Category: Economy

MIL-OSI Asia-Pac: FS visits Saudi Arabia

Source: Hong Kong Information Services

Financial Secretary Paul Chan led a delegation from the financial and innovation sectors on a visit to Saudi Arabia and attended the Future Investment Initiative in Riyadh.

While participating in a panel discussion during the conference, Mr Chan stated that Hong Kong is actively promoting the development of green finance and green technology.

He emphasised that the city could provide capital support for infrastructure and green projects in the Global South and guide funding to new projects through innovative financial products, such as securitised loans.

In response to questions raised at the panel discussion, Mr Chan highlighted that Hong Kong is collaborating with multiple central banks to launch Project mBridge, aiming for faster, more cost effective, and more secure cross-border payments and settlements.

He also witnessed the signing of a strategic co-operation agreement between the Hong Kong Science & Technology Parks Corporation and a venture capital firm there. The signatory parties will share resources, recommend startups to each other, facilitate connections within their startup networks, and jointly engage in market promotion and events.

In the evening, the Financial Secretary attended two receptions. One such function was hosted by Cathay Pacific.

Mr Chan noted that the goal of his visit is to expand ties between Hong Kong and Saudi Arabia, adding that the resumption of flights between the two places yields huge potential.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Russia: Fountains at VDNKh Prepared for Winter

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

Specialists from the city economy complex have prepared the fountains on the territory of VDNKh for the winter period. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

“The fountain season ended in the capital on October 12, after which they began preparing the structures for winter. They washed the fountains “Friendship of Peoples”, “Stone Flower”, “Golden Ear” and 14 fountains located on the Central Alley of VDNKh. The work was carried out by utility crews with the involvement of special equipment,” said Pyotr Biryukov.

The fountains at VDNKh are complex architectural and artistic structures with a large number of gilded sculptures, as well as decorative copper and bronze elements. They require careful maintenance and are washed exclusively by hand.

The gilded elements and smalt mosaics were cleaned with a citric acid solution using soft brushes, and the granite surfaces were washed using high-pressure devices with a neutral agent. Industrial climbers were used to clean the upper part of the Golden Ear fountain, which is 16 meters high. Boats were used to reach the fountain, located in the center of the Third Kamensky Pond.

During the winter period, specialists will carefully check the technical condition of the fountains, all structures in underground collectors, hydraulics, pumping equipment and jet-forming elements.

In 2018–2019, all 14 fountains located on the Central Alley were restored at VDNKh, as well as fountains that are cultural heritage sites: “Golden Ear”, “Stone Flower” and “Friendship of Peoples”. They were given back their historical appearance and their engineering systems were completely updated.

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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://vvv.mos.ru/nevs/item/145908073/

MIL OSI Russia News –

January 25, 2025
MIL-OSI Economics: Strong Portfolio and Strategic Priorities Support Phillips 66 Third-Quarter Results

Source: Phillips

Reported third-quarter earnings of $346 million or $0.82 per share; adjusted earnings of $859 million or $2.04 per share
Returned $1.3 billion to shareholders through dividends and share repurchases
Achieved business transformation $1.4 billion run-rate savings target, including $1 per barrel Refining cost reduction
Progressed asset dispositions totaling $2.7 billion toward $3 billion target, including recently executed agreements

HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX), a leading integrated downstream energy provider, announced third-quarter earnings.
“Our employees continue to execute our strategic priorities, deliver strong operating performance and leverage the benefits of our differentiated downstream portfolio,” said Mark Lashier, chairman and CEO of Phillips 66.
“We have achieved our cost reduction and Midstream synergy targets,” said Lashier. “In addition, we have significantly advanced our asset disposition program with recently announced transactions. Our commitment to operational excellence and disciplined capital allocation continues to create long-term shareholder value.”
Financial Results Summary ( in millions of dollars, except as indicated)

3Q 2024

2Q 2024

Earnings

$

346

1,015

Adjusted Earnings 1

859

984

Adjusted EBITDA 1

1,998

2,183

Earnings Per Share

Earnings Per Share – Diluted

0.82

2.38

Adjusted Earnings Per Share – Diluted 1

2.04

2.31

Cash Flow From Operations

1,132

2,097

Cash Flow From Operations, Excluding Working Capital 1

1,513

1,181

Capital Expenditures & Investments 2

358

367

Return of Capital to Shareholders

1,277

1,325

Share repurchases

800

840

Dividends paid

477

485

Cash

1,637

2,444

Debt

19,998

19,960

Debt-to-capital ratio

40

%

40

%

Net debt-to-capital ratio 1

38

%

36

%

1Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

2Excludes acquisitions of $567 million in the third quarter of 2024, and purchases of government obligations of $1.1 billion in third-quarter of 2024.

Segment Financial and Operating Highlights (in millions of dollars, except as indicated)

3Q 2024

2Q 2024

Change

Earnings 1

$

346

1,015

(669

)

Midstream

644

767

(123

)

Chemicals

342

222

120

Refining

(108

)

302

(410

)

Marketing and Specialties

(22

)

415

(437

)

Renewable Fuels

(116

)

(55

)

(61

)

Corporate and Other

(327

)

(340

)

13

Income tax expense

(44

)

(291

)

247

Noncontrolling interests

(23

)

(5

)

(18

)

Adjusted Earnings 1,2

$

859

984

(125

)

Midstream

672

753

(81

)

Chemicals

342

222

120

Refining

(67

)

302

(369

)

Marketing and Specialties

583

415

168

Renewable Fuels

(116

)

(55

)

(61

)

Corporate and Other

(327

)

(340

)

13

Income tax expense

(205

)

(278

)

73

Noncontrolling interests

(23

)

(35

)

12

Adjusted EBITDA 2

$

1,998

2,183

(185

)

Midstream

892

971

(79

)

Chemicals

466

348

118

Refining

188

531

(343

)

Marketing and Specialties

656

484

172

Renewable Fuels

(92

)

(43

)

(49

)

Corporate and Other

(112

)

(108

)

(4

)

Operating Highlights

Midstream NGL Fractionated Volumes (MBD)

728

744

(16

)

Chemicals Global O&P Utilization

98

%

98

%

—

%

Refining

Turnaround Expense ($)

137

100

37

Realized Margin ($/BBL) 2

8.31

10.01

(1.70

)

Crude Capacity Utilization

94

%

98

%

(4

%)

Clean Product Yield

87

%

86

%

1

%

Renewable Fuels Produced (MBD)

44

31

13

1Segment reporting is pre-tax.

2Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

Third-Quarter 2024 Financial Results
Reported earnings were $346 million for the third quarter of 2024 versus $1.0 billion in the second quarter. Third-quarter earnings included a legal accrual of $605 million in the Marketing and Specialties segment, costs related to the planned shutdown of the Los Angeles Refinery of $41 million in the Refining segment, and an impairment of $28 million in the Midstream segment. Second-quarter earnings included a gain on sale of investment of $238 million and an impairment of $224 million, both impacting the Midstream segment. Adjusted earnings for the third quarter were $859 million versus $984 million in the second quarter.
Midstream third-quarter 2024 adjusted pre-tax income decreased compared with the second quarter mainly due to seasonal maintenance costs and lower equity earnings, partially offset by higher export margins.
Chemicals reported pre-tax income increased mainly due to higher margins and lower costs.
Refining adjusted pre-tax loss was a decrease compared to the second quarter, primarily due to a decline in realized margins largely driven by lower market crack spreads.
Marketing and Specialties adjusted pre-tax income increased primarily due to higher margins.
Renewable Fuels reported pre-tax loss increased primarily due to lower realized margins, partially offset by higher volumes.
As of September 30, 2024, the company had $1.6 billion of cash and cash equivalents and $5.3 billion of committed capacity available under credit facilities.
Business Highlights and Strategic Priorities Progress
Distributed $12.5 billion through share repurchases and dividends since July 2022 and on pace to achieve the company’s $13 billion to $15 billion target by year-end.
Achieved $1.4 billion in run-rate business transformation savings, delivering on the company’s target ahead of schedule.
Expanded its Midstream NGL wellhead-to-market business with the acquisition of Pinnacle Midstream and approved a follow-on processing plant expansion in the Midland Basin expected to be completed in mid-year 2025.
Achieved target of over $400 million of run-rate synergies from the successful integration of DCP Midstream.
Received proceeds of $1.3 billion since 2022 toward the company’s $3 billion asset disposition target. In addition, the company recently agreed to sell its 49% interest in a Switzerland-based retail joint venture for $1.24 billion, and its interests in non-core Midstream assets in North Dakota.
Investor Webcast
Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s third-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.Use of Non-GAAP Financial Information —This news release includes the terms “adjusted earnings,” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings per share,” “refining realized margin per barrel,” “cash from operations, excluding working capital,” and “net debt-to-capital ratio.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
References in the release to earnings refer to net income attributable to Phillips 66. References to run-rate business transformation savings include cost savings and other benefits that will be captured in the sales and other operating revenues impacting gross margin; purchased crude oil and products costs impacting gross margin; operating expenses; selling, general and administrative expenses; and equity in earnings of affiliates lines on our consolidated statement of income when realized. Run-rate savings include run-rate sustaining capital savings. Run-rate sustaining capital savings include savings that will be captured in the capital expenditures and investments on our consolidated statement of cash flows when realized.
Basis of Presentation — Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our 16% investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.
In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability.
Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995 —This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Earnings

Millions of Dollars

2024

2023

3Q

2Q

Sep YTD

3Q

Sep YTD

Midstream

$

644

767

1,965

724

2,060

Chemicals

342

222

769

104

494

Refining

(108

)

302

410

1,712

4,481

Marketing and Specialties

(22

)

415

759

605

1,501

Renewable Fuels

(116

)

(55

)

(226

)

22

164

Corporate and Other

(327

)

(340

)

(989

)

(354

)

(992

)

Pre-Tax Income

413

1,311

2,688

2,813

7,708

Less: Income tax expense

44

291

538

670

1,754

Less: Noncontrolling interests

23

5

41

46

199

Phillips 66

$

346

1,015

2,109

2,097

5,755

Adjusted Earnings

Millions of Dollars

2024

2023

3Q

2Q

Sep YTD

3Q

Sep YTD

Midstream

$

672

753

2,038

581

1,915

Chemicals

342

222

769

104

494

Refining

(67

)

302

548

1,742

4,525

Marketing and Specialties

583

415

1,305

605

1,501

Renewable Fuels

(116

)

(55

)

(226

)

22

164

Corporate and Other

(327

)

(340

)

(989

)

(303

)

(812

)

Pre-Tax Income

1,087

1,297

3,445

2,751

7,787

Less: Income tax expense

205

278

709

660

1,768

Less: Noncontrolling interests

23

35

71

21

218

Phillips 66

$

859

984

2,665

2,070

5,801

Millions of Dollars

Except as Indicated

2024

2023

3Q

2Q

Sep YTD

3Q

Sep YTD

Reconciliation of Consolidated Earnings to Adjusted Earnings

Consolidated Earnings

$

346

1,015

2,109

2,097

5,755

Pre-tax adjustments:

Impairments 1

28

224

415

—

—

Net gain on asset dispositions

—

(238

)

(238

)

(101

)

(123

)

Change in inventory method for acquired business

—

—

—

(46

)

(46

)

Los Angeles Refinery shutdown-related costs 2

41

—

41

—

—

Legal accrual 3

605

—

605

30

30

Legal settlement

—

—

(66

)

—

—

Business transformation restructuring costs

—

—

—

51

127

Loss on early redemption of DCP debt

—

—

—

—

53

DCP integration restructuring costs

—

—

—

4

38

Tax impact of adjustments 4

(161

)

13

(171

)

10

(14

)

Noncontrolling interests

—

(30

)

(30

)

25

(19

)

Adjusted earnings

$

859

984

2,665

2,070

5,801

Earnings per share of common stock ( dollars )

$

0.82

2.38

4.94

4.69

12.61

Adjusted earnings per share of common stock ( dollars ) 5

$

2.04

2.31

6.25

4.63

12.71

Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)

Midstream Pre-Tax Income

$

644

767

1,965

724

2,060

Pre-tax adjustments:

Impairments 1

28

224

311

—

—

Net gain on asset disposition

—

(238

)

(238

)

(101

)

(137

)

Change in inventory method for acquired business

—

—

—

(46

)

(46

)

DCP integration restructuring costs

—

—

—

4

38

Adjusted pre-tax income

$

672

753

2,038

581

1,915

Chemicals Pre-Tax Income

$

342

222

769

104

494

Pre-tax adjustments:

None

—

—

—

—

—

Adjusted pre-tax income

$

342

222

769

104

494

Refining Pre-Tax Income (Loss)

$

(108

)

302

410

1,712

4,481

Pre-tax adjustments:

Impairments 1

—

—

104

—

—

Los Angeles Refinery shutdown-related costs 2

41

—

41

—

—

Net loss on asset disposition

—

—

—

—

14

Legal accrual 3

—

—

—

30

30

Legal settlement

—

—

(7

)

—

—

Adjusted pre-tax income (loss)

$

(67

)

302

548

1,742

4,525

Marketing and Specialties Pre-Tax Income (Loss)

$

(22

)

415

759

605

1,501

Pre-tax adjustments:

Legal accrual 3

605

—

605

—

—

Legal settlement

—

—

(59

)

—

—

Adjusted pre-tax income

$

583

415

1,305

605

1,501

Renewable Fuels Pre-Tax Income (Loss)

$

(116

)

(55

)

(226

)

22

164

Pre-tax adjustments:

None

—

—

—

—

—

Adjusted pre-tax income (loss)

$

(116

)

(55

)

(226

)

22

164

Corporate and Other Pre-Tax Loss

$

(327

)

(340

)

(989

)

(354

)

(992

)

Pre-tax adjustments:

Business transformation restructuring costs

—

—

—

51

127

Loss on early redemption of DCP debt

—

—

—

—

53

Adjusted pre-tax loss

$

(327

)

(340

)

(989

)

(303

)

(812

)

1Impairments primarily related to certain gathering and processing assets in the Midstream segment, as well as certain crude oil processing and logistics assets in California, reported in the Refining segment.

2Shutdown-related costs recorded in the Refining segment include pre-tax charges for severance costs.

3Legal accrual primarily related to ongoing litigation.

4We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.

5YTD 2024, Q3 2024, Q3 2023 are based on adjusted weighted-average diluted shares of 426,301 thousand, 419,827 thousand, and 447,255 thousand, respectively. Other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation.

Millions of Dollars

Except as Indicated

2024

3Q

2Q

Reconciliation of Consolidated Net Income to Adjusted EBITDA

Net Income

$

369

1,020

Plus:

Income tax expense

44

291

Net interest expense

191

200

Depreciation and amortization

543

497

Phillips 66 EBITDA

$

1,147

2,008

Special Item Adjustments (pre-tax):

Impairments

28

224

Net gain on asset disposition

—

(238

)

Los Angeles Refinery shutdown-related costs

41

—

Legal accrual

605

—

Legal settlement

—

—

Total Special Item Adjustments (pre-tax)

674

(14

)

Change in Fair Value of NOVONIX Investment

—

7

Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

$

1,821

2,001

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

24

26

Proportional share of selected equity affiliates net interest

12

19

Proportional share of selected equity affiliates depreciation and amortization

188

195

Adjusted EBITDA attributable to noncontrolling interests

(47

)

(58

)

Phillips 66 Adjusted EBITDA

$

1,998

2,183

Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA

Midstream Income before income taxes

$

644

767

Plus:

Depreciation and amortization

233

224

Midstream EBITDA

$

877

991

Special Item Adjustments (pre-tax):

Net gain on asset disposition

—

(238

)

Impairments

28

224

Midstream EBITDA, Adjusted for Special Items

$

905

977

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

5

5

Proportional share of selected equity affiliates net interest

3

10

Proportional share of selected equity affiliates depreciation and amortization

26

37

Adjusted EBITDA attributable to noncontrolling interests

(47

)

(58

)

Midstream Adjusted EBITDA

$

892

971

Chemicals Income before income taxes

$

342

222

Plus:

None

—

—

Chemicals EBITDA

$

342

222

Special Item Adjustments (pre-tax):

None

—

—

Chemicals EBITDA, Adjusted for Special Items

$

342

222

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

13

15

Proportional share of selected equity affiliates net interest

(2

)

—

Proportional share of selected equity affiliates depreciation and amortization

113

111

Chemicals Adjusted EBITDA

$

466

348

Refining Income (loss) before income taxes

$

(108

)

302

Plus:

Depreciation and amortization

230

204

Refining EBITDA

$

122

506

Special Item Adjustments (pre-tax):

Los Angeles Refinery shutdown-related costs

41

—

Refining EBITDA, Adjusted for Special Items

$

163

506

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

(1

)

1

Proportional share of selected equity affiliates net interest

(1

)

(2

)

Proportional share of selected equity affiliates depreciation and amortization

27

26

Refining Adjusted EBITDA

$

188

531

Marketing and Specialties Income (loss) before income taxes

$

(22

)

415

Plus:

Depreciation and amortization

32

32

Marketing and Specialties EBITDA

$

10

447

Special Item Adjustments (pre-tax):

Legal accrual

605

—

Marketing and Specialties EBITDA, Adjusted for Special Items

$

615

447

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

7

5

Proportional share of selected equity affiliates net interest

12

11

Proportional share of selected equity affiliates depreciation and amortization

22

21

Marketing and Specialties Adjusted EBITDA

$

656

484

Renewable Fuels Loss before income taxes

$

(116

)

(55

)

Plus:

Depreciation and amortization

24

12

Renewable Fuels EBITDA

$

(92

)

(43

)

Special Item Adjustments (pre-tax):

None

—

—

Renewable Fuels EBITDA, Adjusted for Special Items

$

(92

)

(43

)

Corporate and Other Loss before income taxes

$

(327

)

(340

)

Plus:

Net interest expense

191

200

Depreciation and amortization

24

25

Corporate and Other EBITDA

$

(112

)

(115

)

Special Item Adjustments (pre-tax):

None

—

—

Total Special Item Adjustments (pre-tax)

—

—

Change in Fair Value of NOVONIX Investment

—

7

Corporate EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

$

(112

)

(108

)

Millions of Dollars

Except as Indicated

September 30, 2024

Debt-to-Capital Ratio

Total Debt

$

19,998

Total Equity

29,784

Debt-to-Capital Ratio

40

%

Total Cash

1,637

Net Debt-to-Capital Ratio

38

%

Millions of Dollars

September 30, 2024

Reconciliation of Net Cash Used in Operating Activities to Operating Cash Flow, Excluding Working Capital

Net Cash Used in Operating Activities

$

1,132

Less: Net Working Capital Changes

(381

)

Operating Cash Flow, Excluding Working Capital

$

1,513

Millions of Dollars

Except as Indicated

2024

3Q

2Q

Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins

Income (loss) before income taxes

$

(108

)

302

Plus:

Taxes other than income taxes

100

74

Depreciation, amortization and impairments

230

203

Selling, general and administrative expenses

60

51

Operating expenses

922

884

Equity in earnings of affiliates

12

(33

)

Other segment expense, net

(4

)

(1

)

Proportional share of refining gross margins contributed by equity affiliates

193

260

Special items:

None

—

—

Realized refining margins

$

1,405

1,740

Total processed inputs ( thousands of barrels )

145,440

151,296

Adjusted total processed inputs ( thousands of barrels )*

168,951

174,107

Income (loss) before income taxes ( dollars per barrel )**

$

(0.74

)

2.00

Realized refining margins ( dollars per barrel )***

$

8.31

10.01

*Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

**Income before income taxes divided by total processed inputs.

***Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

Source: Phillips 66

MIL OSI Economics –

January 25, 2025
MIL-OSI: Captivision Announces Venture at Dream Hollywood Hotel

Source: GlobeNewswire (MIL-OSI)

MIAMI and SEOUL, Korea, Oct. 29, 2024 (GLOBE NEWSWIRE) — Captivision Inc. (“Captivision” or the “Company”) (Nasdaq: CAPT), a pioneer manufacturer of architectural media glass and innovative LED solution provider, today announced its first collaboration with the Dream Hollywood hotel in Los Angeles. Crescent Hotels & Resorts, a leading hotel management company, manages Dream Hollywood. The property is part of Hyatt’s global portfolio of hotels, under the Dream Hotels brand.

The collaboration catalyzes Captivision’s expansion into digital out-of-home (“OOH”) in a high-profile Los Angeles location with extraordinary partners. Unlike traditional LED signage, Captivision is creating a uniquely transparent and vibrant digital display, generating a new recurring revenue stream for the Company and its partners. This groundbreaking venture is emblematic of Captivision’s broadening business model as a trusted solution provider featuring highly innovative and transformational technology. The Dream Hollywood display is expected to generate in excess of three million social media impressions annually. Playing a pivotal role in the creation and operation of the OOH digital media at the Dream Hollywood, California-based company, Integrated Market Optimization, Inc. and Smart City Labs, have partnered with Captivision to bring their expertise and industry-leading solutions to this high-profile project.

“Joining forces with Dream Hollywood is a pivotal venture for our company in multiple respects,” said Gary Garrabrant, Chairman and CEO of Captivision. “Captivision is quickly becoming a solution provider across the LED product spectrum generating entirely new revenue streams with valued partners and clients. We believe this collaboration will kickstart an exciting new chapter of growth for Captivision in the United States and globally.”

Dream Hollywood (Façade Render)

Captivision’s transparent and non-transparent LED media solutions provide a versatile and dynamic platform showcasing high-resolution content without compromising architectural integrity and user experience. This seminal venture combines cutting-edge physical and streaming technology to generate social media driven advertising revenue, the first of what promises to be many meaningful applications with recognized and valued partners and clients.

About Captivision
Captivision is a pioneering manufacturer of media glass, combining IT building materials with architectural glass. The product has a boundless array of applications including entertainment media, information media, cultural and artistic content as well as marketing use cases. Captivision can transform any glass façade into a transparent media screen with real time live stream capability. Captivision is fast becoming a solution provider across the LED product spectrum.

Captivision’s media glass and solutions have been implemented in hundreds of locations globally across sports stadiums, entertainment venues, casinos and hotels, convention centers, office and retail properties, and airports. Learn more at http://www.captivision.com.

About Crescent Hotels & Resorts
Crescent Hotels & Resorts is an award-winning, nationally recognized, operator of hotels and resorts with over 120 properties in the United States and Canada. Crescent is one of the few elite management companies approved to operate upper-upscale and luxury hotels under the brand families of Marriott, Hilton, and Hyatt. Crescent also works a collection of independent and lifestyle properties under the Latitudes Collection umbrella. These properties include PGA National Resort, The Opus Westchester, Autograph Collection, and NOPSI Hotel New Orleans. Powered by innovative, forward thinking experts, Latitudes is a modern management platform for lifestyle hotels and resorts where creative concepts connect with modern travelers from urban boutique hotels to oceanside resorts.

Crescent’s clients include premiere REITs, private equity firms and major developers. For more information, please visit www.crescenthotels.com and www.latitudesbycrescent.com or connect with Crescent on LinkedIn.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies, or expectations for the Company’s respective businesses. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure you that it will achieve or realize these plans, intentions or expectations. 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 press release, words such as “believe”, “can”, “continue”, “expect”, “forecast”, “may”, “plan”, “project”, “should”, “will” or the negative of such terms, and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The risks and uncertainties include, but are not limited to: (1) the ability to raise financing in the future and to comply with restrictive covenants related to indebtedness; (2) the ability to realize the benefits expected from the business combination and the Company’s strategic direction; (3) the significant market adoption, demand and opportunities in the construction and digital out of home media industries for the Company’s products; (4) the ability to maintain the listing of the Company’s ordinary shares and warrants on Nasdaq; (5) the ability of the Company to remain competitive in the fourth generation architectural media glass industry in the face of future technological innovations; (6) the ability of the Company to execute its international expansion strategy; (7) the ability of the Company to protect its intellectual property rights; (8) the profitability of the Company’s larger projects, which are subject to protracted sales cycles; (9) whether the raw materials, components, finished goods, and services used by the Company to manufacture its products will continue to be available and will not be subject to significant price increases; (10) the IT, vertical real estate, and large format wallscape modified regulatory restrictions or building codes; (11) the ability of the Company’s manufacturing facilities to meet their projected manufacturing costs and production capacity; (12) the future financial performance of the Company; (13) the emergence of new technologies and the response of the Company’s customer base to those technologies; (14) the ability of the Company to retain or recruit, or to effect changes required in, its officers, key employees, or directors; (15) the ability of the Company to comply with laws and regulations applicable to its business; and (16) other risks and uncertainties set forth under the section of the Company’s Annual Report on Form 20-F entitled “Risk Factors.”

These forward-looking statements are based on information available as of the date of this press release and the Company’s management team’s current expectations, forecasts, and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers, and affiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company management team’s views as of any subsequent date. The Company does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.

Media Contact:
Dukas Linden Public Relations
+1 212.704.7385
captivision@dlpr.com

Investor Contact:
Gateway Group
Ralf Esper
+1 949.574.3860
CAPT@gateway-grp.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4835d4a9-4083-475d-996e-b09ab5decf06

The MIL Network –

January 25, 2025
MIL-OSI: Amplify ETFs Launches Targeted 12% Annual Option Premium Fixed Income ETF: Amplify Bloomberg U.S. Treasury Target High Income ETF (CBOE: TLTP)

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Amplify ETFs announces the launch of the Amplify Bloomberg U.S. Treasury Target High Income ETF (CBOE: TLTP). TLTP allows investors to tap into the stability of U.S. Treasuries while seeking to generate high, consistent levels of income through a dynamic rules-based covered call* option strategy.

TLTP seeks to track the performance (before fees and expenses) of the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index, which is designed to provide a targeted annualized option premium income of 12% through writing weekly covered call options. This approach seeks to generate higher levels of income from targeted 12% option premium income as well as the underlying U.S. Treasuries. The Fund has a monthly distribution frequency.

“Investors are increasingly seeking diversified income streams and portfolio stability,” said Christian Magoon, CEO of Amplify ETFs. “TLTP’s innovative use of a weekly covered call strategy in fixed income offers a multi-use solution for consistent high-income potential and a defensive position, making it a compelling option for a range of portfolio strategies.”

The portfolio management team from Samsung Asset Management in New York brings extensive experience in managing U.S. Treasury and options strategies.

“TLTP offers an effective way for investors to access a fixed income covered call strategy from U.S. Treasuries through a single ticker,” said Yunjae Hwang, lead portfolio manager of TLTP. “We’re excited to bring this solution to the market, especially for those looking for a more diversified and resilient approach to their portfolios.”

TLTP is Amplify ETFs’ second ETF with its strategic partner Samsung Asset Management.

For more information about the Amplify Bloomberg U.S. Treasury Target High Income ETF, visit AmplifyETFs.com/TLTP.

About Amplify ETFs
Amplify ETFs, sponsored by Amplify Investments, offers a diverse suite of income, growth, and risk-managed ETFs, with over $10 billion in assets under management (as of 10/21/2024). For more information, visit AmplifyETFs.com.

Sales Contact:
Amplify ETFs
855-267-3837
info@amplifyetfs.com Media Contacts:
Gregory FCA for Amplify ETFs
Kerry Davis
610-228-2098
amplifyetfs@gregoryfca.com

*A covered call refers to a financial transaction in which the investor selling call options owns an equivalent amount of the underlying security.

Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.

Investing involves risk, including the possible loss of principal. You could lose money by investing in the Fund. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. There can be no assurance that the Fund’s investment objectives will be achieved. Interest Rate Risk is the risk when interest rates rise, there is a corresponding decline in bond values. Conversely, very low or negative interest rates may magnify interest rate risk. The Fund is subject to the risks associated with the Underlying Funds specifically U.S. Treasury Securities Risk. The Fund bears its proportionate share of the Underlying ETF’s expenses.

The Fund is non-diversified and can invest a greater portion of its assets in individual securities than a diversified fund; changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. Covered call risk is the risk that the Fund will forgo, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. The Fund will also utilize FLEX Options and is subject to the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. The Fund currently expects to make distributions on a regular basis, a portion of which may be considered return of capital.

Amplify Investments LLC is the Investment Adviser to the Fund, and Samsung Asset Management (New York), Inc. serves as the Investment Sub-Adviser.

Amplify ETFs are distributed by Foreside Fund Services, LLC.

The MIL Network –

January 25, 2025
MIL-OSI: Bitfarms Nominates Andrew J. Chang for Election to the Board of Directors

Source: GlobeNewswire (MIL-OSI)

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.

TORONTO, Ontario and BROSSARD, Québec, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF) (“Bitfarms” or the “Company”), a global leader in vertically integrated Bitcoin data center operations, today announced that it has nominated Andrew J. Chang for election to its Board of Directors (the “Board”) at the Special Meeting of shareholders to be held on November 20, 2024 at 4:00p.m. Eastern Time (the “Special Meeting”).

Bitfarms Special Meeting of Shareholders
Pursuant to the Settlement Agreement between the Company and Riot Platforms, Inc. dated September 23, 2024, at the Special Meeting, shareholders will be asked to approve an expansion of the Board from five members to six members, to elect an independent director nominated by the Board to serve as the sixth member of the Board, to ratify the Company’s shareholder rights plan adopted on July 24, 2024, and to conduct such other business as may properly come before the Special Meeting.

Shareholders and guests can access the virtual meeting using this link. Additional information regarding the Special Meeting, including how to vote, is available via the proxy materials disseminated to shareholders by Bitfarms and as filed on SEDAR+ at http://www.sedarplus.ca and on EDGAR at http://www.sec.gov/EDGAR.

Nomination of Andrew J. Chang to Bitfarms Board of Directors
Bitfarms’ Governance and Nominating Committee conducted a thorough director search process and held interviews with several qualified candidates, and, along with the Board, unanimously supports the nomination of Andrew J. Chang for election at the Special Meeting.

Mr. Chang is a 20-year veteran of the technology industry with experience as an investor, operating executive, entrepreneur, and advisor. He was a founding partner of Liberty City Ventures, a leading venture capital fund. Mr. Chang also served as Chief Operating Officer of Paxos, a blockchain infrastructure platform that has powered solutions for PayPal, Stripe, and more. At Paxos, he helped grow the team from 8 to 190 employees and launched the first regulated blockchain focused trust company and the first regulated stablecoin in the U.S. During that time, Paxos raised $500M in capital and its most recent valuation is $2.4 billion.

Before joining Paxos, Andrew served as a Lead Strategic Partner Development Manager at Google, working in business development for display ad products. Prior to that, he was the Chief Operating Officer of ConditionOne and an associate at TechStars (New York). He also has experience managing innovation in research, analytics and digital media at WPP PLC-owned Kantar Video and at 360i, a digital marketing agency.

Andrew earned his MBA from New York University’s Leonard N. Stern School of Business, where he was President of the student body, and a BS from Boston College.

Brian Howlett, Independent Chairman of the Board, said, “The Bitfarms Board is committed to strong corporate governance and recognizes that a diverse set of skills is required to effectively oversee the execution of the Company’s strategic initiatives. Andrew is an impressive technology industry veteran whose experience and knowledge is highly complementary to that of our current Board. We believe he will be instrumental as we execute our aggressive growth plan, and we look forward to leveraging his expertise to maximize value for Bitfarms shareholders.”

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated data centers with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

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

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

Forward-Looking Statements

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding holding the Special Meeting and the timing thereof, and the matters to be put before the Company’s shareholders at the Special Meeting are forward-looking information.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; and the power purchase agreements and economics thereof may not be as advantageous as expected. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contact:

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

Media Contact:

Québec: Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca

The MIL Network –

January 25, 2025
MIL-OSI: Beneficient to Present at the LD Micro Main Event XVII on October 30 in Los Angeles

Source: GlobeNewswire (MIL-OSI)

DALLAS, Oct. 29, 2024 (GLOBE NEWSWIRE) — Beneficient (Nasdaq: BENF) (“Ben” or the “Company”), a technology-enabled financial services holding company, today announced that it will be presenting at the LD Micro Main Event XVII investor conference to be held October 28-30, 2024 in Los Angeles. As part of the conference, the Company will conduct a group presentation at 12:30 pm Pacific Time on Wednesday, October 30, 2024. To join the presentation online, please visit the webcast link available at https://shareholders.trustben.com/.

Additionally, Beneficient will host investor meetings throughout the day on Wednesday, October 30, 2024.

Investors attending the conference in person may request meetings with Beneficient through LD Micro’s meeting portal or Beneficient’s IR contact, mkreps@darrowir.com. Qualified investors who would like to attend the conference should contact registration@ldmicro.com.

About Beneficient
Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds − with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess^® portal to explore opportunities and receive proposals in a secure online environment.

Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

For more information, visit www.trustben.com or follow us on LinkedIn.

Contacts

Matt Kreps: 214-597-8200, mkreps@darrowir.com
Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
Investor Relations: investors@beneficient.com

The MIL Network –

January 25, 2025

MIL-OSI: Territorial Reaffirms Board of Directors Recommendation that Territorial Shareholders Vote “FOR” Hope Bancorp Merger

Source: GlobeNewswire (MIL-OSI)

HONOLULU, Oct. 29, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (“Territorial” or the “Company”) today announced that the Company’s Board of Directors has reaffirmed its recommendation that Territorial shareholders vote “FOR” the merger with Hope Bancorp, Inc. (“Hope Bancorp”) (NASDAQ: HOPE) at the November 6, 2024, Special Meeting of Stockholders.

On October 25, 2024, Territorial received additional information from Blue Hill Advisors (“Blue Hill”) with respect to its preliminary indication of interest to acquire the Company.

Territorial’s Board of Directors (the “Territorial Board”), with the assistance of its legal and financial advisors, over the course of several meetings, carefully reviewed this information in accordance with its fiduciary duties, its commitment to serving the best interests of all Territorial shareholders and its obligations under Territorial’s merger agreement with Hope Bancorp.

Specifically, the Territorial Board reviewed information provided by Blue Hill, recently and previously, to ascertain whether Blue Hill has provided sufficient verifiable and objective information to justify a Territorial Board determination that Blue Hill’s preliminary indication of interest is reasonably likely to lead to a Superior Proposal as defined by Territorial’s merger agreement with Hope Bancorp. The Territorial Board has also considered whether it would be a breach of its fiduciary duty not to enter into a confidentiality agreement or otherwise engage with Blue Hill based on the information provided by Blue Hill to date. The Territorial Board concluded that the totality of the information provided by Blue Hill does not provide a sufficient basis for a finding that both: (i) the Blue Hill preliminary indication of interest is reasonably likely to lead to a Superior Proposal under the terms and conditions required by the merger agreement; and (ii) a failure to enter into a confidentiality agreement or otherwise negotiate with Blue Hill would be more likely than not to result in a violation of its fiduciary duties under applicable law. Accordingly, the Territorial Board concluded that Territorial may not engage with Blue Hill under the terms and conditions of the Hope Bancorp merger agreement and that it continues to support the merger with Hope Bancorp.

In reaching this conclusion, the Territorial Board considered, among other things:

the all-stock nature of the strategic merger with Hope Bancorp and the benefits the combination with Hope Bancorp will have for shareholders as compared to a cash-out transaction, including the comparison of Hope Bancorp’s liquid, dividend-paying stock to what would be the Blue Hill-controlled Territorial stock, which would be expected to be a relatively more illiquid investment that would likely not pay a dividend for a prolonged period of time;
continued questions regarding the conditional nature of the financing of the transaction by the Blue Hill investors, despite Territorial’s repeated statements with respect to this deficiency for several weeks;
Blue Hill’s failure to address in a reasoned manner how the Blue Hill investor group would overcome the likely regulatory approval hurdles. In contrast, Hope Bancorp is well known by bank regulators and its approval process is well underway;
Blue Hill’s failure to address the impact of the expected changes in regulatory capital and the Company’s business plan, all of which should be expected to be considered as part of any regulatory approval process – despite Blue Hill’s claims that regulatory approvals will be less complicated than the Hope Bancorp approvals;
Blue Hill’s failure to realistically address transaction timing considerations, particularly including timing related to the application and regulatory approval process, in contrast to the expected timing of the Hope Bancorp merger approvals and expected timing of the closing of the Hope Bancorp merger;
the overall execution risk associated with the Blue Hill preliminary indication of interest, including the necessary steps and approvals required to conduct a recapitalization, a tender offer and negotiations with multiple Blue Hill investors versus Hope Bancorp’s standard merger transaction where all required applications are currently being processed;
Blue Hill’s failure to identify the expected key management team members that would manage the revised Company if acquired by Blue Hill. These individuals will be required to be identified to, and vetted by, the banking regulators before any approvals could be obtained;
Blue Hill’s failure to identify all expected directors of the newly-reconstituted Board that would govern Territorial if acquired by Blue Hill, as these individuals will also be required to be identified to, and vetted by, the banking regulators before any approvals could be obtained;
Blue Hill’s failure to specify how it would address any limitations established by or approvals that may be required from the banking regulators to pay any termination fee or conduct a tender offer, which would be an outflow of capital that would require regulatory approval; and
Blue Hill’s failure to substantiate its projected financial results for Territorial on a stand-alone basis, which Blue Hill has asserted as part of the rationale for its proposed acquisition and which represent a risk for existing shareholders who continue as shareholders if the Blue Hill proposal is completed.

The Territorial Board continues to recommend that shareholders vote “FOR” the Hope Bancorp merger. For more information, visit the Company’s website at https://www.territorialandhopecombination.com.

Territorial Shareholders are Urged to Vote “FOR” the Hope Bancorp Merger Ahead of the
Special Meeting on November 6, 2024 at 8:30 a.m. HST.

Voting is quick and easy.

Call toll-free:
(888) 742-1305
Banks and brokers should call:
(516) 933-3100
Email: info@laurelhill.com
Electronically: www.proxyvote.com

About Us

Territorial Bancorp Inc., headquartered in Honolulu, Hawaiʻi, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaiʻi. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaiʻi, and has 28 branch offices in the state of Hawaiʻi. For additional information, please visit https://www.tsbhawaii.bank/.

Additional Information about the Hope Merger and Where to Find It

In connection with the proposed Hope Merger, Hope has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, containing the Proxy Prospectus, which has been mailed or otherwise delivered to Territorial’s stockholders on or about August 29, 2024, as supplemented September 12, 2024. Hope and Territorial may file additional relevant materials with the SEC. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. You may obtain any of the documents filed with or furnished to the SEC by Hope or Territorial at no cost from the SEC’s website at www.sec.gov.

Forward-Looking Statements

Some statements in this news release may constitute 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. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, Territorial Bancorp claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Hope Bancorp’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The closing of the proposed transaction is subject to regulatory approvals, the approval of Territorial Bancorp stockholders, and other customary closing conditions. There is no assurance that such conditions will be met or that the proposed merger will be consummated within the expected time frame, or at all. If the transaction is consummated, factors that may cause actual outcomes to differ from what is expressed or forecasted in these forward-looking statements include, among things: difficulties and delays in integrating Hope Bancorp and Territorial Bancorp and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees and customers, may be greater than expected; and required governmental approvals of the merger may not be obtained on its proposed terms and schedule, or without regulatory constraints that may limit growth. Other risks and uncertainties include, but are not limited to: possible further deterioration in economic conditions in Hope Bancorp’s or Territorial Bancorp’s areas of operation or elsewhere; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying Hope Bancorp’s or Territorial Bancorp’s allowances for credit losses; potential increases in deposit insurance assessments and regulatory risks associated with current and future regulations; the outcome of any legal proceedings that may be instituted against Hope Bancorp or Territorial Bancorp; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; and diversion of management’s attention from ongoing business operations and opportunities. For additional information concerning these and other risk factors, see Hope Bancorp’s and Territorial Bancorp’s most recent Annual Reports on Form 10-K. Hope Bancorp and Territorial Bancorp do not undertake, and specifically disclaim any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

Investor / Media Contacts:
Walter Ida
SVP, Director of Investor Relations
808-946-1400
walter.ida@territorialsavings.net

The MIL Network –

January 25, 2025

MIL-OSI: DT Midstream Reports Strong Third Quarter 2024 Results; Raises Adjusted EBITDA Guidance

Source: GlobeNewswire (MIL-OSI)

DETROIT, Oct. 29, 2024 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced third quarter 2024 reported net income of $88 million, or $0.90 per diluted share. For the third quarter of 2024, Operating Earnings were also $88 million, or $0.90 per diluted share. Adjusted EBITDA for the quarter was $241 million.

Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

The company also announced that the DT Midstream Board of Directors declared a $0.735 per share dividend on its common stock payable January 15, 2025 to stockholders of record at the close of business December 16, 2024.

“We continue our strong performance in 2024,” said David Slater, President and CEO. “And we have made great progress advancing new opportunities which will support our future growth.”

Slater noted the following significant business updates:

Reached final investment decision on the Phase 4 expansion of the LEAP system, which will expand the system to 2.1 Bcf/d by the first half of 2026
Upsized the future interconnect between our Stonewall System and Mountain Valley Pipeline
Upgraded to investment-grade by Fitch Ratings

“Our year-to-date results are ahead of plan,” said Jeff Jewell, Executive Vice President and CFO. “Our strong performance is leading us to increase our Adjusted EBITDA guidance for 2024 to $950 – $980 million.”

The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 4749988. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

About DT Midstream

DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a goal of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

Forward-looking Statements

This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; global supply chain disruptions; actions taken by third-party operators, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to climate change and greenhouse gas emissions; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 and our reports and registration statements filed from time to time with the SEC.

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2023, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.


DT Midstream, Inc. Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
		Three Months Ended
		September 30,								June 30,
		2024								2024
		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
		*(millions)*
	Adjustments			$	—	$	—					$	—	$	—
	Net Income Attributable to DT Midstream	$	88	$	—	$	—	$	88	$	96	$	—	$	—	$	96

		Nine Months Ended
		September 30,								September 30,
		2024								2023
		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
		*(millions)*
	Adjustments			$	—	$	—					$	—	$	—
	Net Income Attributable to DT Midstream	$	281	$	—	$	—	$	281	$	263	$	—	$	—	$	263

	(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments


DT Midstream, Inc. Reconciliation of Reported to Operating Earnings per diluted share⁽²⁾(non-GAAP, unaudited)

		Three Months Ended
		September 30,								June 30,
		2024								2024
		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
		*(per share)*
	Adjustments			$	—	$	—					$	—	$	—
	Net Income Attributable to DT Midstream	$	0.90	$	—	$	—	$	0.90	$	0.98	$	—	$	—	$	0.98

		Nine Months Ended
		September 30,								September 30,
		2024								2023
		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
		*(per share)*
	Adjustments			$	—	$	—					$	—	$	—
	Net Income Attributable to DT Midstream	$	2.87	$	—	$	—	$	2.87	$	2.70	$	—	$	—	$	2.70

	(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
	(2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations


DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
Consolidated		*(millions)*
Net Income Attributable to DT Midstream		$	88		$	96		$	281		$	263
Plus: Interest expense			38			39			117			111
Plus: Income tax expense			30			33			94			102
Plus: Depreciation and amortization			53			53			156			133
Plus: Loss from financing activities			4			—			4			—
Plus: EBITDA from equity method investees⁽¹⁾			70			67			212			212
Less: Interest income			(1	)		—			(2	)		(1	)
Less: Earnings from equity method investees			(40	)		(39	)		(125	)		(132	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)		(1	)		(3	)		(3	)
Adjusted EBITDA		$	241		$	248		$	734		$	685

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
		*(millions)*
	Earnings from equity methods investees	$	40		$	39		$	125		$	132
	Plus: Depreciation and amortization attributable to equity method investees		20			21			61			61
	Plus: Interest expense attributable to equity method investees		10			7			26			19
	EBITDA from equity method investees	$	70		$	67		$	212		$	212


DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment (non-GAAP, unaudited)

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
Pipeline		*(millions)*
Net Income Attributable to DT Midstream		$	71		$	71		$	216		$	185
Plus: Interest expense			12			12			37			42
Plus: Income tax expense			24			24			72			72
Plus: Depreciation and amortization			18			19			55			50
Plus: Loss from financing activities			2			—			2			—
Plus: EBITDA from equity method investees⁽¹⁾			70			67			212			212
Less: Interest income			—			—			(1	)		(1	)
Less: Earnings from equity method investees			(40	)		(39	)		(125	)		(132	)
Less: Depreciation and amortization attributable to noncontrolling interests			(1	)		(1	)		(3	)		(3	)
Adjusted EBITDA		$	156		$	153		$	465		$	425

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
		*(millions)*
	Earnings from equity methods investees	$	40		$	39		$	125		$	132
	Plus: Depreciation and amortization attributable to equity method investees		20			21			61			61
	Plus: Interest expense attributable to equity method investees		10		$	7			26			19
	EBITDA from equity method investees	$	70		$	67		$	212		$	212


DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment (non-GAAP, unaudited)

		Three Months Ended					Nine Months Ended
		September 30,			June 30,		September 30,			September 30,
			2024			2024		2024			2023
	Gathering	*(millions)*
	Net Income Attributable to DT Midstream	$	17		$	25	$	65		$	78
	Plus: Interest expense		26			27		80			69
	Plus: Income tax expense		6			9		22			30
	Plus: Depreciation and amortization		35			34		101			83
	Plus: Loss from financing activities		2			—		2			—
	Less: Interest income		(1	)		—		(1	)		—
	Adjusted EBITDA	$	85		$	95	$	269		$	260


DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)

		Three Months Ended						Nine Months Ended
		September 30,			June 30,			September 30,			September 30,
			2024			2024			2024			2023
	Consolidated	*(millions)*
	Net Income Attributable to DT Midstream	$	88		$	96		$	281		$	263
	Plus: Interest expense		38			39			117			111
	Plus: Income tax expense		30			33			94			102
	Plus: Depreciation and amortization		53			53			156			133
	Plus: Loss from financing activities		4			—			4			—
	Plus: Adjustments for non-routine items⁽¹⁾		(416	)		—			(416	)		(371	)
	Less: Earnings from equity method investees		(40	)		(39	)		(125	)		(132	)
	Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(3	)		(3	)
	Plus: Dividends and distributions from equity method investees		465			50			590			557
	Less: Cash interest expense		(6	)		(64	)		(80	)		(76	)
	Less: Cash taxes		(4	)		(1	)		(7	)		(21	)
	Less: Maintenance capital investment⁽²⁾		(4	)		(6	)		(17	)		(22	)
	Distributable Cash Flow	$	207		$	160		$	594		$	541

	(1) Distributable Cash Flow calculation excludes certain items we consider non-routine. For the three and nine months ended September 30, 2024, adjustments for non-routine items included the $416 million Millennium financing distribution. For the nine months ended September 30, 2023, adjustments for non-routine items included the $371 million NEXUS financing distribution.
	(2) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: New funding aims to boost business innovation and deliver positive change for local communities
Source: City of Leeds

New funding is on offer for projects that will help local business innovators make a positive difference to life in Leeds.
Leeds City Council’s Innovation@Leeds programme has up to £175,000 available for distribution in the form of individual grants ranging from £15,000 to £25,000.

The grants are intended to fund knowledge-sharing projects that will – through the provision of advice, guidance, mentoring or training – encourage world-class innovative thinking and activity by the city’s businesses.

This in turn, it is hoped, will enable them to deliver cutting-edge products, processes and services that make Leeds a healthier, greener and more inclusive place to live.

The exact nature of the projects will depend on the proposals submitted by grant applicants, who are being asked to show how their idea can achieve at least one of three main aims. These are:

Boosting the capabilities of innovative businesses already operating in fields such as artificial intelligence or financial, health and legal technology;

Supporting people from diverse backgrounds who want to launch their own innovation-led businesses;

Raising the profile of Leeds as a centre for innovation and showcasing its strengths to outside investors.

To be considered for a grant to set up and run a project, applicants must be a Leeds-registered small business or microbusiness.

They should also be able to demonstrate a proven track record in providing development support for innovation-led businesses.

Councillor Jonathan Pryor, Leeds City Council’s deputy leader and executive member for economy, transport and sustainable development, said:

“We know Leeds is a city bursting with ideas and inspiration, and we are keen to do whatever we can to ensure local residents realise their full potential.

“We’re also committed to helping innovative businesses and aspiring entrepreneurs find solutions and ways of working that will have a positive impact on our communities.

“The new grants will support both of those ambitions – and underline the power of collaboration – by giving innovators access to top-quality knowledge-sharing opportunities.

“I’d encourage as many eligible small businesses and microbusinesses as possible to apply for a grant, and look forward to seeing the results achieved by the successful projects.”

Innovation@Leeds was launched by the council in 2021 to ensure that people from all backgrounds have the means to make the most of their talents in fields such as digital and other emerging technologies.

The programme’s latest grants are being funded through central government’s UK Shared Prosperity Fund, which is administered locally by the West Yorkshire Combined Authority.

The award of the grants will align with a city-wide vision – co-created by the council with key local partners – for stimulating innovation in a way that has a positive social impact.

One crucial aspect of that vision is the further development and transformation of the Leeds Innovation Arc, an area on the west side of the city centre that is home to globally-renowned educational, health and cultural establishments as well as an array of start-ups, scale-ups and major businesses.

For more information about the Innovation@Leeds grants, click here. Applications can be made until November 21, while the projects that secure funding must be delivered by March 28 next year.

ENDS
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI Russia: Yuri Trutnev: The Russian President’s order to implement master plans will be fulfilled

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Yuri Trutnev held a meeting on the implementation of long-term plans for the integrated development of cities in the Amur Region

Deputy Prime Minister and Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev held a meeting on the implementation of long-term plans for the integrated development of cities in the Amur Region.

“In accordance with the instructions of the President of the Russian Federation Vladimir Vladimirovich Putin, a large-scale program for the renovation of cities has begun in the Far East and the Arctic. Our task is to make them as comfortable as possible for people to live in. This is a big job with a large amount of necessary funding. I repeat once again: it has been mobilized throughout the Far East and the Arctic. We will constantly keep it under control. Today we will hear how the work is going in the Amur Region,” Yuri Trutnev opened the meeting.

“In the Amur Region, long-term comprehensive plans have been approved for four cities – Blagoveshchensk, Tynda, Svobodny and Belogorsk, a draft master plan has been developed for the closed administrative-territorial entity Tsiolkovsky, and a general plan for the agglomeration of Svobodny and Tsiolkovsky is at an advanced stage of readiness. Key projects are already being implemented in each of them. A regional headquarters has been created. It includes the regional government, heads of municipalities, and representatives of development institutions. The headquarters meets weekly. Work is ongoing in the project management information system under the supervision of the Ministry for the Development of the Russian Far East and the Far East Development Committee,” said Vasily Orlov, Governor of the Amur Region.

A number of master plan objects will be built using funding from a single presidential subsidy provided by the Ministry for the Development of the Russian Far East and special treasury loans.

The Blagoveshchensk master plan includes 54 events for the development of municipal, social, transport and tourism infrastructure. The master plan includes such key events as the construction of the Blagoveshchensk-Heihe cross-border cableway, the modernization of the Blagoveshchensk International Airport (Ignatievo), the construction of the large city center “Tribuna Hall”, the construction of a regional blood transfusion station and a children’s art school, the creation of an international university campus and many others.

In the first year of implementing the long-term plan for comprehensive socio-economic development, several areas became central for the city. Among them are the creation of spaces for comfortable living, self-realization and education of citizens, platforms for Russian-Chinese business cooperation and other projects. In total, 13 events are being implemented this year, six of which will be completed by the end of the year.

One of the tasks included in the Blagoveshchensk master plan was to unite the city with a system of green spaces. Citizens will get a new park – Lomonosovsky. The second space, where work started in 2024, was the Valery Priyomykhov Square. The famous actor, film director and screenwriter was born in the Amur Region. The area adjacent to the site of the installation of the bust of Valery Mikhailovich will be landscaped in a cinema theme. The Katushka cafe, an open-air cinema, and the Montazhnaya coworking area will open in the square. The entire facility will be completed by October 2025. Along with the square, part of 50 Let Oktyabrya Street will be landscaped. It will connect the Priyomykhov Square with another public space – the Babochka Square.

A major renovation of the city park of culture and recreation is planned in Blagoveshchensk. The concept of the park has already been formed, the territory will be divided into two parts. The first is a green zone with places for quiet rest, themed areas and equipment for children of different ages. The second zone will be an area with attractions and catering points. The concept formed the basis of the technical specifications for the design and estimate documentation, which will be developed by the end of 2024.

Within the framework of the master plan, a large project of comprehensive reconstruction of the infrastructure of the Blagoveshchensk International Airport is being implemented. Work on the creation of the city center “Tribuna Hall” has reached the final stage. The complex is conceived as a space with a landscape park and a cultural center with an observation deck. Improvement of courtyard areas is underway.

The master plan for Belogorsk in Amur positions the city as an industrial and logistics center with a developed service economy. At the request of residents, the strategy emphasizes the development of social and transport infrastructure, renovation of microdistricts, modernization of the city center and the coastal area. The construction of a water supply system from water intake wells to the Yuzhny microdistrict and the overhaul of the children’s art school have been completed. The construction of a gas boiler house and a supply gas pipeline, which started in 2022, is in the final stage. Design and estimate documentation is being developed for two important projects – the creation of treatment facilities in the Transportny district of the city and the construction of a central water intake. Work has begun on the construction of a sports and recreation complex with a skating rink in the Yuzhny microdistrict.

The development plan for the BAM capital Tynda includes 34 events. Within the framework of the master plan, 12 events have already been completed, the key ones being the overhaul of the Tynda Central Library, the reconstruction of the BAM History Museum, the renovation of the drama theater, as well as the renovation and illumination of the facades of city buildings, the improvement of 13 courtyard areas and the Bagulnik Park.

According to the master plan, several areas have become priorities for the city: gasification, repair of social facilities, improvement of transport infrastructure and other projects. The city is reconstructing and modernizing heat supply facilities with the replacement of other types of fuel with natural gas. According to the plan, three new gas boiler houses will be built in Tynda; contracts for the preparation of documentation for them have already been concluded. In addition, the central boiler house of the city awaits reconstruction with the transfer to gas. The capital repairs of the city cultural center “Rus” and the public bathhouse are nearing completion. The street and road network is being brought up to standard and 32 new bus stops are being installed.

Within the framework of the master plan of the city of Svobodny, 22 events will be implemented. By 2030, the city will become the center of the gas chemical cluster with a high level of urban environment and services. This year, work has begun on five events, two of which should be completed by the end of the year.

The renovation of Svobodny is connected with the renewal of social infrastructure. In the Yuzhny microdistrict, a school for 528 children is being prepared for construction. The design and estimate documentation for the facility is already ready. In the Mikhailo-Chesnokovsky microdistrict, a building of a physical education and health complex with a universal games hall is being built. The development of design documentation for a children’s art school for 650 children in the Central District has begun. The construction of a new registry office building has been completed; its official opening took place in October. The improvement of the urban environment is underway. In November 2024, the improvement of the city park on Upravlencheskaya Street will be completed. The construction of a new Alekseevsky microdistrict for employees of the Amur Gas Processing Plant continues. In addition to residential buildings, communal and social infrastructure facilities are being built in the microdistrict: a school, a kindergarten, a clinic, a department store, a sports complex, a cultural and leisure center, an apart-hotel, multi-level parking lots, and engineering infrastructure facilities. In September of this year, a school for 900 students opened in the Alekseevsky microdistrict.

An important point in the development of Svobodny is improving the quality of the city’s engineering infrastructure. A large amount of work is being carried out within the framework of this area of the master plan. At the moment, design and estimate documentation is being developed for the reconstruction of treatment facilities in the Dubovsky, Surazhevsky and Zalineyny microdistricts, as well as the reconstruction of the main engineering networks of heat, water supply and sanitation. A large amount of work is associated with the capital repairs of the existing and the construction of a new street and road network and the reconstruction of the road bridge across the Klyuchevaya River along Zagorodnaya Street.

“Work on implementing master plans has begun. Stadiums and libraries are being restored in the Amur Region. A lot of work is being done to provide master plans with funding. It is necessary for the events to be reflected in state programs and national projects. This work is underway. We will do everything to fulfill the President’s instructions so that people receive comfortable living conditions,” Yuri Trutnev summed up the meeting.

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

MIL OSI Russia News –

January 25, 2025
MIL-OSI Asia-Pac: SJ attends conference in Singapore

Source: Hong Kong Information Services

Secretary for Justice Paul Lam today attended the 14th China-ASEAN Prosecutors-General Conference in Singapore, where he delivered a speech at the plenary session.

The conference, organised by the Attorney-General’s Chambers of Singapore, brought together officials, prosecutors and legal experts from 13 delegations to share their views on the conference’s theme “Fostering Co-operation on Combating Financial Crimes”.

Addressing the plenary session, Mr Lam elaborated that Hong Kong has been adopting a multipronged approach in combating financial crimes with international elements, including adopting international regulatory standards, establishing a collaborative network for effective prosecution and asset recovery, making better use of emerging technologies and encouraging knowledge and experience sharing, in order to build a trustworthy and secure financial environment.

He also mentioned that Hong Kong has established a comprehensive co-operation regime for the mutual legal assistance and surrender of fugitives, and that geopolitical considerations should not be allowed to hinder international co-operation in fighting financial crimes.

The fight against financial crimes with international elements is a daunting and ongoing challenge, Mr Lam said, adding that he hoped Hong Kong and all other jurisdictions will continue to strengthen collaboration to jointly combat related crimes.

At the conference’s closing session, the justice chief remarked that the 15th China-ASEAN Prosecutors-General Conference will be held in Hong Kong next year.

During his visit to Singapore, Mr Lam attended other related activities. As a member of the Chinese delegation, he attended bilateral meetings between the delegation and member states of the Association of Southeast Asian Nations – Singapore, Myanmar, Vietnam, Brunei, Laos and Thailand, to exchange views on issues of mutual interest.

Yesterday, he attended a lecture given by Prosecutor-General of the Supreme People’s Procuratorate Ying Yong on the theme “The Chinese Prosecutorial System in the Process of Comprehensive Implementation of the Rule of Law”.

Mr Lam will conclude his visit to Singapore tomorrow and return to Hong Kong.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI NGOs: Israel/OPT: Law to ban UNRWA is ‘inhumane’ and an ‘outright attack’ on the rights of Palestinian refugees

Source: Amnesty International –

UNRWA has long served as a sole lifeline to Palestinian refugees offering indispensable humanitarian aid, education and shelter

The UN agency also provides desperately needed aid for millions of other Palestinian refugees living in neighbouring Arab countries

‘This appalling, inhumane law will only exacerbate the suffering of Palestinians who have endured unimaginable hardship’ – Agnès Callamard

In response to the news that the Israeli parliament has passed a law to ban the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) from operating inside Israel, Agnès Callamard, Amnesty International’s Secretary General, said:

“This unconscionable law is an outright attack on the rights of Palestinian refugees. It is clearly designed to make it impossible for the agency to operate in the Occupied Palestinian Territory by forcing the closure of the UNRWA headquarters in East Jerusalem and ending visas for its staff. It amounts to the criminalisation of humanitarian aid and will worsen an already catastrophic humanitarian crisis.

“UNRWA has played an indispensable role in offering, food, water, medical aid, education and shelter to the nearly 2 million Palestinians in Gaza who have been forcibly displaced, subjected to an engineered famine, and stand at serious risk of genocide as a result of Israel’s relentless offensive in the last 12 months. This law flies in the face of the International Court of Justice order to Israel to ensure sufficient humanitarian assistance and facilitate basic services.

“UNRWA has been a lifeline for Palestinian refugees in the occupied Gaza Strip and the West Bank and in neighbouring countries throughout the 75 years since its foundation. The plight of the Palestinian people would be even more severe if not for UNRWA’s tireless work over the last three quarters of a century.

“This appalling, inhumane law will only exacerbate the suffering of Palestinians who have endured unimaginable hardship since the horrific attacks by Hamas and other armed groups in southern Israel one year ago, and whose need for global support is greater than ever.

“The international community must be quick to condemn it in the strongest possible terms and exert any influence they have on the Israeli government to repeal it.”

UNWRA

Founded in 1949, UNRWA is a UN agency that supports the relief and human development of Palestinian refugees. It is funded almost entirely by voluntary contributions from UN Member States. UNRWA has defined Palestine refugees as “persons whose regular place of residence was Palestine during the period 1 June 1946 to 15 May 1948, and who lost both home and means of livelihood as a result of the 1948 conflict.”

At a time when Israel, the occupying power, continues to flagrantly violate its obligations vis-à-vis Palestinian refugees in Gaza and the rest of the Occupied Palestinian Territory, UNRWA has long served as a sole lifeline, offering indispensable humanitarian aid, education and shelter. The agency also provides desperately needed aid for millions of other Palestinian refugees living in neighbouring Arab countries.

In January 2024 over a dozen states and the EU announced the suspension of funding to UNRWA following allegations that individual staff members were involved in the 7 October attacks carried out by Hamas and other armed groups in southern Israel. UNRWA immediately dismissed nine employees over the allegations at the time.

Almost all of the countries that had previously suspended funding for UNRWA have since reinstated their financial support, aside from the United States, where funding remains frozen until at least March 2025.

MIL OSI NGO –

January 25, 2025
MIL-OSI Security: Defense News: Navy Week Charts Course to Kansas City

Source: United States Navy

Kansas City Navy Week brings Sailors from across the fleet to the area to emphasize the importance of the Navy to Kansas City, the states of Missouri and Kansas, and the nation.

More than 50 Sailors will participate in education and community outreach events throughout the city.

Participating Navy organizations include Navy Band Great Lakes, USS Constitution, Naval Meteorology and Oceanography Command, Navy Talent Acquisition Group Mid-America, Maritime Expeditionary Security Squadron Two, Navy History and Heritage Command, The Strike Group, Fleet Outreach Ambassador Team (FLOAT), Bureau of Medicine and Surgery, Office of Small Business Programs, Office of Civilian Human Resources, Naval Reserve Center Kansas City, and Independence-class littoral combat ship USS Kansas City (LCS 22).

The Navy’s senior executive is Rear Adm. Larry Watkins, Vice Commander, U.S. Naval Forces Europe/Vice Commander, U.S. Naval Forces Africa. He commissioned through the University of Missouri-Columbia Naval Reserve Officer Training Corps program in December 1990, graduating with an economics degree. He is also a 2012 graduate of Webster University with a Master of Business Administration and completed Joint Professional Military Education curriculum at Army Command & General Staff College. During Kansas City Navy Week, he is participating in community engagements, and meeting with local organizations, higher education, local business, civic, and government leaders.

Navy Weeks are a series of outreach events coordinated by the Navy Office of Community Outreach designed to give Americans an opportunity to learn about the Navy, its people, and its importance to national security and prosperity. Since 2005, the Navy Week program has served as the Navy’s flagship outreach effort into areas of the country without a significant Navy presence, providing the public a firsthand look at why the Navy matters to cities like Kansas City.

“Sailors are the reason America’s Navy is the most powerful in the world,” said NAVCO’s director, Cmdr. Julie Holland. “We are thrilled to bring your Navy Warfighters to Kansas City. At Navy Weeks, Americans will connect with Sailors who have strong character, competence, and dedication to the mission, and who continue a nearly 250-year tradition of decisive power from seabed to cyberspace.”

Throughout the week, Sailors are participating in various community events across the area, including ceremonial celebrations at Harry S. Truman Museum, WWI Museum, and Negro League Baseball Museum; volunteering with the Kansas City Urban Youth Academy, Habitat for Humanity Kansas City, Bishop Sullivan’s Center, Happy Bottoms, and Thelma’s Kitchen; and engaging with students across multiple high schools. Residents will also enjoy free live music by Navy Band Great Lakes at venues throughout the week.

Kansas City Navy Week is the last of 15 Navy Weeks in 2024, which brings a variety of assets, equipment, and personnel to a single city for a weeklong series of engagements designed to bring America’s Navy closer to the people it protects. Each year, the program reaches more than 130 million people — about half the U.S. population.

Media organizations wishing to cover Kansas City Navy Week events should contact Ensign Lamar Badger at (901) 229-5709 or erick.l.badger.mil@us.navy.mil.

MIL Security OSI –

January 25, 2025
MIL-OSI Security: U.S. Joins International Action Against RedLine and META Infostealers

Source: Office of United States Attorneys

RedLine and META Infostealers stole information from millions of victims around the world; U.S. complaint charges developer and administrator; U.S. law enforcement seizes infrastructure

AUSTIN, Texas – The Department of Justice joined the Netherlands, Belgium, Eurojust and other partners in announcing an international disruption effort against the current version of RedLine Infostealer, one of the most prevalent infostealers in the world that has targeted millions of victim computers, and the closely-related META Infostealer.

The Justice Department, FBI, Naval Criminal Investigative Service, IRS Criminal Investigation, Defense Criminal Investigative Service, and Army Criminal Investigation Division joined international partners in the Joint Cybercrime Action Taskforce (“JCAT”) Operation Magnus (supported by Europol) to seize domains, servers, and Telegram accounts used by the RedLine and META administrators to disrupt the operations of the infostealers.

International authorities have created a website at www.operation-magnus.com with additional resources for the public and potential victims.

Infostealers are a prevalent form of malware used to steal sensitive information from victim’s computers including usernames and passwords, financial information, system information, cookies, and cryptocurrency accounts. The stolen information—referred to as “logs”—is sold on cybercrime forums and used for further fraudulent activity and other hacks. RedLine has been used to conduct intrusions against major corporations. RedLine and META infostealers can also enable cyber criminals to bypass multi-factor authentication (MFA) through the theft of authentication cookies and other system information.

RedLine and META are sold through a decentralized Malware as a Service (“MaaS”) model where affiliates purchase a license to use the malware, and then launch their own campaigns to infect their intended victims. The malware is distributed to victims using malvertising, e-mail phishing, fraudulent software downloads, and malicious software sideloading. Various schemes, including COVID-19 and Windows update related ruses have been used to trick victims into downloading the malware. The malware is advertised for sale on cybercrime forums and through Telegram channels that offer customer support and software updates. RedLine and META have infected millions of computers worldwide and, by some estimates, RedLine is one of the top malware variants in the world.

Through various investigative steps, law enforcement has collected victim log data stolen from computers infected with RedLine and META. While an exact number has not been finalized, agents have identified millions of unique credentials (usernames and passwords), email addresses, bank accounts, cryptocurrency addresses, credit card numbers, etc. The United States does not believe it is in possession of all the stolen data and continues to investigate.

The Department has unsealed a warrant issued in the Western District of Texas that authorized law enforcement to seize two domains used by RedLine and META for command and control.

In conjunction with the disruption effort, the Justice Department unsealed charges against Maxim Rudometov, one of the developers and administrators of RedLine Infostealer. According to the complaint, Rudometov regularly accessed and managed the infrastructure of RedLine Infostealer, was associated with various cryptocurrency accounts used to receive and launder payments and was in possession of RedLine malware. For his actions, he has been charged with access device fraud, in violation of 18 U.S.C. § 1029, conspiracy to commit computer intrusion, in violation of 18 U.S.C. §§ 1030 and 371, and money laundering, in violation of 18 U.S.C. § 1956.

If convicted, Rudometov faces a maximum penalty of 10 years in prison for access device fraud, five years in prison for conspiracy to commit computer intrusion, and 20 years in prison for money laundering. The complaint is merely an allegation, and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

The FBI Austin Cyber Task Force is investigating the case. The Task Force participants include the Naval Criminal Investigative Service, IRS Criminal Investigation, Defense Criminal Investigative Service, and Army Criminal Investigation Division, among other agencies.

Assistant U.S. Attorney G. Karthik Srinivasan is prosecuting the case. The Justice Department’s Cybercrime Liaison Prosecutor to Eurojust and Office of International Affairs also provided significant assistance.

The disruption effort announced today was in conjunction with Operation Magnus, a JCAT law enforcement operation to investigate RedLine and META Infostealers. The participating agencies included the Dutch National Police, Belgian Federal Police, Belgian Federal Prosecutor’s Office, United Kingdom National Crime Agency, Australian Federal Police, Portuguese Federal Police, and Eurojust.

###

MIL Security OSI –

January 25, 2025
MIL-OSI: Bybit Card Expands Into New Regions, Offering Seamless and Rewarding International Crypto Payments
Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, elevates off-ramp experiences for crypto users in more regions with the Bybit Card. Officially open for registration for new users in select regions, the Bybit Card marks another step forward in the company’s mission to enable digital asset investors worldwide to access, hold and spend their cryptocurrencies with ease and confidence.

In collaboration with S1LKPAY, principal member of Mastercard’s payment network and a provider of Banking-as-a-Service (BaaS) and Card-as-a-Service (CaaS), the Bybit Card is now accepting applications from customers of Bybit Limited, the entity regulated by the Astana Financial Services Authority (AFSA). Having obtained the full license in Sep., this is the first time Bybit Limited (AFSA) issued a prepaid card for international customers.

To celebrate the launch, eligible users who successfully register for the campaign will receive 10% cashback up to 600 USD for a limited time only. The Bybit Card simplifies the integration of crypto into everyday spending by offering users the ability to make payments in multiple currencies wherever Mastercard is accepted worldwide.

The Bybit Card has been mapping out new markets globally throughout 2024, now serving customers in multiple markets across four continents.

“Bybit is dedicated to bridging the gap between our customers’ digital assets and their real-world needs. As the Bybit Card continues to gain traction, it is being recognized as a trusted and easy-to-use crypto payment solution. We’re excited to welcome more users to the future of crypto and are committed to delivering more rewards and features in the near future,” said Joan Han, Sales and Marketing Director at Bybit. “SILKPAY is the first in the region to bring cutting-edge digital asset payment technology to market. Our partnership with Bybit brings together complementary strengths, enabling us to deliver more secure, seamless, and faster transactions through the Bybit Card. Together, we are setting a new standard for innovation and inclusion in the region’s financial landscape,” said Gani Uzbekov, Founder and CEO of SILKPAY.

Key Features of the Bybit Card
- Free virtual card: Zero fees for the virtual Bybit Card
- No hidden charges: No annual or monthly fees
- Attractive rewards: Up to $600 USD in rewards during the promotional period with 10% cashback, followed by 2-10% rebates and up to 8% APY
- Instant access: Virtual card available immediately for use
- Wide range of digital assets: The Bybit Card supports USDT, BTC, ETH, and more.
Users can read more about how to qualify for the rewards: Bybit Card – 10% Cashback and Card Bonuses (Selected International Users Only)

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, users can visit: Bybit Press

For media inquiries, users can contact: media@bybit.com

For more information, users can visit: https://www.bybit.com

For updates, users can follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

About Mastercard

Mastercard is a global technology company in the payments industry. Their mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, their innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Mastercard decency quotient, or DQ, drives our culture and everything they do inside and outside of their company. With connections across more than 210 countries and territories, they are building a sustainable world that unlocks priceless possibilities for all.

Mastercard press office in Kazakhstan

Tel: +7 (727) 264 67 37

mastercard@pressclub.kz

Contact

Head of PR

Tony Au

Bybit

tony.au@bybit.com

The MIL Network –
January 25, 2025
MIL-OSI: Synchronoss Technologies Announces Third Quarter 2024 Earnings Call Date

Source: GlobeNewswire (MIL-OSI)

BRIDGEWATER, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Synchronoss Technologies Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR), a global leader and innovator in Personal Cloud platforms, will hold a conference call on Tuesday, November 12, 2024 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the third quarter ended September 30, 2024. Financial results will be issued in a press release prior to the call.

Synchronoss management will host the presentation, followed by a question-and-answer period.

Date: Tuesday, November 12, 2024
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Dial-In Number: 877-451-6152 (domestic) or 201-389-0879 (international)
Conference ID: 13749828

The conference call will be broadcast live and available for replay here and via the Investor Relations section of Synchronoss’ website.

About Synchronoss
Synchronoss Technologies (Nasdaq: SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com.

Media Relations Contact:
Domenick Cilea
Springboard
dcilea@springboardpr.com

Investor Relations Contact:
Ryan Gardella
ICR for Synchronoss
SNCRIR@icrinc.com

The MIL Network –

January 25, 2025

MIL-OSI: CALIFORNIA BANCORP REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2024

Source: GlobeNewswire (MIL-OSI)

San Diego, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial results for the third quarter of 2024.

The Company reported net loss of $16.5 million for the third quarter of 2024, or $0.59 diluted loss per share, compared to net income of $190 thousand, or $0.01 per diluted share in the second quarter of 2024, and $6.6 million, or $0.35 per diluted share in the third quarter of 2023.

“As we previously reported, the merger of Southern California Bancorp and California BanCorp closed on July 31, 2024, and I am pleased to announce we executed a successful core conversion on September 20, 2024,” said David Rainer, Executive Chairman of the Company and the Bank. “We are excited to have created a commercial banking franchise with a footprint that covers the best banking markets in both Northern and Southern California and that is based on our trusted brands and reputations. Our scalable business model is expected to bring cost savings and greater efficiency to our operations, while allowing us to offer complementary products and services to all our clients. We will continue to build on our history of service to our communities and remain dedicated to increasing shareholder value.”

“With the close of the merger and successful conversion behind us, we are now focused on the prudent growth of our franchise by offering the highest quality and level of customer service available to middle-market businesses in both Northern and Southern California,” said Steven Shelton, CEO of the Company and the Bank. “We are excited about our future and look forward to the traction we expect our combined banking franchise will realize in the coming quarters.”

Third Quarter 2024 Highlights

	●	Merger closed on July 31, 2024, whereby California BanCorp (“CALB”) merged with and into Southern California Bancorp and California Bank of Commerce merged with and into Bank of Southern California, N.A. CALB had total loans of $1.43 billion, total assets of $1.91 billion, and total deposits of $1.64 billion. The combined holding company has assumed the California BanCorp name, and the combined bank has assumed the California Bank of Commerce, N.A. name. The merger created a bank holding company with approximately $4.25 billion in assets and 14 branches across California, with approximately 300 employees serving our communities.
	●	Total aggregate consideration paid was approximately $216.6 million and resulted in approximately $74.7 million of preliminary goodwill subject to adjustment in accordance with ASC 805.
	●	Net loss of $16.5 million or $0.59 diluted loss per share for the third quarter reflects the after-tax one-time initial provision for credit losses (“day one provision”) related to non-purchased credit deteriorated (“non-PCD”) loans and unfunded loan commitments of $15.0 million and merger related expenses of $10.6 million; adjusted net income (non-GAAP¹) was $9.1 million or $0.33 per share for the third quarter.
	●	Net interest margin of 4.43%, compared with 3.94% in the prior quarter; average total loan yield of 6.79% compared with 6.21% in the prior quarter.
	●	Provision for credit losses of $23.0 million for the third quarter, of which $21.3 million was due to the day one provision for credit losses on non-PCD loans and unfunded loan commitments.

¹ Reconciliations of non–U.S. generally accepted accounting principles (“GAAP”) measures are set forth at the end of this press release.

	●	Return on average assets of (1.82)%, compared with 0.03% in the prior quarter.
	●	Return on average common equity of (15.28)%, compared with 0.26% in the prior quarter.
	●	Efficiency ratio (non-GAAP¹) of 98.9% compared with 85.7% in the prior quarter; excluding merger related expenses the efficiency ratio was 60.5%, compared with 83.5% in the prior quarter.
	●	Tangible book value per common share (“TBV”) (non-GAAP¹) of $11.28 at September 30, 2024, down $2.43 from $13.71 at June 30, 2024.
	●	Total assets of $4.36 billion at September 30, 2024, compared with $2.29 billion at June 30, 2024.
	●	Total loans, including loans held for sale of $3.23 billion at September 30, 2024, compared with $1.88 billion at June 30, 2024, largely due to the merger, with the fair value of the acquired loans totaling $1.36 billion.
	●	Nonperforming assets to total assets ratio of 0.68% at September 30, 2024, compared with 0.20% at June 30, 2024, which included the fair value of $13.9 million in nonaccrual PCD loans in connection with the merger.
	●	Allowance for credit losses (“ACL”) was 1.80% of total loans held for investment at September 30, 2024; allowance for loan losses (“ALL”) was 1.67% of total loans held for investment at September 30, 2024.
	●	Total deposits of $3.74 billion at September 30, 2024, increased $1.81 billion or 93.2% compared with $1.94 billion at June 30, 2024, largely due to the $1.64 billion of deposits acquired in the merger.
	●	Noninterest-bearing demand deposits of $1.37 billion at September 30, 2024, an increase of $701.7 million or 105.3%, of which $635.5 million was related to the merger; noninterest bearing deposits represented 36.6% of total deposits, compared with $666.6 million, or 34.4% of total deposits at June 30, 2024.
	●	Cost of deposits was 2.09%, compared with 2.12% in the prior quarter.
	●	Cost of funds was 2.19%, compared with 2.21% in the prior quarter.
	●	The Company’s capital exceeds minimums required to be “well-capitalized,” the highest regulatory capital category.

Third Quarter Operating Results

Net Loss

Net loss for the third quarter of 2024 was $16.5 million, or $0.59 loss per diluted share, compared with net income of $190 thousand, or $0.01 per diluted share in the second quarter of 2024. Our third quarter results were negatively impacted by a day one $15.0 million after-tax CECL-related provision for credit losses on non-PCD loans and unfunded loan commitments related to the merger, or $0.54 loss per diluted share, and $10.6 million of after-tax merger expenses, or $0.38 loss per diluted share. Excluding one-time CECL-related provision for credit losses on acquired loans and unfunded loan commitments, and merger related expenses, the Company would have reported net income (non-GAAP¹) of $9.1 million, or $0.33 per diluted share, for the third quarter of 2024. Pre-tax, pre-provision income (non-GAAP¹) for the third quarter was $436 thousand, a decrease of $2.7 million or 86.3% from the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2024 was $36.9 million, compared with $21.0 million in the prior quarter. The increase in net interest income was primarily due to a $22.3 million increase in total interest and dividend income, partially offset by a $6.3 million increase in total interest expense in the third quarter of 2024, as compared to the prior quarter. During the third quarter of 2024, loan interest income increased $18.5 million, of which $4.1 million was related to accretion income from the net purchase accounting discounts on acquired loans, total debt securities income increased $458 thousand, and interest and dividend income from other financial institutions increased $3.3 million. The increase in interest income was primarily driven by the mix of interest-earning assets added by the merger and the impact of the accretion and amortization of fair value marks. Average total interest-earning assets increased $1.17 billion, the result of a $900.7 million increase in average total loans, a $114.2 million increase in average deposits in other financial institutions, a $25.1 million increase in average total debt securities, a $124.1 million increase in average Fed funds sold/resale agreements and a $7.5 million increase in average restricted stock investments and other bank stock. The increase in interest expense for the third quarter of 2024 was primarily due to a $6.0 million increase in interest expense on interest-bearing deposits, the result of a $763.7 million increase in average interest-bearing deposits, coupled with a $34.3 million increase in average subordinated debt, partially offset by a 6 basis point decrease in average interest-bearing deposit costs, and a $378 thousand decrease in interest expense on Federal Home Loan Bank (“FHLB”) borrowings, the result of a $26.8 million decrease in average FHLB borrowings in the third quarter of 2024.

Net interest margin for the third quarter of 2024 was 4.43%, compared with 3.94% in the prior quarter. The increase was primarily related to a 52 basis point increase in the total interest-earning assets yield, coupled with a 2 basis point decrease in the cost of funds. The yield on total average earning assets in the third quarter of 2024 was 6.49%, compared with 5.97% in the prior quarter. The yield on average total loans in the third quarter of 2024 was 6.79%, an increase of 58 basis points from 6.21% in the prior quarter. Accretion income from the net purchase accounting discounts on acquired loans was $4.1 million and the amortization expense impact on interest expense was $283 thousand, which increased the net interest margin by 46 basis points in the third quarter of 2024. Accretion income from the net purchase accounting discounts on acquired loans was $4.1 million, which increased the yield on average total loans by 59 basis points in the third quarter of 2024.

Cost of funds for the third quarter of 2024 was 2.19%, a decrease of 2 basis points from 2.21% in the prior quarter. The decrease was primarily driven by a 6 basis point decrease in the cost of average interest-bearing deposits, and an increase in average noninterest-bearing deposits, partially offset by an increase of 187 basis points in the cost of total borrowings, which was driven primarily by the amortization expense of $373 thousand, or 281 basis points from the purchase accounting discounts on acquired subordinated debts. Average noninterest-bearing demand deposits increased $373.8 million to $1.03 billion and represented 33.6% of total average deposits for the third quarter of 2024, compared with $658.0 million and 34.1%, respectively, in the prior quarter; average interest-bearing deposits increased $763.7 million to $2.04 billion during the third quarter of 2024. The total cost of deposits in the third quarter of 2024 was 2.09%, a decrease of 3 basis points from 2.12% in the prior quarter. The cost of total interest-bearing deposits decreased primarily due to the Company’s deposit repricing strategy and paying off high cost brokered deposits in the third quarter of 2024.

Average total borrowings increased $7.6 million to $52.9 million for the third quarter of 2024, primarily due to an increase of $34.3 million in average subordinated debt from the $50.8 million in fair value of subordinated debt acquired in the merger, partially offset by a decrease of $26.8 million in average FHLB borrowings during the third quarter of 2024. The average cost of total borrowings was 7.71% for the third quarter of 2024, up from 5.84% in the prior quarter.

Provision for Credit Losses

The Company recorded a provision for credit losses of $23.0 million in the third quarter of 2024, compared to $2.9 million in the prior quarter. The increase was largely related to the merger, and the resulting one-time initial provision for credit losses on acquired non-PCD loans of $18.5 million and unfunded commitments of $2.7 million. Total net charge-offs were $1.2 million in the third quarter of 2024, which included $967 thousand from a construction loan and $135 thousand from an acquired consumer solar loan portfolio. The provision for credit losses in the third quarter of 2024 included a $3.3 million provision for unfunded loan commitments, of which $2.7 million was related to the one-time initial provision for credit losses on acquired unfunded loan commitments, and $511 thousand related to the increase in unfunded loan commitments during the third quarter of 2024, coupled with higher loss rates and average funding rates used to estimate the allowance for credit losses on unfunded commitments. Total unfunded loan commitments increased $662.4 million to $1.03 billion at September 30, 2024, including $574.3 million in unfunded loan commitment related to the merger, compared to $371.5 million in unfunded loan commitments at June 30, 2024. The provision for credit losses for loans held for investment in the third quarter of 2024 was $19.7 million, an increase of $16.7 million from $3.0 million in the prior quarter. The increase was driven primarily by the one-time initial provision for credit losses on acquired non-PCD loans and increases in legacy special mention loans and loans held for investment. Additionally, qualitative factors, coupled with changes in the portfolio mix and in net charge-offs, and in the reasonable and supportable forecast, primarily related to the economic outlook for California which were partially offset by decreases in legacy substandard accruing loans, were factors related to the increase in the provision for credit losses. The Company’s management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it has appropriately provisioned for the current environment.

Noninterest Income

The Company recorded noninterest income of $1.2 million in the third quarter of 2024, a decrease of $5 thousand compared to $1.2 million in the second quarter of 2024. There was no gain on SBA 7A loan sales in the second and third quarters of 2024. Noninterest income was impacted by the merger through increases in service charges and fees on deposit accounts, bank owned life insurance income, and servicing and related income on loans; offset by a $614 thousand valuation allowance on other real estate owned (“OREO”) due to a decline in the fair value of the underlying property in the third quarter of 2024.

Noninterest Expense

Total noninterest expense for the third quarter of 2024 was $37.7 million, an increase of $18.7 million from total noninterest expense of $19.0 million in the prior quarter, which was largely due to the increase in merger related expenses.

Salaries and employee benefits increased $6.6 million during the quarter to $15.4 million. The increase in salaries and employee benefits was primarily the result of the merger and included $1.4 million related to one-time costs associated with non-continuing directors, executives and employees. Merger and related expenses in connection with the merger increased $14.1 million to $14.6 million. These costs primarily included retention bonus, severance and change in control costs of $6.2 million, financial advisory fees of $2.3 million, information technology expenses of $4.5 million, insurance costs of $919 thousand and legal and other professional costs of $305 thousand. The increase in core deposit intangible amortization was primarily driven by $622 thousand related to the additional amortization from the core deposit intangible of $22.7 million acquired in the merger.

The Company sold other real estate owned and recognized a $4.8 million loss in the second quarter of 2024. There was no comparable transaction in the third quarter of 2024.

Efficiency ratio (non-GAAP¹) for the third quarter of 2024 was 98.9%, compared to 85.7% in the prior quarter. Excluding the merger and related expenses of $14.6 million, the efficiency ratio (non-GAAP¹) for the third quarter of 2024 would have been 60.5%.

Income Tax

In the third quarter of 2024, the Company’s income tax benefit was $6.1 million, compared with an $88 thousand income tax expense in the second quarter of 2024. The effective rate was 26.9% for the third quarter of 2024 and 31.7% for the second quarter of 2024. The decrease in the effective tax rate for the third quarter of 2024 was primarily attributable to the impact of the vesting and exercise of equity awards combined with changes in the Company’s stock price over time, as well as non-deductible merger-related expenses.

Balance Sheet

Assets

Total assets at September 30, 2024 were $4.36 billion, an increase of $2.07 billion or 90.2% from June 30, 2024. The increase in total assets from the prior quarter was primarily related to the $1.86 billion in fair value of total assets acquired in the merger, which included increases of $1.36 billion in loans held for investment, $42.6 million in debt securities, and $336.3 million in cash and cash equivalents. In addition, the Company recorded preliminary goodwill of $74.7 million related to the merger in the third quarter of 2024.

Loans

Total loans held for investment were $3.20 billion at September 30, 2024, an increase of $1.32 billion, compared to June 30, 2024, primarily the result of the $1.36 billion fair value of loans acquired in the merger. During the third quarter 2024, there were new originations of $70.0 million and net advances of $8.9 million, offset by payoffs of $64.9 million, and the transfer of a multifamily nonaccrual loan of $4.7 million to OREO and the partial charge-off of loans in the amount of $1.2 million. Total loans secured by real estate increased by $814.5 million, including $780.9 million acquired in the merger, construction and land development loans increased by $42.9 million, commercial real estate and other loans increased by $712.2 million, 1-4 family residential loans decreased by $4.8 million and multifamily loans increased by $64.2 million. Commercial and industrial loans increased by $482.3 million, and consumer loans increased by $25.3 million, largely due to a $25.2 million increase in consumer loans related to the merger. The Company had $33.7 million in loans held for sale at September 30, 2024, compared to $7.0 million at June 30, 2024.

Deposits

Total deposits at September 30, 2024 were $3.74 billion, an increase of $1.81 billion from June 30, 2024 due to the $1.64 billion in fair value of deposits related to the merger. Noninterest-bearing demand deposits at September 30, 2024, were $1.37 billion, including $635.5 million noninterest-bearing demand deposits related to the merger, or 36.6% of total deposits, compared with $666.6 million, or 34.4% of total deposits at June 30, 2024. At September 30, 2024, total interest-bearing deposits were $2.37 billion, compared to $1.27 billion at June 30, 2024. At September 30, 2024, total brokered time deposits were $222.6 million, including a $251.4 million increase of brokered time deposits related to the merger, compared to $103.4 million in brokered time deposits at June 30, 2024. The Company used excess cash acquired from the merger to pay off high cost callable and noncallable brokered time deposits totaling $131.9 million during the third quarter 2024. The Company also offers the Insured Cash Sweep (ICS) product, providing customers with FDIC insurance coverage at ICS network institutions. At September 30, 2024, ICS deposits were $699.6 million, or 18.7% of total deposits, compared to $239.8 million, or 12.4% of total deposits at June 30, 2024. Legacy CALB was also a participant in the Certificate of Deposit Account Registry Service (CDARS), and Reich & Tang Deposit Solutions (R&T) network, both of which provide reciprocal deposit placement services to fully qualified large customer deposits for FDIC insurance among other participating banks. At July 31, 2024, the Company acquired the fair value of $37.7 million in CDARS deposits and $306.6 million in R&T deposits.

Federal Home Loan Bank (“FHLB”) and Liquidity

The Company repaid all FHLB borrowings with liquidity primarily derived from the cash acquired in the merger during the third quarter of 2024. At September 30, 2024, the Company had no overnight FHLB borrowings, a $25.0 million decrease from June 30, 2024. There were no outstanding Federal Reserve Discount Window borrowings at September 30, 2024 or June 30, 2024.

At September 30, 2024, the Company had available borrowing capacity from the FHLB secured line of credit of approximately $663.6 million and available borrowing capacity from the Federal Reserve Discount Window of approximately $446.4 million. The Company also had available borrowing capacity from eight unsecured credit lines from correspondent banks of approximately $121.0 million at September 30, 2024, with no outstanding borrowings. Total available borrowing capacity was $1.23 billion at September 30, 2024. Additionally, the Company had unpledged liquid securities at fair value of approximately $159.3 million and cash and cash equivalents of $614.4 million at September 30, 2024.

In connection with the merger, the Company assumed subordinated borrowings of $55.0 million, with a fair value of $50.8 million. The subordinated borrowings include $20.0 million with a maturity date in September 2030 and $35.0 million with a maturity date in September 2031.

Asset Quality

Total non-performing assets increased to $29.8 million, or 0.68% of total assets at September 30, 2024, compared with $4.7 million, or 0.20% of total assets at June 30, 2024.

The increase in non-performing assets in the third quarter of 2024 was primarily attributable to downgrades of a construction loan and 1-4 family residential loan from one relationship totaling $12.7 million and a $13.9 million of nonaccrual PCD loans acquired in the merger. This increase was net of total charge-offs of $1.2 million, which included a partial charge-off of $967 thousand for a substandard nonaccrual construction loan collateralized by a stalled construction project in Los Angeles, California. Based on the Company’s internal analysis, which included a review of an updated appraisal, the estimated net collateral value was $9.7 million, which was $967 thousand lower than the subject loan’s net carrying value resulting in a partial charge-off in the third quarter of 2024. The Company expects to pursue the resolution of this matter. Non-performing assets in the third quarter of 2024 included OREO, net of valuation allowance, of $4.1 million related to a multifamily nonaccrual loan of $4.7 million that was transferred to OREO and the Company recorded a $614 thousand valuation allowance on OREO due to a decline in the fair value of the underlying property in the third quarter of 2024.

Total non-performing loans increased to $25.7 million, or 0.80% of total loans held for investment at September 30, 2024, compared with $4.7 million, or 0.25% of total loans at June 30, 2024. The increase from June 30, 2024 was due primarily to the aforementioned downgrades of a construction loan and 1-4 family residential loan from one relationship, nonaccrual PCD loans acquired in the merger and partial charge-offs of loans in the amount of $1.2 million in the third quarter of 2024.

Special mention loans increased by $65.6 million, including $41.0 million non-PCD loans and $10.1 million PCD loans, during the third quarter of 2024 to $93.4 million at September 30, 2024. The $14.5 million increase in the legacy special mention loans was due mostly to a $2.2 million increase in special mention commercial real estate loans and a $12.3 million increase in special mention commercial and industrial loans. Substandard loans increased by $81.2 million, including $2.3 million non-PCD loans, $71.3 million PCD loans, and $13.5 million nonaccrual PCD loans, during the third quarter of 2024 to $104.3 million at September 30, 2024. The $5.8 million decrease in the legacy substandard loans was due primarily to the transfer of a multifamily nonaccrual loan of $4.7 million to OREO and the partial charge-off of $967 thousand for the nonaccrual construction loan, partially offset by a downgrade to substandard of a commercial and industrial loan of $118 thousand during the third quarter of 2024.

The Company had $37 thousand in consumer solar loans that were over 90 days past due that were accruing interest at September 30, 2024, and no delinquencies at June 30, 2024.

There were $19.1 million in loan delinquencies (30-89 days past due, excluding nonaccrual loans) at September 30, 2024 and no delinquencies at June 30, 2024.

The allowance for credit losses, which is comprised of the allowance for loan losses (“ALL”) and reserve for unfunded loan commitments, totaled $57.6 million at September 30, 2024, compared to $24.6 million at June 30, 2024. The $33.0 million increase in the allowance included a $19.7 million provision for credit losses for the loan portfolio, of which $11.2 million related to the initial allowance for credit losses on acquired PCD loans, $21.3 million related to the initial provision for credit losses on acquired non-PCD loans and unfunded loan commitments, partially offset by total charge-offs of $1.2 million for the quarter ended September 30, 2024.

The ALL was $53.6 million, or 1.67% of total loans held for investment at September 30, 2024, compared with $23.8 million, or 1.27% at June 30, 2024.

Capital

Tangible book value (non-GAAP¹) per common share at September 30, 2024, was $11.28, compared with $13.71 at June 30, 2024. In the third quarter of 2024, tangible book value was primarily impacted by the net loss for the third quarter, the impact of equity issued in connection with the merger, stock-based compensation expense, and a decrease in net of unrealized tax losses on available-for-sale debt securities. Other comprehensive losses related to unrealized losses, net of taxes, on available-for-sale debt securities decreased by $3.6 million to $2.9 million at September 30, 2024, from $6.5 million at June 30, 2024. The decrease in the unrealized losses, net of taxes, on available-for-sale debt securities was primarily attributable to factors other than credit related, including decreases in market interest rates driven by the Federal Reserve’s 50 basis point rate cut in September 2024. Tangible common equity (non-GAAP¹) as a percentage of total tangible assets (non-GAAP¹) at September 30, 2024, decreased to 8.58% from 11.28% in the prior quarter, and unrealized losses, net of taxes, on available-for-sale debt securities as a percentage of tangible common equity (non-GAAP¹) at September 30, 2024 decreased to 0.8% from 2.6% in the prior quarter.

The Company’s preliminary capital exceeds minimums required to be “well-capitalized” at September 30, 2024.

ABOUT CALIFORNIA BANCORP

California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving Northern and Southern California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, statements regarding expectations, plans or objectives for future operations, products or services, loan recoveries, projections, expectations regarding the adequacy of reserves for credit losses and statements about the benefits of the Company’s merger with CALB (the “Merger”), as well as forecasts relating to financial and operating results or other measures of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risk related to the Merger, including the risks that costs may be greater than anticipated, cost savings may be less than anticipated, and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time.

Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other documents the Company files with the SEC from time to time.

Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

California BanCorp and Subsidiary
Financial Highlights (Unaudited)

	At or for the Three Months Ended									At or for the Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
EARNINGS	($ in thousands except share and per share data)
Net interest income	$	36,942		$	21,007		$	23,261		$	78,443		$	71,579
Provision for (reversal of) credit losses	$	22,963		$	2,893		$	(96	)	$	25,525		$	91
Noninterest income	$	1,174		$	1,169		$	815		$	3,756		$	3,481
Noninterest expense	$	37,680		$	19,005		$	14,781		$	71,666		$	44,407
Income tax (benefit) expense	$	(6,063	)	$	88		$	2,835		$	(3,653	)	$	9,064
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Pre-tax pre-provision income ⁽¹⁾	$	436		$	3,171		$	9,295		$	10,533		$	30,653
Adjusted pre-tax pre-provision income ⁽¹⁾	$	15,041		$	3,662		$	9,295		$	26,178		$	30,653
Diluted (loss) earnings per share	$	(0.59	)	$	0.01		$	0.35		$	(0.53	)	$	1.15
Shares outstanding at period end		32,142,427			18,547,352			18,309,282			32,142,427			18,309,282

PERFORMANCE RATIOS
Return on average assets		(1.82	)%		0.03	%		1.12	%		(0.55	)%		1.25	%
Adjusted return on average assets ⁽¹⁾		1.01	%		0.11	%		1.12	%		0.74	%		1.25	%
Return on average common equity		(15.28	)%		0.26	%		9.38	%		(4.48	)%		10.63	%
Adjusted return on average common equity ⁽¹⁾		8.44	%		0.82	%		9.38	%		6.00	%		10.63	%
Yield on total loans		6.79	%		6.21	%		5.97	%		6.40	%		5.89	%
Yield on interest earning assets		6.49	%		5.97	%		5.72	%		6.15	%		5.63	%
Cost of deposits		2.09	%		2.12	%		1.56	%		2.09	%		1.22	%
Cost of funds		2.19	%		2.21	%		1.62	%		2.19	%		1.30	%
Net interest margin		4.43	%		3.94	%		4.23	%		4.12	%		4.43	%
Efficiency ratio ⁽¹⁾		98.86	%		85.70	%		61.39	%		87.19	%		59.16	%
Adjusted efficiency ratio ⁽¹⁾		60.54	%		83.49	%		61.39	%		68.15	%		59.16	%

	As of
	September 30, 2024			June 30, 2024			December 31, 2023
CAPITAL	($ in thousands except share and per share data)
Tangible equity to tangible assets ⁽¹⁾		8.58	%		11.28	%		10.73	%
Book value (BV) per common share	$	15.50		$	15.81		$	15.69
Tangible BV per common share ⁽¹⁾	$	11.28		$	13.71		$	13.56

ASSET QUALITY
Allowance for loan losses (ALL)	$	53,552		$	23,788		$	22,569
Reserve for unfunded loan commitments	$	4,071		$	819		$	933
Allowance for credit losses (ACL)	$	57,623		$	24,607		$	23,502
Allowance for loan losses to nonperforming loans		2.09	x		5.07	x		1.74	x
ALL to total loans held for investment		1.67	%		1.27	%		1.15	%
ACL to total loans held for investment		1.80	%		1.31	%		1.20	%
30-89 days past due, excluding nonaccrual loans	$	19,110		$	—		$	19
Over 90 days past due, excluding nonaccrual loans	$	37		$	—		$	—
Special mention loans	$	93,448		$	27,861		$	2,996
Special mention loans to total loans held for investment		2.92	%		1.48	%		0.15	%
Substandard loans	$	104,298		$	23,080		$	19,502
Substandard loans to total loans held for investment		3.26	%		1.23	%		1.00	%
Nonperforming loans	$	25,698		$	4,696		$	13,004
Nonperforming loans total loans held for investment		0.80	%		0.25	%		0.66	%
Other real estate owned, net	$	4,083		$	—		$	—
Nonperforming assets	$	29,781		$	4,696		$	13,004
Nonperforming assets to total assets		0.68	%		0.20	%		0.55	%

END OF PERIOD BALANCES
Total loans, including loans held for sale	$	3,233,418		$	1,884,599		$	1,964,791
Total assets	$	4,362,767		$	2,293,693		$	2,360,252
Deposits	$	3,740,915		$	1,935,862		$	1,943,556
Loans to deposits		86.4	%		97.4	%		101.1	%
Shareholders’ equity	$	498,064		$	293,219		$	288,152

(1) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

	At or for the Three Months Ended									At or for the Nine Months Ended
ALLOWANCE for CREDIT LOSSES	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands)
Allowance for loan losses
Balance at beginning of period	$	23,788		$	22,254		$	22,502		$	22,569		$	17,099
Adoption of ASU 2016-13 ⁽¹⁾		—			—			—			—			5,027
Initial Allowance for PCD loans		11,216			—			—			11,216			—
Provision for credit losses ⁽²⁾		19,711			2,990			202			22,387			600
Charge-offs		(1,163	)		(1,456	)		—			(2,620	)		(36	)
Recoveries		—			—			1			—			15
Net (charge-offs) recoveries		(1,163	)		(1,456	)		1			(2,620	)		(21	)
Balance, end of period	$	53,552		$	23,788		$	22,705		$	53,552		$	22,705
Reserve for unfunded loan commitments ⁽³⁾
Balance, beginning of period	$	819		$	916		$	1,538		$	933		$	1,310
Adoption of ASU 2016-13 ⁽¹⁾		—			—			—			—			439
Provision for (reversal of) credit losses ⁽⁴⁾		3,252			(97	)		(298	)		3,138			(509	)
Balance, end of period		4,071			819			1,240			4,071			1,240
Allowance for credit losses	$	57,623		$	24,607		$	23,945		$	57,623		$	23,945

ALL to total loans held for investment		1.67	%		1.27	%		1.18	%		1.67	%		1.18	%
ACL to total loans held for investment		1.80	%		1.31	%		1.24	%		1.80	%		1.24	%
Net (charge-offs) recoveries to average total loans		(0.17	)%		(0.31	)%		0.00	%		(0.16	)%		0.00	%

(1	)	Represents the impact of adopting ASU 2016-13, Financial Instruments – Credit Losses on January 1, 2023. As a result of adopting ASU 2016-13, our methodology to compute our allowance for credit losses is based on a current expected credit loss methodology, rather than the previously applied incurred loss methodology.
(2	)	Includes $18.5 million for the three and nine months ended September 30, 2024 related to the initial provision for credit losses for non-PCD loans acquired in the merger with CALB.
(3	)	Included in “Accrued interest and other liabilities” on the consolidated balance sheet.
(4	)	Includes $2.7 million for the three and nine months ended September 30, 2024 related to the initial provision for credit losses on unfunded commitments acquired in the merger with CALB.

California BanCorp and Subsidiary

Balance Sheets (Unaudited)

	September 30, 2024			June 30, 2024			December 31, 2023
ASSETS	($ in thousands)
Cash and due from banks	$	115,165		$	29,153		$	33,008
Federal funds sold & interest-bearing balances		499,258			75,580			53,785
Total cash and cash equivalents		614,423			104,733			86,793

Debt securities available-for-sale, at fair value (amortized cost of $163,384, $132,862 and $136,366 at September 30, 2024, June 30, 2024 and December 31, 2023)		159,330			123,653			130,035
Debt securities held-to-maturity, at cost (fair value of $49,487, $48,476 and $50,432 at September 30, 2024, June 30, 2024 and December 31, 2023)		53,364			53,449			53,616
Loans held for sale		33,704			6,982			7,349
Loans held for investment:
Construction & land development		247,934			205,072			243,521
1-4 family residential		152,540			157,323			143,903
Multifamily		252,134			187,960			221,247
Other commercial real estate		1,755,908			1,043,662			1,024,243
Commercial & industrial		765,472			283,203			320,142
Other consumer		25,726			397			4,386
Total loans held for investment		3,199,714			1,877,617			1,957,442
Allowance for credit losses – loans		(53,552	)		(23,788	)		(22,569	)
Total loans held for investment, net		3,146,162			1,853,829			1,934,873

Restricted stock at cost		27,394			16,898			16,055
Premises and equipment		13,996			12,741			13,270
Right of use asset		15,310			8,298			9,291
Other real estate owned, net		4,083			—			—
Goodwill		112,515			37,803			37,803
Core deposit intangible		23,031			1,065			1,195
Bank owned life insurance		66,180			39,445			38,918
Deferred taxes, net		45,644			11,080			11,137
Accrued interest and other assets		47,631			23,717			19,917
Total assets	$	4,362,767		$	2,293,693		$	2,360,252

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	1,368,303		$	666,606		$	675,098
Interest-bearing NOW accounts		781,125			355,994			381,943
Money market and savings accounts		1,149,268			660,808			636,685
Time deposits		442,219			252,454			249,830
Total deposits		3,740,915			1,935,862			1,943,556

Borrowings		69,142			42,913			102,865
Operating lease liability		19,211			10,931			12,117
Accrued interest and other liabilities		35,435			10,768			13,562
Total liabilities		3,864,703			2,000,474			2,072,100

Shareholders’ Equity:
Common stock – 50,000,000 shares authorized, no par value; issued and outstanding 32,142,427, 18,547,352 and 18,369,115 at September 30, 2024, June 30, 2024 and December 31, 2023)		441,684			224,006			222,036
Retained earnings		59,236			75,700			70,575
Accumulated other comprehensive loss – net of taxes		(2,856	)		(6,487	)		(4,459	)
Total shareholders’ equity		498,064			293,219			288,152
Total liabilities and shareholders’ equity	$	4,362,767		$	2,293,693		$	2,360,252

California BanCorp and Subsidiary

Income Statements – Quarterly and Year-to-Date (Unaudited)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands except share and per share data)
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	47,528		$	29,057		$	28,977		$	105,169		$	83,983
Interest on debt securities		1,687			1,229			942			4,129			2,506
Interest on tax-exempted debt securities		306			306			359			918			1,302
Interest and dividends from other institutions		4,606			1,257			1,206			7,024			3,162
Total interest and dividend income		54,127			31,849			31,484			117,240			90,953

INTEREST EXPENSE
Interest on NOW, savings, and money market accounts		11,073			7,039			5,922			24,882			13,555
Interest on time deposits		5,087			3,145			1,867			11,253			4,373
Interest on borrowings		1,025			658			434			2,662			1,446
Total interest expense		17,185			10,842			8,223			38,797			19,374
Net interest income		36,942			21,007			23,261			78,443			71,579

Provision for (reversal of ) credit losses ⁽¹⁾		22,963			2,893			(96	)		25,525			91
Net interest income after provision for (reversal of) credit losses		13,979			18,114			23,357			52,918			71,488

NONINTEREST INCOME
Service charges and fees on deposit accounts		1,136			568			470			2,229			1,439
Gain on sale of loans		8			—			(54	)		423			831
Bank owned life insurance income		398			266			238			925			693
Servicing and related income (expense) on loans		82			(5	)		61			150			223
Loss on sale of debt securities		—			—			—			—			34
Loss on sale of building and related fixed assets		—			(19	)		—			(19	)		—
Other charges and fees		(450	)		359			100			48			261
Total noninterest income		1,174			1,169			815			3,756			3,481

NONINTEREST EXPENSE
Salaries and employee benefits		15,385			8,776			9,736			33,771			29,651
Occupancy and equipment expenses		2,031			1,445			1,579			4,928			4,553
Data processing		1,536			1,186			1,144			3,872			3,376
Legal, audit and professional		669			557			598			1,742			2,050
Regulatory assessments		544			347			369			1,278			1,188
Director and shareholder expenses		520			229			215			952			642
Merger and related expenses		14,605			491			—			15,645			—
Core deposit intangible amortization		687			65			128			817			309
Other real estate owned expense		3			4,935			—			5,026			—
Other expense		1,700			974			1,012			3,635			2,638
Total noninterest expense		37,680			19,005			14,781			71,666			44,407
(Loss) income before income taxes		(22,527	)		278			9,391			(14,992	)		30,562
Income tax (benefit) expense		(6,063	)		88			2,835			(3,653	)		9,064
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498

Net (loss) income per share – basic	$	(0.59	)	$	0.01		$	0.36		$	(0.53	)	$	1.18
Net (loss) income per share – diluted	$	(0.59	)	$	0.01		$	0.35		$	(0.53	)	$	1.15
Weighted average common shares-diluted		27,705,844			18,799,513			18,672,132			21,579,175			18,632,890
Pre-tax, pre-provision income ⁽²⁾	$	436		$	3,171		$	9,295		$	10,533		$	30,653

(1) Included provision for (reversal of) unfunded loan commitments of $3.3 million, $(97) thousand and $(298) thousand for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $3.1 million and $(509) thousand for the nine months ended September 30, 2024 and 2023, respectively
(2) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

California BanCorp and Subsidiary
Average Balance Sheets and Yield Analysis
(Unaudited)

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost
Assets	($ in thousands)
Interest-earning assets:
Total loans	$	2,783,581	$	47,528		6.79	%	$	1,882,845	$	29,057		6.21	%	$	1,924,384	$	28,977		5.97	%
Taxable debt securities		149,080		1,687		4.50	%		123,906		1,229		3.99	%		111,254		942		3.36	%
Tax-exempt debt securities ⁽¹⁾		53,682		306		2.87	%		53,754		306		2.90	%		59,630		359		3.02	%
Deposits in other financial institutions		161,616		2,215		5.45	%		47,417		638		5.41	%		50,367		681		5.36	%
Fed funds sold/resale agreements		143,140		1,886		5.24	%		19,062		261		5.51	%		20,653		283		5.44	%
Restricted stock investments and other bank stock		24,587		505		8.17	%		17,091		358		8.42	%		16,365		242		5.87	%
Total interest-earning assets		3,315,686		54,127		6.49	%		2,144,075		31,849		5.97	%		2,182,653		31,484		5.72	%
Total noninterest-earning assets		277,471							150,603							131,288
Total assets	$	3,593,157						$	2,294,678						$	2,313,941

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing NOW accounts	$	617,373	$	2,681		1.73	%	$	361,244	$	2,134		2.38	%	$	353,714	$	1,706		1.91	%
Money market and savings accounts		999,322		8,392		3.34	%		653,244		4,905		3.02	%		675,609		4,216		2.48	%
Time deposits		421,241		5,087		4.80	%		259,722		3,145		4.87	%		183,745		1,867		4.03	%
Total interest-bearing deposits		2,037,936		16,160		3.15	%		1,274,210		10,184		3.21	%		1,213,068		7,789		2.55	%
Borrowings:
FHLB advances		611		9		5.86	%		27,391		387		5.68	%		11,731		163		5.51	%
Subordinated debt		52,246		1,016		7.74	%		17,901		271		6.09	%		17,830		271		6.03	%
Total borrowings		52,857		1,025		7.71	%		45,292		658		5.84	%		29,561		434		5.82	%
Total interest-bearing liabilities		2,090,793		17,185		3.27	%		1,319,502		10,842		3.30	%		1,242,629		8,223		2.63	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits ⁽²⁾		1,031,844							658,001							768,148
Other liabilities		41,962							23,054							25,722
Shareholders’ equity		428,558							294,121							277,442
Total Liabilities and Shareholders’ Equity	$	3,593,157						$	2,294,678						$	2,313,941

Net interest spread						3.22	%						2.67	%						3.09	%
Net interest income and margin			$	36,942		4.43	%			$	21,007		3.94	%			$	23,261		4.23	%
Cost of deposits	$	3,069,780	$	16,160		2.09	%	$	1,932,211	$	10,184		2.12	%	$	1,981,216	$	7,789		1.56	%
Cost of funds	$	3,122,637	$	17,185		2.19	%	$	1,977,503	$	10,842		2.21	%	$	2,010,777	$	8,223		1.62	%

(1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
(2) Average noninterest-bearing deposits represent 33.61%, 34.05% and 38.77% of average total deposits for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

California BanCorp and Subsidiary
Average Balance Sheets and Yield Analysis
(Unaudited)

	Nine Months Ended
	September 30, 2024							September 30, 2023
	Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost
Assets	($ in thousands)
Interest-earning assets:
Total loans	$	2,194,059	$	105,169		6.40	%	$	1,906,327	$	83,983		5.89	%
Taxable debt securities		133,321		4,129		4.14	%		104,881		2,506		3.19	%
Tax-exempt debt securities ⁽¹⁾		53,759		918		2.89	%		68,043		1,302		3.24	%
Deposits in other financial institutions		87,966		3,569		5.42	%		43,629		1,675		5.13	%
Fed funds sold/resale agreements		57,634		2,281		5.29	%		21,182		798		5.04	%
Restricted stock investments and other bank stock		19,383		1,174		8.09	%		15,774		689		5.84	%
Total interest-earning assets		2,546,122		117,240		6.15	%		2,159,836		90,953		5.63	%
Total noninterest-earning assets		189,573							133,224
Total assets	$	2,735,695						$	2,293,060

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing NOW accounts	$	446,759	$	6,860		2.05	%	$	290,326	$	3,301		1.52	%
Money market and savings accounts		767,916		18,022		3.13	%		674,452		10,254		2.03	%
Time deposits		312,544		11,253		4.81	%		170,620		4,373		3.43	%
Total interest-bearing deposits		1,527,219		36,135		3.16	%		1,135,398		17,928		2.11	%
Borrowings:
FHLB advances		26,105		1,103		5.64	%		16,282		632		5.19	%
Subordinated debt		29,425		1,559		7.08	%		17,807		814		6.11	%
Total borrowings		55,530		2,662		6.40	%		34,089		1,446		5.67	%
Total interest-bearing liabilities		1,582,749		38,797		3.27	%		1,169,487		19,374		2.21	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits ⁽²⁾		784,609							829,082
Other liabilities		30,524							24,086
Shareholders’ equity		337,813							270,405

Total Liabilities and Shareholders’ Equity	$	2,735,695						$	2,293,060

Net interest spread						2.88	%						3.42	%
Net interest income and margin			$	78,443		4.12	%			$	71,579		4.43	%
Cost of deposits	$	2,311,828	$	36,135		2.09	%	$	1,964,480	$	17,928		1.22	%
Cost of funds	$	2,367,358	$	38,797		2.19	%	$	1,998,569	$	19,374		1.30	%

(1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
(2) Average noninterest-bearing deposits represent 33.94%, and 42.20% of average total deposits for the nine months ended September 30, 2024 and September 30, 2023, respectively.

California BanCorp and Subsidiary
GAAP to Non-GAAP Reconciliation
(Unaudited)

The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: (1) adjusted net (loss) income, (2) efficiency ratio, (3) adjusted efficiency ratio, (4) pre-tax pre-provision income, (5) adjusted pre-tax pre-provision income, (6) average tangible common equity, (7) adjusted return on average assets, (8) adjusted return on average equity, (9) return on average tangible common equity, (10) adjusted return on average tangible common equity, (11) tangible common equity, (12) tangible assets, (13) tangible common equity to tangible asset ratio, and (14) tangible book value per share. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands)
Adjusted net income
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Add: After-tax Day1 provision for non PCD loans and unfunded loan commitments ⁽¹⁾		14,978			—			—			14,978			—
Add: After-tax merger and related expenses ⁽¹⁾		10,576			412			—			11,535			—
Adjusted net (loss) income (non-GAAP)	$	9,090		$	602		$	6,556		$	15,174		$	21,498

Efficiency Ratio
Noninterest expense	$	37,680		$	19,005		$	14,781		$	71,666		$	44,407
Deduct: Merger and related expenses		14,605			491			—			15,645			—
Adjusted noninterest expense		23,075			18,514			14,781			56,021			44,407

Net interest income		36,942			21,007			23,261			78,443			71,579
Noninterest income		1,174			1,169			815			3,756			3,481
Total net interest income and noninterest income	$	38,116		$	22,176		$	24,076		$	82,199		$	75,060
Efficiency ratio (non-GAAP)		98.9	%		85.7	%		61.4	%		87.2	%		59.2	%
Adjusted efficiency ratio (non-GAAP)		60.5	%		83.5	%		61.4	%		68.2	%		59.2	%

Pre-tax pre-provision income
Net interest income	$	36,942		$	21,007		$	23,261		$	78,443		$	71,579
Noninterest income		1,174			1,169			815			3,756			3,481
Total net interest income and noninterest income		38,116			22,176			24,076			82,199			75,060
Less: Noninterest expense		37,680			19,005			14,781			71,666			44,407
Pre-tax pre-provision income (non-GAAP)		436			3,171			9,295			10,533			30,653
Add: Merger and related expenses		14,605			491			—			15,645			—
Adjusted pre-tax pre-provision income (non-GAAP)	$	15,041		$	3,662		$	9,295		$	26,178		$	30,653

(1) After-tax merger and related expenses are presented using a 29.56% tax rate.

Return on Average Assets, Equity, and Tangible Equity
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Adjusted net (loss) income (non-GAAP)	$	9,090		$	602		$	6,556		$	15,174		$	21,498

Average assets	$	3,593,157		$	2,294,678		$	2,313,941		$	2,735,695		$	2,293,060
Average shareholders’ equity		428,558			294,121			277,442			337,813			270,405
Less: Average intangible assets		104,409			38,900			39,158			60,917			39,249
Average tangible common equity (non-GAAP)	$	324,149		$	255,221		$	238,284		$	276,896		$	231,156

Return on average assets		(1.82	%)		0.03	%		1.12	%		(0.55	%)		1.25	%
Adjusted return on average assets (non-GAAP)		1.01	%		0.11	%		1.12	%		0.74	%		1.25	%
Return on average equity		(15.28	%)		0.26	%		9.38	%		(4.48	%)		10.63	%
Adjusted return on average equity (non-GAAP)		8.44	%		0.82	%		9.38	%		6.00	%		10.63	%
Return on average tangible common equity (non-GAAP)		(20.21	%)		0.30	%		10.92	%		(5.47	%)		12.43	%
Adjusted return on average tangible common equity (non-GAAP)		11.16	%		0.95	%		10.92	%		7.32	%		12.43	%

	September 30, 2024			December 31, 2023
	($ in thousands except share and per share data)
Tangible Common Equity Ratio/Tangible Book Value Per Share
Shareholders’ equity	$	498,064		$	288,152
Less: Intangible assets		135,546			38,998
Tangible common equity (non-GAAP)	$	362,518		$	249,154

Total assets	$	4,362,767		$	2,360,252
Less: Intangible assets		135,546			38,998
Tangible assets (non-GAAP)	$	4,227,221		$	2,321,254

Equity to asset ratio		11.42	%		12.21	%
Tangible common equity to tangible asset ratio (non-GAAP)		8.58	%		10.73	%
Book value per share	$	15.50		$	15.69
Tangible book value per share (non-GAAP)	$	11.28		$	13.56
Shares outstanding		32,142,427			18,369,115

INVESTOR RELATIONS CONTACT
Kevin Mc Cabe
California Bank of Commerce, N.A.
kmccabe@bankcbc.com
818.637.7065

The MIL Network –

January 25, 2025

MIL-OSI: You Could Get Up to $1,300 the Same Day with an H&R Block Emerald Advance® Loan

Source: GlobeNewswire (MIL-OSI)

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Anyone can apply for the H&R Block Emerald Advance^® Loan during the application period which runs from November 1 through December 31, 2024. To check eligibility and apply, go to HRBlock.com to make an appointment at one of nearly 4,000 participating H&R Block offices. H&R Block associates will gladly assist with the application process. Approved applicants could leave with funds on an Emerald Card^®² or deposited to their Spruce account²^.

To learn more, and make an appointment to apply for Emerald Advance today, visit HRBlock.com

¹H&R Block Emerald Advance^® Loan originated by Pathward^®, N.A. Subject to eligibility and credit approval. Annual Percentage Rate (APR) is 35.9%. Loan amounts vary from $350-$1300. If approved, loan proceeds will be disbursed as directed to prepaid card or checking account at Pathward. Additional terms and conditions apply, see account agreements for details. Offered for a limited time at participating locations.

2 Spruce fintech platform is built by H&R Block, which is not a bank. Spruce℠ Spending and Savings Accounts established at, and the Spruce debit card and the H&R Block Emerald Prepaid Mastercard^® are issued by, Pathward^®, N.A., Member FDIC, pursuant to license by Mastercard^®. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Additional fees, conditions, and terms apply to how you use your Emerald Card or Spruce account. Consult your Cardholder Agreement or Spruce Spending Account Agreement for details.

About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

The MIL Network –

January 25, 2025
MIL-OSI: Vast and GGS Energy Partner to Bring CSP-Powered Green Methanol and SAF to the U.S.

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a renewable energy company specialising in concentrated solar thermal power (CSP) systems that generate zero-carbon, utility-scale electricity and industrial process heat, today announced it has signed a development services agreement with GGS Energy LLC (“GGS Energy”), a leading energy transition development company with deep project development experience, to pursue a commercial-scale synthetic fuels project in the Southwest United States (Project Bravo).

Project Bravo, Vast’s first deployment in the U.S., will see Vast’s CSP v3.0 technology used to generate carbon free heat and electricity to power a co-located refinery that will produce green methanol and/or electrically powered sustainable aviation fuel (e-SAF). The project is expected to be located in the Southwest United States.

Methanol is one of the most versatile hydrogen derivatives which, if produced using clean energy, has the potential to decarbonise shipping and aviation fuels. Using CSP can potentially reduce green fuel production costs by up to 40 percent according to a recent report by engineering group Fichtner. Furthermore, e-SAF will be critical to reducing emissions from the aviation industry over the coming decades. Given these and other strong demand trends, the parties expect to attract high-quality, long-term offtake contracts from global strategic partners.

Project Bravo will build on Solar Methanol 1 (SM1), the CSP-powered green methanol reference plant to be located in Australia at the Port Augusta Green Energy Hub, that Vast is co-developing with global energy company Mabanaft. SM1 will be supplied with baseload renewable heat from Vast’s co-located 30 MW / 288 MWh CSP plant, and it will have the capacity to produce 7,500 tonnes of green methanol each year.

Vast has been undertaking early-stage development activities for Project Bravo, including initial design, site selection and feasibility assessments, to create a viable project ready for the next phase of development in collaboration with GGS Energy. The project has a development target of 550MWh of CSP generation, with further details to be released as development activities unfold.

The development services agreement sets out how Vast will advance Project Bravo with GGS Energy, a subsidiary of Glacier Global Partners that was formed in 2020 as an energy transition company focused on developing utility-scale renewable energy. The project’s success could unlock the mass production of green fuels from synthetic feedstocks in the US and catalyse a pipeline of future projects.

Craig Wood, CEO of Vast, said, “CSP has the potential to unlock low-cost green fuel production in the U.S., and it can play a significant role in helping decarbonise shipping and aviation. We are delighted to have GGS Energy as a development partner to advance our plans in the U.S., which is a key market for Vast’s technology.”

Tommy Soriero from GGS Energy said, “GGS Energy is excited to partner with Vast and work to develop Project Bravo. This collaboration marks a significant step toward a sustainable future, harnessing advanced technology to produce low-cost green fuels. We are eager to combine our expertise and resources to ensure the success and impact of future innovative projects starting with Project Bravo.”

About Vast

Vast is a renewable energy company that has developed CSP systems to generate, store and dispatch carbon free, utility-scale electricity and industrial heat, and to unlock the production of green fuels. Vast’s CSP v3.0 approach to CSP utilises a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products. 

Visit www.vast.energy for more information. 

About GGS Energy LLC

GGS Energy was formed in 2020 as an energy infrastructure company focusing on developments of utility-scale energy transition projects. The GGS team has an extensive infrastructure development experience in the U.S. and internationally utilizing multiple technologies including utility scale CSP, coal-to-liquids projects, PV solar, Wind, BESS, and many more.

Contacts: 

Vast

For Investors:  
Caldwell Bailey  
ICR, Inc.  
VastIR@icrinc.com

For Australian media: 
Nick Albrow 
Wilkinson Butler 
nick@wilkinsonbutler.com

For US Media:  
Matt Dallas  
ICR, Inc.  
VastPR@icrinc.com

Forward Looking Statements
The information included herein and in any oral statements made in connection herewith 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. All statements, other than statements of present or historical fact included herein, regarding Project Bravo, Vast’s future financial performance, Vast’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “project,” “should,” “will,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Vast cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Vast. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Vast’s ability to obtain financing on commercially acceptable terms or at all; Vast’s ability to manage growth; Vast’s ability to execute its business plan, including the completion of the Port Augusta project (including SM1) and Project Bravo, at all or in a timely manner and meet its projections; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vast, including in relation to Vast’s recent business combination; the inability to recognize the anticipated benefits of Vast’s recent business combination; costs related to that business combination; changes in applicable laws or regulations and general economic and market conditions impacting demand for Vast’s products and services. Additional risks are set forth in the section titled “Risk Factors” in the Annual Report on Form 20-F for the year ended June 30, 2024, dated September 9, 2024, and other documents filed, or to be filed with the SEC by Vast. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Vast’s expectations can be found in Vast’s periodic filings with the SEC. Vast’s SEC filings are available publicly on the SEC’s website at www.sec.gov

The MIL Network –

January 25, 2025
MIL-OSI: Safe Harbor Financial Originates $1.07 Million Secured Credit Facility for Missouri Cannabis Operator

Source: GlobeNewswire (MIL-OSI)

GOLDEN, Colo., Oct. 29, 2024 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced that it has originated a $1.07 million secured credit facility for a Missouri-based cannabis operator, the first tranche of a $5 million commitment to refinance existing senior debt. The loan further solidifies Safe Harbor’s position as a key partner for cannabis operators seeking competitive financial solutions in the rapidly evolving cannabis financial sector.

The facility is secured by a portfolio that includes four retail dispensaries and a manufacturing facility in Missouri. The refinancing reduces the operator’s borrowing costs and will enable them to optimize their operations within the state’s growing cannabis market.

“Our competitively-priced financing solutions provide cannabis operators — who are often underserved by traditional banking institutions — with the means to achieve their business goals,” said John Foley, Senior Vice President of Commercial Lending at Safe Harbor. “Our ability to offer competitive rates and tailored lending solutions is a key differentiator for Safe Harbor, and this transaction highlights our commitment to fostering growth in the cannabis sector by providing access to bank-quality financial services. We are building on our credibility and expertise in cannabis underwriting, with the goal of helping more operators achieve financial stability and growth.”

Mr. Foley added, “Offering cannabis operators access to capital is a major component of Safe Harbor’s long term strategy to support the evolving needs of the cannabis industry, to grow our credit portfolio and deliver value to our investors.”

About Safe Harbor
Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past eight years, Safe Harbor has facilitated more than $23 billion in deposit transactions for businesses with operations spanning over 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of the Company’s securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future; and the other risk factors discussed in Safe Harbor’s filings from time to time with the Securities and Exchange Commission. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject, are subject to risks and uncertainties. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of Safe Harbor), and other assumptions, that may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

Contact Information
Safe Harbor Media
Nick Callaio, Marketing Manager
720.951.0619
Nick@SHFinancial.org

Safe Harbor Investor Relations
ir@SHFinancial.org

KCSA Strategic Communications
Ellen Mellody
safeharbor@kcsa.com

The MIL Network –

January 25, 2025
MIL-OSI: StoneX Announces Election Trading Partnership Between FOREX.com and Kalshi

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — FOREX.com, the number one forex broker in the US*, is delighted to announce a new partnership with Kalshi, the innovative CFTC-regulated exchange for trading on the outcome of future events.

This partnership enables traders to trade FX markets with the leading forex broker in the US while expressing a view on the US Presidential Election through Kalshi’s unique event-based platform. This partnership also incorporates a $20 bonus** for FOREX.com clients accessing the Kalshi platform to trade the US Presidential Election, subject to certain conditions.

Sixto Alonso, Regional Director of FOREX.com Americas commented, “At FOREX.com, we remain steadfast in our commitment to providing our clients with tools and products that enhance their trading experience and broaden their ability to access political and market events. We consider this partnership to be just the start, and plan to develop it further with other event-based promotions for our clients.”

Tarek Mansour, founder of Kalshi added, “As the first and largest regulated prediction market, Kalshi’s vision is to bring this asset class mainstream. We are excited to partner with FOREX.com to offer election markets to their hundreds of thousands of customers.”

About Kalshi

Kalshi is the first and largest legal prediction market in the United States. After leading the charge to legalize election-based event contracts, the Kalshi platform has seen over $100 million in trading volume in less than a month. With deep liquidity and large market makers, Kalshi can easily fulfill institutional demand, up to $100 million.

FOREX.com and StoneX Group Inc.

FOREX.com is a trading name of StoneX Group Inc. (NASDAQ: SNEX; “StoneX” or the “Company”), a financial services network that connects companies, organizations, traders and investors to the global market ecosystem. StoneX and its over 4,000 employees serve more than 54,000 commercial, institutional, and international payments clients and over 400,000 self-directed accounts from more than 80 offices spread across 6 continents. More information on the company is available at www.stonex.com.

Please be aware that political events can cause significant market volatility and increase risks.

For more information, please contact:

StoneX: stonex@cognitomedia.com

Kalshi: media@kalshi.com

For further details and inquiries, please visit:

StoneX.com

* Based on client assets per the 2023 monthly Retail Forex Obligation reports published by the CFTC

** To receive the $20 cash bonus, FOREX.com clients must apply and be approved for a Kalshi account and satisfy any other qualification requirements as determined by Kalshi. Please refer to the Kalshi website for details. The $20 bonus is paid by Kalshi in accordance with their terms and conditions.

The MIL Network –

January 25, 2025

MIL-OSI: Franklin Electric Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

Third Quarter 2024 Highlights

Consolidated net sales of $531.4 million, a decrease of 1% to the prior year
Water Systems and Distribution net sales increased 2% and 1%, respectively, while Fueling Systems net sales decreased 10%
Operating income was $73.5 million with operating margin of 13.8%
GAAP fully diluted earnings per share (EPS) was $1.17

FORT WAYNE, Ind., Oct. 29, 2024 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. today announced its third quarter financial results for fiscal year 2024.

Third quarter 2024 net sales were $531.4 million, compared to third quarter 2023 net sales of $538.4 million. Third quarter 2024 operating income was $73.5 million, compared to third quarter 2023 operating income of $78.1 million. Third quarter 2024 EPS was $1.17, versus EPS in the third quarter 2023 of $1.23.

“Our third quarter results were softer than expected due to continued macro pressure from lower home sales and starts, along with weather being wetter than normal. However, the demand environment remains healthy across our key end markets, which has normalized following record levels of sales in recent years. Margins remained stable due to our disciplined cost management, and we are actively pursuing opportunities to further reduce expenses across the enterprise,” commented Joe Ruzynski, Franklin Electric’s CEO.

“As we close out the year, we expect tempered order activity in-line with seasonal patterns. That said, having spent time with our incredible global team members over the past few months, I am energized by the potential of Franklin Electric. With our wide range of capabilities, strategic footprint, and flexible balance sheet, we have the ability to drive differentiated growth and accelerate productivity for years to come,” concluded Mr. Ruzynski.

Segment Summaries

Water Systems net sales were $302.2 million, a new third quarter record, an increase of $6.4 million or 2 percent compared to the third quarter 2023. The sales increase was driven by higher sales of groundwater products, all other surface products and water treatment products. The sales increase was partially offset by lower sales of large dewatering pumps, which had a record quarter last year. Water Systems operating income in the third quarter 2024 was $52.8 million, a new third quarter record. Third quarter 2023 Water Systems operating income was $52.7 million.

Distribution net sales were $190.8 million, an increase of $1.6 million or 1 percent compared to the third quarter 2023. Sales increases were driven by sales from a recent acquisition. The Distribution segment operating income in the third quarter 2024 was $12.2 million. Third quarter 2023 Distribution operating income was $10.7 million.

Fueling Systems net sales were $69.7 million in the third quarter 2024, a decrease of $8.0 million or 10 percent compared to the third quarter 2023. Sales decreases were driven by lower volumes. Fueling Systems operating income in the third quarter 2024 was $24.1 million. Third quarter 2023 Fueling Systems operating income was $25.8 million.

2024 Guidance

The Company is lowering its sales guidance for full year 2024 to be approximately $2.00 billion and reducing its EPS guidance for full year 2024 to be in the range of $3.75 to $3.85 which incorporates the Company’s first nine months performance and its outlook for the fourth quarter.

Earnings Conference Call

A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The third quarter 2024 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:

https://edge.media-server.com/mmc/p/cp5pmtx9

For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.

https://register.vevent.com/register/BIa5e3e952cc2d47c28144fef8683c97e0

All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

A replay of the conference call will be available from Tuesday, October 29, 2024, through 9:00 am ET on Tuesday, November 5, 2024, by visiting the listen-only webcast link above.

Forward Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

About Franklin Electric

Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2023 and America’s Climate Leaders 2023 by USA Today.

Franklin Electric Contact:

Jeffery L. Taylor
Franklin Electric Co., Inc.
InvestorRelations@fele.com



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

(In thousands, except per share amounts)

	Third Quarter Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

Net sales	$	531,438		$	538,431		$	1,535,596		$	1,592,163

Cost of sales		341,775			352,178			982,556			1,055,164

Gross profit		189,663			186,253			553,040			536,999

Selling, general, and administrative expenses		115,998			107,687			352,290			324,651

Restructuring expense		139			462			139			735

Operating income		73,526			78,104			200,611			211,613

Interest expense		(1,556	)		(2,984	)		(4,980	)		(10,309	)
Other (expense) income, net		(181	)		277			709			1,865
Foreign exchange income (expense), net		88			(2,483	)		(5,228	)		(8,098	)

Income before income taxes		71,877			72,914			191,112			195,071

Income tax expense		16,983			14,746			43,795			39,167

Net income	$	54,894		$	58,168		$	147,317		$	155,904

Less: Net income attributable to noncontrolling interests		(298	)		(370	)		(663	)		(1,181	)

Net income attributable to Franklin Electric Co., Inc.	$	54,596		$	57,798		$	146,654		$	154,723

Earnings per share:
Basic	$	1.19		$	1.25		$	3.18		$	3.34
Diluted	$	1.17		$	1.23		$	3.14		$	3.29


FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In thousands)

	September 30, 2024		December 31, 2023
ASSETS

Cash and cash equivalents	$	106,273	$	84,963
Receivables (net)		272,003		222,418
Inventories		524,647		508,696
Other current assets		39,560		37,718
Total current assets		942,483		853,795

Property, plant, and equipment, net		226,072		229,739
Lease right-of-use assets, net		62,694		57,014
Goodwill and other assets		575,994		587,574
Total assets	$	1,807,243	$	1,728,122


LIABILITIES AND EQUITY

Accounts payable	$	173,935	$	152,419
Accrued expenses and other current liabilities		124,865		104,949
Current lease liability		17,963		17,316
Current maturities of long-term debt and short-term borrowings		76,402		12,355
Total current liabilities		393,165		287,039

Long-term debt		11,581		88,056
Long-term lease liability		43,484		38,549
Income taxes payable non-current		–		4,837
Deferred income taxes		31,128		29,461
Employee benefit plans		30,781		35,973
Other long-term liabilities		23,219		33,914

Redeemable noncontrolling interest		1,179		1,145

Total equity		1,272,706		1,209,148
Total liabilities and equity	$	1,807,243	$	1,728,122


FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Nine Months Ended
(In thousands)
	September 30, 2024			September 30, 2023
Cash flows from operating activities:
Net income	$	147,317		$	155,904
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		41,825			39,582
Non-cash lease expense		15,223			12,664
Share-based compensation		10,127			8,449
Other		5,178			10,894
Changes in assets and liabilities:
Receivables		(51,440	)		(20,427	)
Inventory		(18,760	)		2,537
Accounts payable and accrued expenses		17,218			4,376
Operating leases		(15,700	)		(12,847	)
Income taxes-U.S. Tax Cuts and Jobs Act		(3,870	)		(2,902	)
Other		3,968			399

Net cash flows from operating activities		151,086			198,629

Cash flows from investing activities:
Additions to property, plant, and equipment		(28,897	)		(30,155	)
Proceeds from sale of property, plant, and equipment		704			–
Acquisitions and investments		(1,151	)		(6,641	)
Other investing activities		37			26

Net cash flows from investing activities		(29,307	)		(36,770	)

Cash flows from financing activities:
Net change in debt		(12,477	)		(87,653	)
Proceeds from issuance of common stock		5,269			9,010
Purchases of common stock		(56,989	)		(29,888	)
Dividends paid		(35,442	)		(31,315	)
Deferred payments for acquisitions		(348	)		(448	)

Net cash flows from financing activities		(99,987	)		(140,294	)

Effect of exchange rate changes on cash and cash equivalents		(482	)		(4,848	)
Net change in cash and cash equivalents		21,310			16,717
Cash and cash equivalents at beginning of period		84,963			45,790
Cash and cash equivalents at end of period	$	106,273		$	62,507

Key Performance Indicators: Net Sales Summary


	Net Sales
	United States			Latin			Europe, Middle			Asia			Total
(in millions)	& Canada			America			East & Africa			Pacific			Water			Fueling			Distribution			Other/Elims			Consolidated

Q3 2023		$182.0			$45.5			$48.7			$19.6			$295.8			$77.7			$189.2			($24.3	)		$538.4
Q3 2024		$183.6			$43.5			$53.4			$21.7			$302.2			$69.7			$190.8			($31.3	)		$531.4
Change		$1.6			($2.0	)		$4.7			$2.1			$6.4			($8.0	)		$1.6			($7.0	)		($7.0	)
% Change		1	%		-4	%		10	%		11	%		2	%		-10	%		1	%					-1	%

Foreign currency translation *		($0.3	)		($4.4	)		($0.3	)		$0.0			($5.0	)		$0.1			$0.0						($4.9	)
% Change		0	%		-10	%		-1	%		0	%		-2	%		0	%		0	%					-1	%

Acquisitions		$4.5			$0.0			$0.0			$0.0			$4.5			$0.0			$4.7						$9.2
% Change		2	%		0	%		0	%		0	%		2	%		0	%		2	%					2	%

Volume/Price		($2.6	)		$2.4			$5.0			$2.1			$6.9			($8.1	)		($3.1	)		($7.0	)		($11.3	)
% Change		-1	%		5	%		10	%		11	%		2	%		-10	%		-2	%		29	%		-2	%

*The Company has presented local currency price increases used to offset currency devaluation in the Argentina and Turkey hyperinflationary economies within the foreign currency translation, net row above.

Key Performance Indicators: Operating Income and Margin Summary


Operating Income and Margins
(in millions)	For the Third Quarter 2024
	Water			Fueling			Distribution			Other/Elims			Consolidated
Operating Income / (Loss)	$	52.8		$	24.1		$	12.2		$	(15.6	)	$	73.5
% Operating Income To Net Sales		17.5	%		34.6	%		6.4	%					13.8	%


Operating Income and Margins
(in millions)	For the Third Quarter 2023
	Water			Fueling			Distribution			Other/Elims			Consolidated
Operating Income / (Loss)	$	52.7		$	25.8		$	10.7		$	(11.1	)	$	78.1
% Operating Income To Net Sales		17.8	%		33.2	%		5.7	%					14.5	%

The MIL Network –

January 25, 2025

MIL-OSI: NANO Nuclear Energy Scheduled to Present at the ThinkEquity Conference on October 30, 2024
Source: GlobeNewswire (MIL-OSI)

New York, N.Y., Oct. 29, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing portable, clean energy solutions, today announced that its senior leadership will lead a presentation at the upcoming ThinkEquity Conference, held on October 30^th, 2024, at the Mandarin Oriental Hotel in New York City.

“The ThinkEquity Conference is well-known and anticipated gathering of innovative companies,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “We’re excited to lead an informative and engaging presentation and look forward to meaningful one-on-one discussions with fellow attendees.”

Figure 1 – NANO Nuclear Energy Inc. Will Present at The ThinkEquity Conference, to be held on October 30th, 2024, at the Mandarin Oriental Hotel in New York City.

The 2024 edition of the ThinkEquity Conference will showcase innovative companies across sectors such as alternative energy, biotechnology, AI & big data, and more. With over 750 attendees, the event will feature more than 75 company presentations and 650 one-on-one meetings with investors.

“It is a pleasure to be participating the ThinkEquity Conference this year,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “In addition to discussing the progress of our innovative technologies during the presentation, the event offers a valuable opportunity to engage personally with investors and innovators from other sectors.”

About NANO Nuclear Energy, Inc.

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

Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

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

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

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

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

For further information, please contact:
Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206

PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:
NANO Nuclear Energy LINKEDIN
NANO Nuclear Energy YOUTUBE
NANO Nuclear Energy TWITTER

Cautionary Note Regarding Forward Looking Statements

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

Attachment
- NANO Nuclear Energy Inc.
The MIL Network –
January 25, 2025
MIL-OSI: TeraWulf Schedules Conference Call for Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

EASTON, Md., Oct. 29, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that it will hold its earnings conference call and webcast for the third quarter ended September 30, 2024 on Tuesday, November 12, 2024 at 5:00 p.m. Eastern Time.

A press release detailing these results will be issued prior to the call on the same day.

Conference Call Information

To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.

Date: November 12, 2024
Time: 5:00 p.m. ET
Access ID: 13749451
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1692405&tp_key=67828cf360
Dial in: 1-877-407-0789 or 1-201-689-8562
Call me™: https://callme.viavid.com/viavid/?callme=true&passcode=13748140&h=true&info=company&r=true&B=6

Participants can use the dial-in numbers listed above or click the Call me™ link for instant telephone access to the event. The Call me™ link will be available 15 minutes prior to the scheduled start time.

Replay Information

Dial-In: (844) 512-2921 or (412) 317-6671
Replay Expiration: Tuesday, November 26, 2024 at 11:59 PM ET
Access ID: 13749451

About TeraWulf

TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Investors:
Investors@terawulf.com

Media:
media@terawulf.com

The MIL Network –

January 25, 2025
MIL-OSI: Linklogis Releases Q3 Results: Transaction Volume Exceeds RMB100 Billion, Hitting a Record High

Source: GlobeNewswire (MIL-OSI)

Hong Kong, China, Oct. 29, 2024 (GLOBE NEWSWIRE) — On October 23, 2024, Linklogis Inc. (09959.HK, “Linklogis”) released its business update for the third quarter of 2024. In the third quarter of 2024, the total transaction volume processed by the technology solutions of Linklogis reached RMB105 billion, representing an 18% year-over-year growth, with the quarterly transaction volume surpassing RMB100 billion for the first time, setting a new historical record. The company’s core growth driver, the Multi-tier Transfer Cloud, continued to excel, processing a total volume of supply chain assets of RMB47.7 billion, a year-over-year increase of 29%. Additionally, the ABS Cloud regained its growth momentum by launching new products, achieving an impressive 325% growth despite a challenging overall market environment.

Linklogis is dedicated to high-quality development, prioritizing the enhancement of efficiency and quality in its core business. Linklogis continues to diversify its customer base while strategically optimizing its business structure by reducing low-margin product lines. In the third quarter, Linklogis’ revenue and income from principal activities saw year-on-year growth, accompanied by a notable improvement in gross profit margin.

Focusing on Core Business Development, ABS Cloud Achieves 325% Growth Against Market Trends

In the third quarter of 2024, the total transaction volume processed by the technology solutions of Linklogis reached RMB105 billion, marking an 18% year-on-year increase. Within this, Anchor Cloud processed supply chain assets amounting to RMB64.4 billion, up 13% year-over-year, while FI Cloud handled supply chain assets totaling RMB34.6 billion, a 16% increase. Driven by a focused investment in its core business, the Multi-tier Transfer Cloud within the Anchor Cloud experienced robust growth, processing supply chain assets totaling RMB47.7 billion, a 29% rise year-over-year. Additionally, the ABS Cloud within the FI Cloud successfully launched new products to meet the increasing demand for diversified asset allocation in the current low-interest-rate environment. This initiative expanded services from upstream payable assets to downstream receivable assets, resulting in an impressive transaction volume of RMB22 billion for ABS Cloud in the third quarter, reflecting a remarkable 325% year-over-year growth and achieving success despite market challenges.

In the third quarter of 2024, Linklogis successfully won bids for the development of the supply chain finance service platform for Yangtze River Industry Investment Group and Genertec Universal Medical Group. Additionally, Linklogis has partnered with several large enterprises and financial institutions, including Shandong Binzhou Urban Construction Group, Huayuan Landport Capital Operation, Hubei Wanchuan State-owned Capital Investment and Operation Group, Changsha Broad Homes Industrial Group, Huaxia Bank, and China Bohai Bank, to collaborate in the supply chain finance technology sector and launch the first batch of multi-tier transfer businesses.

Linklogis accelerated its high-quality customer acquisition in the third quarter, adding 103 new customers and 184 partners, bringing the total number of customers to 959 and total partners to 2,270. This includes 1,917 anchor enterprises and 353 financial institutions. Notable new anchor enterprise customers include Wahaha Group, Jingye Group, Shanghai Electric Group, Yunnan Provincial Investment Holdings Group, and Yangtze River Pharmaceutical Group. Linklogis continues to expand and optimize its customer base, focusing on key industries such as infrastructure, construction, renewable energy, and public utilities, achieving a remarkable customer retention rate of 96%.

Acquisition of Bytter to Advance Treasury Development

According to the announcement on October 29, 2024, Linklogis has officially signed an equity acquisition agreement with the current controlling shareholder of Shenzhen Bytter Technology Co., Ltd. (“Bytter”) for the acquisition of 29.38% of its shares. Upon completion of the acquisition, Linklogis’s total shareholding will increase to 54.38%, making it the controlling shareholder of Bytter. The two companies will enhance their product offerings by integrating their core strengths in fund management and supply chain finance technology. Together, they aim to support state-owned enterprises as well as large and medium-sized private enterprises in building a world-class financial management platform. Linklogis will combine external mergers and acquisitions with internal growth to embark on a new chapter in the development of smart industry-finance treasury solutions.

Linklogis is dedicated to enhancing shareholder returns through active share repurchases. As of the end of the third quarter of 2024, the company has repurchased 142 million shares for approximately HK$280 million. Moving forward, Linklogis will continue to monitor market trends, seize growth opportunities, and focus on sustainable high-growth core businesses. Linklogis aims to maintain rapid customer acquisition while steadily advancing in technological innovation and service expansion, striving to create long-term value for both customers and investors.

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

The MIL Network –

January 25, 2025
MIL-OSI: Clean Energy Technologies, Inc. and Exergy International Sign MOU to Promote ORC Heat Recovery Solutions Across the Americas

Source: GlobeNewswire (MIL-OSI)

Irvine, CA., Oct. 29, 2024 (GLOBE NEWSWIRE) — Clean Energy Technologies, Inc. (“CETY”) (Nasdaq: CETY), a clean energy manufacturing and services company specializing in eco-friendly energy solutions, clean fuels, and alternative power for small and mid-sized projects in Americas, Europe, and Asia, has signed a Memorandum of Understanding (“MOU”) with Exergy International Srl (“Exergy”), a global leading provider of Organic Rankine Cycle (“ORC”) systems, with headquarters in Italy. This strategic partnership aims to drive growth in the field of heat recovery solutions by promoting, selling, and supporting Exergy’s ORC systems across the Americas and potentially other global regions. The collaboration will expand Exergy’s and CETY’s Waste Heat to Power solutions throughout the Americas, enabling CETY to offer small to large-scale ORC systems for industries such as cement, steel, glass, oil & gas, utilities and for power generation from geothermal resources and biomass.

Leveraging CETY’s established market presence and engineering expertise, coupled with Exergy’s advanced high-capacity ORC systems utilizing the Radial Outflow Turbine, the two companies will offer highly-efficient and competitive waste heat recovery solutions to target specific industry needs for decarbonization.

“We see a significant growth trajectory ahead,” said Kam Mahdi, CEO of CETY. “With the rising demand for energy-efficient solutions, this partnership provides a scalable platform to tap into a wide range of ORC applications, from waste heat recovery in industrial process heat and biomass projects to geothermal. Together, we’re positioned to make an impact on the waste heat to power landscape, generating strong sales growth and profitability.”

Luca Pozzoni, General Manager of Exergy, comments: “Exergy views the American market as a key region for the company’s development and growth, a market that we have chosen to focus on in the coming years. I am confident that our collaboration with CETY will allow us to expand our presence, deepen our understanding of the market, and soon establish new ORC references in the region. With over 550 MWe in our portfolio, we are well-positioned to support American industries in their decarbonization journey.”

This MOU represents a strategic partnership in the waste heat recovery sector and a pathway for scalable global growth. As industries continue to prioritize sustainable energy practices, the demand for ORC solutions is expected to increase. CETY and Exergy are poised to seize the momentum and set a new standard in delivering energy-efficient solutions worldwide.

About Exergy International srl

EXERGY INTERNATIONAL Srl is a leading provider of clean energy technologies. We are experts in the design, engineering and manufacturing of Organic Rankine Cycle (ORC) systems with the pioneering Radial Outflow Turbine. EXERGY’s proprietary technologies, covered by several patents, allow for highly efficient energy production via the exploitation of heat sources from geothermal, waste heat from industry, biomass and concentrated solar power. The EXERGY portfolio accounts for over 500 MWe and the second largest geothermal binary fleet worldwide. EXERGY is part of the Chinese TICA Group, a leading integrated system and service provider in HVAC. From the headquarters in the north of Italy (Milan), EXERGY exports and implements its technology worldwide with a particular focus on high growth potential markets. Website: https://exergy-orc.com/

About Clean Energy Technologies, Inc. (CETY)

Headquartered in Irvine, California, Clean Energy Technologies, Inc. (CETY) is a rising leader in the zero-emission revolution by offering eco-friendly green energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company’s principal products are Waste Heat Recovery Solutions using our patented Clean CycleTM generator to create electricity. Waste to Energy Solutions convert waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions provide expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies.

CETY’s common stock is currently traded on the Nasdaq Capital Market under the symbol “CETY.” For more information, visit www.cetyinc.com.

For more information, visit www.cetyinc.com.

Follow CETY on our social media channels: Twitter | LinkedIn | Facebook

This summary should be read in conjunction with the Company’s quarterly report on Form 10-Q for the quarterly period ended June 30, 2024 and other periodic filings made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, which contain, among other matters, risk factors and financial footnotes as well as a discussions of our business, operations and financial matters located on the website of the Securities and Exchange Commission at www.sec.gov.

Safe Harbor Statement

This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of CETY’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “plan,” “expect,” “estimate,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Any forward-looking statement made by the Company in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Clean Energy Technologies, Inc.
Investor and Investment Media inquiries:
949-273-4990
ir@cetyinc.com
Source: Clean Energy Technologies, Inc.

Exergy International Srl
Media contact:
Sara Milanesi
s.milanesi@exergy.it
+39 3666012588

The MIL Network –

January 25, 2025
MIL-OSI: Rigetti Computing to Report Third Quarter 2024 Financial Results and Host Conference Call on November 12, 2024

Source: GlobeNewswire (MIL-OSI)

BERKELEY, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (“Rigetti” or the “Company”) (Nasdaq: RGTI), a pioneer in hybrid quantum-classical computing, announced today that it will release third quarter 2024 results on Tuesday, November 12, 2024 pre-market open. The Company will host a conference call to discuss its financial results and provide an update on its business operations at 8:30 a.m. ET the same day.

Key details regarding the call are as follows:

Call Date: Tuesday, November 12, 2024
Call Time: 8:30 a.m. ET / 5:30 a.m. PT
Webcast Link: https://edge.media-server.com/mmc/p/aoxe8j5p/
Live Call Participant Link: https://register.vevent.com/register/BI66e8b07255734ee49c6d5daf2166b220

Webcast Instructions
You can listen to a live audio webcast of the conference call by visiting the “Webcast Link” above or the “Events & Presentations” section of the Company’s Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.

Live Call Participant Instructions
To participate in the live call, you must register using the “Live Call Participant Link” above. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.

About Rigetti
Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. The Company’s proprietary quantum-classical infrastructure provides high performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.

Contact
Rigetti Computing Media Contact:
press@rigetti.com

Rigetti Computing Investor Relations Contact:
IR@Rigetti.com

The MIL Network –

January 25, 2025
MIL-OSI: Sky Quarry Appoints Darryl Delwo as Chief Financial Officer and Cyla Apache as VP of Finance

Source: GlobeNewswire (MIL-OSI)

WOODS CROSS, Utah, Oct. 29, 2024 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry ” or the “Company”), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, today announced two key appointments. Darryl Delwo, CPA, a seasoned finance and accounting executive, was previously named Chief Financial Officer effective August 20, 2024, and Cyla Apache has recently been promoted to Vice President of Finance. These appointments reflect Sky Quarry’s focus on strengthening its finance leadership as it advances its growth strategy as a publicly listed company on Nasdaq.

Darryl Delwo brings over 28 years of experience to the role and was promoted after serving as Vice President of Finance at Sky Quarry since 2020. Previously, Mr. Delwo served as Chief Financial Officer of Noralta Technologies Inc., an integrated SaaS provider primarily servicing the oil & gas market. Prior to that, Mr. Delwo was Controller and Acting CFO for the start-up company Sulvaris Inc., supporting the venture funding to recommence project construction. He has also served in Controller roles at Black Diamond Energy Services, Wholesale Sports, and Regus Canada. Mr. Delwo holds CPA and CMA designations in Canada, along with a Bachelor of Commerce in Accounting from Athabasca University.

Cyla Apache brings over six years of controllership experience. She is a motivated leader with a strong background in implementing software and developing efficient workflows. Additionally, Ms. Apache has extensive knowledge of tax law and demonstrates how an accounting department can drive revenue and profitability. She holds an MBA, an MS in Accounting, a CPA designation from the California State Board of Accountancy, and an Enrolled Agent designation from the IRS.

“After more than four years as VP of Finance, Mr. Delwo’s promotion to CFO is a natural step,” said David Sealock, CEO of Sky Quarry. “His 28 years of experience and proven leadership will be invaluable as we grow as a Nasdaq-listed company and advance our capital markets strategy. Alongside Ms. Apache’s promotion to Vice President of Finance, these leadership additions enhance our ability to drive operational excellence and execute our strategic and financial priorities, all with a focus on value-added growth and commitment to our shareholders.”

About Sky Quarry Inc.

Sky Quarry Inc. (NASDAQ: SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit skyquarry.com.

Forward-Looking Statements

This press release may include ”forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.

Investor Relations
Chris Tyson
Executive Vice President
MZ Group – MZ North America
949-491-8235
SKYQ@mzgroup.us
www.mzgroup.us

Company Website

https://investor.skyquarry.com/

The MIL Network –

January 25, 2025
MIL-OSI: EXL recognized as a Major Player in IDC MarketScape for Worldwide Data Modernization Services in 2024

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — EXL [NASDAQ: EXLS], a leading data analytics and digital operations and solutions company, announced that it has been recognized as a Major Player in the IDC MarketScape: Worldwide Data Modernization Services 2024 Vendor Assessment (doc #US51234424, September 2024) report.

The inaugural report evaluates 27 service providers across their core value propositions, execution and innovation capabilities, go-to-market strategy, and market impact.

“Whether driven by AI adoption or not, data modernization services are a critical component of organizations’ strategies to become more efficient, agile, and growth-oriented businesses,” said Jennifer Hamel, senior research director, Enterprise Intelligence Services at IDC. “This study evaluates 27 vendors that have established themselves as trusted partners for navigating the complexities of data modernization and continue to expand and evolve their portfolios to meet organizations’ future needs across the enterprise intelligence architecture.”

According to the report, “IDC considers EXL’s strategies around offerings, client adoption, employee skills and retention, and innovation and R&D as key strengths. EXL also showcased strengths in achieving business outcomes for clients with data modernization services through case studies across a variety of industries and business functions.”

“At EXL, we take great pride in helping our clients realize the power of data and AI by creating modern data architecture, data flows and solutions for them,” said Vivek Jetley, president and global head of analytics at EXL. “We combine our data, domain and AI expertise to design and implement solutions that improve operational efficiency and customer experience. We’re proud to receive this recognition from the IDC MarketScape as we continue to help our clients optimize their processes and build their future successes.”

IDC’s Enterprise Intelligence Services subscribers can read the IDC MarketScape report at idc.com.

For more information about how EXL partners with clients to lay the data foundations of AI and improve operational efficiency and customer experience through the design and implementation of modern, agile, secure, and scalable data platforms, please visit here.

About IDC MarketScape:

IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.

About EXL

EXL (Nasdaq: EXLS) is a leading data analytics and digital operations and solutions company. We partner with clients using a data and AI-led approach to reinvent business models, drive better business outcomes and unlock growth with speed. EXL harnesses the power of data, analytics, AI, and deep industry knowledge to transform operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 55,000 employees spanning six continents. For more information, visit www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

© 2024 ExlService Holdings, Inc. All rights reserved. For more information go to www.exlservice.com/legal-disclaimer

Contacts
Media
Keith Little
+1 703-598-0980
media.relations@exlservice.com

Investor Relations
John Kristoff
+1 212 209 4613
IR@exlservice.com

The MIL Network –

January 25, 2025

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