Category: Economy

  • MIL-OSI Security: Defense News: SECNAV Del Toro Names Future Nuclear-Powered Attack Submarine USS Atlanta (SSN 813)

    Source: United States Navy

    ATLANTA (Oct 23, 2024) – Secretary of the Navy Carlos Del Toro announced that the future Virginia-class Nuclear-Powered Attack Submarine SSN 813 will be named USS Atlanta. Del Toro made the announcement during a ship naming ceremony at the Jimmy Carter Presidential Library and Museum, in Atlanta, on Oct. 23.

    The future USS Atlanta honors the city of Atlanta, and the crews of the five previous Navy vessels named Atlanta.

    The naming selection of the future USS Atlanta (SSN 813) continues the trend of naming Virginia-class submarines after cities. Secretary Del Toro previously named USS Long Island (SSN 809), USS San Francisco (SSN 810), USS Miami (SSN 811), and USS Baltimore (SSN 812).

    “The city of Atlanta shares a storied and historic relationship with our Navy. Since the founding of our great nation, Atlantans from all walks of life have answered the call to service, including President Jimmy Carter, who helped advance our nuclear submarine program alongside Admiral Rickover, “the Father of the Nuclear Navy,” said Del Toro. “It has been 25 years since the Navy has had a ship named after the proud legacy of the city of Atlanta. Today, it is my honor and privilege to name the next Virginia-class submarine, SSN 813, USS Atlanta.”

    Congresswoman Nikema Williams, from Georgia’s 5th Congressional District joined Secretary Del Toro for the ceremony honoring Atlanta.

    “The naming of this ship is a testament to Atlanta’s history as the cradle of the civil rights movement,” said Williams. “As this vessel sails across the globe, it will carry with it the legacy of civil and human rights leaders like Congressman John Lewis and President Jimmy Carter, embodying Atlanta’s unbreakable spirit and the fight for justice that continues today.”

    Atlanta Mayor Andre Dickens also served as a guest in the official party and highlighted the honor and meaning behind the naming of the Navy’s newest submarine.  

     “Thank you, Secretary Del Toro for allowing Atlanta to take its place among the great American cities with namesake vessels,” said Dickens. “We envision the future USS Atlanta sailing and submerging as a testament to some of the same values that this city holds…protecting this nation with courage and strength.

    Secretary Del Toro also named the ship sponsor at the ceremony, former Atlanta Mayor Keisha Lance Bottoms.

     The ship’s sponsor fills a vital role throughout the life of a warship, serving as the bond between the ship, her crew, and the nation they serve,” said Del Toro. “I am honored that Mayor Bottoms accepted the invitation to serve as ship sponsor. As a leader and champion for the people of Atlanta, she represents the best of our nation, and I thank her for her lifelong commitment to our Navy, to our service men and women, and to the United States of America.”

    The city of Atlanta has strong ties to American history. Founded in 1836, the city (originally named Terminus) was incorporated as Atlanta in 1847. Following its destruction in the Civil War, Atlanta rapidly rebuilt, became the state capital in 1868, and is now an important center of industry, finance, and transportation. The greater Atlanta region was home to Naval Air Station Atlanta (1943-2009) and hosted squadrons from Reserve Carrier Air Wing 20, and Marine Aircraft Group 42.

    The first Atlanta, a screw gunboat (1858-1859) was renamed Sumpter after commissioning. The second, a protected cruiser (1886-1912) primarily served in the Atlantic Ocean and Gulf of Mexico and as a barracks ship. The third Atlanta (CL-51), a light cruiser (1941-1942), screened Task Force 16 carriers Enterprise and Hornet during the Battle of Midway, supported the Guadalcanal campaign in July and August, and defended Enterprise at the Battle of the Eastern Solomons on 24 August 1942. From 12-13 November 1942, Atlanta took part in the Naval Battle of Guadalcanal, during which she helped sink the Japanese destroy Akatsuki, and later received the Presidential Unit Citation and the embarked Flag Officer, Rear Admiral Norman Scott, was awarded a posthumous Medal of Honor. Suffering extensive torpedo damage, she was scuttled. The fourth Atlanta (CL-104), a light cruiser (1944-1970) served off Japan with the Fast Carrier Task Force where she conducted shore bombardment missions. The fifth Atlanta (SSN-712), a nuclear fast attack submarine (1982-1999), homeported in Norfolk, VA, completed multiple deployments and fleet readiness exercises during the Cold War before being decommissioned.

    Attack submarines are designed to seek and destroy enemy submarines and surface ships; project power ashore with Tomahawk cruise missiles and Special Operation Forces (SOF); carry out Intelligence, Surveillance and Reconnaissance (ISR) missions; support battle group operations; and engage in mine warfare.

    More information on attack submarines can be found here

    Read Secretary Del Toro’s full remarks here.

    MIL Security OSI

  • MIL-OSI USA: Governor Cooper Proposes $3.9 Billion in State Funding to Spur Hurricane Helene Relief and Recovery

    Source: US State of North Carolina

    Headline: Governor Cooper Proposes $3.9 Billion in State Funding to Spur Hurricane Helene Relief and Recovery

    Governor Cooper Proposes $3.9 Billion in State Funding to Spur Hurricane Helene Relief and Recovery
    mseets

    Less than a month after Hurricane Helene hit Western North Carolina, Governor Roy Cooper today shared a state budget recommendation to help rebuild stronger to withstand future storms. Governor Cooper recommends an initial $3.9 billion package to begin rebuilding critical infrastructure, homes, businesses, schools, and farms damaged during the storm.

    “Helene is the deadliest and most damaging storm ever to hit North Carolina,“ said Governor Cooper. “This storm left a trail of destruction in our beautiful mountains that we will not soon forget, but I know the people of Western North Carolina are determined to build back better than ever. These initial funds are a good start, but the staggering amount of damage shows we are very much on the front end of this recovery effort.”

    Initial damage estimates are $53 billion, roughly three times Hurricane Florence estimates in 2018 and the largest in state history. A strong recovery will require significant investments by private insurers as well as the federal, state and local governments. Large scale disasters fueled by climate change in recent years have shown the challenges and enormous costs of recovery as well as the need to ensure structures are hardened are they are rebuilt to withstand future storms. Successful recoveries require significant early investments to ensure communities have the tools to fully rebuild.

    Economy

    The economic devastation from Hurricane Helene is unparalleled. Thousands of businesses in the region suffered damages leaving business owners and workers suffering. The Governor’s funding package includes $650 million to address economic losses and physical damage for non-agricultural businesses and non-profit organizations. This would include a revival of the pandemic-era Business Recovery Grant Program, which helped North Carolina’s economy recover faster than the national average. Governor Cooper has already increased unemployment insurance benefits through an executive order with a bipartisan and unanimous vote of the Council of State.

    Housing

    The Governor’s budget recommendation includes $650 million to address physical damage to residential structures and cost of housing assistance. These investments would jumpstart permanent housing construction in advance of potential federal funds, which can take months or years to be approved.

    Utilities and Natural Resources

    Critical and high-risk infrastructure was damaged across the region, including water and sewer systems in multiple communities and power generation facilities. Much of this infrastructure is in geographically isolated locations and challenging to reach, slowing restoration of services to communities. The Governor’s funding package includes $578 million to address the physical damage and cleanup of energy, water, waste clean-up, telecommunications, dams and other infrastructure.

    Transportation

    Hurricane Helene severely impacted approximately 5,000 miles of state-maintained roads across the affected area in Western North Carolina, including several major national interstates and critical transportation corridors. The proposed funding package includes $55 million to address physical damage and state revenue implications of the transportation infrastructure damage.

    Agriculture

    The funding package includes $422 million to address physical damage and business disruption for agricultural enterprises. This storm caused significant damage to hundreds of thousands of acres of agricultural land and hundreds of structures.

    Recovering From Additional Recent Disasters

    As North Carolina is still recovering from other recent natural disasters, Governor Cooper’s proposed budget includes $420 million for needs related to PTC-8, Tropical Storm Debby, and funds to complete homeowner assistance for Hurricanes Florence and Matthew.

    The full Budget Recommendation can be found here.

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    Oct 23, 2024

    MIL OSI USA News

  • MIL-OSI USA: Governor Ron DeSantis Announces Investment in Marine Infrastructure to Support Recovery Through the Florida Disaster Fund

    Source: US State of Florida

    Governor DeSantis also announced discounts on fishing licenses and progress on Florida’s efforts to take over management of Red Snapper in the Atlantic.

    STEINHATCHEE, Fla.—Today, Governor Ron DeSantis announced the award of $1,000,000 in funding from the Florida Disaster Fund to the Fish and Wildlife Foundation of Florida to support the rebuilding of fishing and aquaculture infrastructure damaged by Hurricanes Helene and Milton. The funding will go toward the rebuilding of boat slips and docks, the repair of fish houses, impacted aquaculture businesses, and other important infrastructure repairs for Florida’s fishing economy across the Big Bend region.

    “The Big Bend’s fishing industry took a direct hit from hurricanes Debby and Helene, and so did the hardworking Floridians who make their living on the water,” said Governor Ron DeSantis. “Today’s investments will help to rebuild critical waterside infrastructure and help get Floridians in the fishing and aquaculture industries back to full operations.”

    To unlock additional resources from the federal government, Governor DeSantis’ administration also initiated the process of submitting a federal fisheries disaster declaration to the U.S. Secretary of Commerce. This declaration request would provide access to federal funding, subject to appropriation, for offshore, nearshore, and inshore fisheries to rebuild. Governor DeSantis requested a similar federal fisheries disaster declaration following Hurricane Ian and Hurricane Idalia.

    Governor DeSantis has also directed the Florida Department of Environmental Protection (DEP) to expedite any permits or approvals for businesses impacted on uplands or on the water to ensure the rebuilding of damaged structures is not delayed by bureaucracy.

    “Governor DeSantis has a proven track record of helping communities recover quickly and rebuild fully after storms,” said Florida Fish and Wildlife Conservation Commission Executive Director Roger Young. “We are grateful for his leadership and support in assisting the fishing industry as it recovers from hurricanes Debby, Helene, and Milton.”

    Additionally, the Governor announced several discounts on fishing and hunting licenses, including lifetime licenses, to get anglers back on the water and provide a boon to the industry that serves them. This includes:

    • Half-off short-term licenses for Floridians from October 25, 2024, to January 3, 2025, for the annual and five-year multisport licenses for fishing and hunting; and
    • A 50% discount on lifetime sportsman licenses for children up to 17 years of age.
      • Age 4 or younger – $200 (normally $400)
      • Ages 5 to 12 – $350 (normally $700)
      • Ages 13 to 17 – $500 (normally $1,000)

    Additionally, FWC is offering annual salt water and freshwater combo licenses for just $5.

    Fishing and Florida are inseparable. Florida leads the nation in the number of saltwater fishing anglers, generating a $9.2 billion impact on the State of Florida’s economy. Additionally, the annual dockside value of commercial fisheries was estimated at $244 million. Today’s announcement will help Florida residents regenerate lost income and rebuild their businesses and infrastructure.

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    MIL OSI USA News

  • MIL-OSI USA: Rep. Panetta Announces New Federal Investment to Further Modernize Monterey Regional Airport

    Source: United States House of Representatives – Congressman Jimmy Panetta (D-Calif)

    Monterey, CA – United States Representative Jimmy Panetta (CA-19) announced a new federal investment to support Monterey Regional Airport’s initial phase of terminal construction.  Rep. Panetta secured $14.2 million through the Airport Terminal Program (ATP) to fund the construction and replacement of a 70-year-old terminal, including the relocation of a LEED Platinum-certified terminal, improved internal airport access, and enhanced landside road access.  This includes a multimodal bus connection for the Monterey-Salinas Transit Company.  This funding was made possible by the Bipartisan Infrastructure Investment and Jobs Act.

    “Residents and visitors alike deserve a Monterey Regional Airport that is safe, reliable, and comfortable,” said Rep. Panetta. “I’m proud to ensure that the federal government is investing in local airports like ours to meet the demands of modern travelers with updated amenities and enhanced safety features.  With this federal support, we will continue to improve the mobility, economy, and quality of life in California’s 19th Congressional District.”

    “This new grant will be the first federal funding dedicated directly to the construction of the replacement terminal building,” said Monterey Regional Airport Executive Director Michael La Pier.  “With the design completed, we will be ready to move forward with the start of the construction in the spring with a completion some time in late 2026.  We’d like to thank Representative Panetta for his help and guidance in this process. It means a great deal to the airport to have such strong support in the District and in Washington.”

    Rep. Panetta continues working alongside local partners to ensure the federal government plays its role in modernizing the Monterey Regional Airport.  Previously, Rep. Panetta secured more than $64 million in federal funding to support new terminal design, tarmac improvements, and other modernization and safety initiatives.

    The Bipartisan Infrastructure Investment and Jobs Act provided $15 billion in airport infrastructure funding.  For more information on projects nationwide, visit: here.

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    MIL OSI USA News

  • MIL-Evening Report: Unemployment’s up, house prices are stagnating. But is the Victorian economy doing as badly as it seems?

    Source: The Conversation (Au and NZ) – By David Hayward, Emeritus Professor of Public Policy, RMIT University

    The early 1990s in Victoria were tough. The economy was contracting severely, the population was shrinking, employment was collapsing and the unemployment rate skyrocketed to the highest in the land.

    A long-term Labor government got the blame for allowing state debt to spiral out of control. Victoria, reckoned a popular joke at the time, was “Australia’s Mexico without the sunshine”.

    Is it happening all over again?

    Some reporting in national media would suggest it is.

    The Australian Financial Review has recently run a series on the state, including a piece last week quoting business leaders saying the Victorian economy was in trouble.

    Reference was made to the latest unemployment figures as supporting evidence. Victoria’s unemployment rate has risen over the last year, and at 4.4% is now the highest in the country. Rising numbers of company failures and stagnant house prices were also cited.

    Earlier in the month, data showing a falling rate of Victorian business start-ups was highlighted, while another Financial Review article examined the decline in the number of conferences. All this was referred to as evidence of a state struggling under the weight of

    $8.6 billion in levies [imposed] in [Labor’s] 2023 budget to curb a mountain of state debt that is forecast to reach $188 billion by 2028.

    The Australian also ran a feature on Victoria echoing the same themes.

    Readers were asked, “What the hell has gone wrong with Victoria?”. Public debt and taxation figured as prominent causes of an economic catastrophe in the making. The Australian deemed the state to be

    at best, trapped in stagnation, forcing it to cover falling private investment and expenditure with ever greater public largesse. And at worst […] as the spending and debt build-up sets off the alarms, a vicious spiral is triggered […] until the whole Ponzi scheme collapses.

    But are things that bad? What does the economic data actually show?

    Some positive signs

    It is true that unemployment in Victoria is rising, and is also high compared to the rest of the country. But it has been stable for the last four months, reflecting the impact of interest rate increases over the previous couple of years.

    Also, looking back over the last 40 years, the increase has been from a very low base, and remains at an historically low level – and a long way off the highs of the 1990s.



    The number of people in the labour force is continuing to grow at a healthy clip. The participation rate is now the highest on record.

    Last month, the labour force increased in seasonally adjusted terms by 20,000, and almost all of these additional people ended up in employment.

    The growth in employment since the end of the pandemic is notable.

    Since January 2023, employment has increased by 268,000, or 8% in seasonally adjusted terms. That’s 37% of the jobs added in the whole of Australia during that time.

    Yes, the share of job growth is falling, but it is still higher than the state’s population share, and it is from an unbelievably high base (55% of all jobs created nationally in July were in Victoria).

    The Australian Financial Review acknowledged that the latest jobs data were indeed “unexpectedly strong”.

    What about business insolvencies?

    Victorian insolvencies are on the rise (up 61% in September compared to the same month last year). But so too are they across Australia, with the national number rising at a higher clip (up 70%).

    What about the number of conferences in Victoria? We simply cannot be sure whether they are up or down, because there is no consistent data base to settle the matter.

    And while Victoria may have fallen behind other states in the number of new startups per 1,000 businesses, the actual number of businesses has increased by more than 31,000, or 3%, since the beginning of the year.

    How are house prices and rents holding up?

    Yes, house prices are tumbling. In real terms, they are around 20% below their pandemic peak, at least partly caused by a bundle of new property taxes introduced in the 2023/24 state budget to help pay for pandemic-related debt.

    But with housing affordability at an all-time low courtesy of high interest rates, that is no bad thing, especially for those keen to buy their first home.

    That fall in house prices stands in contrast to a boom in rents over the same time period.

    Over the last 12 months, median rents in Victoria have increased by 13.3%, and by 4.3% over the last quarter. In the March quarter, the rental stock fell for the first time on record, perhaps supporting those who see an economy in trouble.

    But that fall amounted to barely 10,000 dwellings, or only 2.7% of the stock. Those properties had to be sold to someone, and it is likely many were sold to first time buyers who, in changing tenure, had no net effect on the rental market. A redistribution of wealth like that may be no bad thing.

    Debt is high – but so is infrastructure spending

    There is no doubt the Victorian economy has been slowing, as has the rest of the country. That is exactly the outcome sought by the Reserve Bank when it pushed up interest rates last year.

    But there is little evidence to show Victoria is following the disastrous path of the early 1990s.

    Back then, state debt grew alarmingly because of a savage recession. This time round, state debt has grown strongly, but largely to fund a construction pipeline on a scale the state has not seen before.

    Infrastructure spending is now running close to $25 billion a year, almost five times what it was a decade ago. There’s a lot of jobs in those numbers, and shortly a lot of that infrastructure will come on line, boosting the state’s economic potential.



    There is one other factor driving Victoria’s surprisingly resilient economy. Net international migration increased by 152,000 in the year to March 2024 – almost 30% of the Australian total – driven partly by the return of international students.



    Very fast, migration-driven population growth is not being matched by increased output, and the state’s household income per person is continuing its long-term decline, leading some to argue it has become a “poor state”.

    Treasurer Tim Pallas will hope that the increase stock of debt-funded infrastructure provides the productivity boost sorely needed to turn that around.

    While on several indicators Victoria’s economy is slowing, this largely reflects a national trend. Drilling down into the data shows there are signs of growth, which suggest alarm at this stage is not justified.

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

    ref. Unemployment’s up, house prices are stagnating. But is the Victorian economy doing as badly as it seems? – https://theconversation.com/unemployments-up-house-prices-are-stagnating-but-is-the-victorian-economy-doing-as-badly-as-it-seems-241762

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Ernst Prevents Tax Dollars from Funding Anti-Second Amendment Groups

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – To combat discrimination against gun owners, U.S. Senator Joni Ernst (R-Iowa) is supporting theFirearm Industry Non-Discrimination (FIND) Act to stop the federal government from entering into contracts with entities that promote anti-Second Amendment policies.
    Because of her tireless commitment to protecting the rights of law-abiding gun owners, Senator Ernst recentlyearned an “A+” rating from the National Shooting Sports Foundation (NSSF). 
    This summer, Ernst crushed some clays at Ingawanis Adventure Base in Bremer County.
    “Taxpayers should not be funding groups that are actively working to erode and eliminate their God-given right to protect themselves and their families,” said Ernst. “The Second Amendment is foundational to this country and under no circumstance should the federal government be doing businesses with those looking to infringe upon the Constitution. I will always stand up for gun owners and protect their rights from gun grabbers in Washington.”
    “We’re thankful for Senator Ernst’s focus on protecting the rights of lawful citizens practicing their Second Amendment. Her support of the FIND Act will halt discriminatory practices against the firearm industry in their tracks. We look forward to continuing our work with Senator Ernst to expose and correct the infringement of our Constitutional rights,” said John B. McLaughlin, Iowa Firearms Coalition Chairman.
    “Under the Firearm Industry Non-Discrimination (FIND) Act, ‘woke’ corporations that choose to use their financial might to deny essential services to members of the firearm industry would no longer benefit from taxpayer-funded federal contracts. We thank Senator Ernst for supporting the FIND Act and for her commitment to preserving and protecting the Second Amendment rights of her constituents and the industry that makes the exercise of those rights possible. It is because of her efforts that Senator Ernst earned an A+ on the 2024 NSSF Congressional Report Card, which is a comprehensive analysis of our elected representatives’ positions on firearm and ammunition industry priorities in the 118th Congress,” said Lawrence G. Keane, NSSF Senior Vice President and General Counsel.
    “It’s been a joy to work with Sen. Ernst and her office to protect the 2nd Amendment and to know that we woman have such a strong supporter in her,” said Jeanelle Westrom, Iowa Director of Women for Gun Rights.
    Click here to read the bill.
    Background:
    Senator Ernst has fought back against numerous attempts by the Biden-Harris administration to infringe upon the Second Amendment.
    She led the FIREARM Act to protect gun dealers’ Second Amendment rights in the face of the Biden Bureau of Alcohol, Tobacco, Firearms, and Explosives’ (ATF) “zero tolerance” crackdown.
    Ernst worked to hold the ATF accountable by standing up against ATF agents knocking on the doors of private residences, where many law-abiding gun owners live, and asking them to display a recently purchased firearm.
    She has also exposed the ATF’s routine misclassification of administrative positions as law enforcement jobs, improperly costing the federal agency millions in pay and enhanced benefits over a five-year span.

    MIL OSI USA News

  • MIL-OSI USA: Congressman Josh Brecheen, Senator Rick Scott Introduce Debt-Per-Citizen Transparency Act

    Source: United States House of Representatives – Congressman Josh Brecheen (2nd District)

    Washington, D.C. – Congressman Josh Brecheen and Senator Rick Scott(R-FL) introduced the Debt-Per-Citizen Transparency Act, which requires all Congressional Budget Office (CBO) cost estimates to include how much the bill will affect the total debt-to-citizen ratio. 

    “With our national debt at more than $35 trillion, it is essential that lawmakers are made aware of how much legislation will affect the total debt-per-citizen ratio before voting on it,” said Congressman Josh Brecheen. “Every child born today owes more than $104,000 as their share of our national debt. It is long past time we reverse this curse and stop stealing prosperity from our children and our grandchildren.”

    “The national debt has reached an unsustainable $35+ trillion dollars and it is beyond time for some accountability to the American people. When you break it down, that works out to over $104,000 per child born today—we cannot continue to saddle our next generation with this debt. It is taking away their chance at the American Dream right before our eyes. I will not stand for it, and that is why I am introducing a bill that notifies Congress and the American people just how much a piece of legislation will impact the American people’s financial burden before they vote and continue to grow the debt-to-citizen ratio. They have a right to know,” said Senator Rick Scott

    Read the full bill text here.

    Original cosponsors include Representatives Greg Lopez (R-CO) and Lloyd Smucker (R-PA) and Senator Mike Braun (R-IN). 

    Group support includes Heritage Action and Committee for a Responsible Federal Budget. 

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    MIL OSI USA News

  • MIL-OSI USA: In Bipartisan Push, Maryland, Virginia Lawmakers Call on President to Address Venezuelan Crab Imports

    Source: United States House of Representatives – Congressman C.A. Dutch Ruppersberger (2nd District of Maryland)

    WASHINGTON – Today, U.S. Senators Chris Van Hollen, Ben Cardin (both D-Md.), Mark Warner, and Tim Kaine (both D-Va.) along with U.S. Representatives Dutch Ruppersberger (D-Md.), John Sarbanes (D-Md.), Rob Wittman (R-Va.), Andy Harris (R-Md.), Kweisi Mfume (D-Md.), David Trone (D-Md.), and Glenn Ivey (D-Md.) wrote to President Joe Biden outlining their concerns with the recent surge of crabmeat imports from Venezuela and its impact on the Chesapeake Bay region’s seafood economy as well as public health. In their letter, the lawmakers urge the President to launch an investigation through the International Trade Commission into the harm that these imports pose to our domestic seafood industry, and press the Administration to encourage a fairer seafood trade relationship. 

     “We write to express our significant concerns with the influx of crabmeat from Venezuela, which has threatened the viability of local fisheries across the Chesapeake Bay. Domestic seafood producers in Maryland and Virginia have experienced significant strain due to the influx of imported Venezuelan crabmeat, some of which is mislabeled and contaminated. In 2018, Venezuelan crabmeat mislabeled as originating from Maryland caused an outbreak of foodborne illnesses, resulting in multiple hospitalizations,” the lawmakers began.

    Highlighting the economic damage caused by Venezuelan imports, they wrote, “Since then, the supply of imported crabmeat has increased, threatening the future livelihood of domestic industry and creating the conditions for a 62 percent decrease in the domestic supply. This has harmed crab fishing industries throughout the Chesapeake Bay, which produces 50 percent of the United States’ total blue crab harvest, a proportion that is now diminishing year over year. There are now fewer than 20 Maryland crab picking and seafood processing companies, down from 53 in 1995.”

    They go on to urge the President to:

    1. Direct the United States International Trade Commission to conduct an investigation, per Section 201 of the Trade Act of 1974, looking into the harm caused by Venezuelan crabmeat imports and recommending remedies.
    2. Use the full array of informal actions available to you to address this trade issue, including through negotiations, utilization of World Trade Organization Committees, bilateral dialogues, and other activities.

    The full text of the letter is available here and below. 

    Dear President Biden: 

    We write to express our significant concerns with the influx of crabmeat from Venezuela, which has threatened the viability of local fisheries across the Chesapeake Bay. Domestic seafood producers in Maryland and Virginia have experienced significant strain due to the influx of imported Venezuelan crabmeat, some of which is mislabeled and contaminated. In 2018, Venezuelan crabmeat mislabeled as originating from Maryland caused an outbreak of foodborne illnesses, resulting in multiple hospitalizations. Since then, the supply of imported crabmeat has increased, threatening the future livelihood of domestic industry and creating the conditions for a 62 percent decrease in the domestic supply. This has harmed crab fishing industries throughout the Chesapeake Bay, which produces 50 percent of the United States’ total blue crab harvest, a proportion that is now diminishing year over year. There are now fewer than 20 Maryland crab picking and seafood processing companies, down from 53 in 1995. 

    Chesapeake Bay crab fisheries and processors follow a strict set of regulations to ensure that the Bay remains one of the most sustainable crab fisheries in the world, that the blue crabs harvested there are of the highest quality, and that the industry does no harm to other species. Foreign competitors often confront little or no such regulation. Not only does this imbalance put local fisheries and seafood businesses at a steep disadvantage, it can also put consumers at increased risk. Consumers are often misled about what they are eating, and sometimes even made sick, as was the case when imported Venezuelan crabmeat was linked with multiple cases of Vibrio parahaemolyticus infections. 

    We urge your Administration to use all of the tools at its disposal to remedy this unsustainable situation. Specifically, we urge you to: 

    1. Direct the United States International Trade Commission to conduct an investigation, per Section 201 of the Trade Act of 1974, looking into the harm caused by Venezuelan crabmeat imports and recommending remedies.
    2. Use the full array of informal actions available to you to address this trade issue, including through negotiations, utilization of World Trade Organization Committees, bilateral dialogues, and other activities.  

    The Chesapeake Bay crab industry has faced numerous challenges, and the region has worked hard to preserve the blue crab population over the years. This industry carries unique cultural importance for the broader Mid-Atlantic region, enriching and enhancing the regional culinary landscape. Without the federal government stepping in to protect American manufacturers from unfair competition, they might not make it through this crisis. If they do not, Maryland, Virginia, and the country, will be all the poorer for it. 

    Sincerely,

     ###

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Union Minister Shri Rajiv Ranjan Singh set to launch Pandemic Fund Project and 21st Livestock Census Operation on 25th October 2024

    Source: Government of India

    Union Minister Shri Rajiv Ranjan Singh set to launch Pandemic Fund Project and 21st Livestock Census Operation on 25th October 2024

    One Health approach: $25 Million Pandemic Fund focuses on animal health security

    Historic 21st Livestock Census to Capture Data on Pastoralist Holdings and Gender Roles in Livestock Rearing

    Posted On: 23 OCT 2024 9:26PM by PIB Delhi

    The Union Minister of Fisheries, Animal Husbandry, and Dairying, Shri Rajiv Ranjan Singh alias Lalan Singh will launch two pivotal initiatives aimed at strengthening the animal health infrastructure in India: the Pandemic Fund Project on “Animal Health Security Strengthening in India for Pandemic Preparedness and Response” and the 21st Livestock Census operation. The launch will take place on 25th October 2024 at 10:00 AM at Hotel Leela Ambience Convention, Shahdara, New Delhi.

    The event will also be graced by the Ministers of State for Fisheries, Animal Husbandry & Dairying, Shri Prof. S.P. Singh Baghel and Shri George Kurian serving as Guests of Honour. The event will also see the participation of distinguished guests including Shri Amitabh Kant, G20 Sherpa; Prof. Dr. V K Paul, Member Health, NITI Aayog; Ms. Alka Upadhyaya, Secretary, Department of Animal Husbandry and Dairying; and Mr. Punya Salila Srivastava, Secretary, Health & Family Welfare.

    Pandemic Fund Project

    The Pandemic Fund, established under Indonesia’s G20 Presidency, aims to finance critical investments that strengthen pandemic prevention, preparedness, and response (PPR) capacities, with a focus on low- and middle-income countries. India’s $25 million proposal, approved under the Fund’s first call, focuses on animal health security—a crucial component of pandemic preparedness.

    This event will highlight the importance of integrating a One Health approach into pandemic response efforts. Five of the six recent public health emergencies declared by the World Health Organization (WHO) have had their origins in animals, further emphasizing that strengthening animal health security is key to reducing zoonotic risks and safeguarding both human and animal populations from future pandemics.

    The “Animal Health Security Strengthening in India for Pandemic Preparedness and Response” project is designed to reduce the risk of zoonotic diseases that can potentially spread from animals (both domestic and wildlife) to humans. With pandemic threats looming, this project will play a pivotal role in fortifying India’s animal health infrastructure, ensuring the nation is better prepared for future health crises. The project will be implemented in collaboration with the Asian Development Bank (ADB) as the lead implementing entity, with support from The World Bank and the Food and Agriculture Organization (FAO). The launch of the Animal Health Security Strengthening in India project under the Pandemic Fund marks a significant step in India’s commitment to One Health and pandemic preparedness.

    21st Livestock Census Operation

    The Livestock Census (LC) is a crucial exercise that has been conducted every five years since 1919, serving as the backbone for policy formulation and the implementation of various programmes in the Animal Husbandry sector. The Census involves a comprehensive door-to-door survey that captures detailed data on domesticated animals and birds across the nation. Till date 20 Livestock censuses had been conducted and the last census was held in the year 2019.

    The rollout of 21st Livestock Census, scheduled to be conducted during September-December, 2024, will be in collaboration with State/UT Animal Husbandry and Dairying. At all India level around 1 lakh field officials who are mostly veterinarians or para-veterinarians will be involved in the enumeration process. This LC will leverage mobile technology for data collection and transmission. This advancement is expected to enhance the accuracy and efficiency of data collection across all villages and urban wards in the country.

    Data on 15 species of Livestock viz. Cattle, Buffalo, Mithun, Yak, Sheep, Goat, Pig, Camel, Horse, Ponies, Mule, Donkey, Dog, Rabbit and Elephant are covered in this census. Other than Livestock, headcount of Poultry Birds viz. Fowl, Duck, Turkey, Geese, Quail, Gini Fowl, Ostrich and Emu will also be taken from each Household/ Household Enterprises/ Non-households/Institution. This LC will capture data on 219 Indigenous breeds of 16 species recognised by ICAR-National Bureau of Animal Genetic Resources (NBAGR). Notably, this will be the first census to independently capture data on livestock holdings by pastoralists and to include information on the gender of individuals primarily involved in livestock rearing.

    In addition, the event will also feature the release of important documents aimed at strengthening animal health management in India:

    1. Standard Veterinary Treatment Guidelines: A comprehensive document that outlines best practices for veterinary care, aimed at improving the overall health and productivity of livestock.
    2. Crisis Management Plan for Animal Diseases: A critical resource that provides a framework for managing and responding to outbreaks of animal diseases, ensuring rapid containment and mitigation.

    These documents will serve as vital tools for veterinarians, policymakers, and field officials, helping to ensure timely and effective responses to animal health crises and improving disease management protocols.

    The Department of Animal Husbandry & Dairying invites all stakeholders to participate in the launch of the Pandemic Fund Project and the 21st Livestock Census Operation, both of which play an essential role in enhancing India’s preparedness against health crises and in fortifying animal health security.

    ***

    AA

    (Release ID: 2067511) Visitor Counter : 49

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Written question – Funding instruments needed to resolve the demographic crisis – E-002124/2024

    Source: European Parliament

    16.10.2024

    Question for written answer  E-002124/2024
    to the Commission
    Rule 144
    Fredis Beleris (PPE)

    In the conclusions adopted by the European Council in June 2023, the Commission was invited to present a toolbox to support Member States in addressing demographic challenges and their impact on Europe’s competitive edge.

    Its philosophy is based on supporting parents through better paid work, ensuring access to high-quality childcare services, access to the labour market and to affordable housing.

    Unfortunately, without the required financial support, these targets cannot reverse the decline in Europe’s population (since 2015, more deaths than births have been registered on our continent). The cohesion policy and the Recovery and Resilience Facility must incorporate the demographic crisis into their priorities, with clear targeting, and must adopt policies based on long-term strategic planning.

    We need to protect our European regions by boosting their infrastructure and incentivising business activity there.

    In view of this:

    • 1.Does the Commission intend to create a special funding strand targeted at the demographic problem?
    • 2.Does it intend to use the above-mentioned resources to boost the European Regional Development Fund and the Recovery and Resilience Facility for initiatives linked to demographics?
    • 3.Does it intend to implement specific de-urbanisation measures and at the same time to focus on regional development through the creation and modernisation of infrastructure?

    Submitted: 16.10.2024

    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Regulating the destruction of per- and polyfluoroalkyl substances – E-002122/2024

    Source: European Parliament

    16.10.2024

    Question for written answer  E-002122/2024
    to the Commission
    Rule 144
    Christine Schneider (PPE)

    I am writing to request information regarding the Commission’s position on regulating the destruction of per- and polyfluoroalkyl substances (PFAS) within the EU. PFAS have been identified as a significant environmental and public health concern, and while there has been a focus on their removal from various environmental sources, the issue of their effective destruction remains critical. I would appreciate clarification on the following points:

    • 1.Is the Commission considering introducing EU-wide regulations on PFAS destruction with clear limits? If so, which specific industries and scenarios, such as their use in firefighting foams or presence in landfill leachate and waste water treatment, will be prioritised for regulation?
    • 2.Does the Commission plan to offer financial or other means of support for companies developing PFAS destruction technologies? Supporting these technologies is critical for addressing the PFAS challenge effectively.
    • 3.Would the Commission consider deploying PFAS destruction technologies as an alternative to a universal ban on PFAS? This would allow time for industries to transition, while ensuring effective destruction and preventing environmental contamination.

    Submitted: 16.10.2024

    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Disparities in workers’ payments covered under EU funds – E-002143/2024

    Source: European Parliament

    17.10.2024

    Question for written answer  E-002143/2024
    to the Commission
    Rule 144
    Lynn Boylan (The Left)

    In Ireland, there are two employment paths for personal assistants and note takers who assist third-level students with disabilities. Those employed directly by Education and Training Boards are paid through SOLAS, the designated intermediate body for Ireland’s European Social Fund Plus (ESF+) programme for employment, inclusion, skills and training. Those employed by individual third-level institutions are paid through the Higher Education Authority’s Fund for Students with Disabilities, which is also financed under the ESF+.

    Personal assistants paid through SOLAS earn EUR 21 per hour. Those paid through the Fund for Students with Disabilities are paid EUR 14.50 per hour. Both funding streams come from the ESF+.

    • 1.Are there rules around the allocation of ESF+ funding that aim to guarantee equality of pay for the same work across different funding programmes?
    • 2.Has the Commission provided guidance to Ireland or other Member States about how to ensure equal pay across ESF+ funding programmes?

    Submitted: 17.10.2024

    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: JOINT MOTION FOR A RESOLUTION on the situation in Azerbaijan, violation of human rights and international law and relations with Armenia – RC-B10-0133/2024

    Source: European Parliament

    Rasa Juknevičienė, François‑Xavier Bellamy, Michael Gahler, Andrzej Halicki, David McAllister, Sebastião Bugalho, Nicolás Pascual De La Parte, Isabel Wiseler‑Lima, Daniel Caspary, Loucas Fourlas, Sandra Kalniete, Łukasz Kohut, Andrey Kovatchev, Andrius Kubilius, Miriam Lexmann, Vangelis Meimarakis, Ana Miguel Pedro, Davor Ivo Stier, Michał Szczerba
    on behalf of the PPE Group
    Yannis Maniatis, Nacho Sánchez Amor, Raphaël Glucksmann, Udo Bullmann, Matthias Ecke, Francisco Assis
    on behalf of the S&D Group
    Emmanouil Fragkos, Sebastian Tynkkynen, Assita Kanko, Marion Maréchal, Aurelijus Veryga, Geadis Geadi, Rihards Kols, Bert‑Jan Ruissen, Charlie Weimers
    on behalf of the ECR Group
    Nathalie Loiseau, Petras Auštrevičius, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, Bernard Guetta, Karin Karlsbro, Ľubica Karvašová, Moritz Körner, Veronika Cifrová Ostrihoňová, Marie‑Agnes Strack‑Zimmermann, Hilde Vautmans, Lucia Yar, Dainius Žalimas
    on behalf of the Renew Group
    Sergey Lagodinsky
    on behalf of the Verts/ALE Group

    European Parliament resolution on the situation in Azerbaijan, violation of human rights and international law and relations with Armenia

    (2024/2890(RSP))

    The European Parliament,

     having regard to its previous resolutions on Azerbaijan, Armenia and the situation in Nagorno-Karabakh,

     having regard to the relevant documents and international agreements, including but not limited to the United Nations Charter, the Helsinki Final Act and the Alma-Ata Declaration of 21 December 1991,

     having regard to the European Convention on Human Rights of 1950, ratified by Azerbaijan in 2002 and to the Convention against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment,

     having regard to the 1954 Hague Convention for the Protection of Cultural Property in the Event of Armed Conflict,

     having regard to the Partnership and Cooperation Agreement of 22 April 1996 between the European Communities and their Member States, of the one part, and the Republic of Azerbaijan, of the other part[1],

     having regard to the statements by the European External Action Service spokesperson of 29 May 2024 on the human rights situation in Azerbaijan and of 3 September 2024 on early parliamentary elections in Azerbaijan,

     having regard to Parliamentary Assembly of the Council of Europe resolution 2527 (2024) of 24 January 2024 entitled ‘Challenge, on substantive grounds, of the still unratified credentials of the parliamentary delegation of Azerbaijan’,

     having regard to the Statement of Preliminary Findings and Conclusions of the Election Observation Mission to the Early Presidential Elections held on 7 February 2024 and to the Statement of Preliminary Findings and Conclusions of the International Election Observation Mission to the Early Parliamentary Elections in Azerbaijan held on 1 September 2024,

     having regard to the report of 29 March 2023 by the Council of Europe’s European Commission against Racism and Intolerance on Azerbaijan and to the memorandum of 21 October 2021 by the Council of Europe Commissioner for Human Rights on the humanitarian and human rights consequences following the 2020 outbreak of hostilities between Armenia and Azerbaijan over Nagorno-Karabakh,

     having regard to the orders of the International Court of Justice of 22 February 2023, of 6 July 2023 and of 17 November 2023 on the request for the indication of provisional measures for the application of the International Convention on the Elimination of All Forms of Racial Discrimination (Armenia v Azerbaijan),

     having regard to Rules 136(2) and (4) of its Rules of Procedure,

    A. whereas the choice of Azerbaijan’s capital Baku as the venue for the 29th United Nations Climate Change Conference (COP29), scheduled to take place from 11 to 22 November 2024, has sparked controversy, notably owing to Azerbaijan’s worsening human rights record, as well as recent and blatant violations of international law, including aggressive behaviour towards its neighbour Armenia; whereas respect for fundamental human rights and civil society participation are enshrined in the host country agreement through which the Azerbaijani Government committed to uphold these rights; whereas in the lead-up to this major international conference, the Azerbaijani authorities have intensified their repression of civil society organisations, activists, opposition politicians and the remaining independent media through detentions and judicial harassment; whereas corruption and a lack of judicial independence further undermine governance;

    B. whereas civil society organisations list over 300 political prisoners in Azerbaijan, including Gubad Ibadoghlu, Anar Mammadli, Bakhtiyar Hajiyev, Tofig Yagublu, Ilhamiz Guliyev, Aziz Orujov, Bahruz Samadov, Akif Gurbanov and many others; whereas there are credible reports of violations of prisoners’ human rights, including detention in inhumane conditions, torture and refusal of adequate medical care;

    C. whereas prominent human rights defender and climate advocate, Anar Mammadli, has been in pre-trial detention since 30 April 2024 on bogus charges of conspiracy to bring illegal foreign currency into the country and his health has deteriorated significantly while in custody; whereas Gubad Ibadoghlu, a political economist, opposition figure and one of the finalists for the 2024 Sakharov Prize for Freedom of Thought, was arrested by Azerbaijani authorities in July 2023 and remained in detention until 22 April 2024, when he was transferred to house arrest; whereas his health has deteriorated significantly since his arrest, as a result of torture, inhumane detention conditions and refusal of adequate medical care, thus endangering his life; whereas the health of Gubad Ibadoghlu’s wife, Irada Bayramova, continues to deteriorate as a result of the physical violence she suffered during her detention by the Azerbaijani authorities; whereas on 4 December 2023 human rights activist Ilhamiz Guliyev was arrested on politically motivated charges a few months after he gave an anonymous interview to Abzas Media about the alleged police practice of planting drugs on political activists;

    D. whereas for more than a decade and with increasing determination, Azerbaijani authorities have been reducing space for civil society, arbitrarily closing down non-governmental organisations (NGOs) and arresting or forcing into exile civil society representatives; whereas in recent years, the Azerbaijani authorities have imposed increasingly stringent restrictions on civil society organisations; whereas activists, journalists, political opponents and others have been imprisoned on fabricated and politically motivated charges;

    E. whereas according to human rights defenders, crackdowns on civil society have occurred around other major international events hosted by Azerbaijan, including Eurovision 2012 and the European Games 2015;

    F. whereas the Azerbaijani regime appears to extend its repressive actions beyond its borders; whereas the ongoing crackdown on freedom of expression in Azerbaijan is also reflected in reports of transnational repression and reprisals against family members of detainees; whereas, since 2020, Mahammad Mirzali, an Azerbaijani dissident blogger, has been the target of several assassination attempts in France; whereas, on 29 September 2024, Vidadi Isgandarli, a critic of the Azerbaijani regime living as a political refugee in France, was attacked in his home and succumbed to his injuries two days later; whereas the Azerbaijani authorities have also engaged in politically motivated prosecutions of EU citizens, as seen in the case of Théo Clerc, prompting at least one Member State to formally warn its citizens against travelling to Azerbaijan owing to the risk of arbitrary detention;

    G. whereas Azerbaijan has implemented a systematic policy of bribing officials and elected representatives in Europe in order to downplay Azerbaijan’s human rights record and to silence critics, as part of a widely used strategy described as ‘caviar diplomacy’; whereas some cases have been investigated and some of those involved have been prosecuted and convicted by national courts in several EU Member States;

    H. whereas a number of European Court of Human Rights decisions have found that Azerbaijan has violated human rights; whereas according to the Parliamentary Assembly of the Council of Europe, more than 320 court judgments against Azerbaijan have not yet been executed or have been only partially implemented, which is the highest number among all state parties to the European Convention on Human Rights;

    I. whereas on 3 July 2024, the Council of Europe’s European Committee for the Prevention of Torture and Inhuman or Degrading Treatment or Punishment (CPT) publicly denounced Azerbaijan’s ‘refusal to improve the situation in the light of the Committee’s recommendations’ and the ‘persistent lack of cooperation of the Azerbaijani authorities with the CPT’;

    J. whereas the PACE decided in January 2024 not to ratify the credentials of the Azerbaijani delegation, noting its ‘very serious concerns as to …[Azerbaijan’s] respect for human rights’; whereas the Parliamentary Assembly of the Council of Europe noted that its Monitoring Committee’s rapporteurs were not allowed to meet with people who had been detained on allegedly politically motivated charges, and that the Azerbaijani delegation refused to allow the rapporteur for the Committee on Legal Affairs and Human Rights to visit the country;

    K. whereas according to the Election Observation Mission led by the Organization for Security and Co-operation in Europe’s Office for Democratic Institutions and Human Rights (OSCE/ODIHR), the early presidential election held on 7 February 2024 took place in a restrictive environment and was marked by the stifling of critical voices and the absence of political alternatives; whereas Azerbaijan held early parliamentary elections on 1 September 2024 in what the OSCE/ODIHR-led International Election Observation Mission described as a restrictive political and legal environment that did not enable genuine pluralism and resulted in a contest devoid of competition; whereas in the period leading up to the parliamentary elections, several government critics were detained;

    L. whereas media legislation in Azerbaijan has become increasingly repressive, with the February 2022 media law effectively legalising censorship; whereas several other laws affecting the media also violate the country’s international obligations with regard to freedom of expression and press freedom; whereas public criticism of the authorities is subject to severe penalties;

    M. whereas according to Reporters Without Borders, virtually the entire media sector in Azerbaijan is under official control, with no independent television or radio broadcasts from within the country, and all critical print newspapers shut down; whereas the authorities continue to suppress the last remaining independent media and repress journalists who reject self-censorship; whereas Azerbaijan has intensified its repression against the remaining independent media, such as Abzas Media, Kanal 13 and Toplum TV, through detentions and judicial harassment;

    N. whereas the Azerbaijani laws regulating the registration, operation and funding of NGOs are highly restrictive and arbitrarily implemented, thus effectively criminalising unregistered NGO activity; whereas Freedom House’s 2024 index ranks Azerbaijan among the least free countries in the world, below Russia and Belarus;

    O. whereas gas contracts between Gazprom and SOCAR for the delivery of one billion cubic metres of gas from Russia to Azerbaijan between November 2022 and March 2023 have raised significant concerns about the re-export of Russian gas to the European market, particularly in the context of the signed memorandum of understanding on the strategic partnership in the field of energy; whereas the EU aims to reduce European dependence on Russian gas, but this agreement could be seen as undermining that goal, as Russian gas would still be flowing into Azerbaijan, thus potentially freeing up Azerbaijani gas for increased re-export to the EU; whereas there are also worrying reports of Russian gas being rebranded as Azerbaijani for sale in the EU;

    P. whereas Azerbaijani leaders have engaged in anti-EU and anti-Western rhetoric; whereas Azerbaijan has intensified its disinformation campaigns targeting the EU and its Member States, with a specific focus on France; whereas Azerbaijan has actively interfered in European politics under the guise of ‘anti-colonialism’, notably in overseas countries and territories such as New Caledonia;

    Q. whereas in addition, in September 2023, after months of the illegal blockade of Nagorno-Karabakh, Azerbaijan launched a pre-planned, unjustified military attack on the territory, forcing over 100 000 ethnic Armenians to flee to Armenia, which amounts to ethnic cleansing; whereas as a result, Nagorno-Karabakh has been almost entirely emptied of its Armenian population, who had been living there for centuries; whereas this attack represents a gross violation of human rights and international law, a clear breach of the trilateral ceasefire statement of 9 November 2020 and a failure to uphold commitments made during EU-mediated negotiations;

    R. whereas the Armenians of Nagorno-Karabakh lost their property and belongings while fleeing the Azerbaijani military push in 2023 and have been unable to recover them since; whereas actions amounting to ethnic cleansing have continued since then; whereas the EU has provided humanitarian aid to people displaced from Nagorno-Karabakh; whereas credible reports confirm the organised destruction of Armenian cultural and religious heritage in Nagorno-Karabakh; whereas Azerbaijani leaders and officials repeatedly use hate speech against Armenians;

    S. whereas both Azerbaijan and Armenia are bound by international humanitarian law and the Third Geneva Convention protects prisoners of war from all forms of torture and cruel treatment; whereas reports indicate that 23 Armenian prisoners are currently being held in Azerbaijani prisons without adequate legal representation, including eight former leaders of Nagorno-Karabakh, some of whom have received long prison sentences;

    T. whereas in February 2023, the EU deployed the European Union Mission in Armenia (EUMA) to observe developments at the international border with Azerbaijan; whereas Azerbaijan has refused to cooperate with EUMA and the mission has been the target of disinformation by Azerbaijani authorities and government-controlled media; whereas the Azerbaijani leadership continues to make irredentist statements with reference to the sovereign territory of Armenia; whereas the Azerbaijani army continues to occupy no less than 170 km2 of the sovereign territory of Armenia;

    U. whereas Armenia and Azerbaijan have engaged in negotiations on a peace treaty, the normalisation of their relations and border delimitation, both before and after the 2023 attack on Nagorno-Karabakh; whereas, despite mediation efforts by the EU and others, no peace agreement has been signed between Azerbaijan and Armenia; whereas, although both governments have stated that they are close to an agreement, recent remarks by the Azerbaijani president raise concern about Baku’s willingness to find a compromise to conclude the negotiations;

    V. whereas the EU fully supports the sovereignty and territorial integrity of both Azerbaijan and Armenia and actively supports efforts towards a sustainable peace agreement between the two countries, achieved by peaceful means and respecting the rights of the population concerned;

    W. whereas since Russia’s war of aggression against Ukraine, Azerbaijan has deepened its relations with Russia, including political and economic ties, as well as increased cooperation between their intelligence services; whereas Russia has openly backed Azerbaijan in its aggressive behaviour towards Armenia;

    1. Strongly condemns the domestic and extraterritorial repression by the Azerbaijani regime against activists, journalists, opposition leaders and others, including EU nationals, which has noticeably intensified ahead of COP29; urges the Azerbaijani authorities to release all persons arbitrarily detained or imprisoned on account of their political views, to drop all politically motivated charges and to cease all forms of repression, both within and beyond Azerbaijan; recalls in this context the names of Tofig Yagublu, Akif Gurbanov, Bakhtiyar Hajiyev, human rights defenders and journalists, including Ulvi Hasanli, Sevinj Vagifgizi, Nargiz Absalamova, Hafiz Babali and Elnara Gasimova, Aziz Orujov, Rufat Muradli, Avaz Zeynalli, Elnur Shukurov, Alasgar Mammadli, Ilhamiz Guliyev and Farid Ismayilov, as well as of civil society activists arrested after March 2024 such as Anar Mammadli, Farid Mehralizade, Igbal Abilov, Bahruz Samadov, Emin Ibrahimov and Famil Khalilov; expresses deep concern about the environment of fear that this has created inside the country, leaving civil society effectively silenced;

    2. Reiterates its call for the Azerbaijani authorities to drop all charges against Dr Gubad Ibadoghlu and allow him to travel abroad, unhindered and to the country of his choice, to reunite with his family, to receive the medical care he urgently needs and attend the Sakharov Prize ceremony in Strasbourg in December 2024; calls on Azerbaijan to ensure that he receives an independent medical examination by a doctor of his own choosing and to allow him to receive treatment abroad; calls on all EU representatives and individual Member States to actively support the release from house arrest of Dr Gubad Ibadoghlu and insist on his release in every exchange with the Azerbaijani authorities;

    3. Demands that freedom of the press and expression be guaranteed and that media organisations not be restricted; calls, therefore, on the Azerbaijani Government to release journalists working for Abzas Media and Toplum TV, including Ulvi Hasanli, Sevinj Vagifqizi and Alasgar Mammadli;

    4. Considers that Azerbaijan’s ongoing human rights abuses are incompatible with its hosting of COP29; urges EU leaders, in particular Commission President Ursula von der Leyen, to use COP29 as an opportunity to remind Azerbaijan of its international obligations and to meaningfully address the country’s human rights record in their interactions with the Azerbaijani authorities, including by calling for the unconditional release of all persons arbitrarily detained or imprisoned on account of their political views and by requesting to meet with political prisoners while in the country; calls for the EU and its Member States to do their utmost to ensure that United Nations Climate Change conferences are not hosted in countries with poor human rights records;

    5. Reminds the Azerbaijani authorities of their obligations to respect fundamental freedoms, and calls on them to repeal repressive legislation that drives independent NGOs and media to the margins of the law; calls on the Azerbaijani authorities to repeal repressive legislation on the registration and funding of NGOs to bring them into line with Venice Commission recommendations;

    6. Recalls that the 1996 EU-Azerbaijan Partnership and Cooperation Agreement, which is the legal basis for bilateral relations, is based on respect for democracy and the principles of international law and human rights and that these have been systematically violated in Azerbaijan;

    7. Reminds the Azerbaijani Government of its international obligations to safeguard the dignity and rights of detainees, ensuring that they receive adequate medical care, are detained in humane conditions and are protected from any mistreatment; calls on the Azerbaijani Government to swiftly comply with long-standing recommendations of the Council of Europe’s European Committee for the Prevention of Torture and Inhuman or Degrading Treatment or Punishment on the subject of the widespread recourse to physical ill treatment – including, on occasion, torture – by the police in Azerbaijan; calls on the Azerbaijani Government to implement all the decisions of the European Court of Human Rights;

    8. Reiterates its call for EU sanctions to be imposed under the EU Global Human Rights Sanctions Regime on Azerbaijani officials who have committed serious human rights violations; calls on the EU Special Representative for Human Rights to request meetings with political prisoners in Azerbaijan;

    9. Insists that any future partnership agreement between the EU and Azerbaijan be made conditional on the release of all political prisoners, the implementation of legal reforms and the overall improvement of the human rights situation in the country, as well as on Azerbaijan demonstrating its genuine readiness to faithfully engage in the negotiation of a peace agreement with Armenia and to respect the rights of Nagorno-Karabakh Armenians;

    10. Calls for the EU to end its reliance on gas exports from Azerbaijan; calls on the Commission to suspend the 2022 memorandum of understanding on the strategic partnership in the field of energy and to act accordingly;

    11. Reaffirms its support for the sovereignty and territorial integrity of both Azerbaijan and Armenia and strongly supports the normalisation of their relations based on the principles of the mutual recognition of territorial integrity and the inviolability of borders, in accordance with the 1991 Alma-Ata Declaration; reiterates its demand for the withdrawal of Azerbaijan’s troops from the entirety of Armenia’s sovereign territory; calls on Azerbaijan to unequivocally commit to respecting Armenia’s territorial integrity; highlights that Azerbaijan’s connectivity issues with its exclave of Nakhchivan should be resolved with full respect for the sovereignty and territorial integrity of Armenia; reiterates its position that the EU should be ready to impose sanctions on any individuals and entities that threaten the sovereignty, independence and territorial integrity of Armenia;

    12. Condemns any military aggression, use of force or hybrid threats against Armenia, as well as foreign interference and attempts to destabilise the political situation in Armenia; welcomes, furthermore, the decision to adopt the first assistance measure under the European Peace Facility in support of Armenian armed forces and calls for the cooperation between Armenia and the EU to be further reinforced in the field of security and defence; welcomes the actions undertaken by several Member States to provide defensive military support to Armenia and urges the Member States to consider similar initiatives; welcomes the new momentum in bilateral relations between the EU and Armenia, which is strongly supported by the authorities in Yerevan; calls on the Commission and the Council to actively support Armenia’s desire for increased cooperation with the EU;

    13. Expresses its support for the activities of the European Union Mission in Armenia (EUMA) and underscores the important role it plays; reiterates its concern regarding the repeated smear campaigns originating from Azerbaijan against EUMA; calls on EUMA to continue to closely monitor the evolving security situation on the ground, provide transparent reporting to Parliament and actively contribute to conflict resolution efforts; calls for the EU and its Member States to strengthen EUMA’s mandate, increase its size and extend its duration;

    14. Supports all initiatives and activities that could lead to the establishment of peace between Armenia and Azerbaijan and the signing of a long-awaited peace agreement; calls on Azerbaijan to demonstrate genuine efforts to this end; warns Azerbaijan that any military action against Armenia would be unacceptable and would have serious consequences for the partnership between Azerbaijan and the EU; welcomes the Armenia-Azerbaijan joint statement of 7 December 2023 on confidence-building measures; welcomes the progress made in the framework of the Armenia-Azerbaijan border delimitation process, which has led to an agreement on several sections of the border; encourages both sides to take further steps on the remaining sections; calls for the EU to cease all technical and financial assistance to Azerbaijan that might contribute to strengthening its military or security capabilities; calls on the Member States to freeze exports of all military and security equipment to Azerbaijan;

    15. Calls for the full implementation of all orders issued by the International Court of Justice, including the order of 17 November 2023 indicating provisional measures regarding the safe, unimpeded and expeditious return of people who fled Nagorno-Karabakh; recalls that the decision to host COP29 in Baku was made after Azerbaijan failed to comply with the above-mentioned International Court of Justice order as well as those of 7 December 2021 and of 22 February 2023; reiterates its call for independent investigations into the abuses committed by Azerbaijani forces in Nagorno-Karabakh; reiterates its call on the Azerbaijani authorities to allow the safe return of the Armenian population to Nagorno-Karabakh, to genuinely engage in a comprehensive and transparent dialogue with them, to provide robust guarantees for the protection of their rights, including their land and property rights, the protection of their distinct identity and their civic, cultural, social and religious rights, and to refrain from any inflammatory rhetoric that could incite discrimination against Armenians; urges the Azerbaijani authorities to release all 23 Armenian prisoners of war detained following Azerbaijan’s retaking of the Nagorno-Karabakh region;

    16. Reiterates its call for the EU institutions and the Member States to continue to offer assistance to Armenia to deal with the refugees from Nagorno-Karabakh; calls for the EU, in this regard, to provide a new package of assistance to Armenia to help the Armenian Government address the humanitarian needs of refugees; welcomes all efforts by the Government of Armenia to provide shelter and aid to the displaced Armenians;

    17. Expresses deep concern regarding the preservation of cultural, religious and historical heritage in Nagorno-Karabakh following the massive exodus of its Armenian population; urges Azerbaijan to refrain from further destruction, neglect or alteration of the origins of cultural, religious or historical heritage in the region and calls on it instead to strive to preserve, protect and promote this rich diversity; demands the protection of the Armenian cultural, historical and religious heritage in Nagorno-Karabakh in line with UNESCO standards and Azerbaijan’s international commitments; insists that Azerbaijan allow a UNESCO mission to Nagorno-Karabakh and grant it the necessary access;

    18. Deplores steps taken by Azerbaijan towards the secessionist entity in occupied Cyprus, which are against international law and the provisions of UN Security Council Resolutions 541 (1983) and 550 (1984); calls on Azerbaijan to respect the principles of sovereignty and territorial integrity of states and to not invite the secessionist entity in occupied Cyprus to any meetings of the Organization of Turkic States;

    19. Condemns Azerbaijan’s repeated attempts to denigrate and destabilise Member States, including through the so-called Baku Initiative Group; condemns in particular its support for irredentist groups and disinformation operations targeting France, especially in the French departments and territories of New Caledonia, Martinique and Corsica; recalls that these methods were used against Germany in 2013; denounces the smear campaigns targeting Denmark; regrets the smear campaign aimed at damaging France’s reputation by calling into question its capacity to host the 2024 Olympic Games, launched by actors suspected of being close to the Azerbaijani regime;

    20. Condemns the arbitrary arrests of EU citizens based on spurious accusations of espionage and their disproportionate sentencing;

    21. Strongly condemns the public insults and direct threats made by Azerbaijani diplomatic or government representatives, or members of the Azerbaijani Parliament, targeting elected officials of EU Member States; demands, in this regard, that access to EU institutional buildings be denied to the Azerbaijani officials concerned until further notice;

    22. Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the President, Government and Parliament of the Republic of Azerbaijan, the President, Government and Parliament of the Republic of Armenia, the Director-General of UNESCO, the Organization for Security and Co-operation in Europe, the United Nations and the Council of Europe.

    MIL OSI Europe News

  • MIL-OSI Europe: Briefing – Multilateral development banks: State of play and reform proposals – 23-10-2024

    Source: European Parliament

    Multilateral development banks (MDBs) are supranational financial institutions that support developing countries to help them achieve various goals. While the support is primarily financial, many MDBs have accumulated a good deal of experience, which allows them to propose non financial services too, such as policy advice, capacity building, technical assistance and training. MDBs are a key element in the multilateral development system. This wide-ranging remit, as well as the fact that MDBs are able to pursue public policy goals at minimal fiscal cost to member governments, explains the success of these institutions over the past 80 years, as well as their growing number: today, there are more than 20 MDBs around the world. Although their members, clients and goals may differ, MDBs share common characteristics, play similar roles, and conform broadly to the same institutional model. In the past decade, MDBs have been facing several challenges, both from within (legacy MDBs competing for relevance with other, newer MDBs) and outside their system (new needs and goals, such as contributing to the fight against climate change). Several countries, non-governmental organisations and think tanks have called for these banks to change in order to adapt to this new environment. Important discussions have been taking place among stakeholders. While discussions are ongoing, several MDBs are committed to reform.

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP): A Journey Towards Affordable Healthcare

    Source: Government of India (2)

    Posted On: 23 OCT 2024 7:15PM by PIB Delhi

    A significant transformation occurred in India’s healthcare landscape with the launch of the “Pradhan Mantri Bhartiya Janaushadhi Pariyojana” (PMBJP) in November 2016. This initiative aims to provide high-quality generic medicines at affordable prices, making essential healthcare accessible to all citizens. By ensuring that quality does not come at a premium, PMBJP is dedicated to improving health outcomes and promoting health equity across the nation.

    This initiative, driven by the Department of Pharmaceuticals, aims to ensure that every individual has access to essential medications without the financial burden often associated with branded drugs. With PMBJP stores (Pradhan Mantri Bhartiya Janaushadhi Kendras) offering generic alternatives that maintain the same quality and efficacy, it empowers communities and promotes healthier lives across the nation. The PMBJP offers an extensive product basket that includes 2047 medicines and 300 surgical devices, catering to various therapeutic groups

    At the core of PMBJP are several key objectives that guide its mission:

    1. Raising Awareness: One of the primary goals is to educate the public about the benefits of generic medicines, emphasizing that affordability does not compromise quality. The initiative works to dispel the myth that high prices are synonymous with high quality.
    2. Encouraging Prescriptions of Generic Drugs: PMBJP aims to inspire healthcare professionals, particularly those in government hospitals, to prescribe generic alternatives, thereby promoting cost-effective treatment options.

    v Enhancing Accessibility: The initiative seeks to provide a wide range of commonly used generic medicines across various therapeutic categories, ensuring that essential healthcare products are available to everyone, especially the marginalized.

     

    The Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) reached a significant milestone, with Janaushadhi medicines worth Rs. 1,000 crore sold in the year 2024-25 till 20th October 2024. This accomplishment is particularly noteworthy as it was achieved two months earlier than in the previous year.

     

    This impressive growth is attributed to the unwavering support of citizens, who have embraced the PMBJP by purchasing medicines from over 14,000 Jan Aushadhi Kendras (JAKs) across the country. These Kendras serve as accessible points for quality healthcare, providing a friendly environment where individuals can find the medications they need without the burden of high costs.

    In the month leading up to this milestone, PMBJP also achieved a noteworthy sales figure of Rs. 200 Crores in September 2024 alone, showcasing the initiative’s rapidly increasing popularity. The growth in sales and the number of JAKs—from just 80 in 2014 to more than 14,000 today—reflects an astonishing increase of over 170 times in a decade. This expansion highlights PMBJP’s commitment to reaching every corner of India, making quality healthcare a reality for millions.

     

    Financial Year

    Number of PMBJP Kendras Functional

    Yearly Addition

    Cumulative

    2022-23

    694

    9,304

    2023-24

    702

    10,006

    2024-25

    4,074

    14,080

      *As on 23 October 2024                                                                                                

    Looking to the Future                                                                                      The vision for PMBJP is both ambitious and impactful, with plans to establish 25,000 Jan Aushadhi Kendras throughout India in the next two years. This expansion aims to further empower communities and enhance accessibility to healthcare, particularly for those who are

    underserved. Nearly 1 million people visiting these user-friendly Kendras daily, the PMBJP ensures that quality healthcare is within reach for everyone, transforming lives and improving

    health outcomes across the nation. By increasing the number of Kendras, PMBJP is dedicated to ensuring that every citizen can easily access the medications they need.

    Quality You Can Trust                                                                                    Quality assurance is a fundamental aspect of the PMBJP. Medicines are procured from manufacturers who comply with stringent standards, including WHO Good Manufacturing Practices (GMP). Each batch of drugs undergoes rigorous testing at laboratories accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL). This ensures that every product meets the highest standards of safety, efficacy, and compliance before reaching the consumer.

    By offering medicines at prices that are generally 50% lower—and in some cases 80% to 90% less than those of branded alternatives—PMBJP plays a crucial role in alleviating the financial burden of healthcare, particularly for those in need. This approach not only promotes health equity but also empowers individuals to prioritize their health without the stress of exorbitant costs.

    Conclusion                                                                                                      The Pradhan Mantri Bhartiya Janaushadhi Pariyojana is a shining example of how thoughtful initiatives can make a profound impact on society. The recent achievement of reaching Rs. 1000 Crores in sales in October 2024 serves as a testament to the trust and support of the community. PMBJP continues to pave the way for accessible, quality healthcare, ensuring that every citizen can enjoy a healthier future.

    By focusing on affordability and accessibility, PMBJP stands as a beacon of hope, championing health equity and empowering individuals across India. As it moves forward, the initiative not only transforms healthcare delivery but also inspires a collective vision of a healthier, more equitable nation.

    Reference:

    https://pib.gov.in/PressReleasePage.aspx?PRID=2066709 https://www.india.gov.in/spotlight/pradhan-mantri-bhartiya-janaushadhi-pariyojana

    https://janaushadhi.gov.in/pmjy.aspx#:~:text=Under%20the%20scheme%2C%20dedicated%20outlets

    ,are%20functional%20across%20the%20country. https://janaushadhi.gov.in/pmjy.aspx#

    Click here to download PDF

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    Santosh Kumar/ Sheetal Angral/ Ishita Biswas

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  • MIL-OSI Asia-Pac: AI to be instrumental in realizing Prime Minister’s vision of a “Viksit Bharat” by 2047: Minister Hardeep S Puri at ENRich 2024

    Source: Government of India (2)

    AI to be instrumental in realizing Prime Minister’s vision of a “Viksit Bharat” by 2047: Minister Hardeep S Puri at ENRich 2024

    Potential economic impact of AI is immense; AI adoption can generate Rs 33.8 Cr of economic value in country by 2030: Hardeep Puri

    Shri Puri highlights role of AI in Transformation of Energy Sector

    Posted On: 23 OCT 2024 6:09PM by PIB Delhi

    Addressing the ENRich 2024, KPMG’s Annual Innovation and Energy Conclave, Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, underscored the pivotal role of artificial intelligence (AI) in transforming the energy sector. With the theme “AI for Energy,” the Minister described the convergence of AI and energy as both timely and transformative, marking a critical step in shaping the future of the industry. He emphasized that AI is set to revolutionize operations, drive efficiency, and accelerate the shift towards a more sustainable energy landscape.

     

    The Minister highlighted how AI is rapidly being adopted across industries and will be instrumental in realizing the  Prime Minister’s vision of a “Viksit Bharat” by 2047.

    Focusing on the oil and gas sector, Shri Puri shared how AI and generative AI (GenAI) are optimizing operations by leveraging real-time data and insights. He pointed out that international oil companies are making significant investments in AI to enhance operational efficiency, improve safety, and contribute to the transition towards a low-carbon future.

    Shri Puri noted that the Indian Public Sector Undertakings (PSUs) in the energy domain are also harnessing AI and Machine Learning (ML) to improve safety, security, and operational efficiencies at various locations. Through advanced tools like demand forecasting, customer analytics, and pricing analytics, AI is enhancing the overall customer experience in the energy sector.

    In the upstream oil and gas sector, the Minister said, AI-enabled mechanisms such as deep learning are being used to analyze complex seismic data for identifying potential hydrocarbon reservoirs. Additionally, he said, AI-based prediction of drilling complications and real-time optimization of drilling parameters has proven effective in improving drilling efficiency and reducing operational costs.

    Shri Puri noted the comprehensive integration of AI tools across the energy value chain, from upstream exploration and production to midstream storage and downstream refining and distribution. He observed that this shift marks a departure from the traditional engineering mindset that has long dominated the industry.

    As an example, he pointed to the modernization of India’s National Data Repository, now upgraded to a cloud-based platform. This platform supported by a government investment of Rs. 7,500 crore, enables instant access to seismic and production data, he noted.

    Citing research by J.P. Morgan, the Minister discussed the potential of generative AI to increase global GDP by $7–10 trillion over the next three years, leading to a major boost in workforce productivity and reshaping the global economy.

    Shri Puri further emphasized that India, with its growing economy, youthful population, and thriving tech ecosystem, is poised to benefit greatly from AI. Reports suggest that AI adoption could contribute at least Rs. 33.8 lakh crore to India’s economy by 2030, he said.

    He also highlighted the success of the Universal Connectivity and Digital India initiatives, which have driven a dramatic increase in internet subscribers from 251.59 million in 2014 to 954.40 million in 2024, achieving a CAGR of 14.26%.

    The Minister applauded KPMG’s efforts to foster entrepreneurship and support the start-up ecosystem through initiatives like “ENRich Labs” for innovation and co-creation with the industry.

    Highlighting India’s booming start-up ecosystem, the Minister noted that India is now the world’s third-largest hub for unicorn start-ups, following the USA and China, with a combined valuation of approximately USD 350 billion. He emphasized that these start-ups are reshaping the Indian economy and transforming markets.

    Stressing on the oil and gas sector, Shri Puri shared that Oil and Gas PSUs have set up startup funds totaling Rs. 505 crore. So far, 287 start-ups have received funding, with Rs. 271 crore already disbursed to promote innovation and growth in the sector.

    The Minister also talked about the Avinya’25, launched recently based on the overwhelming success of Avinya’24. The initiative aims to encourage entrepreneurs, researchers, academicians, and students to propose innovative solutions that can shape the future of the energy sector. The application period for Avinya’25 opened on 30thSeptember 2024, with a submission deadline of 2ndDecember 2024. Shri Puri urged everyone to actively participate and contribute to the event’s success

    Shri Puri concluded by urging stakeholders to explore the untapped potential in India’s energy sector, stressing the importance of sustainable business practices that align with societal and environmental goals.

    ****

    MN

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: English Translation of Prime Minister’s Remarks at the Open Plenary of the 16th BRICS Summit

    Source: Government of India

    Posted On: 23 OCT 2024 5:22PM by PIB Delhi

    Your Highness,
    Excellencies,

    Ladies and Gentlemen,

    Congratulations to President Putin for the excellent organisation of the 16th BRICS Summit.

    And, once again, a warm welcome to all the new friends who have joined BRICS. In its new avatar, BRICS accounts for 40 per cent of the world’s humanity and about 30 per cent of the global economy.

    In the last nearly two decades, BRICS has achieved many milestones.I am confident that in the times to come, this organisation will emerge as a more effective medium to face global challenges.

    I would also like to convey warm greetings to Her Excellency Dilma Rousseff, President of the New Development Bank.

    Friends,

    In the last ten years, this bank has emerged as an important option for the development needs of the countries of the Global South.The opening of GIFT or Gujarat International Finance Tech City in India as well as regional centres in Africa and Russia has boosted the activities of this bank. And, development projects worth about USD 35 billion have been sanctioned. NDB should continue to work on the basis of the demand driven principle. And, while expanding the bank, ensuring long-term financial sustainability, healthy credit rating and market access should remain a priority.

    Friends,

    In its new expanded avatar, BRICS has emerged as an economy of more than USD 30 trillion dollars.The BRICS Business Council and the BRICS Women Business Alliance have played a special role in increasing our economic cooperation.

    This year, the consensus reached within BRICS on WTO reforms, trade facilitation in Agriculture, resilient supply chains, e-commerce and Special Economic Zones will strengthen our economic cooperation.Amidst all these initiatives, we should also focus on the interests of small and medium scale industries.

    I am pleased that the BRICS Startup Forum proposed during India’s presidency in 2021 will be launched this year. The Railway Research Network initiative taken by India is also playing an important role in increasing logistics and supply chain connectivity among BRICS countries. This year, the consensus reached by BRICS countries, in collaboration with UNIDO, to prepare a skilled work force for Industry 4.0 is quite significant.

    The BRICS Vaccine R&D Centre launched in 2022 is helping increase health security in all the countries. We would be happy to share India’s successful experience in Digital Health with BRICS partners.

    Friends,

    Climate Change has been a subject of our common priority.

    The consensus reached for the BRICS Open Carbon Market Partnership under Russia’s presidency is welcome. In India too, special emphasis is being laid on green growth, climate resilient infrastructure and green transition. Indeed, India has taken up several initiatives like the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Mission LiFE i.e. Lifestyle for Environment, Ek Ped Maa Ke Naam or a Tree in the name of mother.

    Last year, during COP-28, we started an important initiative called Green Credit.I invite BRICS partners to join these initiatives.

    Special emphasis is being laid on the construction of infrastructure in all BRICS countries.

    We have established a digital platform called the Gati-Shakti portal to rapidly expand multi-modal connectivity in India. This has helped in integrated infrastructure development planning and implementation and has reduced logistics costs.

    We will be happy to share our experiences with all of you.

    Friends,

    We welcome efforts to increase financial integration among BRICS countries.

    Trade in local currencies and smooth cross-border payments will strengthen our economic cooperation. The Unified Payments Interface (UPI) developed by India is a huge success story and has been adopted in many countries.

    Last year, together with His Highness Sheikh Mohamed, it was launched in the UAE as well. We can also cooperate with other BRICS countries in this area.

    Friends,

    India is fully committed to increasing cooperation under BRICS.

    Our strong belief in our diversity and multipolarity is our strength. This strength of ours, and our shared belief in humanity, will help in giving a meaningful shape to a prosperous and a bright future for the generations to come.

    I thank everyone for today’s very important and valuable discussions.

    As the next President of BRICS, I extend my heartfelt best wishes to President Lula. India will give its full support for the success of your BRICS presidency.

    Once again, many thanks to President Putin and all the leaders.

    DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: INDIAN ARMY TO HOST THE SECOND EDITION OF CHANAKYA DEFENCE DIALOGUE: A GLOBAL PLATFORM FOR STRATEGIC INSIGHTS

    Source: Government of India (2)

    Posted On: 23 OCT 2024 5:19PM by PIB Delhi

    The Indian Army is set to host the second edition of its flagship international seminar, the Chanakya Defence Dialogue, on October 24 and 25,, 2024  at the Manekshaw Centre, New Delhi. Themed “Drivers in Nation Building: Fuelling Growth Through Comprehensive Security,” this high-profile event will facilitate vital discussions on integrating security dynamics within national and international policymaking, and aims to craft visionary strategies for sustainable and inclusive growth.

    The two-day event will bring together an exceptional group of policymakers, strategic thinkers, academics, defence personnel, veterans, scientists, and SMEs from India and abroad, with prominent speakers from the United States, Russia, Israel, and Sri Lanka. The dialogue will explore India’s strategic pathways towards Viksit Bharat @2047, focusing on the role of comprehensive security in national development.

    Hon’ble Raksha Mantri Shri Rajnath Singh will inaugurate the event as the Chief Guest, where he will also launch the Indian Army’s Green Initiative 1.0 and Digitisation of IA 1.0. He will deliver a keynote address on ‘India’s Vision for Development and Security,’ underscoring the importance of comprehensive security in achieving Viksit Bharat @2047. General Upendra Dwivedi, Chief of the Army Staff, will also address the audience, highlighting the Indian Army’s significant contributions to nation-building, including initiatives aligned with Atmanirbhar Bharat.

    The Chanakya Defence Dialogue will consist of six expert-led sessions, each focusing on critical aspects of comprehensive security:

    Session 1. Geopolitical Dynamics: Navigating the International Coliseum

    This session will delve into the shifting geopolitical landscape and how nations navigate strategic partnerships while balancing national interests and global objectives. The panel will explore the impact of evolving global power structures on India’s strategic positioning, highlighting the growing importance of alliances and multilateral cooperation in an increasingly polarized world.

    Moderator: Ms Palki Sharma (Network 18)

    Panellists:

    • Ms. Lisa Curtis (Centre for a New American Security)
    • Ms. Carice Witte (SIGNAL Group, Israel)
    • Ambassador Kanwal Sibal (Former Foreign Secretary, Government of India)

    The panel will provide insights into geopolitical shifts, focusing on India’s role in the Indo-Pacific, its relations with key global powers, and the opportunities and challenges these present for India’s national security and development goals.

    Session 2. Economic Development Strategies & National Security Imperatives

    This session will examine how economic development and national security are interconnected, exploring the importance of a resilient economy for maintaining a strong defence posture. Panellists will discuss strategies for integrating economic policies with national security imperatives, and how India can leverage its growing economic strength to enhance its global influence.

    Moderator: Ms. Gaurie Dwivedi (NDTV)

    Panellists:

    • Mr. Asanga Abeyagoonasekera (IMF Technical Advisor)
    • Dr. G S Reddy (Former Scientific Advisor to the Prime Minister)
    • Dr. Sanjeev Sanyal (Member, PM’s Economic Advisory Council)

    Key themes will include leveraging economic reforms, boosting domestic industrial capacities, and aligning economic growth with defence production under the Atmanirbhar Bharat initiative. The session will also explore how economic resilience can act as a deterrent against external threats.

    Session 3. Environmental Sustainability: Balancing Growth with Ecological Concerns

    With growing global focus on climate change, this session will explore the need to balance economic growth with environmental sustainability. It will discuss how India can achieve development goals while ensuring that ecological concerns are addressed, particularly in the context of national security.

    Moderator: Dr. Tara Kartha (Director Research & Academics, CLAWS)

    Panellists:

    • Ms. Elizabeth Threlkeld (Stimson Center, US)
    • Mr. Rushikesh Chavan (Habitats Trust)
    • Lt Gen S A Hasnain (Retd)

    Panellists will discuss how sustainable development can contribute to long-term security by mitigating resource-driven conflicts, enhancing disaster preparedness, and ensuring the well-being of future generations. The session will emphasize the role of the military in ecological preservation, particularly in high-altitude and environmentally sensitive regions.

    Session 4. Social Cohesion and Inclusive Growth: Pillars of a Secure Nation

    This session will focus on the importance of social unity and inclusive growth for national security. The panel will examine how internal security can be strengthened by fostering social cohesion, addressing economic disparities, and promoting inclusive development across all sections of society.

    Moderator: Mr. RR Swain (Former DGP J&K Police)

    Panellists:

    • Dr. Sudhanshu Trivedi (Member of Parliament)
    • Ms. Meenakshi Lekhi (Former MP and Lawyer)
    • Gen V K Singh (Retd) (Former COAS & ex-Minister of State for External Affairs)

    The discussion will highlight the role of law enforcement, legal frameworks, and policy initiatives in promoting internal security, with a focus on integrating marginalized communities into the national fabric. The panellists will offer strategies to merge social cohesion initiatives with internal security policies, fostering a shared national identity and promoting peace and stability.

    Session 5. Blurring Frontiers: The Convergence of Technology & Security

    This session will explore the integration of emerging technologies into national security frameworks. As new technologies such as artificial intelligence, cyber warfare, and unmanned systems revolutionize warfare, the session will discuss how India can stay ahead of the curve while ensuring that technological advancements are deployed ethically and responsibly.

    Moderator: Lt Gen Raj Shukla (Retd)

    Panellists:

    • Dr. Chintan Vaishnav (NITI Aayog)
    • Brig Gen Eran Ortal (SIGNAL Group, Israel)
    • Mr. Dmitry Stefanovich (IMEMO, Russia)

    Panellists will explore the advantages and challenges of integrating AI, robotics, and other emerging technologies into security operations. The session will also address ethical considerations such as privacy, responsible use, and societal alignment, ensuring that technological advances serve national security without compromising civil liberties.

    Session 6. Groundbreakers: Shaping Land Warfare, Reflections for the Indian Army

    This concluding session will focus on the future of land warfare and how the Indian Army can adopt advanced technologies to enhance battlefield readiness. Panellists will examine lessons from global military practices and how India can foster homegrown defence technologies under the Atmanirbhar Bharat initiative.

    Moderator: Vice Admiral A B Singh (Retd)

    Panellists:

    • Dr. Konstantin Bogdanov (IMEMO, Russia)
    • Prof. Amit Gupta (University of Illinois, US)
    • Dr. Patrick Bratton (US Army War College)

    The discussion will explore the evolving nature of land warfare, emphasizing the need for the Indian Army to develop indigenous technological capabilities while leveraging strategic partnerships with global military and industrial leaders. The panel will debate how to balance innovation with operational effectiveness, creating responsible and sustainable military solutions.

    On the second day, Chanakya Defence Dialogue will feature special addresses by Dr. S Somanath, Chairman of ISRO, on the critical significance of India’s expanding space sector, and Ms. Ruchira Kamboj, Former Permanent Representative of India to the UN, who will share insights on India’s evolving position in a multipolar world and the need for strong diplomatic measures to safeguard national interests.

    The dialogue will conclude with a closing address by Lt Gen N S Raja Subramani, Vice Chief of the Army Staff, who will summarize the key takeaways from the event, reaffirming the Indian Army’s commitment to ensuring a secure, prosperous, and Viksit Bharat @2047.

    Through its comprehensive and diverse discussions, the Chanakya Defence Dialogue 2024 will serve as a landmark platform, fostering collaboration among military leaders, policymakers, strategic thinkers, and security specialists from around the world. This event is set to influence India’s strategic direction on national security and development, helping shape a secure and thriving future for the nation.

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: PM Young Achievers’ Scholarship Award Scheme for Vibrant India (PM YASASVI)

    Source: Government of India (2)

    Posted On: 23 OCT 2024 5:17PM by PIB Delhi

    Background/Introduction

    With a vision of “Sabka Sath, Sabka Vikas”, the Ministry of Social Justice and Empowerment has implemented the PM Young Achievers Scholarship Award Scheme for Vibrant India (PM-YASASVI). This comprehensive umbrella scheme is aimed at uplifting students from Other Backward Classes (OBC), Economically Backward Classes (EBC), and Denotified Tribes (DNT) by providing them with access to quality education during their formative years.

    The PM YASASVI scheme consolidates and enhances several earlier initiatives, including the Dr. Ambedkar Post-Matric Scholarship Scheme for EBCs and the Dr. Ambedkar Pre-Matric and Post-Matric Scholarship Scheme for DNTs, which were subsumed under this program starting from 2021-22. By integrating these schemes, PM YASASVI aims to ensure a more streamlined and impactful approach to supporting the educational needs of socially and economically disadvantaged students.

     

    Objective

    The overarching goal of the scheme is to promote educational empowerment among these vulnerable groups, helping them overcome financial barriers and complete their education. This initiative not only fosters individual academic growth but also contributes to the broader vision of creating a more inclusive and equitable society.

    Under this Scheme students can avail Pre-Matric Scholarship from Class 9 to 10 and Post Matric Scholarship for their higher studies at post-matriculation or post-secondary stage. Students who excel in their studies also get an opportunity of Scholarship to study in Top Class Schools and Colleges under the Scheme of ‘Top Class School Education’ and ‘Top Class College Education’. Hostel facilities are also provided to OBC students under the ‘Scheme of Construction of Hostels for OBC boys and girls.’

    PM –YASASVI for OBC, EBC and DNT students has been formulated having following five sub-schemes:

    • Pre-Matric Scholarship for OBC, EBC and DNT Students
    • Post-Matric Scholarship for OBC, EBC and DNT Students
    • Top Class School Education for OBC, EBC and DNT Students
    • Top Class College Education for OBC, EBC and DNT Students
    • Construction of Hostel for OBC Boys and Girls

    Scope

    The Pre-Matric Scholarship is designed for students in classes IX and X attending government schools, offering an annual academic allowance of Rs. 4,000 to families with an income below Rs. 2.5 lakh. For the 2023-24 academic year, Rs. 32.44 crore has been allocated to states and Union Territories for its implementation. The Post-Matric Scholarship supports students pursuing post-secondary education, providing academic allowances ranging from Rs. 5,000 to Rs. 20,000 based on the category of the course. For this scheme, Rs. 387.27 crore has been released for the current year.

    Additionally, the Top Class School and College Education schemes are designed to support meritorious students from OBC, EBC, and DNT categories. These programs cover tuition fees, hostel expenses, and other academic costs, with school students (Class 9-12) eligible for funding up to Rs. 1.25 lakh annually. College students at top institutions receive full financial support, including tuition, living expenses, and educational materials. To further enhance access to education, Rs. 12.75 crore has been allocated in 2023-24 under the ‘Construction of Hostels for OBC Boys and Girls’ scheme, which aims to provide accommodation for socially and educationally backward students near government schools and institutions, ensuring they have better access to quality education.

    Benefits

    The PM YASASVI aligns with the government’s broader vision of fostering inclusivity, equity, and societal upliftment. By offering comprehensive support to students from OBC, EBC, and DNT categories, it directly addresses the systemic barriers that prevent many from accessing quality education. This initiative not only ensures financial assistance but also promotes educational empowerment for some of the most vulnerable sections of society, thereby creating opportunities for upward mobility and self-reliance.

    The scheme’s focus on supporting students at both school and college levels helps to nurture talent from an early age and carry it through to higher education, laying a strong foundation for personal and professional growth. Moreover, by integrating earlier scholarship initiatives into a single, streamlined program, PM YASASVI enhances the impact of these efforts, contributing to the creation of a more inclusive and equitable education system. PM-YASASVI is ensuring that no student is left behind in the pursuit of academic and social progress. This scheme is playing a crucial role in the welfare and upliftment of marginalized communities, enabling them to contribute meaningfully to the vision of Viksit Bharat @ 2047.

    Impact

    The PM YASASVI (Young Achievers Scholarship Award Scheme for Vibrant India) scheme has made significant strides in providing financial assistance to students from Other Backward Classes (OBC), Economically Backward Classes (EBC), and De-Notified Tribes (DNT). In Financial Year 2023-24, a substantial sum of ₹ 193.83 cr. was allocated for the Pre-Matric Scholarship, benefiting 19.86 lakh students during 2023-24, with further beneficiaries for 2023-24 expected. Similarly, under the Post-Matric Scholarship scheme, ₹988.05 cr. was released, benefiting 27.97 lakh students in 2023-24. These scholarships aim to empower underprivileged students by alleviating financial burdens, thereby promoting education across marginalized communities.

    Additionally, the government has invested in other educational support initiatives. ₹14.30 cr. has been released for the construction of hostels, accommodating 1146 students in 2023-24. Top-class education programs and overseas study interest subsidies have also seen significant funding, reaching thousands of students. For example, ₹ 111.18 cr. was allocated to support 4762 students in top Class education in college scheme and Rs. 6.55 Cr. Was allocated to support 2602 students in Top Class education in Schools for OBC, EBC & DNT Students and ₹ 56.24 Cr. was granted as interest subsidies to 2789 students pursuing overseas education. These efforts reflect the growing impact of the PM YASASVI scheme, which is transforming the educational landscape for disadvantaged students, enabling them to achieve their academic potential and contributing to overall societal upliftment.

    *Any additional documents specified in the application form

     

    Key Points

    • Selection Process: The YASASVI Entrance Test (YET) 2023 is the basis for candidate selection, conducted by the National Testing Agency (NTA) under the direction of the Ministry of Social Justice and Empowerment (MSJ&E), Government of India.
    • Eligibility: Open to OBC, EBC, and DNT students with a total annual family income of up to ₹2.50 lakhs. Additional eligibility criteria may apply, depending on the specific scholarship scheme.
    • Where to Apply: Eligible students can apply online at the National Scholarship Portal: scholarships.gov.in.

    Conclusion

    By offering a comprehensive array of scholarships and support programs, PM-YASASVI is addressing the financial constraints that often hinder access to education for marginalized communities. The integration of various earlier schemes into one streamlined initiative ensures that students are supported from their school years through to higher education, creating pathways for personal and professional growth. With the government’s ongoing commitment to expanding access to quality education, the PM YASASVI Scheme is making a tangible impact on the lives of thousands of students, helping to create a more inclusive and prosperous India.

    References:

    https://www.myscheme.gov.in/schemes/pm-yasasvitcceobcebcdnts

    https://socialjustice.gov.in/public/ckeditor/upload/65661651839791.pdf

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1999638

    https://pib.gov.in/Pressreleaseshare.aspx?PRID=1847840

    https://pib.gov.in/PressReleseDetailm.aspx?PRID=1844993&reg=3&lang=1

    https://pib.gov.in/PressReleseDetail.aspx?PRID=1913930&reg=3&lang=1

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1808243

    https://yet.nta.ac.in/

    Click here to see in PDF:

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    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Answer to a written question – Spread of South African citrus thrips in the Mediterranean basin – E-001639/2024(ASW)

    Source: European Parliament

    The Commission invests in plant health research and innovation, with EUR 189 million allocated over the past four years through Horizon Europe[1], and keeps it as a priority in the next work programmes under Cluster 6 ‘Food, Bioeconomy, Natural Resources, Agriculture and Environment’[2] of Horizon Europe[3].

    At present, there is no project relating to the Scirtothrips aurantii. A call for proposals for projects related to regulated pests has recently closed and is currently under evaluation[4].

    Both Spain and Portugal apply eradication measures for Scirtothrips aurantii. Regulation (EU) 2021/690[5] allows them to request co-financing for eradication measures.

    When eradication is no longer possible, Member States request for containment measures, which should be adopted by an Implementing Regulation. To date, the Commission has not received such request from Spain or Portugal.

    As regards the import of citrus fruit, cold treatment has been added to the EU requirements as a measure to guarantee freedom from Thaumatotibia leucotreta in oranges.

    The EU follows a risk-based approach as regards protective measures against pests. To date there is not sufficient evidence to support an extension of that measure to other citrus fruits for other Union quarantine pests.

    Regulation (EU) 2022/2389[6] on frequency rates prescribes 100% identity and physical checks at import for citrus fruits, except for those referred to Annex I of that regulation.

    The number of non-compliances at import is a criterion for deciding the frequency rates. As regards controls at origin, the Commission has carried out audits[7] in many third countries that the EU imports citrus fruits from, including South Africa, Zimbabwe, Brazil, Argentina, Israel and Tunisia.

    • [1] https://research-and-innovation.ec.europa.eu/document/e8a5772e-9fca-4583-a81b-649729068f1e_en
    • [2] https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe/cluster-6-food-bioeconomy-natural-resources-agriculture-and-environment_en
    • [3] https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe/strategic-plan_en
    • [4] https://ec.europa.eu/info/funding-tenders/opportunities/portal/screen/opportunities/topic-details/horizon-cl6-2024-farm2fork-02-4-two-stage
    • [5] https://eur-lex.europa.eu/eli/reg/2021/690/oj
    • [6] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32022R2389&qid=1695292904290
    • [7] https://ec.europa.eu/food/audits-analysis/audit-report

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – EU-wide EUR 10 000 cap on cash payments – E-002032/2024

    Source: European Parliament

    11.10.2024

    Question for written answer  E-002032/2024
    to the Commission
    Rule 144
    Anna Bryłka (PfE)

    The Regulation of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing establishes that cash payments will be subject to an EU-wide cap of EUR 10 000 to make it harder for criminals to launder dirty money. Member States will have the freedom to lower the threshold, if they wish. Under recital 161, the regulation states that ‘the limit should not apply to payments between natural persons who are not acting in a professional capacity’ and that ‘payments or deposits made at the premises of credit institutions, payment institutions or electronic money institutions should also be exempted from the application of the limit’.

    Could the Commission clarify what is meant by ‘not acting in a professional capacity’ and ‘credit institutions, payment institutions or electronic money institutions’, and give practical examples?

    Submitted: 11.10.2024

    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – European funds being used to broadcast violence against animals – E-002078/2024

    Source: European Parliament

    15.10.2024

    Question for written answer  E-002078/2024
    to the Commission
    Rule 144
    Estrella Galán (The Left)

    The corporation OneToroTV states on its website that it has received funds from the Corporación Bética de Expansión Empresarial FCR, co-financed via funding from the European Regional Development Fund (ERDF), to stream live and pre-recorded content involving explicit animal cruelty on electronic devices, such as mobile phones, tablets and television.

    Regard being had to Directive 2010/13/EU on audiovisual media services — in particular the parts relating to the protection of children — and the principles on which the current EU legislation on animal welfare is based, it seems inappropriate to use European funds to finance a platform that glorifies animal abuse, the presence of minors and even their participation in these events.

    In light of the above:

    • 1.Can the Commission shed light on the ERDF funds received by the corporation and/or the audiovisual streaming service referred to above?
    • 2.What is the Commission’s view on using EU funding to promote violence on television and other forms of media?
    • 3.Does the Commission intend to investigate the persistent violation of the fundamental rights of children who are exposed to bullfighting?

    Submitted: 15.10.2024

    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Conditional loans to the Palestinian Authority – E-002117/2024

    Source: European Parliament

    16.10.2024

    Question for written answer  E-002117/2024
    to the Commission
    Rule 144
    Marc Botenga (The Left), Rudi Kennes (The Left), Vicent Marzà Ibáñez (Verts/ALE), Merja Kyllönen (The Left), Matjaž Nemec (S&D), Mounir Satouri (Verts/ALE), Irena Joveva (Renew), Özlem Demirel (The Left), Jaume Asens Llodrà (Verts/ALE), Cecilia Strada (S&D), Emma Fourreau (The Left), Konstantinos Arvanitis (The Left), Saskia Bricmont (Verts/ALE), Mimmo Lucano (The Left), Catarina Martins (The Left), Lynn Boylan (The Left), Kathleen Funchion (The Left), Giorgos Georgiou (The Left), Irene Montero (The Left), Isabel Serra Sánchez (The Left), Luke Ming Flanagan (The Left), Ilaria Salis (The Left), Rima Hassan (The Left), Per Clausen (The Left), Leila Chaibi (The Left), Tineke Strik (Verts/ALE)

    On 30 September 2024, Parliament’s Committee on Foreign Affairs invited Mr Gert Jan Koopman, Director-General of the Commission’s Directorate-General for Neighbourhood and Enlargement Negotiations (DG NEAR), to exchange views. Mr Koopman explained how the EU would change the way in which the Palestinian Authority is financed, moving away from grants to loans made conditional on reforms being carried out. He affirmed that the conditions attached should enable the EU to play a more important political role in the region.

    • 1.Can the Commission clarify which of the conditions set out in the letter of intent will enable the EU to play a greater role?
    • 2.What other conditions has the Commission, through DG NEAR, put forward that were not included in the letter of intent?
    • 3.In the Commission’s view, what are the reasons for the delay in transferring the funds?

    Supporters[1]

    Submitted: 16.10.2024

    • [1] This question is supported by Members other than the authors: Dario Tamburrano (The Left), Estrella Galán (The Left)
    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI: Hanover Bancorp, Inc. Reports Third Quarter 2024 Results and Declares $0.10 Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter Performance Highlights

    • Net Income: Net income for the quarter ended September 30, 2024 totaled $3.5 million or $0.48 per diluted share (including Series A preferred shares). Adjusted (non-GAAP) net income (excluding severance and retirement expenses) was $3.7 million or $0.50 per diluted share for the quarter ended September 30, 2024.
    • Record Non-interest Income: The Company reported record non-interest income of $4.0 million for the quarter ended September 30, 2024, an increase of $0.3 million or 9.17% from the quarter ended June 30, 2024 and $0.2 million or 6.66% from the quarter ended September 30, 2023.
    • Net Interest Income: Net interest income was $13.1 million for the quarter ended September 30, 2024, an increase of $1.3 million, or 11.04% from the September 30, 2023 quarter.
    • Net Interest Margin: The Company’s net interest margin during the quarter ended September 30, 2024 increased to 2.37% from 2.29% in the quarter ended September 30, 2023.
    • Strong Liquidity Position: At September 30, 2024, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $637.1 million or approximately 240% of uninsured deposit balances.
    • Deposit Activity: Core deposits, consisting of Demand, NOW, Savings and Money Market, increased $71.0 million or 5.14% from December 31, 2023. Total deposits increased $52.9 million or 2.78% from December 31, 2023. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 86% of total deposits at September 30, 2024.
    • Loan Growth: Loans totaled $2.01 billion, a net increase of $48.6 million or 3.31% annualized, from December 31, 2023. The Company’s commercial real estate concentration ratio continued to improve, decreasing to 397% of capital at September 30, 2024 from 432% of capital at December 31, 2023 and 448% of capital at September 30, 2023. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans, which strategically enhances our management of liquidity and capital while producing additional non-interest income.
    • Asset Quality: At September 30, 2024, the Bank’s asset quality remained solid with non-performing loans totaling $15.5 million, representing 0.77% of the total loan portfolio, and the allowance for credit losses equaling 1.17% of total loans. Loans secured by office space accounted for 2.27% of the total loan portfolio with a total balance of $45.5 million, of which less than 1% is located in Manhattan.
    • Banking Initiatives: At September 30, 2024, the Company’s banking initiatives reflected continuing momentum:
      • SBA & USDA Banking: Gains on sale of SBA loans totaled $2.4 million for the quarter ended September 30, 2024, representing a 63.83% increase over the comparable 2023 quarter. Total SBA loans sold were $27.1 million for the quarter ended September 30, 2024, representing a 47.00% increase over the comparable 2023 quarter. Premiums earned on the sale of SBA loans increased to 9.59% for the quarter ended September 30, 2024 from 8.66% for the quarter ended September 30, 2023.
      • C&I Banking/Hauppauge Business Banking Center: The C&I Banking Team and the Hauppauge Business Banking Center increased deposits to $96.0 million as of September 30, 2024 from $36.1 million at September 30, 2023. Loan originations tied to this office were $8 million during the quarter. Momentum continues to build with current deposits of $105 million and deposit and C&I loan pipelines related to this office of $43 million and $104 million, respectively.
      • Residential Lending: The Bank continues to originate loans for its portfolio while developing the flow origination program launched in late 2023. Of the $27.3 million in closed loans originated in the quarter ended September 30, 2024, $7.4 million were originated for the Bank’s portfolio and reflected a weighted average yield of 7.59% before origination and other fees, which average 50-100 bps per loan, and a weighted average LTV of 61%.
    • Tangible Book Value Per Share: Tangible book value per share (including Series A preferred shares) was $23.28 at September 30, 2024 compared to $22.51 at December 31, 2023.  
    • Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on November 13, 2024 to stockholders of record on November 6, 2024.
    • Port Jefferson Branch: The Company has received regulatory approval for the opening of a full-service branch in Port Jefferson, New York. Business development staff have already joined the Company in anticipation of the opening of this location. The Bank expects this site to be fully operational in the first quarter of 2025.

    MINEOLA, N.Y., Oct. 23, 2024 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter ended September 30, 2024 and the declaration of a $0.10 per share cash dividend on both common and Series A preferred shares payable on November 13, 2024 to stockholders of record on November 6, 2024.

    Earnings Summary for the Quarter Ended September 30, 2024

    The Company reported net income for each of the quarters ended September 30, 2024 and 2023 of $3.5 million or $0.48 per diluted share (including Series A preferred shares). The Company recorded adjusted (non-GAAP) net income (excluding severance and retirement expenses) of $3.7 million or $0.50 per diluted share in the quarter ended September 30, 2024, versus adjusted (non-GAAP) net income (excluding a litigation settlement payment) of $2.8 million or $0.38 per diluted share in the comparable 2023 quarter. Returns on average assets, average stockholders’ equity and average tangible equity were 0.62%, 7.35% and 8.19%, respectively, for the quarter ended September 30, 2024, versus 0.66%, 7.58% and 8.47%, respectively, for the comparable quarter of 2023.   Adjusted (non-GAAP) returns, exclusive of severance and retirement expenses on average assets, average stockholders’ equity and average tangible equity were 0.65%, 7.69% and 8.56%, respectively, in the quarter ended September 30, 2024, versus 0.53%, 6.00% and 6.71%, respectively, in the comparable 2023 quarter, exclusive of a litigation settlement payment.

    While net interest income and non-interest income increased during the quarter ended September 30, 2024 compared to the September 30, 2023 quarter, this was offset by an increase in non-interest expenses, particularly compensation and benefits, resulting in flat earnings between these periods.   The increase in non-interest income is primarily related to the increase in the gain on sale of loans held-for-sale which was partially offset by a decrease in other operating income. In the September 30, 2023 quarter, the Company settled ongoing litigation and received a settlement payment of $975 thousand which was recorded in other operating income. Included in compensation and benefits expense in the third quarter of 2024 was expense related to additional staff for the SBA, C&I Banking and Operations teams and severance payments in August 2024 paid in connection with a loan personnel restructuring initiative. These expenses were offset by lower incentive compensation expense resulting from reduced projected lending activity and lower deferred loan origination costs.

    Net interest income was $13.1 million for the quarter ended September 30, 2024, an increase of $1.3 million, or 11.04%, versus the comparable 2023 quarter due to improvement of the Company’s net interest margin to 2.37% in the 2024 quarter from 2.29% in the comparable 2023 quarter. The yield on interest earning assets increased to 6.17% in the 2024 quarter from 5.61% in the comparable 2023 quarter, an increase of 56 basis points that was partially offset by a 58 basis point increase in the cost of interest-bearing liabilities to 4.53% in 2024 from 3.95% in the third quarter of 2023.

    Earnings Summary for the Nine Months Ended September 30, 2024

    For the nine months ended September 30, 2024, the Company reported net income of $8.4 million or $1.14 per diluted share (including Series A preferred shares), versus $9.8 million or $1.33 per diluted share (including Series A preferred shares) in the comparable 2023 nine-month period.   The Company recorded adjusted (non-GAAP) net income (excluding severance and retirement expenses) of $8.6 million or $1.16 per diluted share for the nine months ended September 30, 2024, versus adjusted (non-GAAP) net income (excluding severance and retirement expenses and a litigation settlement payment) of $9.4 million or $1.27 per diluted share in the comparable 2023 nine-month period.

    The decrease in net income recorded for the nine months ended September 30, 2024 from the comparable 2023 period resulted from an increase in the provision for credit losses and an increase in non-interest expense, which were partially offset by an increase in non-interest income, consisting primarily of gain on sale of loans held-for-sale. The increase in non-interest expense was primarily attributed to additional staff for the SBA, C&I Banking and Operations teams.   The Company’s effective tax rate decreased to 24.50% for the nine months ended September 30, 2024 from 26.03% in the comparable 2023 period.

    Net interest income was $39.3 million for the nine months ended September 30, 2024, a slight increase of $0.1 million, or 0.14% from the comparable 2023 period. The Company’s net interest margin was 2.41% in the 2024 period and 2.65% in the comparable 2023 period. The yield on interest earning assets increased to 6.14% in the 2024 period from 5.58% in the comparable 2023 period, an increase of 56 basis points that was offset by a 95 basis point increase in the cost of interest-bearing liabilities to 4.45% in 2024 from 3.50% in the comparable 2023 period due to the rapid and significant rise in interest rates.

    Michael P. Puorro, Chairman and Chief Executive Officer, commented on the Company’s quarterly results: “We are pleased with third-quarter results, which reflect the benefits of our diversified revenue streams. Strategic expansion of our C&I banking and government guaranteed lending initiatives continue to deliver sustained results. The success of our Hauppauge Business Banking Center over the last 16 months has yielded exceptional results as evidenced by over $100 million in deposits. Our investment in diversifying our residential lending activities from portfolio originations to including flow originations is gaining momentum. The continued decline in interest rates forecast by many economists is expected to provide sustained net interest margin expansion over the near term, having an anticipated positive impact on earnings. We believe these factors, coupled with our commitment to efficiency across our organization, position us for continued growth and opportunity, particularly in a market with continued consolidation. We continue to strategically seek opportunities to recruit talent and expand our footprint in the underserved Long Island community and wider New York City markets.”

    Balance Sheet Highlights

    Total assets at September 30, 2024 were $2.33 billion versus $2.27 billion at December 31, 2023. Total securities available for sale at September 30, 2024 were $98.4 million, an increase of $36.9 million from December 31, 2023, primarily driven by growth in U.S. Treasury securities, corporate bonds and mortgage-backed securities.

    Total deposits at September 30, 2024 were $1.96 billion, an increase of $52.9 million or 2.78%, compared to $1.90 billion at December 31, 2023. Our loan to deposit ratio was 102% at September 30, 2024 and 103% at December 31, 2023.

    Although core deposits, comprised of Demand, NOW, Savings and Money Market, grew to $1.45 billion as of September 30, 2024 from $1.38 billion as of December 31, 2023, Demand deposit balances decreased from $207.8 million to $206.3 million during the same period. This decrease was confined to deposits made by residential loan borrowers in anticipation of residential loan closings. These funds comprise the equity residential borrowers are required to contribute to residential loan closings. The volume of these deposits rise and fall in proportion to the volume of anticipated residential loan closings. As the pace of residential lending increases, the volume of Demand deposits will increase accordingly. Demand deposits, net of balances related to residential loan closings, grew to $181.8 million as of September 30, 2024 from $166.4 million as of December 31, 2023, an increase of 9.28%, underscoring the continued success of our C&I Banking vertical.

    The Company had $366.2 million in total municipal deposits at September 30, 2024, at a weighted average rate of 4.24% versus $528.1 million at a weighted average rate of 4.62% at December 31, 2023. The Company’s municipal deposit program is built on long-standing relationships developed in the local marketplace. This core deposit business will continue to provide a stable source of funding for the Company’s lending products at costs lower than those of consumer deposits and market-based borrowings.   The Company continues to broaden its municipal deposit base and currently services 39 customer relationships.

    Total borrowings at September 30, 2024 were $125.8 million, with a weighted average rate and term of 4.25% and 22 months, respectively. At September 30, 2024 and December 31, 2023, the Company had $107.8 million and $126.7 million, respectively, of term FHLB advances outstanding. The Company had $18.0 million of FHLB overnight borrowings outstanding at September 30, 2024 and none at December 31, 2023. At September 30, 2024 and December 31, 2023, the Company’s borrowings from the Federal Reserve’s Paycheck Protection Program Liquidity Facility (“PPPLF”) were $0 and $2.3 million, respectively.   The Company had no borrowings outstanding under lines of credit with correspondent banks at September 30, 2024 and December 31, 2023.   The Company utilizes a number of strategies to manage interest rate risk, including interest rate swap agreements which currently provide a benefit to net interest income.

    Stockholders’ equity was $192.3 million at September 30, 2024 compared to $184.8 million at December 31, 2023. The $7.5 million increase was primarily due to an increase of $6.2 million in retained earnings and a decrease of $0.3 million in accumulated other comprehensive loss. The increase in retained earnings was due primarily to net income of $8.4 million for the nine months ended September 30, 2024, which was offset by $2.2 million of dividends declared. The accumulated other comprehensive loss at September 30, 2024 was 1.10% of total equity and was comprised of a $1.0 million after tax net unrealized loss on the investment portfolio and a $1.1 million after tax net unrealized loss on derivatives.

    Loan Portfolio

    For the nine months ended September 30, 2024, the Bank’s loan portfolio grew to $2.01 billion, for an increase of $48.6 million or 3.31% annualized. Growth was concentrated primarily in residential, SBA and C&I loans. At September 30, 2024, the Company’s residential loan portfolio (including home equity) amounted to $745.9 million, with an average loan balance of $483 thousand and a weighted average loan-to-value ratio of 57%. Commercial real estate and multifamily loans totaled $1.09 billion at September 30, 2024, with an average loan balance of $1.5 million and a weighted average loan-to-value ratio of 59%. As will be discussed below, only approximately 37% of the multifamily portfolio is subject to rent regulation. The Company’s commercial real estate concentration ratio continued to improve, decreasing to 397% of capital at September 30, 2024 from 432% of capital at December 31, 2023, with loans secured by office space accounting for 2.27% of the total loan portfolio and totaling $45.5 million. The Company’s loan pipeline with executed term sheets at September 30, 2024 is approximately $142 million, with approximately 97% being niche-residential, conventional C&I and SBA and USDA lending opportunities.  

    Historically, the Bank generated additional income by strategically originating and selling residential and government guaranteed loans to other financial institutions at premiums, while also retaining servicing rights in some sales. However, with the rapid increases in interest rates in recent years, the appetite among the Bank’s purchasers of residential loans for acquiring pools of loans declined, eliminating the Bank’s ability to sell residential loans in its portfolio on desirable terms. Commencing in late 2023, the Bank initiated development of a flow origination program under which the Bank originates individual loans for sale to specific buyers, thereby positioning the Bank to resume residential loan sales and generate fee income to complement sale premiums earned from the sale of the guaranteed portion of SBA loans. During the quarter ended September 30, 2024, the Company sold $16.5 million of residential loans under this program and recorded gains on sale of loans held-for-sale of $0.4 million. We expect the volume of activity to increase as the year progresses and our flow pipeline continues to build. Because we continue to prioritize the management of liquidity and capital, new business development is largely focused on flow originations over portfolio growth.

    The Bank’s investment in government guaranteed lending continues to yield results. During the quarters ended September 30, 2024 and 2023, the Company sold approximately $27.1 million and $18.4 million, respectively, in the government guaranteed portion of SBA loans and recorded gains on sale of loans held-for-sale of $2.4 million and $1.5 million, respectively.

    Commercial Real Estate Statistics

    A significant portion of the Bank’s commercial real estate portfolio consists of loans secured by Multi-Family and CRE-Investor owned real estate that are predominantly subject to fixed interest rates for an initial period of 5 years. The Bank’s exposure to Land/Construction loans is minor at $9.5 million, all at floating interest rates, and CRE-owner occupied loans have a sizable mix of floating rates. As shown below, these two portfolios have only 11% combined of loans maturing through the balance of 2024 and 2025, with 55% maturing in 2027 alone.

    Multi-Family Market Rent Portfolio Fixed Rate Reset/Maturity Schedule   Multi-Family Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period
    (loan data as of
    9/30/24)
      #
    Loans
      Total O/S
    ($000’s
    omitted)
      Avg O/S
    ($000’s
    omitted)
      Avg Interest
    Rate
      Calendar Period
    (loan data as of
    9/30/24)
      #
    Loans
      Total O/S
    ($000’s
    omitted)
      Avg O/S
    ($000’s
    omitted)
      Avg Interest
    Rate
                                                     
    2024   3   $ 1,861   $ 620   7.07 %   2024   4   $ 4,014   $ 1,004   5.43 %
    2025   9     15,977     1,775   4.16 %   2025   14     19,438     1,388   4.57 %
    2026   36     119,170     3,310   3.66 %   2026   20     43,147     2,157   3.67 %
    2027   72     178,368     2,477   4.31 %   2027   53     125,417     2,366   4.22 %
    2028   18     29,980     1,666   6.16 %   2028   11     9,966     906   7.12 %
    2029+   8     5,647     706   7.32 %   2029+   5     2,326     465   6.40 %
    Fixed Rate   146     351,003     2,404   4.30 %   Fixed Rate   107     204,308     1,909   4.33 %
    Floating Rate   3     457     152   9.56 %   Floating Rate   1     1,804     1,804   6.25 %
    Total   149   $ 351,460   $ 2,359   4.32 %   Total   108   $ 206,112   $ 1,908   4.34 %
    CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period
    (loan data as of
    9/30/24)
      #
    Loans
      Total O/S
    ($000’s omitted)
      Avg O/S
    ($000’s omitted)
      Avg Interest
    Rate
                           
    2024   18   $ 30,965   $ 1,720   5.56 %
    2025   27     18,259     676   5.11 %
    2026   33     45,806     1,388   4.85 %
    2027   87     149,261     1,716   4.75 %
    2028   32     32,826     1,026   6.65 %
    2029+   16     6,519     407   6.15 %
    Fixed Rate   213     283,636     1,332   5.13 %
    Floating Rate   3     12,368     4,123   8.80 %
    Total CRE-Inv.   216   $ 296,004   $ 1,370   5.28 %


    Rental breakdown of Multi-Family portfolio

    The table below segments our portfolio of loans secured by Multi-Family properties based on rental terms and location. As shown below, 63% of the combined portfolio is secured by properties subject to free market rental terms, the dominant tenant type, and both the Market Rent and Stabilized Rent segments of our portfolio present very similar average borrower profiles. The portfolio is primarily located in the New York City boroughs of Brooklyn, the Bronx and Queens. 

    Multi-Family Loan Portfolio – Loans by Rent Type
    Rent Type   # of Notes   Outstanding
    Loan Balance
      % of Total
    Multi-Family
      Avg Loan
    Size
      LTV   Current
    DSCR
      Avg #
    of Units
            ($000’s omitted)         ($000’s omitted)              
                                         
    Market   149   $ 351,460   63 % $ 2,359   61.8 % 1.40   11
    Location                                    
    Manhattan   7   $ 17,911   3 % $ 2,559   52.0 % 1.63   15
    Other NYC   94   $ 246,140   44 % $ 2,619   61.5 % 1.39   10
    Outside NYC   48   $ 87,409   16 % $ 1,821   64.8 % 1.40   12
                                         
    Stabilized   108   $ 206,112   37 % $ 1,908   63.1 % 1.38   11
    Location                                    
    Manhattan   7   $ 10,892   2 % $ 1,556   53.5 % 1.49   15
    Other NYC   89   $ 176,115   32 % $ 1,979   63.5 % 1.38   11
    Outside NYC   12   $ 19,105   3 % $ 1,592   64.7 % 1.40   16


    Office Property Exposure

    The Bank’s exposure to the Office market is minor at $45 million (2% of all loans), has a 1.8x weighted average DSCR, a 54% weighted average LTV and less than $400 thousand of exposure in Manhattan. The portfolio has no delinquencies, defaults or modifications.

    Asset Quality and Allowance for Credit Losses

    The Bank’s asset quality ratios remain solid. At September 30, 2024, the Company reported $15.5 million in non-performing loans which represented 0.77% of total loans outstanding. Non-performing loans were $14.5 million at December 31, 2023 and $15.8 million at June 30, 2024.

    During the third quarter of 2024, the Bank recorded a provision for credit losses expense of $0.2 million. The September 30, 2024, allowance for credit losses balance was $23.4 million versus $19.7 million at December 31, 2023 and $23.6 million at June 30, 2024. The allowance for credit losses as a percent of total loans was 1.17% at September 30 and June 30, 2024, inclusive of a $2.5 million allowance on an individually analyzed loan, versus 1.00% at December 31, 2023, which does not include the aforementioned $2.5 million allowance.  

    Net Interest Margin

    The Bank’s net interest margin increased to 2.37% for the quarter ended September 30, 2024 from 2.29% in the quarter ended September 30, 2023. The increase from the prior year quarter was primarily related to the increase in the average yield on loans, partially offset by the increase in the average total cost of funds. The Bank’s net interest margin was 2.46% in the quarter ended June 30, 2024, inclusive of $321 thousand or 6 bps related to an interest recovery on the sale of a non-performing loan. There were no such recoveries in the current quarter. Further, contributing to the decrease from the prior linked quarter was an increase in the total cost of interest-bearing deposits primarily related to the delayed timing of the Fed rate cut and our decision to ensure deposit retention via shorter duration products. Despite the linked quarter margin compression, we believe the Company is well positioned for the current or more favorable interest rate environments.

    About Hanover Community Bank and Hanover Bancorp, Inc.

    Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in the first quarter of 2025.

    Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

    Non-GAAP Disclosure

    This discussion, including the financial statements attached thereto, includes non-GAAP financial measures which include the Company’s adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share, return on average tangible equity and efficiency ratio. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company’s operating results and trends in addition to the results measured in accordance with GAAP, and provides greater comparability across time periods. While management uses non-GAAP financial measures in its analysis of the Company’s performance, this information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by other financial institutions.

    With respect to the calculations of and reconciliations of adjusted net income, TCE, tangible assets, TCE ratio and tangible book value per share, reconciliations to the most comparable U.S. GAAP measures are provided in the tables that follow.

    Forward-Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect. They can be affected by inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties, including those discussed in our Annual Report on Form 10-K under Item 1A – Risk Factors, as updated by our subsequent filings with the Securities and Exchange Commission. Further, the adverse effect of health emergencies or natural disasters on the Company, its customers, and the communities where it operates may adversely affect the Company’s business, results of operations and financial condition for an indefinite period of time. Consequently, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

    HANOVER BANCORP, INC.
    STATEMENTS OF CONDITION (unaudited)
    (dollars in thousands)
                 
        September 30,   June 30,   December 31,
          2024       2024       2023  
    Assets            
    Cash and cash equivalents $ 141,231     $ 141,115     $ 177,207  
    Securities-available for sale, at fair value   98,359       98,813       61,419  
    Investments-held to maturity   3,828       3,902       4,041  
    Loans held for sale   16,721       11,615       8,904  
                 
    Loans, net of deferred loan fees and costs   2,005,813       2,012,954       1,957,199  
    Less: allowance for credit losses   (23,406 )     (23,644 )     (19,658 )
    Loans, net   1,982,407       1,989,310       1,937,541  
                 
    Goodwill     19,168       19,168       19,168  
    Premises & fixed assets   16,373       16,541       15,886  
    Operating lease assets   8,776       9,210       9,754  
    Other assets   40,951       41,424       36,140  
      Assets $ 2,327,814     $ 2,331,098     $ 2,270,060  
                 
    Liabilities and stockholders’ equity          
    Core deposits $ 1,453,444     $ 1,477,824     $ 1,382,397  
    Time deposits   504,100       464,105       522,198  
    Total deposits   1,957,544       1,941,929       1,904,595  
                 
    Borrowings   125,805       148,953       128,953  
    Subordinated debentures   24,675       24,662       24,635  
    Operating lease liabilities   9,472       9,911       10,459  
    Other liabilities   17,979       15,571       16,588  
      Liabilities   2,135,475       2,141,026       2,085,230  
                 
    Stockholders’ equity   192,339       190,072       184,830  
      Liabilities and stockholders’ equity $ 2,327,814     $ 2,331,098     $ 2,270,060  
    HANOVER BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    (dollars in thousands, except per share data)
                       
        Three Months Ended   Nine Months Ended  
        9/30/2024   9/30/2023   9/30/2024   9/30/2023  
                       
    Interest income $ 34,113   $ 28,952   $ 99,965   $ 82,471  
    Interest expense   21,011     17,153     60,681     43,243  
      Net interest income   13,102     11,799     39,284     39,228  
    Provision for credit losses (1)   200     500     4,540     1,932  
      Net interest income after provision for credit losses   12,902     11,299     34,744     37,296  
                       
    Loan servicing and fee income   960     681     2,709     2,031  
    Service charges on deposit accounts   123     75     333     212  
    Gain on sale of loans held-for-sale   2,834     1,468     7,926     3,515  
    Gain on sale of investments           4      
    Other operating income   37     1,483     180     1,679  
      Non-interest income   3,954     3,707     11,152     7,437  
                       
    Compensation and benefits   6,840     5,351     18,901     16,320  
    Occupancy and equipment   1,799     1,758     5,412     4,882  
    Data processing   547     516     1,560     1,533  
    Professional fees   762     800     2,297     2,462  
    Federal deposit insurance premiums   360     386     1,043     1,101  
    Other operating expenses   1,930     1,506     5,499     5,152  
      Non-interest expense   12,238     10,317     34,712     31,450  
                       
      Income before income taxes   4,618     4,689     11,184     13,283  
    Income tax expense   1,079     1,166     2,740     3,457  
                       
      Net income $ 3,539   $ 3,523   $ 8,444   $ 9,826  
                       
    Earnings per share (“EPS”):(2)                
    Basic $ 0.48   $ 0.48   $ 1.14   $ 1.34  
    Diluted $ 0.48   $ 0.48   $ 1.14   $ 1.33  
                       
    Average shares outstanding for basic EPS (2)(3)   7,411,064     7,327,345     7,395,758     7,327,836  
    Average shares outstanding for diluted EPS (2)(3)   7,436,068     7,407,483     7,420,415     7,407,954  
                       
    (1) CECL was adopted effective 10/1/23. Prior periods were based on the incurred loss methodology.
    (2) Calculation includes common stock and Series A preferred stock.
    (3) Average shares outstanding before subtracting participating securities.
                       
    Note: Prior period information has been adjusted to conform to current period presentation.
    HANOVER BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    QUARTERLY TREND
    (dollars in thousands, except per share data)
                         
        Three Months Ended
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
                         
    Interest income $ 34,113   $ 33,420   $ 32,432   $ 31,155   $ 28,952
    Interest expense   21,011     20,173     19,497     18,496     17,153
      Net interest income   13,102     13,247     12,935     12,659     11,799
    Provision for credit losses (1)   200     4,040     300     200     500
      Net interest income after provision for credit losses   12,902     9,207     12,635     12,459     11,299
                         
    Loan servicing and fee income   960     836     913     778     681
    Service charges on deposit accounts   123     114     96     85     75
    Gain on sale of loans held-for-sale   2,834     2,586     2,506     2,326     1,468
    Gain on sale of investments       4            
    Other operating income   37     82     61     65     1,483
      Non-interest income   3,954     3,622     3,576     3,254     3,707
                         
    Compensation and benefits   6,840     6,499     5,562     5,242     5,351
    Occupancy and equipment   1,799     1,843     1,770     1,746     1,758
    Data processing   547     495     518     530     516
    Professional fees   762     717     818     729     800
    Federal deposit insurance premiums   360     365     318     375     386
    Other operating expenses   1,930     1,751     1,818     2,048     1,506
      Non-interest expense   12,238     11,670     10,804     10,670     10,317
                         
      Income before income taxes   4,618     1,159     5,407     5,043     4,689
    Income tax expense   1,079     315     1,346     1,280     1,166
                         
      Net income $ 3,539   $ 844   $ 4,061   $ 3,763   $ 3,523
                         
    Earnings per share (“EPS”):(2)                  
    Basic $ 0.48   $ 0.11   $ 0.55   $ 0.51   $ 0.48
    Diluted $ 0.48   $ 0.11   $ 0.55   $ 0.51   $ 0.48
                         
    Average shares outstanding for basic EPS (2)(3)   7,411,064     7,399,816     7,376,227     7,324,133     7,327,345
    Average shares outstanding for diluted EPS (2)(3)   7,436,068     7,449,110     7,420,926     7,383,529     7,407,483
                         
    (1) CECL was adopted effective 10/1/23. Prior periods were based on the incurred loss methodology.
    (2) Calculation includes common stock and Series A preferred stock.
    (3) Average shares outstanding before subtracting participating securities.
                         
    Note: Prior period information has been adjusted to conform to current period presentation.
    HANOVER BANCORP, INC.
    CONSOLIDATED NON-GAAP FINANCIAL INFORMATION (1)(unaudited)
    (dollars in thousands, except per share data)
                   
      Three Months Ended   Nine Months Ended
      9/30/2024   9/30/2023   9/30/2024   9/30/2023
                   
    ADJUSTED NET INCOME:              
    Net income, as reported $ 3,539     $ 3,523     $ 8,444     $ 9,826  
    Adjustments:              
    Litigation settlement payment         (975 )           (975 )
    Severance and retirement expenses   219             219       456  
    Total adjustments, before income taxes   219       (975 )     219       (519 )
    Adjustment for reported effective income tax rate   55       (243 )     55       (138 )
    Total adjustments, after income taxes   164       (732 )     164       (381 )
    Adjusted net income $ 3,703     $ 2,791     $ 8,608     $ 9,445  
    Basic earnings per share – adjusted $ 0.50     $ 0.38     $ 1.16     $ 1.29  
    Diluted earnings per share – adjusted $ 0.50     $ 0.38     $ 1.16     $ 1.27  
                   
    ADJUSTED OPERATING EFFICIENCY RATIO(2):              
    Operating efficiency ratio, as reported   71.75 %     66.53 %     68.83 %     67.39 %
    Adjustments:              
    Litigation settlement payment   0.00 %     4.47 %     0.00 %     1.44 %
    Severance and retirement expenses   -1.28 %     0.00 %     -0.43 %     -0.98 %
    Adjusted operating efficiency ratio   70.47 %     71.00 %     68.40 %     67.85 %
                   
    ADJUSTED RETURN ON AVERAGE ASSETS   0.65 %     0.53 %     0.51 %     0.62 %
    ADJUSTED RETURN ON AVERAGE EQUITY   7.69 %     6.00 %     6.04 %     6.93 %
    ADJUSTED RETURN ON AVERAGE TANGIBLE EQUITY   8.56 %     6.71 %     6.73 %     7.77 %
                   
    (1)  A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
                   
    (2) Excludes gain on sale of securities available for sale.
    HANOVER BANCORP, INC.
    SELECTED FINANCIAL DATA (unaudited)
    (dollars in thousands)
                   
      Three Months Ended   Nine Months Ended
      9/30/2024   9/30/2023   9/30/2024   9/30/2023
    Profitability:              
    Return on average assets   0.62 %     0.66 %     0.50 %     0.64 %
    Return on average equity (1)   7.35 %     7.58 %     5.93 %     7.21 %
    Return on average tangible equity (1)   8.19 %     8.47 %     6.60 %     8.08 %
    Pre-provision net revenue to average assets   0.85 %     0.98 %     0.94 %     1.00 %
    Yield on average interest-earning assets   6.17 %     5.61 %     6.14 %     5.58 %
    Cost of average interest-bearing liabilities   4.53 %     3.95 %     4.45 %     3.50 %
    Net interest rate spread (2)   1.64 %     1.66 %     1.69 %     2.08 %
    Net interest margin (3)   2.37 %     2.29 %     2.41 %     2.65 %
    Non-interest expense to average assets   2.15 %     1.94 %     2.08 %     2.06 %
    Operating efficiency ratio (4)   71.75 %     66.53 %     68.83 %     67.39 %
                   
    Average balances:              
    Interest-earning assets $ 2,201,068     $ 2,046,502     $ 2,175,478     $ 1,975,584  
    Interest-bearing liabilities   1,847,177       1,723,235       1,822,613       1,653,908  
    Loans   2,019,384       1,840,900       2,006,142       1,802,349  
    Deposits   1,891,132       1,638,777       1,835,862       1,644,964  
    Borrowings   150,770       259,549       181,445       186,187  
                   
                   
    (1) Includes common stock and Series A preferred stock.
    (2) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (3) Represents net interest income divided by average interest-earning assets.
    (4) Represents non-interest expense divided by the sum of net interest income and non-interest income excluding gain on sale of securities available for sale.
    HANOVER BANCORP, INC.
    SELECTED FINANCIAL DATA (unaudited)
    (dollars in thousands, except share and per share data)
                   
      At or For the Three Months Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023
    Asset quality:              
    Provision for credit losses – loans (1) $ 200     $ 3,850     $ 300     $ 200  
    Net (charge-offs)/recoveries   (438 )     (79 )     (85 )     677  
    Allowance for credit losses   23,406       23,644       19,873       19,658  
    Allowance for credit losses to total loans (2)   1.17 %     1.17 %     0.99 %     1.00 %
    Non-performing loans $ 15,469     $ 15,828     $ 14,878     $ 14,451  
    Non-performing loans/total loans   0.77 %     0.79 %     0.74 %     0.74 %
    Non-performing loans/total assets   0.66 %     0.68 %     0.64 %     0.64 %
    Allowance for credit losses/non-performing loans   151.31 %     149.38 %     133.57 %     136.03 %
                   
    Capital (Bank only):              
    Tier 1 Capital $ 198,196     $ 195,703     $ 195,889     $ 193,324  
    Tier 1 leverage ratio   8.85 %     8.89 %     8.90 %     9.08 %
    Common equity tier 1 capital ratio   12.99 %     12.78 %     12.99 %     13.17 %
    Tier 1 risk based capital ratio   12.99 %     12.78 %     12.99 %     13.17 %
    Total risk based capital ratio   14.24 %     14.21 %     14.19 %     14.31 %
                   
    Equity data:              
    Shares outstanding (3)   7,428,366       7,402,163       7,392,412       7,345,012  
    Stockholders’ equity $ 192,339     $ 190,072     $ 189,543     $ 184,830  
    Book value per share (3)   25.89       25.68       25.64       25.16  
    Tangible common equity (3)   172,906       170,625       170,080       165,351  
    Tangible book value per share (3)   23.28       23.05       23.01       22.51  
    Tangible common equity (“TCE”) ratio (3)   7.49 %     7.38 %     7.43 %     7.35 %
                   
    (1) Excludes $0, $190 thousand, $0 and $0 provision for credit losses on unfunded commitments for the quarters ended 9/30/24, 6/30/24, 3/31/24 and 12/31/23, respectively.
    (2) Calculation excludes loans held for sale.
    (3) Includes common stock and Series A preferred stock.
                   
    Note: Prior period information has been adjusted to conform to current period presentation.        
    HANOVER BANCORP, INC.
    STATISTICAL SUMMARY
    QUARTERLY TREND
    (unaudited, dollars in thousands, except share data)
                   
      9/30/2024   6/30/2024   3/31/2024   12/31/2023
                   
    Loan distribution (1):              
    Residential mortgages $ 719,037     $ 733,040     $ 730,017     $ 689,211  
    Multifamily   557,634       562,503       568,043       572,849  
    Commercial real estate   529,948       549,725       556,708       561,183  
    Commercial & industrial   171,899       139,209       123,419       107,912  
    Home equity   26,825       27,992       26,879       25,631  
    Consumer   470       485       449       413  
                   
      Total loans $ 2,005,813     $ 2,012,954     $ 2,005,515     $ 1,957,199  
                   
    Sequential quarter growth rate   -0.35 %     0.37 %     2.47 %     4.41 %
                   
    CRE concentration ratio   397 %     403 %     416 %     432 %
                   
    Loans sold during the quarter $ 43,537     $ 35,302     $ 26,735     $ 29,740  
                   
    Funding distribution:              
    Demand $ 206,327     $ 199,835     $ 202,934     $ 207,781  
    N.O.W.   621,880       661,998       708,897       661,276  
    Savings   53,024       44,821       48,081       47,608  
    Money market   572,213       571,170       493,123       465,732  
    Total core deposits   1,453,444       1,477,824       1,453,035       1,382,397  
    Time   504,100       464,105       464,227       522,198  
    Total deposits   1,957,544       1,941,929       1,917,262       1,904,595  
    Borrowings   125,805       148,953       148,953       128,953  
    Subordinated debentures   24,675       24,662       24,648       24,635  
                   
      Total funding sources $ 2,108,024     $ 2,115,544     $ 2,090,863     $ 2,058,183  
                   
    Sequential quarter growth rate – total deposits   0.80 %     1.29 %     0.67 %     9.77 %
                   
    Period-end core deposits/total deposits ratio   74.25 %     76.10 %     75.79 %     72.58 %
                   
    Period-end demand deposits/total deposits ratio   10.54 %     10.29 %     10.58 %     10.91 %
                   
    (1) Excluding loans held for sale
    HANOVER BANCORP, INC.
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1)(unaudited)
    (dollars in thousands, except share and per share amounts)
                       
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Tangible common equity                  
    Total equity (2) $ 192,339     $ 190,072     $ 189,543     $ 184,830     $ 185,907  
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )
    Less: core deposit intangible   (265 )     (279 )     (295 )     (311 )     (327 )
    Tangible common equity (2) $ 172,906     $ 170,625     $ 170,080     $ 165,351     $ 166,412  
                       
    Tangible common equity (“TCE”) ratio                
    Tangible common equity (2) $ 172,906     $ 170,625     $ 170,080     $ 165,351     $ 166,412  
    Total assets   2,327,814       2,331,098       2,307,508       2,270,060       2,149,632  
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )
    Less: core deposit intangible   (265 )     (279 )     (295 )     (311 )     (327 )
    Tangible assets $ 2,308,381     $ 2,311,651     $ 2,288,045     $ 2,250,581     $ 2,130,137  
    TCE ratio (2)   7.49 %     7.38 %     7.43 %     7.35 %     7.81 %
                       
    Tangible book value per share                  
    Tangible equity (2) $ 172,906     $ 170,625     $ 170,080     $ 165,351     $ 166,412  
    Shares outstanding (2)   7,428,366       7,402,163       7,392,412       7,345,012       7,320,419  
    Tangible book value per share (2) $ 23.28     $ 23.05     $ 23.01     $ 22.51     $ 22.73  
                       
    (1)  A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
                       
    (2)  Includes common stock and Series A preferred stock.
    HANOVER BANCORP, INC.
    NET INTEREST INCOME ANALYSIS
    For the Three Months Ended September 30, 2024 and 2023
    (unaudited, dollars in thousands)
                           
      2024
      2023
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
                           
    Assets:                      
    Interest-earning assets:                      
    Loans $ 2,019,384   $ 31,356   6.18 %   $ 1,840,900   $ 26,059   5.62 %
    Investment securities   103,870     1,619   6.20 %     15,232     198   5.16 %
    Interest-earning cash   69,204     934   5.37 %     176,884     2,391   5.36 %
    FHLB stock and other investments   8,610     204   9.43 %     13,486     304   8.94 %
    Total interest-earning assets   2,201,068     34,113   6.17 %     2,046,502     28,952   5.61 %
    Non interest-earning assets:                      
    Cash and due from banks   9,360             6,700        
    Other assets   50,730             53,638        
    Total assets $ 2,261,158           $ 2,106,840        
                           
    Liabilities and stockholders’ equity:                      
    Interest-bearing liabilities:                      
    Savings, N.O.W. and money market deposits $ 1,209,030   $ 13,941   4.59 %   $ 985,625   $ 10,186   4.10 %
    Time deposits   487,377     5,546   4.53 %     478,061     4,060   3.37 %
    Total savings and time deposits   1,696,407     19,487   4.57 %     1,463,686     14,246   3.86 %
    Borrowings   126,104     1,198   3.78 %     234,936     2,604   4.40 %
    Subordinated debentures   24,666     326   5.26 %     24,613     303   4.88 %
    Total interest-bearing liabilities   1,847,177     21,011   4.53 %     1,723,235     17,153   3.95 %
    Demand deposits   194,725             175,091        
    Other liabilities   27,826             23,994        
    Total liabilities   2,069,728             1,922,320        
    Stockholders’ equity   191,430             184,520        
    Total liabilities & stockholders’ equity $ 2,261,158           $ 2,106,840        
    Net interest rate spread         1.64 %           1.66 %
    Net interest income/margin     $ 13,102   2.37 %       $ 11,799   2.29 %
                           
    HANOVER BANCORP, INC.
    NET INTEREST INCOME ANALYSIS
    For the Nine Months Ended September 30, 2024 and 2023
    (unaudited, dollars in thousands)
                           
      2024   2023
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
                           
    Assets:                      
    Interest-earning assets:                      
    Loans $ 2,006,142   $ 92,217   6.14 %   $ 1,802,349   $ 75,581   5.61 %
    Investment securities   99,363     4,610   6.20 %     15,837     594   5.01 %
    Interest-earning cash   60,202     2,445   5.42 %     147,423     5,673   5.14 %
    FHLB stock and other investments   9,771     693   9.47 %     9,975     623   8.35 %
    Total interest-earning assets   2,175,478     99,965   6.14 %     1,975,584     82,471   5.58 %
    Non interest-earning assets:                      
    Cash and due from banks   8,431             8,238        
    Other assets   50,593             53,720        
    Total assets $ 2,234,502           $ 2,037,542        
                           
    Liabilities and stockholders’ equity:                      
    Interest-bearing liabilities:                      
    Savings, N.O.W. and money market deposits $ 1,162,587   $ 39,541   4.54 %   $ 1,026,164   $ 27,883   3.63 %
    Time deposits   478,581     15,418   4.30 %     441,557     9,657   2.92 %
    Total savings and time deposits   1,641,168     54,959   4.47 %     1,467,721     37,540   3.42 %
    Borrowings   156,792     4,744   4.04 %     161,588     4,732   3.92 %
    Subordinated debentures   24,653     978   5.30 %     24,599     971   5.28 %
    Total interest-bearing liabilities   1,822,613     60,681   4.45 %     1,653,908     43,243   3.50 %
    Demand deposits   194,694             177,243        
    Other liabilities   26,944             24,253        
    Total liabilities   2,044,251             1,855,404        
    Stockholders’ equity   190,251             182,138        
    Total liabilities & stockholders’ equity $ 2,234,502           $ 2,037,542        
    Net interest rate spread         1.69 %           2.08 %
    Net interest income/margin     $ 39,284   2.41 %       $ 39,228   2.65 %

    Investor and Press Contact:
    Lance P. Burke
    Chief Financial Officer
    (516) 548-8500

    The MIL Network

  • MIL-OSI: TeraWulf Inc.’s Board of Directors Authorizes $200 Million Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    EASTON, Md., Oct. 23, 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 its Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $200 million of the Company’s outstanding shares of common stock through December 31, 2025.

    The share repurchase program reflects the Company’s confidence in its business strategy and financial health. TeraWulf intends to repurchase shares using excess cash, prioritizing this initiative after disciplined capital expenditures aimed at supporting organic growth in HPC/AI and evaluating strategic opportunities, such as potential site acquisitions.

    “We have taken decisive steps to strengthen our balance sheet, including fully retiring our debt earlier this year, while making substantial progress in executing our business strategy,” said Paul Prager, Chief Executive Officer of TeraWulf. “These achievements reinforce our confidence in TeraWulf’s long-term vision. With a stronger financial foundation, we are well-positioned to optimize our capital allocation. The Board’s approval of a $200 million share repurchase program over the next year highlights our commitment to creating value for stockholders and driving profitable growth, all while delivering strong returns.”

    When determining the amount of capital to be allocated to share repurchases, TeraWulf will consider various factors, including historical and projected business performance, cash flow, liquidity, and prevailing global economic and market conditions. The Company will also assess the market price of its common stock.

    The timing, method, price, and volume of any share repurchases will be at the Company’s discretion. Purchases may be made through open market transactions, privately negotiated transactions, or through investment banking structures, among other avenues, subject to applicable laws. The Company is not obligated to repurchase a specific number of shares and retains the right to modify, suspend, or discontinue the program at any time.

    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

  • MIL-OSI: Goosehead Insurance, Inc. Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

       Total Revenue Increased 10% and Core Revenue* Grew 16% over the Prior-Year Period –

       Total Written Premium increased 28% to $1.03 billion over the Prior-Year Period

    –   Net Income of $12.6 million versus Net Income of $11.3 million a year ago –

       Adjusted EBITDA* of $26.1 million versus $22.4 million in the Prior-Year Period –

    WESTLAKE, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the third quarter ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Total Revenues grew 10% over the prior-year period to $78.0 million in the third quarter of 2024
    • Third quarter Core Revenues* of $73.5 million increased 16% over the prior-year period
    • Third quarter net income of $12.6 million improved from net income of $11.3 million a year ago
    • EPS of $0.31 per share increased from $0.29 in the prior-year period, and Adjusted EPS* of $0.50 per share increased 10% over the prior-year period
    • Net Income Margin for the third quarter was 16%
    • Adjusted EBITDA* of $26.1 million increased from $22.4 million in the prior-year period
    • Adjusted EBITDA Margin* increased versus the prior-year period to 34%
    • Total Written Premiums placed for the third quarter increased 28% over the prior-year period to $1.03 billion
    • Policies in Force increased 12% from the prior-year period to approximately 1,636,000
    • Corporate agent headcount of 458 was up 45% compared to the prior-year period
    • Total franchise producers of 2,093 increased 4% from the prior-year period and 5% compared to second quarter 2024

    *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.

    “We delivered an outstanding third quarter result in the face of continued macro headwinds related to product availability and real estate as well as severe weather events which temporarily impacted production across several large states,” stated Mark Miller, President and CEO. “For the quarter, total revenue grew 10%, core revenue grew 16%, net income margin was 16% and adjusted EBITDA margin expanded to 34%, up from 32% in the year ago quarter. This marked the first time we have generated over $1 billion of premium in a single quarter, with 28% growth over the prior year, a great milestone for the company. We are seeing strong momentum in a number of our key performance indicators that we expect will drive future growth, including franchise productivity, total producer headcount and policy in force growth rates. We have also stabilized our client retention levels in the quarter at 84%, despite continued market challenges. I’m extremely pleased with the tremendous accomplishments of the organization over the past 2 years driven by our exceptional people and industry leading technology. We are well positioned for a strong finish to 2024 and faster growth in 2025 and beyond as we progress to our goal of being the largest distributor of personal lines in the US.”

    Third Quarter 2024 Results
    For the third quarter of 2024, revenues were $78.0 million, an increase of 10% compared to the corresponding period in 2023. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $73.5 million, a 16% increase from $63.1 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was driven by improved franchise productivity, increased corporate agent headcount, client retention of 84%, and rising premium rates. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 28% in the third quarter.

    Total operating expenses, excluding equity-based compensation, depreciation and amortization, and impairment expenses for the third quarter of 2024 were $51.9 million, up 7% from $48.6 million in the prior-year period. The increase from the prior period was due to increased employee compensation and benefits expenses related to investments in corporate producers, partnership, technology, and service functions. General and administrative expenses, excluding impairment, increased to $15.2 million from $14.8 million primarily due to investments in technology and systems to drive growth and continue to improve the client experience. Equity-based compensation increased to $7.1 million for the period, compared to $6.5 million a year ago. Bad debt expense of $0.6 million decreased from $0.8 million a year ago.

    Net income in the third quarter of 2024 was $12.6 million versus net income of $11.3 million a year ago. Earnings per share and Net Income Margin for the third quarter of 2024 were $0.31 and 16%, respectively. Adjusted EPS for the third quarter of 2024, which excludes equity-based compensation and impairment expense, was $0.50 per share. Total Adjusted EBITDA was $26.1 million for the third quarter of 2024 compared to $22.4 million in the prior-year period. Adjusted EBITDA Margin of 34% increased compared to the prior-year period.

    Liquidity and Capital Resources
    As of September 30, 2024, the Company had cash and cash equivalents of $47.5 million. We had an unused line of credit of $74.8 million as of September 30, 2024. Total outstanding term note payable balance was $95.6 million as of September 30, 2024. During the quarter ended September 30, 2024, the Company did not repurchase any shares of Class A common stock. As of September 30, 2024, $36.8 million remains available under the share repurchase authorization.

    2024 Outlook
    The Company is raising its guidance for full year 2024 as follows:

    • Total written premiums placed for 2024 are expected to be between $3.70 billion and $3.82 billion, representing growth of 25% on the low end of the range to 29% on the high end of the range.
    • Total revenues for 2024 are expected to be between $295 million and $310 million, representing growth of 13% on the low end of the range to 19% on the high end of the range.
    • Adjusted EBITDA Margin is expected to expand for the full year 2024.

    Conference Call Information
    Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

    To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.

    In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.goosehead.com.

    A webcast replay of the call will be available at http://ir.goosehead.com for one year following the call.

    About Goosehead

    Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 150 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

    Forward-Looking Statements

    This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

    Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2023 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

    Contacts
    Investor Contact:
    Dan Farrell
    Goosehead Insurance – VP Capital Markets
    Phone: (214) 838-5290
    Email: dan.farrell@goosehead.com; IR@goosehead.com;

    PR Contact:
    Mission North for Goosehead Insurance
    Email: goosehead@missionnorth.com; PR@goosehead.com

     
    Goosehead Insurance, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)
             
        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Revenues:                
    Commissions and agency fees   $ 30,942     $ 31,980     $ 88,782     $ 88,637  
    Franchise revenues     46,862       38,729       131,076       108,490  
    Interest income     231       321       725       1,135  
    Total revenues     78,035       71,030       220,583       198,262  
    Operating Expenses:                
    Employee compensation and benefits     43,217       39,436       127,898       113,801  
    General and administrative expenses     15,201       14,831       49,236       48,019  
    Bad debts     565       797       2,345       3,352  
    Depreciation and amortization     2,614       2,352       7,814       6,817  
    Total operating expenses     61,597       57,416       187,293       171,989  
    Income from operations     16,438       13,614       33,290       26,273  
    Other Income:                
    Interest expense     (2,060 )     (1,617 )     (5,529 )     (5,057 )
    Other income (expense)     544             (5,742 )      
    Income before taxes     14,922       11,997       22,019       21,216  
    Tax (benefit) expense     2,315       724       (3,272 )     2,944  
    Net income     12,607       11,273       25,291       18,272  
    Less: net income attributable to non-controlling interests     5,048       4,339       9,720       7,753  
    Net income attributable to Goosehead Insurance, Inc.   $ 7,559     $ 6,934     $ 15,571     $ 10,519  
    Earnings per share:                
    Basic   $ 0.31     $ 0.29     $ 0.63     $ 0.44  
    Diluted   $ 0.29     $ 0.28     $ 0.58     $ 0.43  
    Weighted average shares of Class A common stock outstanding                
    Basic     24,293       24,124       24,689       23,674  
    Diluted     37,942       24,891       38,269       24,274  
                                     
     
    Goosehead Insurance, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)
             
        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Revenues:                
    Core Revenue:                
    Renewal Commissions(1)   $ 20,215     $ 19,036     $ 56,767     $ 53,395  
    Renewal Royalty Fees(2)     38,070       30,040       103,951       80,344  
    New Business Commissions(1)     6,249       6,125       18,612       17,899  
    New Business Royalty Fees(2)     6,994       5,910       20,396       17,819  
    Agency Fees(1)     1,989       2,008       6,036       6,642  
    Total Core Revenue     73,516       63,119       205,762       176,099  
    Cost Recovery Revenue:                
    Initial Franchise Fees(2)     1,413       2,430       5,288       8,780  
    Interest Income     231       321       725       1,135  
    Total Cost Recovery Revenue     1,644       2,751       6,013       9,915  
    Ancillary Revenue:                
    Contingent Commissions(1)     2,490       4,811       7,367       10,701  
    Other Franchise Revenues(2)     385       349       1,440       1,547  
    Total Ancillary Revenue     2,875       5,160       8,808       12,248  
    Total Revenues     78,035       71,030       220,583       198,262  
    Operating Expenses:                
    Employee compensation and benefits, excluding equity-based compensation     36,124       32,977       106,816       94,850  
    General and administrative expenses, excluding impairment     15,201       14,831       48,889       44,391  
    Bad debts     565       797       2,345       3,352  
    Total     51,890       48,605       158,050       142,593  
    Adjusted EBITDA     26,145       22,425       62,533       55,669  
    Adjusted EBITDA Margin     34 %     32 %     28 %     28 %
                     
    Interest expense     (2,060 )     (1,617 )     (5,529 )     (5,057 )
    Depreciation and amortization     (2,614 )     (2,352 )     (7,814 )     (6,817 )
    Tax benefit (expense)     (2,315 )     (724 )     3,272       (2,944 )
    Equity-based compensation     (7,093 )     (6,459 )     (21,082 )     (18,951 )
    Impairment expense                 (347 )     (3,628 )
    Other income (expense)     544             (5,742 )      
    Net Income   $ 12,607     $ 11,273     $ 25,291     $ 18,272  
    Net Income Margin     16 %     16 %     11 %     9 %
                                     

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q for the three and nine months ended September 30, 2024 and 2023.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q for the three and nine months ended September 30, 2024 and 2023.

     
    Goosehead Insurance, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (In thousands, except per share amounts)
             
        September 30,   December 31,
        2024   2023
    Assets        
    Current Assets:        
    Cash and cash equivalents   $ 47,544     $ 41,956  
    Restricted cash     2,568       2,091  
    Commissions and agency fees receivable, net     9,679       12,903  
    Receivable from franchisees, net     11,261       9,720  
    Prepaid expenses     5,701       7,889  
    Total current assets     76,753       74,559  
    Receivable from franchisees, net of current portion     3,644       9,269  
    Property and equipment, net of accumulated depreciation     25,369       30,316  
    Right-of-use asset     34,134       38,406  
    Intangible assets, net of accumulated amortization     23,230       17,266  
    Deferred income taxes, net     190,368       181,209  
    Other assets     4,565       3,867  
    Total assets   $ 358,063     $ 354,892  
    Liabilities and Stockholders’ Equity        
    Current Liabilities:        
    Accounts payable and accrued expenses   $ 19,259     $ 16,398  
    Premiums payable     2,568       2,091  
    Lease liability     9,297       8,897  
    Contract liabilities     3,337       4,129  
    Note payable     10,063       9,375  
    Liabilities under tax receivable agreement     4,948        
    Total current liabilities     49,472       40,890  
    Lease liability, net of current portion     50,249       57,382  
    Note payable, net of current portion     84,639       67,562  
    Contract liabilities, net of current portion     15,710       22,970  
    Liabilities under tax receivable agreement, net of current portion     155,748       149,302  
    Total liabilities     355,818       338,106  
    Class A common stock, $0.01 par value per share – 300,000 shares authorized, 24,369 shares issued and outstanding as of September 30, 2024, 24,966 shares issued and outstanding as of December 31, 2023     244       250  
    Class B common stock, $0.01 par value per share – 50,000 shares authorized, 12,722 issued and outstanding as of September 30, 2024, 12,954 shares issued and outstanding as of December 31, 2023     127       130  
    Additional paid in capital     89,005       103,228  
    Accumulated deficit     (31,029 )     (47,056 )
    Total stockholders’ equity     58,347       56,552  
    Non-controlling interests     (56,102 )     (39,766 )
    Total equity     2,245       16,786  
    Total liabilities and equity   $ 358,063     $ 354,892  
                     

    Goosehead Insurance, Inc.
    Reconciliation Non-GAAP Measures to GAAP

    This release includes Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS for business planning purposes and in measuring its performance relative to that of its competitors.

    These non-GAAP financial measures are defined by the Company as follows:

    • “Core Revenue” is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies.
    • “Cost Recovery Revenue” is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms.
    • “Ancillary Revenue” is a supplemental measure of our performance and includes Contingent Commissions and Other Income. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business.
    • “Adjusted EBITDA” is a supplemental measure of the Company’s performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment expense, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses.
    • “Adjusted EBITDA Margin” is Adjusted EBITDA as defined above, divided by total revenue excluding other non-operating items. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.
    • “Adjusted EPS” is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.

    While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

    The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023 (in thousands):

      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024
      2023
      2024
      2023
    Total Revenues $ 78,035     $ 71,030     $ 220,583     $ 198,262  
                   
    Core Revenue:              
    Renewal Commissions(1) $ 20,215     $ 19,036     $ 56,767     $ 53,395  
    Renewal Royalty Fees(2)   38,070       30,040       103,951       80,344  
    New Business Commissions(1)   6,249       6,125       18,612       17,899  
    New Business Royalty Fees(2)   6,994       5,910       20,396       17,819  
    Agency Fees(1)   1,989       2,008       6,036       6,642  
    Total Core Revenue   73,516       63,119       205,762       176,099  
    Cost Recovery Revenue:              
    Initial Franchise Fees(2)   1,413       2,430       5,288       8,780  
    Interest Income   231       321       725       1,135  
    Total Cost Recovery Revenue   1,644       2,751       6,013       9,915  
    Ancillary Revenue:              
    Contingent Commissions(1)   2,490       4,811       7,367       10,701  
    Other Franchise Revenues(2)   385       349       1,440       1,547  
    Total Ancillary Revenue   2,875       5,160       8,808       12,248  
    Total Revenues $ 78,035     $ 71,030     $ 220,583     $ 198,262  
                                   

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Condensed Consolidated Statements of Operations.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Condensed Consolidated Statements of Operations.

    The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023 (in thousands):

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Net Income   $ 12,607     $ 11,273     $ 25,291     $ 18,272  
    Interest expense     2,060       1,617       5,529       5,057  
    Depreciation and amortization     2,614       2,352       7,814       6,817  
    Tax (benefit) expense     2,315       724       (3,272 )     2,944  
    Equity-based compensation     7,093       6,459       21,082       18,951  
    Impairment expense                 347       3,628  
    Other (income) expense     (544 )           5,742        
    Adjusted EBITDA   $ 26,145     $ 22,425     $ 62,533     $ 55,669  
    Net Income Margin(1)     16 %     16 %     11 %     9 %
    Adjusted EBITDA Margin(2)     34 %     32 %     28 %     28 %
                                     

    (1) Net Income Margin is calculated as Net Income divided by Total Revenue ($12,607/$78,035) and ($11,273/$71,030) for the three months ended September 30, 2024 and 2023. Net Income Margin is calculated as Net Income divided by Total Revenue ($25,291/$220,583) and ($18,272/$198,262) for the nine months ended September 30, 2024 and 2023.
    (2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($26,145/$78,035), and ($22,425/$71,030) for the three months ended September 30, 2024 and 2023, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($62,533/$220,583), and ($55,669/$198,262) for the nine months ended September 30, 2024 and 2023.

    The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023. Note that totals may not sum due to rounding:

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024
      2023
      2024
      2023
    Earnings per share – basic (GAAP)   $ 0.31     $ 0.29     $ 0.63     $ 0.44  
    Add: equity-based compensation(1)     0.19       0.17       0.56       0.50  
    Add: impairment expense(2)                 0.01       0.10  
    Adjusted EPS (non-GAAP)   $ 0.50     $ 0.46     $ 1.20     $ 1.04  
                                     

    (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$7.1 million/(24.3 million + 12.7 million)] for the three months ended September 30, 2024 and [$6.5 million/ (24.1 million + 13.6 million)] for the three months ended September 30, 2023. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$21.1 million/(24.7 million + 12.8 million)] for the nine months ended September 30, 2024 and [$19.0 million/ (23.7 million + 14.0 million)] for the nine months ended September 30, 2023.
    (2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(24.7 million + 12.8 million)] for the nine months ended September 30, 2024. Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$3.6 million/(23.7 million + 14.0 million)] for the nine months ended September 30, 2023. No impairment was recorded for the three months ended September 30, 2024 and three months ended September 30, 2023.

     
    Goosehead Insurance, Inc.
    Key Performance Indicators
                 
        September 30, 2024   December 31, 2023   September 30, 2023
    Corporate sales agents < 1 year tenured     277       135       132  
    Corporate sales agents > 1 year tenured     181       165       184  
    Operating franchises < 1 year tenured     93       183       254  
    Operating franchises > 1 year tenured     1,023       1,043       1,031  
    Total Franchise Producers     2,093       1,957       2,008  
    QTD Corporate Agent Productivity < 1 Year(1)   $ 15,570     $ 13,789     $ 16,266  
    QTD Corporate Agent Productivity > 1 Year(1)   $ 28,887     $ 25,738     $ 28,963  
    QTD Franchise Productivity < 1 Year(2)   $ 22,303     $ 10,975     $ 9,583  
    QTD Franchise Productivity > 1 Year(2)   $ 29,950     $ 21,103     $ 22,305  
    Policies in Force     1,636,000       1,486,000       1,456,000  
    Client Retention     84 %     86 %     87 %
    Premium Retention     99 %     101 %     102 %
    QTD Written Premium (in thousands)   $ 1,028,736     $ 756,082     $ 802,939  
    Net Promoter Score (“NPS”)     90       92       92  
                             

    (1) – Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.
    (2) – Franchise Productivity is New Business Production per Franchise: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, divided by the average number of franchises for the same period, prior to paying Royalty Fees to the Company.

    The MIL Network

  • MIL-OSI: TeraWulf Inc. Announces Proposed Private Offering of $350 Million of Convertible Notes

    Source: GlobeNewswire (MIL-OSI)

    EASTON, Md., Oct. 23, 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 intends to offer, subject to market conditions and other factors, $350 million aggregate principal amount of convertible senior notes due 2030 (the “Convertible Notes”) in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

    TeraWulf also expects to grant the initial purchasers of the Convertible Notes an option to purchase, within a 13-day period beginning on, and including the date on which the Convertible Notes are first issued, up to an additional $75 million aggregate principal amount of the Convertible Notes. The offering is subject to market and other conditions, and there can be no assurance as to whether, when or on what terms the offering may be completed. 

    The Company intends to use the net proceeds from the offering to pay the cost of the capped call transactions (as described below), to repurchase shares of the Company’s common stock (the “common stock”) and for general corporate purposes.

    The Convertible Notes will be senior unsecured obligations of the Company and will accrue interest at a rate payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2025. The Convertible Notes will mature on February 1, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms. Prior to November 1, 2029, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.

    The Convertible Notes will be convertible into cash in respect of the aggregate principal amount of the Convertible Notes to be converted and cash, shares of the common stock or a combination of cash and shares of the common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted. The initial conversion rate, interest rate and other terms of the Convertible Notes will be determined at the time of pricing in negotiations with the initial purchasers of the Convertible Notes.

    In connection with the pricing of the Convertible Notes, the Company expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers of the Convertible Notes and/or other financial institutions (the “option counterparties”). If the initial purchasers of the Convertible Notes exercise their option to purchase additional Convertible Notes, the Company expects to use a portion of the net proceeds from the sale of the additional Convertible Notes to enter into additional capped call transactions with the option counterparties.

    The capped call transactions are expected generally to reduce potential dilution to the common stock upon conversion of any Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap.

    In connection with establishing their initial hedges of the capped call transactions, the Company expects the option counterparties or their respective affiliates to purchase shares of the common stock and/or enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the Convertible Notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the Convertible Notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling shares of the common stock or other securities of the Company in secondary market transactions following the pricing of the Convertible Notes and prior to the maturity of the Convertible Notes (and are likely to do so on each exercise date for the capped call transactions or following any termination of any portion of the capped call transactions in connection with any repurchase, redemption or early conversion of the Convertible Notes). This activity could also cause or avoid an increase or decrease in the market price of the common stock or the Convertible Notes, which could affect holders of the Convertible Notes’ ability to convert the Convertible Notes and, to the extent the activity occurs following conversion of the Convertible Notes or during any observation period related to a conversion of the Convertible Notes, it could affect the amount and value of the consideration that holders of the Convertible Notes will receive upon conversion of such Convertible Notes.

    The Company expects to repurchase the shares of common stock from purchasers of the Convertible Notes in privately negotiated transactions effected concurrently with the pricing of the Convertible Notes, and the Company expects the purchase price per share of the common stock repurchased in such transactions to equal the closing price per share of the common stock on the date the offering of the Convertible Notes is priced.

    The Convertible Notes and any shares of common stock issuable upon conversion of the Convertible Notes, if any, have not been registered under the Securities Act, securities laws of any other jurisdiction, and the Convertibles Notes and such shares of common stock may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and any applicable state securities laws. The Convertible Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act.

    This press release shall not constitute an offer to sell, or a solicitation of an offer to buy the Convertible Notes, nor shall there be any sale of the Convertible Notes or common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    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, such as statements concerning the proposed terms of the notes and the capped call transactions, the completion, timing and size of the proposed offering of the notes and the capped call transactions, and the anticipated use of proceeds from the proposed offering (including the proposed share repurchases). 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

  • MIL-OSI: NVE Corporation Reports Second-Quarter Results and Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    EDEN PRAIRIE, Minn., Oct. 23, 2024 (GLOBE NEWSWIRE) — NVE Corporation (Nasdaq: NVEC) announced today financial results for the quarter ended September 30, 2024.

    Total revenue for the second quarter of fiscal 2025 decreased 5% to $6.76 million from $7.13 million for the prior-year quarter. The decrease was due to a 14% decrease in product sales partially offset by a 3,950% increase in contract research and development revenue. Net income for the second quarter of fiscal 2025 decreased 15% to $4.03 million, or $0.83 per diluted share, compared to $4.72 million, or $0.98 per share, for the prior-year quarter.

    For the first six months of fiscal 2025, total revenue decreased 15% to $13.5 million from $16.0 million for the first six months of the prior year. The decrease was due to a 20% decrease in product sales partially offset by a 457% increase in contract research and development revenue. Net income decreased 11% to $8.12 million, or $1.68 per diluted share, from $9.13 million, or $1.89 per share, for the first half of fiscal 2024.

    The company also announced a quarterly cash dividend to shareholders of $1.00 per share of common stock, payable November 29, 2024, to shareholders of record as of November 4, 2024.

    “We are pleased to report solid earnings for the quarter despite a slow industry recovery,” said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.

    NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data.

    Statements used in this press release that relate to future plans, events, financial results, or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as our reliance on several large customers for a significant percentage of revenue, uncertainties related to the economic environments in the industries we serve, uncertainties related to future sales and revenues, risks and uncertainties related to future dividend payments, as well as the risk factors listed from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2024.

    ###

    NVE CORPORATION
    STATEMENTS OF INCOME
    QUARTERS ENDED SEPTEMBER 30, 2024 AND 2023
    (unaudited) 
      Quarter Ended Sept. 30,
      2024   2023
    Revenue
    Product sales $    6,104,433       $   7,117,122  
    Contract research and development   654,257       16,154  
    Total revenue   6,758,690       7,133,276  
    Cost of sales   947,254       1,599,866  
    Gross profit   5,811,436       5,533,410  
    Expenses              
    Research and development   847,603       683,208  
    Selling, general, and administrative   568,241       433,785  
    Recovery of credit losses         (202,926 )
    Total expenses   1,415,844       914,067  
    Income from operations   4,395,592       4,619,343  
    Interest income   464,429       512,092  
    Income before taxes   4,860,021       5,131,435  
    Provision for income taxes   833,876       407,869  
    Net income $ 4,026,145     $ 4,723,566  
    Net income per share – basic $ 0.83     $ 0.98  
    Net income per share – diluted $ 0.83     $ 0.98  
    Cash dividends declared per common share $ 1.00     $ 1.00  
    Weighted average shares outstanding              
    Basic   4,833,855       4,833,401  
    Diluted   4,839,291       4,840,770  
    NVE CORPORATION
    STATEMENTS OF INCOME
    SIX MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
     (unaudited)
      Six Months Ended Sept. 30,
      2024   2023
    Revenue
    Product sales $ 12,720,292       $ 15,817,214  
    Contract research and development   821,642       147,476  
    Total revenue   13,541,934       15,964,690  
    Cost of sales   1,922,748       3,679,489  
    Gross profit   11,619,186       12,285,201  
    Expenses              
    Research and development   1,726,131       1,379,200  
    Selling, general, and administrative   1,108,645       908,900  
    Provision for credit losses         9,514  
    Total expenses   2,834,776       2,297,614  
    Income from operations   8,784,410       9,987,587  
    Interest income   958,388       948,618  
    Income before taxes   4,882,777       10,936,205  
    Provision for income taxes   1,619,066       1,808,909  
    Net income $ 8,123,732     $ 9,127,296  
    Net income per share – basic $ 1.68     $ 1.89  
    Net income per share – diluted $ 1.68     $ 1.89  
    Cash dividends declared per common share $ 2.00     $ 2.00  
    Weighted average shares outstanding              
    Basic   4,833,766       4,832,786  
    Diluted   4,839,145       4,840,688  
    NVE CORPORATION
    BALANCE SHEETS
    SEPTEMBER 30 AND MARCH 31, 2024
     
      Sept. 30, 2024   March 31, 2024
    ASSETS
    Current assets
    Cash and cash equivalents $ 3,096,179       $ 10,283,550  
    Marketable securities, short-term
    (amortized cost of $20,002,199 as of September 30, 2024, and $12,283,630 as of March 31, 2024)
      19,836,293       11,917,779  
    Accounts receivable, net of allowance for credit losses of $15,000   2,952,431       3,144,833  
    Inventories   7,417,611       7,158,585  
    Prepaid expenses and other assets   533,233       689,349  
    Total current assets   33,835,747       33,194,096  
    Fixed assets              
    Machinery and equipment    11,626,533       10,501,096  
    Leasehold improvements   1,956,309       1,956,309  
        13,582,842       12,457,405  
    Less accumulated depreciation and amortization    11,560,984       11,403,383  
    Net fixed assets   2,021,858       1,054,022  
    Deferred tax assets   1,518,646       1,453,704  
    Marketable securities, long-term
    (amortized cost of $28,203,595 as of September 30, 2024, and $31,417,890 as of March 31, 2024)
      28,281,803       30,788,301  
    Right-of-use asset – operating lease   219,747       289,910  
    Total assets $  65,877,801     $  66,780,033  
     
    LIABILITIES AND SHAREHOLDERS’ EQUITY
    Current liabilities
    Accounts payable $ 170,077     $ 127,154  
    Accrued payroll and other   580,274       729,215  
    Operating lease   181,159       179,372  
    Total current liabilities   931,510       1,035,741  
    Operating lease   88,651       175,775  
    Total liabilities   1,020,161       1,211,516  
                   
    Shareholders’ equity              
    Common stock   48,340       48,337  
    Additional paid-in capital   19,678,425       19,554,812  
    Accumulated other comprehensive income   (68,510 )     (777,637 )
    Retained earnings   45,199,385       46,743,005  
    Total shareholders’ equity   64,857,640       65,568,517  
    Total liabilities and shareholders’ equity $ 65,877,801     $ 66,780,033  

    The MIL Network

  • MIL-OSI: American Coastal Insurance Corporation Provides Hurricane Loss Updates and Schedules Release of Third Quarter 2024 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    ST. PETERSBURG, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”) the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced estimated hurricane losses for the 2024 third and fourth quarters. The Company also expects to release its financial results for the third quarter ended September 30, 2024, on Wednesday, November 6, 2024, after the close of the market, and will conduct its quarterly conference call at 5:00 p.m. ET.

    2024 Third Quarter Update:

    The Company estimates net current accident quarter catastrophe losses incurred stemming from Hurricanes Debby and Helene in the third quarter of 2024 to be approximately $3.8 million, net of tax impacts. $2.4 million of this impact from Helene is retained by AmCoastal, with $1.4 million being retained by the Company’s captive reinsurance entity. The Company does not expect losses from Debby or Helene to reach the excess of loss layers of AmCoastal’s reinsurance program and expects to deliver positive net income for the third quarter of 2024.

    2024 Fourth Quarter Update:

    The Company estimates net current accident quarter catastrophe losses incurred stemming from Hurricane Milton in the fourth quarter of 2024 to be approximately $16.2 million, net of tax impacts. $7.9 million of this impact from Milton is retained by AmCoastal, with $8.3 million being retained by the Company’s captive reinsurance entity. The Company also expects to incur approximately $13 million of reinstatement premiums that will be amortized as ceded premiums earned over the remaining eight month coverage period, from October 2024 through May 2025.

    “Hurricanes Helene and Milton were severe storms with devastating impact, and our primary focus is on servicing our policyholders. ACIC’s underwriting discipline and robust reinsurance program serve to protect AmCoastal’s balance sheet and reduce volatility from the active Atlantic hurricane season. We estimate a gross loss between $150 and $200 million from Milton, leaving 100 percent of AmCoastal’s $1.26 billion occurrence based reinsurance tower available for subsequent catastrophe events. With AmCoastal’s reinsurance tower fully intact and a lower $10.3 million retention on potential second and third events, net of tax impacts, the Company remains strongly positioned for the remainder of the 2024 Atlantic hurricane season, and is expected to remain profitable in the fourth quarter, despite Milton’s impact,” said Brad Martz, President of American Coastal.

    Third Quarter 2024 Conference Call Details:

    The conference call will include live remarks followed by a question and answer (Q&A) session. Interested parties are invited to participate in the conference call and should dial-in 10 minutes before the conference call is scheduled to begin.

    Wednesday, November 6, 2024 – 5:00 p.m. ET

    Participant Dial-In Numbers:

    United States: 877-445-9755
    International: 201-493-6744

    To listen to the conference call via webcast, please visit the Company website and click on the webcast link at the top of the page or click here. The webcast will be archived and accessible for approximately 30 days following the call.

    About American Coastal Insurance Corporation:
    American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

    Contact Information:
    Alexander Baty
    Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
    investorrelations@amcoastal.com
    (727) 425-8076        

    Karin Daly
    Investor Relations, Vice President, The Equity Group
    kdaly@equityny.com
    (212) 836-9623

    The MIL Network

  • MIL-OSI: Amplify Energy Schedules Third Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 23, 2024 (GLOBE NEWSWIRE) — Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) announced today that it will report third quarter 2024 financial and operating results after the U.S. financial markets close on November 6, 2024. Management will host a conference call at 10:00 a.m. CT on November 7, 2024 to discuss the Company’s results. Interested parties are invited to participate in the conference call by dialing (877) 550-1707 (Conference ID: AEC3Q24) at least 15 minutes prior to the start of the call. A replay of the call will be available by phone at (800) 654-1563 (Access Code: 10171254) for a fourteen-day period following the call.

    About Amplify Energy

    Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com.

    Investor Relations Contacts

    Jim Frew — SVP & Chief Financial Officer
    (832) 219-9044
    jim.frew@amplifyenergy.com

    Michael Jordan — Director, Finance and Treasurer
    (832) 219-9051
    michael.jordan@amplifyenergy.com

    The MIL Network