffering, and they urgently need support to regain their lives.”

    MIL OSI NGO –

  • MIL-OSI: AGF Management Limited – Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 06, 2025 (GLOBE NEWSWIRE) — AGF Management Limited (“AGF”) announced today that the Toronto Stock Exchange (“TSX”) has approved AGF’s notice of intention to renew its normal course issuer bid in respect of its Class B Non-Voting Shares (AGF.B).

    As at January 27, 2025, there were 65,291,5571 Class B Non-Voting Shares issued and outstanding and the public float consisted of 47,507,917 Class B Non-Voting Shares.

    Under the announced normal course issuer bid, AGF is permitted to purchase up to 4,750,792 Class B Non-Voting Shares, representing approximately 10% of the public float for such shares as of January 27, 2025. Purchases under the normal course issuer bid may commence on February 10, 2025 and continue until February 9, 2026, when the bid expires. Pursuant to the Articles of AGF, the Class B Non-Voting Shares may not be purchased by AGF at a price which exceeds more than 15% of the weighted average price at which the Class B Shares traded on the TSX during the ten trading days immediately preceding the date of any such purchase.

    AGF announced that it will be entering into an automatic purchase plan (the “Plan”) with a broker during the normal course issuer bid. The Plan is effective as of February 10, 2025 and should terminate together with the normal course issuer bid. The Plan allows for purchases by AGF of its Class B Non-Voting Shares, subject to certain parameters.

    Under the announced normal course issuer bid, purchases may be made through the facilities of TSX, alternative Canadian trading systems /other designated exchanges, or as otherwise permitted by the Canadian Securities Administrators or Ontario Securities Commission. The average daily trading volume (“ADTV”) of the Class B Non-Voting Shares (for the six-month period ended January 31, 2025) on the TSX was 93,109. Under the rules of the TSX, AGF is entitled to repurchase during the same trading day on the TSX up to 25% of the ADTV of its Class B Non-Voting Shares, being 23,277 except where reliance is placed on the TSX’s block purchase exemption.

    Class B Non-Voting Shares purchased under the NCIB will be canceled or purchased and held by the AGF Employee Benefit Trust for the settlement of equity settled incentive plans by AGF. The directors believe that the purchase for cancellation of Class B Non-Voting Shares represents a desirable use of capital when, if in the opinion of management, the value of the Class B Non-Voting shares is attractive relative to the trading price of said shares. Purchase for cancellation by AGF of outstanding Class B Non-Voting Shares may also be used to offset the dilutive effect of treasury stock released for the employee benefit trust and of shares issued through AGF’s stock option plans and dividend reinvestment plan.

    Under its existing normal course issuer bid, which expires on February 8, 2025, AGF sought and received approval from the TSX to purchase 4,735,269 Class B Non-Voting Shares. During the period from February 8, 2024 to February 5, 2025, AGF acquired 871,800 Class B Non-Voting Shares at a weighted average price of $8.12.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com

    1 Includes treasury stock in the amount of 96,458

    The MIL Network –

  • MIL-OSI: First National Corporation Reports Fourth Quarter and Annual 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    STRASBURG, Va., Feb. 06, 2025 (GLOBE NEWSWIRE) — First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of First Bank (the “Bank”), reported an unaudited consolidated net loss of $933 thousand and basic and diluted loss per common share of $0.10 for the fourth quarter of 2024, and adjusted operating earnings(1) of $6.0 million and adjusted operating basic and diluted earnings(1) per common share of $0.66 for the fourth quarter of 2024.

    For the year ended December 31, 2024, the Company reported unaudited consolidated earnings of $7.0 million and basic and diluted earnings per common share of $1.00 and adjusted operating earnings(1) of $14.6 million and adjusted basic and diluted earnings per common share(1) of $2.10 for the year ended December 31, 2024.

    “2024 was a transformational year for First National as we consummated our largest acquisition to date and resulting partnership with Touchstone Bankshares. Our results for the quarter reflected solid operating metrics adjusting for merger costs, and is the first quarter to include the combined financial results of First National and Touchstone,” said Scott Harvard, President and Chief Executive Officer of First National. “I am proud of all the work from our teammates to get us to this point. We are completing system conversions in several weeks which will allow us to operate as one bank across our footprint. We believe the fourth quarter financial operating performance is indicative of the benefits of the acquisition and look forward to fully completing the integration of our two companies.”

    FOURTH QUARTER HIGHLIGHTS

    • Completed acquisition of Touchstone Bankshares, Inc. on October 1
    • Total assets of $2.0 billion with 33 branch offices
    • Net interest margin increased 40 basis points to 3.83%
    • Noninterest bearing deposits comprised 29% of total deposits
    • Efficiency ratio of 63.97%(1)

    Merger with Touchstone Bankshares, Inc. (“Touchstone”)

    On October 1, 2024, the Company completed its acquisition of Touchstone. Touchstone’s results of operations are included in the Company’s consolidated results since the date of acquisition, and, therefore, the Company’s fourth quarter and full year 2024 results reflect increased levels of average balances, net interest income, and expense compared to its prior quarter and full year 2023 results. After purchase accounting fair value adjustments, the acquisition added $664.3 million of total assets, including $479.3 million of loans held for investment (“LHFI”), and $614.6 million of total liabilities, including $555.4 million in total deposits. The Company recorded a preliminary bargain purchase gain of $2.9 million during the quarter associated with the acquisition.

    In connection with the acquisition, the Company recorded an allowance for credit losses on acquired loans that experienced a more than insignificant amount of credit deterioration since origination (“PCD” loans) of $385 thousand. In addition, the Company recorded a provision for credit losses of $3.8 million on non-PCD loans and $100 thousand provision on unfunded commitments for the fourth quarter of 2024.

    The Company incurred pre-tax merger costs of approximately $7.3 million during the fourth quarter of 2024 related to the Touchstone acquisition.

    NET INTEREST INCOME

    For the fourth quarter of 2024, net interest income was $18.4 million, an increase of $6.6 million from $11.7 million in the third quarter of 2024. The increases in net interest income was primarily the result of a $545.3 million increase in average interest earning assets, partially offset by a $415.0 million increase in average interest bearing liabilities, in each case primarily related to the acquisition of Touchstone. For the fourth quarter of 2024, the Company’s net interest margin increased 40 basis points to 3.83% primarily due to the impacts associated with the Touchstone acquisition. Earning asset yields for the fourth quarter of 2024 increased 22 basis points to 5.30% compared to the third quarter of 2024, and the cost of funds decreased by 21 basis points to 1.51%, due to changes in deposit mix following the acquisition of Touchstone and federal funds rate cuts in late 2024.

    The Company’s net interest margin (FTE)(1) for the fourth quarter of 2024 includes the impact of acquisition accounting fair value adjustments. Net accretion income related to acquisition accounting was $408 thousand, or a nine basis point incremental increase to the net interest margin for the fourth quarter ended December 31, 2024, and none for the comparative prior quarter and same quarter in 2023, respectively, due to the Touchstone acquisition. 

    NONINTEREST INCOME

    Noninterest income increased $3.4 million to $6.4 million for the fourth quarter of 2024 from $3.2 million in the prior quarter, primarily driven by $2.9 million of pre-tax bargain purchase gain and other increases in noninterest income associated with the full quarter impact of the Touchstone acquisition that closed on October 1, 2024.

    NONINTEREST EXPENSE

    Noninterest expense increased $11.5 million to $21.9 million for the fourth quarter of 2024 from $10.5 million in the prior quarter, primarily driven by a $7.3 million increase in pre-tax merger-related expenses, as well as other increases in noninterest expense due to the full quarter impact of the Touchstone acquisition. The full quarter impact of Touchstone and related merger expenses drove the majority of the $4.5 million increase in salaries and benefits, the $3.9 million increase in data processing, and the $351 thousand increase in occupancy expenses compared to the prior quarter. In addition, legal and professional services increased $618 thousand, primarily due to fees associated with the merger.

    Adjusted operating noninterest expense, which excludes merger-related costs ($219 thousand in the third quarter and $7.3 million in the fourth quarter) and amortization of intangible assets ($4 thousand in the third quarter and $448 thousand in the fourth quarter), increased $3.9 million to $14.2 million for the fourth quarter of 2024 from $10.2 million in the prior quarter, primarily due to the impact of the Touchstone acquisition.

    ASSET QUALITY

    Overview

    Loans past due greater than 30 days and still accruing interest as a percentage of total loans amounted to 0.24% on December 31, 2024, compared to 0.24% on September 30, 2024, and 0.31% on December 31, 2023. Of the total past due loans still accruing interest, $365 thousand were past due 90 days or more on December 31, 2024, compared to $0 on September 30, 2024, and $524 thousand on December 31, 2023. Management classifies non-performing assets (“NPAs”) as non-accrual loans and OREO. Nonperforming assets (“NPAs”) as a percentage of total assets decreased to 0.35% on December 31, 2024, compared to 0.41% on September 30, 2024, and 0.48% one year ago on December 31, 2023. The decrease in the NPA ratio was primarily due to the effects of the Touchstone acquisition, which added LHFI of $479.3 million acquired in the transaction. Net charge-offs totaled $1.3 million in the fourth quarter of 2024, compared to net charge-offs of $1.6 million in the third quarter of 2024, and net charge-offs of $2.7 million in the fourth quarter of 2023. The net charge-offs for the fourth quarter of 2024 included $883 thousand of commercial and industrial loans, with $774 thousand of that specific to our pool of loans originated to health care professionals through a third-party lender. The allowance for credit losses on loans totaled $16.4 million, or 1.12% of total loans on December 31, 2024, compared to $12.7 million, or 1.28% of total loans on September 30, 2024, and $12.0 million, or 1.24% of total loans on December 31, 2023.

    Nonperforming Assets

    NPAs increased to $7.1 million on December 31, 2024, compared to $6.0 million on September 30, 2024, and $6.8 million on December 31, 2023, which represented 0.35%, 0.41%, and 0.48% of total assets, respectively. The increase in NPAs during the fourth quarter of 2024 resulted from the acquisition of Touchstone’s portfolio, including $1 million of additional non-accrual loans.

    Past Due Loans

    Loans past due 30-89 days and still accruing interest increased to $3.1 million, or 0.21% of total loans on December 31, 2024, compared to $2.4 million, or 0.24% of total loans on September 30, 2024, and $2.5 million, or 0.26%, of total loans on December 31, 2023. Loans past due over 90 days or more and still accruing interest on December 31, 2024, increased to $365 thousand, compared to $0 on September 30, 2024, and $524 thousand on December 31, 2023.

    Allowance for Credit Losses on Loans

    For the fourth quarter of 2024, the Company recorded a provision for credit losses of $4.8 million, compared to a provision for credit losses of $1.7 million in the prior quarter, and a provision for credit losses of $6.0 million in the fourth quarter of 2023. Included in the provision for credit losses for the fourth quarter of 2024 was a $3.8 million initial provision expense on non-PCD loans and $100 thousand on unfunded commitments, each acquired from Touchstone. As compared to the prior quarter, the decrease in provision for credit losses, outside of the initial provision expense recorded on non-PCD loans and unfunded commitments acquired from Touchstone, primarily reflects the impact of lower net charge-offs in the fourth quarter of 2024 and lower outstanding legacy loan balances. As compared to the same period in the prior year, the decrease in provision for credit losses, outside of the initial provision expense recorded on non-PCD loans and unfunded commitments acquired from Touchstone, is primarily due to higher reserves booked during the fourth quarter of 2023 due to qualitative factor adjustments related to the commercial and industrial loan pool, as well as specific reserves from identified individually evaluated loans.

    BALANCE SHEET

    At December 31, 2024, the Company’s consolidated balance sheet includes the impact of the Touchstone acquisition, which closed October 1, 2024, as discussed above. ASC 805, Business Combinations, allows for a measurement period of 12 months beyond the acquisition date to finalize the fair value measurements of the acquired Company’s net assets as additional information not existing as of the acquisition date becomes available. Any future measurement period adjustments will be recorded through an adjustment to the bargain purchase gain upon identification. Below is a summary of the related impact of the acquisition on the Company’s consolidated balance sheet as of the acquisition date.

    • The fair value of assets acquired totaled $664.3 million and included total loans of $479.3 million with an initial loan discount of $13.5 million.
    • The fair value of the liabilities assumed totaled $614.6 million and included total deposits of $555.4 million with an initial deposit mark related to time deposits of $1.1 million.
    • Core deposit intangibles and other intangibles acquired totaled $15.6 million.
    • No goodwill was recorded in the transaction, and the preliminary bargain purchase gain (included in other income) totaled $2.9 million.

    At December 31, 2024, total assets were $2.0 billion, an increase of $559.6 million or 38.6% from September 30, 2024 and $591.0 million or approximately 41.6% from December 31, 2023. The increases in total assets from the prior quarter and prior year were primarily driven by growth in loans held for investment (LHFI) (net of deferred fees and costs) and the securities portfolio, primarily due to the Touchstone acquisition.

    At December 31, 2024, LHFI net of allowance totaled $1.5 billion, an increase of $468.6 million from $982.0 million at September 30, 2024, and an increase of $493.1 million or 51.5% from December 31, 2023. LHFI increased from the prior quarter and prior year primarily due to the Touchstone acquisition, as well as organic loan growth compared to prior year.

    At December 31, 2024, total investments were $277.3 million, an increase of $7.8 million from September 30, 2024, and a decrease of $25.9 million or 8.5% from December 31, 2023. Available for sale (AFS) securities totaled $163.8 million at December 31, 2024 and $146.0 million at September 30, 2024 and $152.9 million at December 31, 2023. The increases compared to the prior quarter and prior year were primarily due to the acquisition of Touchstone. Total net unrealized losses on the AFS securities portfolio were $22.1 million at December 31, 2024, compared to $17.2 million at September 30, 2024, and $20.6 million at December 31, 2023. Held to maturity securities are carried at cost and totaled $109.7 million at December 31, 2024, $121.4 million at September 30, 2024, and $148.2 million at December 31, 2023.

    At December 31, 2024, total deposits were $1.80 billion, an increase of $550.5 million from the prior quarter, and an increase of $570.1 million or 46.2% from December 31, 2023. The increases in deposit balances from the prior quarter and prior year are primarily due to increases in interest bearing customer deposits and demand deposits, primarily related to the addition of the Touchstone acquired deposits.

    Other borrowings decreased $50.0 million during the fourth quarter as the Bank repaid borrowed funds from the Federal Reserve Bank through their Bank Term Funding Program.

    Shareholders’ equity totaled $166.5 million on December 31, 2024, which was an increase of $41.4 million from September 30, 2024. The increase in total shareholders’ equity was primarily attributable to the issuance of 2.67 million shares associated with the Touchstone acquisition. The Company declared and paid cash dividends of $0.155 per common share during the fourth quarter of 2024, up from $0.15 paid during the first three quarterly periods of 2024.

    The following table provides capital ratios at the periods ended:

        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023  
    Total capital ratio (2)     12.35 %     14.29 %     14.13 %
    Tier 1 capital ratio (2)     11.19 %     13.04 %     12.88 %
    Common equity Tier 1 capital ratio (2)     11.19 %     13.04 %     12.88 %
    Leverage ratio (2)     7.95 %     9.23 %     9.17 %
    Common equity to total assets (3)     8.29 %     8.62 %     8.23 %
    Tangible common equity to tangible assets (1) (3)     7.46 %     8.43 %     8.03 %
       
    (1) These are financial measures not calculated in accordance with generally accepted accounting principles (“GAAP”). For a reconciliation of these non-GAAP financial measures, see the “Non-GAAP Reconciliation” sections of the Performance Summary tables included in this release.
       
    (2) All ratios at December 31, 2024 are estimates and subject to change pending the Company’s filing of its FR Y9-C. All other periods are presented as filed.
       
    (3) Capital ratios presented are for First National Corporation.
       

    NON-GAAP FINANCIAL MEASURES

    In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this document include adjusted operating net income, adjusted basic and diluted earnings (loss) per share, adjusted return on average assets, adjusted return on average equity, pre-provision pre-tax earnings, adjusted pre-provision pre-tax earnings, fully taxable equivalent interest income, the net interest margin, the efficiency ratio, tangible book value per share, and tangible common equity to tangible assets.

    The Company believes certain non-GAAP financial measures enhance the understanding of its business and performance. Non-GAAP financial measures are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure is included at the end of this release.

    ABOUT FIRST NATIONAL CORPORATION

    First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg, Virginia. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, a loan production office, a customer service center in a retirement community, and thirty-three bank branch office locations located throughout the Shenandoah Valley, the south-central regions of Virginia, the Roanoke Valley, the Richmond MSA, and in northern North Carolina. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management. First Bank also owns First Bank Financial Services, Inc., which owns an interest in an entity that provides title insurance services.

    FORWARD-LOOKING STATEMENTS

    Certain information contained in this discussion may include “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 relate to the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts, and other statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” and “projects,” as well as similar expression. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties. For details on factors that could affect expectations, future events, or results, see the risk factors and other cautionary language included in First National’s Annual Report on Form 10-K for the year ended December 31, 2023, and most recent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (the “SEC”).

    Additional risks and uncertainties may include, but are not limited to: (1) the risk that the cost savings and any revenue synergies from the Touchstone merger may not be realized or take longer than anticipated to be realized, including due to the state of the economy or other competitive factors in the areas in which the parties operate, (2) disruption from the merger of customer, supplier, employee or other business partner relationships, including diversion of management’s attention from ongoing business operations and opportunities due to the merger, (3) the possibility that the costs, fees, expenses and charges related to the merger may be greater than anticipated, (4) reputational risk and the reaction of each of the parties’ customers, suppliers, employees or other business partners to the merger, (5) the risks relating to the integration of Touchstone’s operations into the operations of First National, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (6) the risk of expansion into new geographic or product markets, (7) the dilution caused by First National’s issuance of additional shares of its common stock in the merger, and (8) general competitive, economic, political and market conditions. All subsequent written and oral forward-looking statements concerning First National or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. First National does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

    CONTACTS

    Scott C. Harvard   Bruce E. Thomas
    President and CEO   Senior Vice President and Interim CFO
    (540) 465-9121   (540) 465-9121
    sharvard@fbvirginia.com   bthomas@fbvirginia.com
         

    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)

    (unaudited)                                        
        For the Three Months Ended     For the Year Ended  
        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023     Dec 31, 2024     Dec 31, 2023  
    Income Statement                                        
    Interest and dividend income                                        
    Interest and fees on loans   $ 21,516     $ 14,479     $ 13,255     $ 63,483     $ 49,293  
    Interest on deposits in banks     2,085       1,538       368       6,490       1,809  
    Interest on federal funds sold     189       —       —       189       —  
    Interest on securities                                        
    Taxable interest on securities     1,284       1,091       1,318       4,733       5,286  
    Tax-exempt interest on securities     308       303       303       1,222       1,220  
    Dividends     104       33       30       202       111  
    Total interest and dividend income   $ 25,486     $ 17,444     $ 15,274     $ 76,319     $ 57,719  
    Interest expense                                        
    Interest on deposits   $ 6,415     $ 4,958     $ 4,232     $ 20,964     $ 13,660  
    Interest on federal funds purchased     1       —       1       1       1  
    Interest on subordinated debt     396       69       70       603       277  
    Interest on junior subordinated debt     68       68       68       270       271  
    Interest on other borrowings     247       600       94       2,029       97  
    Total interest expense   $ 7,127     $ 5,695     $ 4,465     $ 23,867     $ 14,306  
    Net interest income   $ 18,359     $ 11,749     $ 10,809     $ 52,452     $ 43,413  
    Provision for credit losses     4,750       1,700       5,950       7,850       6,150  
    Net interest income after provision for credit losses   $ 13,609     $ 10,049     $ 4,859     $ 44,602     $ 37,263  
    Noninterest income                                        
    Service charges on deposit accounts   $ 1,181     $ 675     $ 718     $ 3,122     $ 2,780  
    ATM and check card fees     792       934       825       3,305       3,449  
    Wealth management fees     903       952       784       3,617       3,120  
    Fees for other customer services     317       276       232       966       770  
    Brokered mortgage fees     90       92       46       252       119  
    Income from bank owned life insurance     264       191       168       755       627  
    Net gains (losses) on securities available for sale     (154 )     39       —       (115 )     —  
    Gain on sale of other investment     —       —       186       —       186  
    Net gains on disposal of premises and equipment     —       —       —       —       47  
    Bargain purchase gain     2,920       —       —       2,920       —  
    Other operating income     131       44       110       1,558       686  
    Total noninterest income   $ 6,444     $ 3,203     $ 3,069     $ 16,380     $ 11,784  
    Noninterest expense                                        
    Salaries and employee benefits   $ 10,439     $ 5,927     $ 4,999     $ 28,076     $ 21,039  
    Occupancy     936       585       568       2,604       2,154  
    Equipment     1,123       726       621       3,131       2,377  
    Marketing     371       262       190       1,101       910  
    Supplies     264       123       153       618       576  
    Legal and professional fees     1,214       596       443       3,386       1,647  
    ATM and check card expense     385       394       313       1,508       1,578  
    FDIC assessment     285       195       154       860       633  
    Bank franchise tax     262       262       262       1,047       1,040  
    Data processing expense     4,142       290       327       4,841       1,047  
    Amortization expense     448       4       4       461       18  
    Other real estate owned expense (income), net     5       10       2       15       (199 )
    Net losses on disposal of premises and equipment     (4 )     2       —       47       —  
    Other operating expense     2,059       1,083       1,064       5,239       4,422  
    Total noninterest expense   $ 21,929     $ 10,459     $ 9,100     $ 52,934     $ 37,242  
    Income (loss) before income taxes   $ (1,876 )   $ 2,793     $ (1,172 )   $ 8,048     $ 11,805  
    Income tax expense (benefit)     (943 )     545       (321 )     1,082       2,181  
    Net income (loss)   $ (933 )   $ 2,248     $ (851 )   $ 6,966     $ 9,624  
                                             

    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)

    (unaudited)                                        
        As of or For the Three Months Ended     As of or For the Year Ended  
        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023     Dec 31, 2024     Dec 31, 2023  
    Common Share and Per Common Share Data                                        
    Earnings (loss) per common share, basic   $ (0.10 )   $ 0.36     $ (0.14 )   $ 1.00     $ 1.54  
    Adjusted earnings (loss) per common share, basic(1)   $ 0.66       0.39       (0.14 )   $ 2.10     $ 1.54  
    Weighted average shares, basic     8,971,649       6,287,997       6,261,500       6,955,592       6,265,394  
    Earnings (loss) per common share, diluted   $ (0.10 )   $ 0.36     $ (0.14 )   $ 1.00     $ 1.53  
    Adjusted earnings (loss) per common share, diluted(1)   $ 0.66       0.39       (0.14 )   $ 2.10     $ 1.53  
    Weighted average shares, diluted     8,994,315       6,303,282       6,282,815       6,971,089       6,279,106  
    Shares outstanding at period end     8,974,102       6,296,705       6,263,102       8,974,102       6,263,102  
    Tangible book value per share at period end (1)   $ 16.55     $ 19.37     $ 18.06     $ 16.55     $ 18.06  
    Cash dividends   $ 0.155     $ 0.150     $ 0.150     $ 0.605     $ 0.600  
                                             
    Key Performance Ratios                                        
    Return on average assets     (0.18 %)     0.62 %     (0.25 %)     0.44 %     0.71 %
    Adjusted return on average assets (1)     1.15 %     0.67 %     (0.25 %)     0.92 %     0.71 %
    Return on average equity     (2.35 %)     7.28 %     (2.97 %)     5.33 %     8.59 %
    Adjusted return on average equity (1)     15.01 %     7.93 %     (2.97 %)     11.19 %     8.59 %
    Net interest margin (1)     3.83 %     3.43 %     3.35 %     3.51 %     3.41 %
    Efficiency ratio (1)     63.97 %     68.13 %     66.26 %     66.73 %     67.69 %
                                             
    Average Balances                                        
    Average assets   $ 2,051,578     $ 1,449,185     $ 1,372,365     $ 1,597,150     $ 1,363,339  
    Average earning assets     1,919,864       1,374,566       1,290,231       1,504,946       1,280,980  
    Average shareholders’ equity     157,844       122,802       113,614       130,715       112,083  
                                             
    Asset Quality                                        
    Loan charge-offs   $ 1,432     $ 1,667     $ 2,765     $ 4,033     $ 3,993  
    Loan recoveries     98       95       92       283       418  
    Net charge-offs     1,334       1,572       2,673       3,750       3,575  
    Non-accrual loans     7,058       5,929       6,763       7,058       6,763  
    Other real estate owned, net     53       56       —       53       —  
    Nonperforming assets (3)     7,111       5,985       6,763       7,111       6,763  
    Loans 30 to 89 days past due, accruing     3,085       2,358       2,484       3,085       2,484  
    Loans over 90 days past due, accruing     365       —       524       365       524  
    Special mention loans     7,043       516       —       7,043       —  
    Substandard loans, accruing     2,030       1,713       287       2,030       287  
                                             
    Capital Ratios (2)                                        
    Total capital   $ 181,449     $ 148,477     $ 142,333     $ 181,449     $ 142,333  
    Tier 1 capital     164,454       135,490       129,840       164,454       129,840  
    Common equity Tier 1 capital     164,454       135,490       129,840       164,454       129,840  
    Total capital to risk-weighted assets     12.35 %     14.29 %     14.05 %     12.35 %     14.05 %
    Tier 1 capital to risk-weighted assets     11.19 %     13.04 %     12.82 %     11.19 %     12.82 %
    Common equity Tier 1 capital to risk-weighted assets     11.19 %     13.04 %     12.82 %     11.19 %     12.82 %
    Leverage ratio     7.95 %     9.23 %     9.31 %     7.95 %     9.31 %
                                             

    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)

    (unaudited)                                        
        For the Period Ended  
        Dec 31, 2024     Sept 30, 2024     Jun 30, 2024     Mar 31, 2024     Dec 31, 2023  
    Balance Sheet                                        
    Cash and due from banks   $ 24,916     $ 18,197     $ 16,729     $ 14,476     $ 17,194  
    Interest-bearing deposits in banks     137,958       108,319       118,906       124,232       69,967  
    Cash and cash equivalents   $ 162,874     $ 126,516     $ 135,635     $ 138,708     $ 87,161  
    Securities available for sale, at fair value     163,847       146,013       144,816       147,675       152,857  
    Securities held to maturity, at amortized cost (net of allowance for credit losses)     109,741       121,425       123,497       125,825       148,244  
    Restricted securities, at cost     3,741       2,112       2,112       2,112       2,078  
    Loans, net of allowance for credit losses     1,450,604       982,016       977,423       960,371       957,456  
    Other real estate owned, net     53       56       —       —       —  
    Premises and equipment, net     34,824       22,960       22,205       21,993       22,142  
    Accrued interest receivable     6,020       4,794       4,916       4,978       4,655  
    Bank owned life insurance     37,873       24,992       24,802       24,652       24,902  
    Goodwill     3,030       3,030       3,030       3,030       3,030  
    Core deposit intangibles, net     14,986       104       108       113       117  
    Other assets     22,688       16,698       18,984       17,738       16,653  
    Total assets   $ 2,010,281     $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295  
                                             
    Noninterest-bearing demand deposits   $ 520,153     $ 383,400     $ 397,770     $ 384,092     $ 379,208  
    Savings and interest-bearing demand deposits     924,880       663,925       665,208       677,458       662,169  
    Time deposits     358,745       205,930       202,818       197,587       192,349  
    Total deposits   $ 1,803,778     $ 1,253,255     $ 1,265,796     $ 1,259,137     $ 1,233,726  
    Other borrowings     —       50,000       50,000       50,000       50,000  
    Subordinated debt, net     21,176       4,999       4,998       4,998       4,997  
    Junior subordinated debt     9,279       9,279       9,279       9,279       9,279  
    Accrued interest payable and other liabilities     9,517       8,068       7,564       5,965       5,022  
    Total liabilities   $ 1,843,750     $ 1,325,601     $ 1,337,637     $ 1,329,379     $ 1,303,024  
                                             
    Preferred stock   $ —     $ —     $ —     $ —     $ —  
    Common stock     11,218       7,871       7,851       7,847       7,829  
    Surplus     77,058       33,409       33,116       33,021       32,950  
    Retained earnings     96,947       99,270       97,966       96,465       94,198  
    Accumulated other comprehensive (loss), net     (18,692 )     (15,435 )     (19,042 )     (19,517 )     (18,706 )
    Total shareholders’ equity   $ 166,531     $ 125,115     $ 119,891     $ 117,816     $ 116,271  
    Total liabilities and shareholders’ equity   $ 2,010,281     $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295  
                                             
    Loan Data                                        
    Mortgage real estate loans:                                        
    Construction and land development   $ 84,480     $ 61,446     $ 60,919     $ 53,364     $ 52,680  
    Secured by farmland     14,133       9,099       8,911       9,079       9,154  
    Secured by 1-4 family residential     547,576       351,004       346,976       347,014       344,369  
    Other real estate loans     658,029       440,648       440,857       436,006       438,118  
    Loans to farmers (except those secured by real estate)     940       633       349       332       455  
    Commercial and industrial loans (except those secured by real estate)     140,393       114,190       115,951       113,230       112,619  
    Consumer installment loans     7,582       5,396       5,068       4,808       4,753  
    Deposit overdrafts     450       253       365       251       222  
    All other loans     13,421       12,051       10,580       8,890       7,060  
    Total loans   $ 1,467,004     $ 994,720     $ 989,976     $ 972,974     $ 969,430  
    Allowance for credit losses     (16,400 )     (12,704 )     (12,553 )     (12,603 )     (11,974 )
    Loans, net   $ 1,450,604     $ 982,016     $ 977,423     $ 960,371     $ 957,456  
                                             

    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliation
    (in thousands, except share and per share data)

    (unaudited)                              
      For the Three Months Ended   For the Year Ended  
      Dec 31, 2024   Sept 30, 2024   Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    Operating Net Income                              
    Net income (GAAP) $ (933 ) $ 2,248   $ (851 ) $ 6,966   $ 9,624  
    Add: Merger-related expenses   7,316     219     —     8,107     —  
    Add: Day 2 Non-PCD Provision   3,931     —     —     3,931     —  
    Subtract: Bargain purchase gain   (2,920 )   —     —     (2,920 )   —  
    Subtract: Tax effect of adjustment (4)   (1,439 )   (19 )   —     (1,463 )   —  
    Adjusted operating net income (non-GAAP) $ 5,955   $ 2,448   $ (851 ) $ 14,621   $ 9,624  
                                   
    Adjusted Earnings Per Share, Basic                              
    Weighted average shares, basic   8,971,649     6,287,997     6,261,500     6,955,592     6,265,394  
    Basic earnings (loss) per share (GAAP) $ (0.10 ) $ 0.36   $ (0.14 ) $ 1.00   $ 1.54  
    Adjusted earnings (loss) per share, basic (non-GAAP) $ 0.66   $ 0.39   $ (0.14 ) $ 2.10   $ 1.54  
                                   
    Adjusted Earnings Per Share, Diluted                              
    Weighted average shares, diluted   8,994,315     6,303,282     6,282,815     6,971,089     6,279,106  
    Diluted earnings (loss) per share (GAAP) $ (0.10 ) $ 0.36   $ (0.14 ) $ 1.00   $ 1.53  
    Adjusted diluted earnings (loss) per share (non-GAAP) $ 0.66   $ 0.39   $ (0.14 ) $ 2.10   $ 1.53  
                                   
    Adjusted Pre-Provision, Pre-Tax Earnings                              
    Net interest income $ 18,359   $ 11,749   $ 10,809   $ 52,452   $ 43,413  
    Total noninterest income   6,444     3,203     3,069     16,380     11,784  
    Net revenue $ 24,803   $ 14,952   $ 13,878   $ 68,832   $ 55,197  
    Total noninterest expense   21,929     10,459     9,100     52,934     37,242  
    Pre-provision, pre-tax earnings $ 2,874   $ 4,493   $ 4,778   $ 15,898   $ 17,955  
    Add: Merger expenses   7,316     219     —     8,107     —  
    Add: Day 2 Non-PCD Provision   3,931     —     —     3,931     —  
    Subtract: Bargain purchase gain   (2,920 )   —     —     (2,920 )   —  
    Adjusted pre-provision, pre-tax, earnings $ 7,270   $ 4,712   $ 4,778   $ 21,085   $ 17,955  
                                   
    Adjusted Performance Ratios                              
    Average assets $ 2,051,578   $ 1,449,185   $ 1,372,365   $ 1,597,150   $ 1,363,339  
    Return on average assets (GAAP)   (0.18 %)   0.62 %   (0.25 %)   0.44 %   0.71 %
    Adjusted return on average assets (non-GAAP)   1.15 %   0.67 %   (0.25 %)   0.92 %   0.71 %
                                   
    Average shareholders’ equity $ 157,844   $ 122,802     113,614   $ 130,715   $ 112,083  
    Return on average equity (GAAP)   (2.35 %)   7.28 %   (2.97 %)   5.33 %   8.59 %
    Adjusted return on average equity (non-GAAP)   15.01 %   7.93 %   (2.97 %)   11.19 %   8.59 %
                                   
    Pre-provision, pre-tax return on average assets (non-GAAP)   0.56 %   1.24 %   1.39 %   1.00 %   1.32 %
    Adjusted pre-provision, pre-tax return on average assets (non-GAAP)   1.42 %   1.30 %   1.39 %   1.32 %   1.32 %
                                   
    Net Interest Margin                              
    Tax-equivalent net interest income $ 18,461   $ 11,842   $ 10,889   $ 52,821   $ 43,738  
    Average earning assets   1,919,864     1,374,566     1,290,231     1,504,946     1,280,980  
    Net interest margin (non-GAAP)   3.83 %   3.43 %   3.35 %   3.51 %   3.41 %
                                   

    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliation
    (in thousands, except share and per share data)
    (unaudited)              

    		  
      For the Three Months Ended   For the Year Ended  
      Dec 31, 2024   Sept 30, 2024   Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    Efficiency Ratio                              
    Total noninterest expense (GAAP) $ 21,929   $ 10,459   $ 9,100   $ 52,934   $ 37,242  
    Add: other real estate owned income, net   (5 )   (10 )   (2 )   (15 )   199  
    Subtract: amortization of intangibles   (448 )   (4 )   (4 )   (461 )   (18 )
    Subtract: loss on disposal of premises and equipment, net   3     (2 )   —     (47 )   —  
    Subtract: merger expenses   (7,316 )   (219 )   —     (8,107 )   —  
    Adjusted non-interest expense (non-GAAP) $ 14,163   $ 10,224   $ 9,094   $ 44,304   $ 37,423  
    Tax-equivalent net interest income (non-GAAP) $ 18,461   $ 11,842   $ 10,889   $ 52,821   $ 43,738  
    Total noninterest income (GAAP)   6,444     3,203     3,069     16,380     11,784  
    (Gain) loss on disposal of premises and equipment   —     —     (47 )   —     (47 )
    Gain on sale of other investment   —     —     (186 )   —     (186 )
    Bargain purchase gain   (2,920 )   —     —     (2,920 )   —  
    Securities losses (gains), net   154     (39 )   —     115     —  
    Adjusted income for efficiency ratio (non-GAAP) $ 22,139   $ 15,006   $ 13,725   $ 66,396   $ 55,289  
                                   
    Efficiency ratio (non-GAAP)   63.97 %   68.13 %   66.26 %   66.73 %   67.69 %
                                   

    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliation
    (in thousands, except share and per share data)

    (unaudited)                                        
        For the Three Months Ended     For the Year Ended  
        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023     Dec 31, 2024     Dec 31, 2023  
    Tax-Equivalent Net Interest Income                                        
    GAAP measures:                                        
    Interest income – loans   $ 21,516     $ 14,479     $ 13,255     $ 63,483     $ 49,293  
    Interest income – investments and other     3,970       2,965       2,019       12,836       8,426  
    Interest expense – deposits     (6,415 )     (4,958 )     (4,232 )     (20,964 )     (13,660 )
    Interest expense – federal funds purchased     (1 )     –       –       (1 )     –  
    Interest expense – subordinated debt     (396 )     (69 )     (70 )     (603 )     (277 )
    Interest expense – junior subordinated debt     (68 )     (68 )     (68 )     (270 )     (271 )
    Interest expense – other borrowings     (247 )     (600 )     (95 )     (2,029 )     (98 )
    Net interest income   $ 18,359     $ 11,749     $ 10,809     $ 52,452     $ 43,413  
    Non-GAAP measures:                                        
    Add: Tax benefit realized on non-taxable interest income – loans (4)   $ 18     $ 13     $ —     $ 43     $ —  
    Add: Tax benefit realized on non-taxable interest income – municipal securities (4)     84       80       80       326       325  
    Tax benefit realized on non-taxable interest income   $ 102     $ 93     $ 80     $ 369     $ 325  
    Tax-equivalent net interest income   $ 18,461     $ 11,842     $ 10,889     $ 52,821     $ 43,738  
                                             
                                             
    Tangible Common Equity and Tangible Assets                                        
    Total assets (GAAP)   $ 2,010,281     $ 1,450,716     $ 1,419,295     $ 2,010,281     $ 1,419,295  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (14,986 )     (104 )     (117 )     (14,986 )     (117 )
    Tangible assets (Non-GAAP)   $ 1,992,265     $ 1,447,582     $ 1,416,148     $ 1,992,265     $ 1,416,148  
                                             
    Total shareholders’ equity (GAAP)   $ 166,531     $ 125,115     $ 116,271     $ 166,531     $ 116,271  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (14,986 )     (104 )     (117 )     (14,986 )     (117 )
    Tangible common equity (Non-GAAP)   $ 148,515     $ 121,981     $ 113,124     $ 148,515     $ 113,124  
                                             
    Tangible common equity to tangible assets ratio     7.45 %     8.43 %     7.99 %     7.45 %     7.99 %
                                             
                                             
    Tangible Book Value Per Share                                        
    Tangible common equity (non-GAAP)   $ 148,515     $ 121,981     $ 113,124     $ 148,515     $ 113,124  
    Common shares outstanding, ending     8,974,102       6,296,705       6,263,102       8,974,102       6,263,102  
    Tangible book value per share   $ 16.48     $ 19.37     $ 18.06     $ 16.48     $ 18.06  
       
    (1) Non-GAAP financial measure.  See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliations” for additional information and detailed calculations of adjustments.
       
    (2) Capital ratios are for First Bank.
       
    (3) Nonperforming assets are comprised of nonaccrual loans and other real estate owned.
       
    (4) The tax rate utilized in calculating the tax benefit is 21%. Certain merger-related expenses were non-deductible.

    The MIL Network –

  • MIL-OSI: CoreCard Corporation Schedules Fourth Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NORCROSS, Ga., Feb. 06, 2025 (GLOBE NEWSWIRE) — CoreCard Corporation (NYSE: CCRD), the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, intends to hold an investor conference call on February 20, 2025, at 11:00 A.M. Eastern Time in conjunction with the company’s earnings release for the quarter ended December 31, 2024. The company plans to issue a press release with the financial results for the period before the market opens on February 20, 2025.

    Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcast-eqs.com/register/corecard022025/en or by dialing 1-877-407-0890. As part of the conference call CoreCard will be conducting a question-and-answer session where participants are invited to email their questions to questions@corecard.com prior to the call. A transcript of the call will be posted on the company’s website at investors.corecard.com as soon as available after the call.

    About CoreCard Corporation

    CoreCard Corporation (NYSE: CCRD) provides the gold standard card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

    Forward-Looking Statements

    The forward-looking statements in this press release are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company’s Annual Report on Form 10-K and in the Company’s other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words “believes,” “plans,” “expects,” “will,” “intends,” “continue,” “outlook,” “progressing,” and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

    Contact:   CoreCard Corporation
        Matthew A. White, Chief Financial Officer
        770-564-5504
        matt@corecard.com 

    The MIL Network –

  • MIL-OSI Banking: Secretary-General of ASEAN receives visit by EU–ASEAN Business Council delegation

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today received a visit by a delegation from the EU-ASEAN Business Council, who are on a business mission to Indonesia, at the ASEAN Headquarters/ASEAN Secretariat. The meeting exchanged perspectives and discussed the role of private sectors in fostering the digital economy and accelerating sustainability within the ASEAN region. They underscored the critical role of private sector innovation and investment in driving these agendas, while exploring actionable pathways to deepen cooperation between ASEAN and European stakeholders.

    The post Secretary-General of ASEAN receives visit by EU–ASEAN Business Council delegation appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI: Inter&Co Inc. Reports Highest Ever Net Income of R$973M in 2024

    Source: GlobeNewswire (MIL-OSI)

    BELO HORIZONTE, Brazil, Feb. 06, 2025 (GLOBE NEWSWIRE) — Inter&Co Inc. (NASDAQ: INTR | B3: INBR32), the leading financial super app providing financial and digital commerce services to over 36 million customers, today reported financial results for the fourth quarter of 2024.

    2024 Highlights:

    • Record Net Income of R$ 973 million in 2024, 3 times greater than 2023.
    • Total Net Revenue of R$ 6.4 billion, up 35% YoY, while Total Gross Revenues surpassed the mark of R$ 10 billion in 2024.
    • Net Interest Margin of 9.7% in 4Q24, up from 9.0% in the same period of 2023.
    • Net fee revenues of over R$ 2.0 billion, a 31% YoY growth, representing the strength of the platform effect.
    • Total clients grew to 36 million, with 20.6 million active clients and an activation rate of 57%.

    João Vitor Menin, Global CEO of Inter&Co commented:

    “Our story has been about innovation, delivering a superior financial super app with low-cost products, disrupting a traditional and inefficient industry. As a result, we have acquired over 36 million clients that are simplifying their financial lives by using our platform.”

    “In 2024, engagement continued to rise as we attracted a record 4.2 million active clients to our platform. This increased engagement fosters cross-selling among our seven verticals, generating a powerful network effect and enabling us to achieve remarkable results across all of them.”

    “As a result, we delivered a growing ROE of 11.7% in 2024 and finished the year with R$973 million in net income, greater than our entire historical profitability combined.”

    He added, “We entered 2025 with a strong balance sheet, one of the lowest costs of funding in the industry, a diversified credit portfolio, and asset quality metrics that continue to improve despite a more challenging scenario. I’m confident that our platform is exceptionally well positioned to continue succeeding in the years ahead.”

    Conference Call
    Inter&Co will discuss its 4Q2024 financial results on February 6th, 2024, at 11 a.m. ET (1 p.m. BRT). The webcast details, along with the earnings materials can be accessed on the company’s Investor Relations website at https://investors.inter.co/en/.

    About Inter&Co
    Inter&Co (NASDAQ: INTR) is the pioneer financial super app serving over 36 million consumers across the Americas. The Inter&Co ecosystem offers a broad array of services, including banking, investments, mortgages, credit, gift cards, and cross-border tools. The super app also boasts a dynamic marketplace, linking consumers with shopping discounts, cashback rewards, and exclusive access to marquee events across the globe. The company is expanding rapidly in the United States, as evidenced by its naming rights sponsorship of the Inter&Co Stadium that hosts soccer teams “Orlando City” and “Orlando Pride”. Focused on innovation and captivating member experiences, Inter&Co delivers comprehensive financial and lifestyle solutions to meet the evolving needs of modern consumers. For more information, visit: https://inter.co/en/us/.

    Investor Relations:
    Rafaela de Oliveira Vitória
    ir@inter.co

    Media Relations:
    Kaio Philipe
    kaio.philipe@inter.co

    Chemistry Agency
    interco@chemistryagency.com

    Disclaimer
    This report may contain forward-looking statements regarding Inter, anticipated synergies, growth plans, projected results and future strategies. While these forward-looking statements reflect our Management’s good faith beliefs, they involve known and unknown risks and uncertainties that could cause the company’s results or accrued results to differ materially from those anticipated and discussed herein. These statements are not guarantees of future performance. These risks and uncertainties include, but are not limited to, our ability to realize the number of projected synergies and the projected schedule, in addition to economic, competitive, governmental and technological factors affecting Inter, the markets, products and prices and other factors. In addition, this presentation contains managerial figures that may differ from those presented in our financial statements. The calculation methodology for these managerial numbers is presented in Inter’s quarterly earnings release. Statements contained in this report that are not facts or historical information may be forward looking statements under the terms of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may, among other things, beliefs related to the creation of value and any other statements regarding Inter. In some cases, terms such as “estimate”, “project”, “predict”, “plan”, “believe”, “can”, “expectation”, “anticipate”, “intend”, “aimed”, “potential”, “may”, “will/shall” and similar terms, or the negative of these expressions, may identify forward looking statements.

    These forward-looking statements are based on Inter’s expectations and beliefs about future events and involve risks and uncertainties that could cause actual results to differ materially from current ones. Any forward-looking statement made by us in this document is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future developments or otherwise. The definition of each such operational metric is included in the earnings release available on our Investor Relations website.

    For additional information that about factors that may lead to results that are different from our estimates, please refer to sections “Cautionary Statement Concerning Forward Looking Statements” and “Risk Factors” of Inter&Co Annual Report on Form 20-F. The numbers for our key metrics (Unit Economics), which include, among other, active clients and average revenue per active client (ARPAC), are calculated using Inter’s internal data. Although we believe these metrics are based on reasonable estimates, there are challenges inherent in measuring the use of our business. In addition, we continually seek to improve our estimates, which may change due to improvements or changes in methodology, in processes for calculating these metrics and, from time to time, we may discover inaccuracies and adjust to improve accuracy, including adjustments that may result in recalculating our historical metrics.

    About Non-IFRS Financial Measures
    To supplement the financial measures presented in this press release and related conference call, presentation, or webcast in accordance with IFRS, Inter&Co also presents non-IFRS measures of financial performance, as highlighted throughout the documents. The non-IFRS Financial Measures include, among others: Adjusted Net Income, Cost of Funding, Efficiency Ratio, Cost of Risk, Cards+PIX TPV, Gross ARPAC, Global Clients, Total Gross Revenues, and Return on average equity (ROE).

    A “non-IFRS financial measure” refers to a numerical measure of Inter&Co’s historical or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with IFRS in Inter&Co’s financial statements. Inter&Co provides certain non-IFRS measures as additional information relating to its operating results as a complement to results provided in accordance with IFRS. The non-IFRS financial information presented herein should be considered together with, and not as a substitute for or superior to, the financial information presented in accordance with IFRS. There are significant limitations associated with the use of non-IFRS financial measures. Further, these measures may differ from the non-IFRS information, even where similarly titled, used by other companies and therefore should not be used to compare Inter&Co’s performance to that of other companies.

    The MIL Network –

  • MIL-OSI: AMG Reports Financial and Operating Results for the Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    Company reports EPS of $4.92, Economic EPS of $6.53 in the fourth quarter of 2024
    EPS of $15.13, Economic EPS of $21.36 for the full year 2024

    • New partnership with NorthBridge Partners, a private markets manager specializing in industrial logistics real estate assets
    • Net income (controlling interest) of $512 million, Economic Net Income (controlling interest) of $702 million
    • 10% full-year Economic Earnings per share growth reflects AMG’s ongoing strategic evolution and disciplined capital allocation strategy
    • Repurchased $700 million in common stock or approximately 13% of shares outstanding in 2024

    WEST PALM BEACH, Fla., Feb. 06, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the fourth quarter and year ended December 31, 2024.

    Jay C. Horgen, President and Chief Executive Officer of AMG, said:
    “AMG delivered record Economic Earnings per share in 2024; growth of 10% relative to the prior year reflected the ongoing evolution of our business and the positive impact of our disciplined capital allocation strategy.

    “In 2024, we continued to strategically evolve our business, increasing our exposure to alternatives, which further enhances our long-term growth prospects. AMG’s private markets Affiliates raised approximately $24 billion during the year, reflecting the ongoing demand for our Affiliates’ specialized strategies. Throughout the year we continued to invest our capital and resources alongside our Affiliates to develop new products for the U.S. wealth marketplace, including additional innovative alternative solutions across private markets and liquid alternatives.

    “This morning, we announced our investment in NorthBridge Partners, a leading vertically integrated real estate manager with excellent forward prospects, given its deep expertise and targeted investment strategy in last-mile logistics, a high-growth sector benefiting from the expanding digital economy and evolving supply chain dynamics. Our partnership with NorthBridge broadens AMG’s participation in private markets and underscores our focus on investing in areas of secular growth. AMG’s proven ability to magnify the competitive advantages of partner-owned firms, while also preserving their independence, continues to differentiate AMG’s partnership model and is highly valued by prospective Affiliates.

    “Our execution across each element of our growth strategy, including investing in new Affiliate partnerships, investing in our existing Affiliates, and investing in AMG’s capabilities to magnify our Affiliates’ success, is driving the evolution of our distinctive business profile. Given AMG’s proven strategic capabilities and 30-year track record of successful partnerships, our opportunities to invest in growth are expanding. With our ample financial flexibility and disciplined capital allocation framework, we enter 2025 in an excellent position to continue executing on our strategy, and create meaningful incremental shareholder value over time.”

    FINANCIAL HIGHLIGHTS Three Months Ended   Years Ended
    (in millions, except as noted and per share data) 12/31/2023   12/31/2024   12/31/2023   12/31/2024
    Operating Performance Measures              
    AUM (at period end, in billions) $ 672.7     $ 707.9     $ 672.7     $ 707.9  
    Average AUM (in billions)   648.1       717.3       660.3       700.5  
    Net client cash flows (in billions)   (6.1 )     (8.3 )     (29.2 )     (13.9 )
    Aggregate fees   1,560.9       1,509.2       5,066.6       5,236.0  
    Financial Performance Measures              
    Net income (controlling interest) $ 196.2     $ 162.1     $ 672.9     $ 511.6  
    Earnings per share (diluted)(1)   5.15       4.92       17.42       15.13  
    Supplemental Performance Measures(2)              
    Adjusted EBITDA (controlling interest) $ 296.2     $ 281.7     $ 935.7     $ 973.1  
    Economic net income (controlling interest)   242.9       205.8       717.8       701.6  
    Economic earnings per share   6.86       6.53       19.48       21.36  
                                   

    For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.

    Capital Management
    During the fourth quarter of 2024, the Company repurchased approximately $120 million in common stock, bringing full-year share repurchases to approximately $700 million. The Company also announced a fourth-quarter cash dividend of $0.01 per share of common stock, payable March 4, 2025 to stockholders of record as of the close of business on February 18, 2025.

    About AMG
    AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of December 31, 2024, AMG’s aggregate assets under management were approximately $708 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

             

    Conference Call, Replay and Presentation Information
    A conference call will be held with AMG’s management at 8:30 a.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

    The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13750674. The live call and replay of the session and a presentation highlighting the Company’s performance can also be accessed via AMG’s website at https://ir.amg.com/.

    Financial Tables Follow

    ASSETS UNDER MANAGEMENT – STATEMENTS OF CHANGES (in billions)
     
      Alternatives   Differentiated Long-Only  
    BY STRATEGY – QUARTER TO DATE Private Markets
    		   Liquid
    Alternatives
    		     Equities
    		   Multi-Asset &
    Fixed Income
    		   Total
    		  
    AUM, September 30, 2024 $ 131.2   $ 135.3     $ 345.9   $ 116.0   $ 728.4  
    Client cash inflows and commitments   5.6     8.9       10.2     5.2     29.9  
    Client cash outflows   (0.1 )   (7.3 )     (25.8 )   (5.0 )   (38.2 )
    Net client cash flows   5.5     1.6       (15.6 )   0.2     (8.3 )
    Market changes   (0.2 )   3.5       (2.5 )   0.4     1.2  
    Foreign exchange   (0.5 )   (3.1 )     (6.3 )   (1.3 )   (11.2 )
    Realizations and distributions (net)   (0.7 )   (0.2 )     (1.3 )   (0.1 )   (2.3 )
    Other   0.1     3.6       (4.0 )   0.4     0.1  
    AUM, December 31, 2024 $ 135.4   $ 140.7     $ 316.2   $ 115.6   $ 707.9  
      Alternatives   Differentiated Long-Only  
    BY STRATEGY – YEAR TO DATE Private Markets
    		   Liquid
    Alternatives
    		     Equities
    		   Multi-Asset &
    Fixed Income
    		   Total
    		  
    AUM, December 31, 2023 $ 114.8   $ 124.0     $ 329.4   $ 104.5   $ 672.7  
    Client cash inflows and commitments   23.7     27.5       38.1     22.1     111.4  
    Client cash outflows   (0.2 )   (25.6 )     (80.2 )   (19.3 )   (125.3 )
    Net client cash flows   23.5     1.9       (42.1 )   2.8     (13.9 )
    New investments   0.7     —       —     0.7     1.4  
    Market changes   0.4     10.6       41.4     8.7     61.1  
    Foreign exchange   (0.3 )   (0.8 )     (4.6 )   (1.2 )   (6.9 )
    Realizations and distributions (net)   (4.4 )   (0.5 )     (1.4 )   (0.3 )   (6.6 )
    Other   0.7     5.5       (6.5 )   0.4     0.1  
    AUM, December 31, 2024 $ 135.4   $ 140.7     $ 316.2   $ 115.6   $ 707.9  
     
    CONSOLIDATED STATEMENTS OF INCOME
     
        Three Months Ended
    (in millions, except per share data)   12/31/2023   12/31/2024
    Consolidated revenue   $ 502.7     $ 524.2  
             
    Consolidated expenses:        
    Compensation and related expenses     244.5       238.8  
    Selling, general and administrative     84.8       98.4  
    Intangible amortization and impairments     10.8       7.3  
    Interest expense     31.4       35.2  
    Depreciation and other amortization     3.0       4.0  
    Other expenses (net)     9.6       8.8  
    Total consolidated expenses     384.1       392.5  
             
    Equity method income (net)(3)     125.7       124.5  
    Affiliate Transaction gains(4)     —       —  
    Investment and other income     29.8       17.5  
    Income before income taxes     274.1       273.7  
             
    Income tax expense     29.8       52.6  
    Net income     244.3       221.1  
             
    Net income (non-controlling interests)     (48.1 )     (59.0 )
    Net income (controlling interest)   $ 196.2     $ 162.1  
             
    Average shares outstanding (basic)     33.7       30.1  
    Average shares outstanding (diluted)     41.3       36.0  
             
    Earnings per share (basic)   $ 5.83     $ 5.39  
    Earnings per share (diluted)(1)   $ 5.15     $ 4.92  
     
    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)
     
        Three Months Ended
    (in millions, except per share data)   12/31/2023   12/31/2024
    Net income (controlling interest)   $ 196.2     $ 162.1  
    Intangible amortization and impairments     39.9       30.5  
    Intangible-related deferred taxes     12.8       15.3  
    Affiliate Transactions(4)     —       —  
    Other economic items     (6.0 )     (2.1 )
    Economic net income (controlling interest)   $ 242.9     $ 205.8  
             
    Average shares outstanding (adjusted diluted)     35.4       31.5  
    Economic earnings per share   $ 6.86     $ 6.53  
             
    Net income (controlling interest)   $ 196.2     $ 162.1  
    Interest expense     31.4       35.2  
    Income taxes     34.5       54.9  
    Intangible amortization and impairments     39.9       30.5  
    Affiliate Transactions(4)     —       —  
    Other items     (5.8 )     (1.0 )
    Adjusted EBITDA (controlling interest)   $ 296.2     $ 281.7  
     
    See Notes for additional information.
    CONSOLIDATED STATEMENTS OF INCOME
     
        Years Ended
    (in millions, except per share data)   12/31/2023   12/31/2024
    Consolidated revenue   $ 2,057.8     $ 2,040.9  
             
    Consolidated expenses:        
    Compensation and related expenses     907.5       915.3  
    Selling, general and administrative     358.2       376.5  
    Intangible amortization and impairments     48.3       29.0  
    Interest expense     123.8       133.3  
    Depreciation and other amortization     13.0       13.4  
    Other expenses (net)     45.8       40.3  
    Total consolidated expenses     1,496.6       1,507.8  
             
    Equity method income (net)(3)     280.0       312.7  
    Affiliate Transaction gains(4)     133.1       —  
    Investment and other income     117.1       77.4  
    Income before income taxes     1,091.4       923.2  
             
    Income tax expense     185.3       182.6  
    Net income     906.1       740.6  
             
    Net income (non-controlling interests)     (233.2 )     (229.0 )
    Net income (controlling interest)   $ 672.9     $ 511.6  
             
    Average shares outstanding (basic)     35.1       31.1  
    Average shares outstanding (diluted)     42.2       36.1  
             
    Earnings per share (basic)   $ 19.18     $ 16.45  
    Earnings per share (diluted)(1)   $ 17.42     $ 15.13  
     
    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)
     
        Years Ended
    (in millions, except per share data)   12/31/2023   12/31/2024
    Net income (controlling interest)   $ 672.9     $ 511.6  
    Intangible amortization and impairments     128.5       149.2  
    Intangible-related deferred taxes     57.3       61.9  
    Affiliate Transactions(4)     (122.1 )     —  
    Other economic items     (18.8 )     (21.1 )
    Economic net income (controlling interest)   $ 717.8     $ 701.6  
             
    Average shares outstanding (adjusted diluted)     36.8       32.8  
    Economic earnings per share   $ 19.48     $ 21.36  
             
    Net income (controlling interest)   $ 672.9     $ 511.6  
    Interest expense     123.8       133.3  
    Income taxes     185.2       187.9  
    Intangible amortization and impairments     128.5       149.2  
    Affiliate Transactions(4)     (162.7 )     —  
    Other items     (12.0 )     (8.9 )
    Adjusted EBITDA (controlling interest)   $ 935.7     $ 973.1  
     
    See Notes for additional information.
    CONSOLIDATED BALANCE SHEETS
     
        Years Ended
    (in millions)   12/31/2023   12/31/2024
    Assets        
    Cash and cash equivalents   $ 813.6     $ 950.0  
    Receivables     368.4       409.7  
    Investments     941.9       595.6  
    Goodwill     2,523.6       2,504.9  
    Acquired client relationships (net)     1,812.4       1,777.8  
    Equity method investments in Affiliates (net)     2,288.5       2,246.6  
    Fixed assets (net)     67.3       57.6  
    Other assets     243.9       288.7  
    Total assets   $ 9,059.6     $ 8,830.9  
             
    Liabilities and Equity        
    Payables and accrued liabilities   $ 628.5     $ 639.1  
    Debt     2,537.5       2,620.2  
    Deferred tax liability (net)     463.8       520.5  
    Other liabilities     466.3       402.4  
    Total liabilities     4,096.1       4,182.2  
             
    Redeemable non-controlling interests     393.4       350.5  
    Equity:        
    Common stock     0.6       0.6  
    Additional paid-in capital     741.4       733.1  
    Accumulated other comprehensive loss     (167.6 )     (163.6 )
    Retained earnings     6,389.6       6,899.8  
          6,964.0       7,469.9  
    Less: treasury stock, at cost     (3,376.1 )     (4,124.6 )
    Total stockholders’ equity     3,587.9       3,345.3  
    Non-controlling interests     982.2       952.9  
    Total equity     4,570.1       4,298.2  
    Total liabilities and equity   $ 9,059.6     $ 8,830.9  
    Notes
       
    (1) Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock.
       
      We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.
       
      We are required to apply the if-converted method to our outstanding junior convertible securities when calculating Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.
       
      The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share:
          Three Months Ended   Years Ended
      (in millions)   12/31/2023   12/31/2024   12/31/2023   12/31/2024
      Numerator                
      Net income (controlling interest)   $ 196.2   $ 162.1   $ 672.9   $ 511.6
      Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes     12.9     11.7     49.0     20.5
      Interest expense on junior convertible securities, net of taxes     3.4     3.4     13.4     13.4
      Net income (controlling interest), as adjusted   $ 212.5   $ 177.2   $ 735.3   $ 545.5
      Denominator                
      Average shares outstanding (basic)     33.7     30.1     35.1     31.1
      Effect of dilutive instruments:                
      Stock options and restricted stock units     1.7     1.4     1.7     1.7
      Hypothetical issuance of shares to settle Redeemable non-controlling interests     4.2     2.8     3.7     1.6
      Junior convertible securities     1.7     1.7     1.7     1.7
      Average shares outstanding (diluted)     41.3     36.0     42.2     36.1
    (2) As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC’s website at www.sec.gov.
       
      Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate Transactions, and non-cash items such as certain Affiliate equity activity, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to Affiliate Transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity activity, gains and losses related to contingent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities are converted and we are relieved of our debt obligation.
       
      The following table provides a reconciliation of Average shares outstanding (adjusted diluted):
          Three Months Ended   Years Ended
      (in millions)   12/31/2023     12/31/2024     12/31/2023     12/31/2024  
      Average shares outstanding (diluted)   41.3     36.0     42.2     36.1  
      Hypothetical issuance of shares to settle Redeemable non-controlling interests   (4.2 )   (2.8 )   (3.7 )   (1.6 )
      Junior convertible securities   (1.7 )   (1.7 )   (1.7 )   (1.7 )
      Average shares outstanding (adjusted diluted)   35.4     31.5     36.8     32.8  
    (3) The following table presents equity method earnings and equity method intangible amortization and impairments, which in aggregate form Equity method income (net):
       
          Three Months Ended   Years Ended
      (in millions)   12/31/2023   12/31/2024   12/31/2023   12/31/2024
      Equity method earnings   $ 158.3     $ 150.1     $ 375.6     $ 442.7  
      Equity method intangible amortization and impairments     (32.6 )     (25.6 )     (95.6 )     (130.0 )
      Equity method income (net)   $ 125.7     $ 124.5     $ 280.0     $ 312.7  
    (4) The following table presents the impact of the completion of our previously announced sales of our equity interests in Veritable, LP to a third party in the third quarter of 2023, and Baring Private Equity Asia to EQT AB (“EQT”), a public company listed on Nasdaq Stockholm (EQT ST), in the fourth quarter of 2022, pursuant to which we received ordinary shares of EQT:
     
          Three Months Ended   Years Ended
      (in millions)   12/31/2023   12/31/2024   12/31/2023   12/31/2024  
      Affiliate Transaction gain   $ —     $ —     $ 133.1     $ —  
      Investment and other income – Realized gains on EQT shares     —       —       29.6       —  
      Affiliate Transactions, pre-tax     —       —       162.7       —  
      Income taxes     —       —       (40.6 )     —  
      Affiliate Transactions, after-tax   $ —     $ —     $ 122.1     $ —  
     

    Forward-Looking Statements and Other Matters

    Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.

    This release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate.

    From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

    Investor and Media Relations
    Patricia Figueroa
    +1 (617) 747-3300
    ir@amg.com
    pr@amg.com

    The MIL Network –

  • MIL-OSI: Descartes Showcases Global Trade Intelligence Technology Innovations

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Feb. 06, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, is scheduled to showcase numerous technology innovations to its global trade intelligence software suite at Descartes’ Innovation Forum event, which takes place in Washington, DC from February 11-12, 2025. Innovations to Descartes’ solution suite help companies in diverse industries manage the cross-border trade of merchandise, commodities and services more securely and efficiently in the face of expanding compliance requirements, geopolitical volatility, and evolving tariffs and trade barriers.

    “The current environment of ever-changing and complex trade regulations is challenging to manage. Our solutions and trade data help simplify how our customers’ teams conduct business while helping them mitigate risk,” said Brian Hodgson, General Manager, Trade Intelligence at Descartes. “Our technology innovations are focused on helping companies build more agile, intelligent and resilient supply chain networks that allow them to keep pace with frequent and complex tariff and regulatory changes, secure better sources of supply, and acquire high quality competitive intelligence.”

    Descartes’ global trade intelligence innovation and enhancements include:

    • Artificial Intelligence (AI)-enabled screening and classification to scale compliance operations. AI-driven screening for restricted, sanctioned and denied parties quarantines low-quality false positives and identifies when additional due diligence is required. AI-driven import/export classification accelerates product lookup capabilities in combination with other features such as regulations cross-referencing and landed cost calculations. Both innovations help companies more efficiently access and manage high volume, repetitive tasks without overloading existing compliance resources or adding new staff.
    • AI-based agent to speed complex global trade intelligence queries. Converse in multiple languages with an AI-based agent to answer common questions; quickly identify historical trade patterns, emerging trends, or specific data needs (e.g., commodities, companies, products); and receive text- and/or graph-based responses. This helps users define searches more precisely, ensuring they extract the most relevant global trade data and that it’s presented effectively. It makes global trade data content more accessible and actionable, while minimizing the training time required to build proficiency in developing optimal queries.
    • Expanded global trade content offerings to simplify more wholistic risk assessments. Combining traditional Harmonized System (HS)-based trade data content with both optional experience-based content, such as previously classified products, and timely innovative-based content, such as legislation and/or regulations, provides companies with a broader content ecosystem to facilitate efficient and effective risk assessment associated with product, party or shipment compliance.
    • Enhanced analytics to generate insights and inform strategic, evidence-based decision making. Advanced Microsoft Power BI-based analytics aggregates data from screening applications and other sources (e.g., visitor management, license management, other operational systems) to provide a single reporting view. Companies no longer need to rely on complicated integrations between applications to access sophisticated analytics that provide useful insight into their compliance activities, particularly in large enterprises.
    • Expanded capabilities to manage increasing export controls and complexities around export license management. Expanded set of East Asian countries for compliance checks and license determinations, in addition to enhanced workflows and data sharing capabilities for very complex controlled goods businesses (e.g., aerospace and defense), which help companies better manage compliance with local laws, international agreements and security protocols.

    Learn more about Descartes’ Global Trade Intelligence solutions.

    Descartes’ Innovation Forum events offer a unique opportunity for Descartes customers and United by Design partners worldwide to connect with the Descartes team. These forums aim to share best practices in using Descartes’ technologies, explore ways to enhance operations with Descartes’ expanding solutions, and gather valuable feedback on product development. More information on the Global Trade Intelligence event is available here.

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

    Global Media Contact
    Cara Strohack                                                                     
    Tel: 226-750-8050                                 
    cstrohack@descartes.com  

    Cautionary Statement Regarding Forward-Looking Statements

    This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ global trade intelligence solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    The MIL Network –

  • MIL-OSI: YieldMax™ Launches Its First 0DTE ETF YieldMax™ S&P 500 0DTE Covered Call Strategy ETF (SDTY)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, MILWAUKEE and NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of its first YieldMax™ 0DTE Covered Call Strategy ETF:

    YieldMax™ S&P 500 0DTE Covered Call Strategy ETF (Nasdaq: SDTY)

    SDTY Overview

    SDTY is an actively managed ETF that utilizes a synthetic covered call strategy designed to generate weekly income while also providing exposure to the price return of the S&P 500 (“the Index”). SDTY generates income primarily by utilizing zero days to expiry (“0DTE”) options on an Index and/or passively managed ETFs (“Index ETFs”) that tracks the Index’s performance.

    SDTY’s Option Strategy

    SDTY employs a synthetic covered call strategy by selling and purchasing call options on the Index or Index ETFs. Each business day, typically at market open, the Fund sells out-of-the-money (OTM) call options with zero days to expiration (“0DTE”), which expire the same day they are sold. OTM options have a strike price above the current Index value. SDTY’s synthetic covered call strategy is established by combining the call options sold to generate income with buying call options for exposure to the Index.

    SDTY’S Return Profile and Index Performance

    SDTY earns income by selling out-of-the-money 0DTE call options daily. The premiums from these options add to income but limit participation in Index gains. If the Index rises past the strike price, losses on sold options can offset gains. This strategy balances income generation with limited Index upside exposure while premiums can help mitigate losses if the Index declines.

    SDTY Distribution Schedule

    SDTY is the first member of the YieldMax™ ETF 0DTE family and like all YieldMax™ ETFs, SDTY aims to generate income to investors. With respect to distributions, SDTY aims to make distributions on a weekly basis and its first weekly distribution is expected to be announced on February 19, 2025.

    Why Invest in SDTY?

    • SDTY seeks to generate weekly income which is not dependent on the value of its Index (or ETFs that track the Index’s performance).
    • SDTY aims to participate in a portion of the Index gains which may be capped.

    Important Information

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Index (or ETFs that track the Index’s performance) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or ETFs that track the Index’s performance) turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –