NewzIntel.com

Category: Economy

  • MIL-OSI: OTC Markets Group Welcomes Maquia Capital Acquisition Corp to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Sept. 23, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Maquia Capital Acquisition Corp (OTCQX: MAQC), a special purpose acquisition company (SPAC), has qualified to trade on the OTCQX® Best Market. Maquia Capital Acquisition Corp previously traded on NASDAQ.

    Maquia Capital Acquisition Corp begins trading today on OTCQX under the symbol “MAQC.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. Streamlined market requirements for OTCQX are designed to help companies lower the cost and complexity of being publicly traded, while providing transparent trading for their investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    About Maquia Capital Acquisition Corp
    Maquia Capital Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The Company is led by Chief Executive Officer, Jeff Ransdell, Chief Financial Officer, Jeronimo Peralta, Chief Operating Officer, Guillermo Cruz, and Chief Investment Officer, Maggie Vo. 

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes Armanino Foods of Distinction, Inc. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Sept. 23, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Armanino Foods of Distinction, Inc. (OTCQX: AMNF), an international food manufacturer, has qualified to trade on the OTCQX® Best Market. Armanino Foods of Distinction, Inc. upgraded to OTCQX from the Pink® market.

    Armanino Foods of Distinction, Inc. begins trading today on OTCQX under the symbol “AMNF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    The OTCQX Market provides investors with a premium U.S. public market to research and trade the shares of investor-focused companies. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. 

    Douglas R. Nichols, Chairman of the Board stated, “We are excited to elevate our company stock to the OTCQX tier that demonstrates our confidence in our financial strength and ability to continue to deliver strong shareholder value.  Our hope is that this upgrade will broaden the awareness of our company’s unique and leading position in the food sector, and provide greater opportunities for investors to participate in our success. This elevation also demonstrates the board’s commitment to enhance our corporate government practices.”

    About Armanino Foods of Distinction, Inc.
    Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, sauces and filled pastas to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Chimichurri, Harissa, Bolognese and Alfredo sauce. Armanino’s organic line includes classic Basil Pesto. Armanino Foods also offers cheese shakers, frozen pastas, meatballs, and prepared meals.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: AGF Investments Announces September 2024 Cash Distributions for Certain AGF ETFs and ETF Series

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Sept. 23, 2024 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) (TSX:AGF.B) today announced the September 2024 cash distributions for AGF Enhanced U.S. Equity Income Fund*, AGF Total Return Bond Fund* and AGF Systematic Global Infrastructure ETF, which pay monthly distributions, as well as AGF Global Sustainable Growth Equity ETF and AGF Systematic Global Multi-Sector Bond ETF, which pay quarterly distributions. Unitholders of record on September 30, 2024 will receive cash distributions payable on October 4, 2024.

    Details regarding the final “per unit” distribution amounts are as follows:

    ETF Ticker Exchange Cash Distribution Per Unit ($)
    AGF Enhanced U.S. Equity Income Fund* AENU Cboe Canada Inc. $ 0.136000
    AGF Total Return Bond Fund* ATRB Cboe Canada Inc. $ 0.108000
    AGF Systematic Global Infrastructure ETF QIF Cboe Canada Inc. $ 0.134910
    AGF Global Sustainable Growth Equity ETF AGSG Cboe Canada Inc. $ 0.016000
    AGF Systematic Global Multi-Sector Bond ETF QGB Cboe Canada Inc. $ 0.199000
             

    *AGF Enhanced U.S. Equity Income Fund and AGF Total Return Bond Fund are mutual funds with an ETF series option.

    Further information about the AGF ETFs can be found at AGF.com.

    About AGF Management Limited

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

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

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $50 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    Media Contact

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

    The MIL Network –

  • MIL-OSI: Outbrain announces repurchase of remaining 2.95% Convertible Senior Notes due 2026

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Sept. 23, 2024 (GLOBE NEWSWIRE) — Outbrain Inc. (NASDAQ: OB), a leading technology platform that drives business results by engaging people across the Open Internet, announced today that it has repurchased all of the remaining $118 million in aggregate principal amount of the 2.95% Convertible Senior Notes due 2026 (the “Convertible Notes”) via a privately negotiated repurchase agreement with Baupost Group Securities, L.L.C., the sole holder of the Convertible Notes. The Company paid, including accrued interest, $109.7 million in cash representing a discount to par value of approximately 7.5%. As a result, Outbrain will record a pre-tax gain of approximately $8.8 million in the third quarter of 2024.

    Following the closing of the transaction, Outbrain has repurchased the entire principal balance of $236 million of the Convertible Notes, with no remaining debt on the balance sheet and approximately $128 million of cash, cash equivalents and investments in marketable securities, when adjusting the balance as of August 31, 2024 for the repayment. Outbrain repurchased the initial $118 million principal amount of the Convertible Notes in April 2023.

    “Our ability to generate cash and our strong balance sheet has enabled the opportunistic repurchase of the remaining balance of Convertible Notes, which is also in anticipation of the expected closing of the Teads acquisition. We believe this transaction strengthens our balance sheet, increasing our net cash balance as we maintain ample liquidity to support our future growth,” said Jason Kiviat, Outbrain’s CFO.

    This press release does not constitute an offer to sell or a solicitation to buy any of the Convertible Notes described herein or any securities of the Company, nor shall there be any offer, solicitation, or sale of the Convertible Notes or any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives and statements relating to the transaction to acquire Teads (“Transaction”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. We have based these forward-looking statements largely on our expectations and projections regarding future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: overall advertising demand and traffic generated by our media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, and other events or factors outside of our control, such as U.S. and global recession concerns, geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel, supply chain issues, inflationary pressures, labor market volatility, bank closures or disruptions, and the impact of challenging economic conditions, political and policy uncertainties with the approach of the U.S. presidential election, and other factors that have and may further impact advertisers’ ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of our expanding solutions; the success of our sales and marketing investments, which may require significant investments and may involve long sales cycles; our ability to grow our business and manage growth effectively; our ability to compete effectively against current and future competitors; the loss or decline of one or more of our large media partners, and our ability to expand our advertiser and media partner relationships; conditions in Israel, including the ongoing war between Israel and Hamas and other terrorist organizations, may limit our ability to market, support and innovate on our products due to the impact on our employees as well as our advertisers and their advertising markets, our ability to maintain our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; the risk that our research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of our recommendation engine to accurately predict attention or engagement, any deterioration in the quality of our recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure and resources due to future growth or otherwise; our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect the confidential information of us or our partners; outages or disruptions that impact us or our service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which we operate; the challenges of compliance with differing and changing regulatory requirements; the timing and execution of any cost-saving measures and the impact on our business or strategy; our ability and the time required to consummate the Transaction; our ability to successfully integrate Teads’s operations, technologies and employees and to recognize the anticipated benefits and synergies of the Transaction, including the expectation of enhancements to our services, greater revenue or growth opportunities, operating efficiencies and cost savings; the potential impact of the announcement or pendency of the Transaction on ongoing business operations and relationships, including our ability to maintain relationships with employees, customers, suppliers and others with whom we do business; the amount of costs, fees, expenses and charges relating to the Transaction; the initiation or outcome of any legal proceedings that may be instituted following the announcement of the Transaction; and the risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2023 and in subsequent reports filed with the SEC. Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

    About Outbrain

    Outbrain (Nasdaq: OB) is a leading technology platform that drives business results by engaging people across the Open Internet. Outbrain predicts moments of engagement to drive measurable outcomes for advertisers and publishers using AI and machine learning across more than 8,000 online properties globally. Founded in 2006, Outbrain is headquartered in New York with offices in Israel and across the United States, Europe, Asia-Pacific, and South America.

    For more information, visit https://www.outbrain.com.

    Media Contact

    press@outbrain.com

    Investor Relations Contact

    IR@outbrain.com

    (332) 205-8999

    The MIL Network –

  • MIL-OSI: Vancity Investment Management Report Highlights Significant Gains in Shareholder Advocacy

    Source: GlobeNewswire (MIL-OSI)

    TERRITORIES OF MUSQUEAM, SQUAMISH AND TSLEIL-WAUTUTH NATIONS / VANCOUVER, British Columbia, Sept. 23, 2024 (GLOBE NEWSWIRE) — Vancity Investment Management, a Canadian leader in socially responsible investing, issued its annual Shareholder Engagement Report today highlighting a year of shareholder advocacy.

    Vancity Investment Management’s commitment to shareholder engagement is grounded in the belief that investors hold the power to drive companies towards a more equitable and sustainable future—a belief that is underscored by the successes detailed in this year’s report. When investing on behalf of clients, Vancity Investment Management assumes an active role rather than merely observing. By leveraging its influence as a responsible shareholder, Vancity Investment Management ensures that the companies within its portfolio not only align with its clients’ values and objectives but also take significant actions to address their broader societal and environmental impacts.

    Vancity Investment Management’s engagement efforts encompass a wide array of areas, including climate, energy, governance, and labour practices. Over the past year, the company has been highly proactive, notably encouraging Starbucks® to commit to comprehensive reporting on biodiversity risks and impacts within its coffee supply chain and successfully advocating for enhanced climate reporting among major Canadian banks.

    “Investing in a company comes with responsibility,” said Wellington Holbrook, President and CEO of Vancity Group. “As shareholders, we can use our influence to promote positive societal and environmental impacts alongside financial returns. By engaging with the companies we recommend, we drive meaningful improvements that contribute to a more equitable economy and create sustainable, long-term value.”

    Snapshot of shareholder engagement in 2024:

    Starbucks: Vancity Investment Management challenged the supply chain sustainability practices of the world’s largest coffeehouse chain, Starbucks, noting that the Arabica coffee bean is considered a biodiversity risk and climate sensitive species. Starbucks has since committed to publicly report on its Arabica coffee bean supply chain in accordance with the Taskforce on Nature-related Financial Disclosures (TNFD) framework. More details here.

    RBC, TD and Scotiabank: Vancity Investment Management submitted shareholder proposals to these Canadian banks to press for improved climate risk management and disclosure in line with their commitments as signatories to the Net Zero Banking Alliance (NZBA). As a result of our engagement, Scotiabank committed to disclose its framework for assessing clients’ climate transition plans. Both RBC and Scotiabank committed to disclose portfolio-level client performance against these frameworks. In recognition of these commitments, the proposals were withdrawn. More details here.

    CN Rail and Canadian Pacific Kansas City (formerly CP): In support of employee and public safety, Vancity Investment Management engaged with both rail companies to encourage negotiation for paid sick leave policies with all unions that represent their American workforce. CN Rail and CPKC have come to paid sick leave agreements with select unions, and Vancity Investment Management continues to press for additional progress. More details here.

    “The choices businesses make have a huge influence on people’s lives,” said Kelly Hirsch, Vancity Investment Management’s Head of ESG. “When we invest for our clients, we don’t merely watch from afar; we actively engage with companies to enhance their practices, advocate for responsible environmental stewardship, and ensure social responsibility,” added Kelly.

    Vancity Investment Management continues to lead the way in working to create an inclusive economy in Canada, putting people and the planet at the centre of its engagement work.

    To learn more about how Vancity Investment Management focuses on investments that deliver competitive returns while making a positive impact, read the full Shareholder Engagement Report.

    About Vancity Investment Management

    Vancity Investment Management provides management services to individuals, foundations and institutions across Canada that wish to generate wealth through sustainable, profitable and responsible investments. Established in 1995, it was one of the first wealth management firms in Canada to provide investments that deliver competitive returns while making a positive impact on the world. Vancity Investment Management is part of the Vancity Group that includes Vancity, a values-based financial co-operative serving the needs of its more than 560,000 member owners and their communities. With $34 billion in assets, plus assets under administration, Vancity is Canada’s largest community credit union. Vancity Investment Management and Vancity operate primarily within the territories of the Coast Salish and Kwakwaka’wakw people in British Columbia.

    Media Relations

    mediarelations@vancity.com
    T: 778-837-0394

    The MIL Network –

  • MIL-OSI Economics: Wealth State Group: The financial supervisory authority BaFin warns against offers on the website wealthstategroup.com

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    It is suspected that banking business and financial or investment services are provided on this website without the required authorisation. The company is not supervised by the alleged FISEU (European Financial Security). There is no FISEU supervisory authority and it does not supervise companies that operate in the financial sector.

    Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether companies have been authorised by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI: IDEX Biometrics extraordinary general meeting held on 23 Sep 2024

    Source: GlobeNewswire (MIL-OSI)

    IDEX Biometrics ASA held an extraordinary general meeting on 23 September 2024. 87.2 million shares or 25.7% of the share capital was represented at the meeting.

    The authorisation to the board to issue new shares, was approved by the extraordinary general meeting. The board will apply this authorization to issue the Tranche 1 Shares as disclosed in connection with the private placement on 16 September 2024: https://newsweb.oslobors.no/message/627919 .

    For the avoidance of doubt, the issue of Tranche 2 Shares and the Subsequent Offering will be presented to the extraordinary general meeting on 9 October 2024; https://newsweb.oslobors.no/message/627919 .

    For further information contact:
    Marianne Bøe, Head of investor relations
    E-mail: marianne.boe@idexbiometrics.com
    Tel: +47 918 00186

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, visit www.idexbiometrics.com

    About this notice
    This notice was issued by Erling Svela, Vice president of finance, on 23 June 2024 at 13:35 CET on behalf of IDEX Biometrics ASA. This information is subject to disclosure pursuant to Euronext Oslo Børs rule book, and also section 5‑8 of the Norwegian Securities Trading Act (STA) and published in accordance with section 5‑12 of the STA.

    The MIL Network –

  • MIL-OSI: Stardust Power Welcomes Paramita Das as Chief Strategy Officer and Senior Advisor to Chief Executive

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Sept. 23, 2024 (GLOBE NEWSWIRE) — Stardust Power Inc. (NASDAQ: SDST) (“Stardust Power” or the “Company”), an American developer of battery-grade lithium products, today announced that Paramita Das will join as Chief Strategy Officer and Senior Advisor. She will directly advise the Company’s Chief Executive Officer and Founder, Roshan Pujari.

    With a 20-plus year career of increasing leadership roles and responsibilities at some of the world’s largest metals and minerals companies, Ms. Das has agreed to serve as Stardust Power’s lead external adviser, supporting the Company’s next phase of commercialization and development.

    “We are ecstatic to be working with Paramita given her stature and global leadership experience in the metals and mining sector, as we continue to advance our battery-grade lithium refinery in Oklahoma,” said Roshan Pujari. “Paramita shares our vision of reshoring lithium processing and production to support U.S. energy independence. I look forward to working closely with her to ensure Stardust Power remains at the forefront of operational supply chain and sustainability practices.”

    Ms. Das has over 20 years of experience working with and serving on the boards of global companies, and brings deep expertise in leading teams of commercial, business development and technical professionals. Previously, she spent over 8 years at Rio Tinto, the world’s second largest metals and mining corporation, most recently serving as the Global Head of Marketing, Development and ESG, Metals and Minerals for various Rio Tinto Corporate listed entities. She also had lead roles in commercialization by transforming business segments into highly profitable divisions. Previously, she served as Chief Strategy Officer for Operating Consortium of Sumitomo Corporation, Itochu Corporation, UACJ Consortium and Head of Strategic Planning & Performance at BP’s business unit. She currently serves on the Board of Directors of Genco Shipping & Trading Limited, and Coeur Mining, Inc.  

    “I am thrilled to join the exceptional team at Stardust Power as Chief Strategy Officer and Senior Advisor,” said Ms. Das. “As an emerging growth company, Stardust Power offers a unique opportunity to establish a leading U.S. lithium refinery from the ground up. This role allows me to leverage my expertise in commodities and mining while addressing crucial aspects like electrification and supply chain security. I am eager to contribute to creating a robust ESG framework for how we communicate, operate, and report to stakeholders. I look forward to supporting Roshan and the entire Stardust Power team in this exciting and impactful mission.”

    About Stardust Power Inc.

    Stardust Power is a developer of battery-grade lithium products designed to supply the electric vehicle (EV) industry and bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.”

    For more information, visit www.stardust-power.com

    Stardust Power Contacts

    For Investors:
    Johanna Gonzalez 
    investor.relations@stardust-power.com

    For Media:
    Michael Thompson 
    media@stardust-power.com

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements in this press release constitute “forward-looking statements.” Such forward-looking statements are often identified by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “forecasted,” “projected,” “potential,” “seem,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of Stardust Power to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the uncertainty of the projected financial information with respect to Stardust Power; risks related to the price of Stardust Power’s securities, including volatility resulting from changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power’s business and changes in the combined capital structure; and risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities. The foregoing list of factors is not exhaustive.

    Stockholders and prospective investors should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Stardust Power from time to time with the SEC.

    Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Stardust Power. Stardust Power expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Stardust Power with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/924a57ab-c2fd-470b-8f4a-3d5748996048

    The MIL Network –

  • MIL-OSI United Kingdom: Chancellor unveils package to deliver promises of new government

    Source: United Kingdom – Executive Government & Departments

    The Chancellor has today unveiled a package of measures to deliver on the agenda of the new government.

    • 750 schools with primary aged pupils funded for breakfast club pilot to run from April 2025
    • New Industrial Strategy to be published in spring
    • Decision to write off over £640 million in written off Covid PPE contracts reversed
    • HMRC to consult on e-invoicing for businesses and government departments

    The Chancellor has today unveiled a package of measures to deliver on the agenda of the new government including a breakfast club pilot for 750 schools with primary aged pupils, new powers for the Covid Corruption Commissioner, e-invoicing to support business and the next steps on the government’s industrial strategy.

    School Breakfast Club Pilot

    The Chancellor announced that up to 750 schools with primary aged pupils will be invited to take part in a £7 million breakfast club pilot. The funding will allow these schools to run free breakfast clubs for their pupils in the summer term (April-July 2025).

    The Department for Education will work with the schools selected as part of the pilot to understand how breakfast clubs can be delivered to meet the needs of schools, parents and pupils when the programme is rolled out nationally.

    This will help reduce the number of students at schools with primary aged pupils starting the school day hungry and ensure children come to school ready to learn. It will also support the government’s aim to tackle child poverty by addressing rising food insecurity among children.

    Covid Corruption Commissioner

    Reeves also announced a block on any Covid-era PPE contract being abandoned or waived until it has been assessed by the new Covid Corruption Commissioner, whom will be appointed in October. 

    The decision will affect £647 million of Covid PPE contracts where contract recovery was previously earmarked to be waived. 

    It follows action already in motion to cut government waste and curb unnecessary spending. In her statement to Parliament in July, the Chancellor pledged to halve government consultancy spend from 2025-26, with savings targets of £550 million this financial year and a further £680 million in the next already announced.

    Excessive use of ministerial travel by aeroplane and helicopter is also being cutdown, with a contract for a VIP helicopter previously cancelled.

    Industrial Strategy

    The Chancellor also today announced that the Industrial Strategy will be at the heart of the government’s mission to grow the economy, unlock investment and make every part of the country better off. It will focus on delivering long-term change to the economy by making Britain a clean energy superpower and accelerating to net zero, breaking down barriers to regional growth, and building a secure and resilient economy.

    A green paper will be published around Budget in October outlining the long-term sectoral growth and priority industries of the government, ahead of the final strategy published in the spring of 2025 following a consultation with business.

    HMRC package

    Chancellor Reeves also outlined a package of reforms to improve the UK’s tax system to help fix the foundations of the UK economy.

    As part of the package, HMRC will soon launch a consultation on electronic invoicing (e-invoicing) to promote its wider use across UK businesses and government departments.

    The introduction of e-invoicing can significantly reduce administrative tasks, improve cash flow, boost productivity, introduce automation, and reduce errors in tax returns – all helping to close the tax gap. The consultation will gather input from businesses on how HMRC can support investment in and encourage e-invoicing uptake.

    The Chancellor also announced that Exchequer Secretary to the Treasury James Murray, the minister responsible for the UK’s tax system, has become the Chair of the HMRC Board. This is to help oversee the implementation of his three strategic priorities for HMRC; closing the tax gap, modernising and reforming, and improving customer service.

    It was also announced that a new Digital Transformation Roadmap, aimed to be published in Spring 2025, will set out HMRC’s vision to be a digital first organisation underpinned by customer insight. The Roadmap will include measures to ensure digital inclusion and support for customers who cannot yet interact digitally.

    There was a further update that new staff are expected to join HMRC’s training programme in November as 200 additional offer letters have been issued as part of the 450 letters already sent. This is part of HMRC’s plans to recruit an additional 5,000 compliance staff to help close the tax gap.

    Updates to this page

    Published 23 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Africa50 investment platform gets thumbs up for its innovative financing, strategic partnerships and performance

    Source: Africa Press Organisation – English (2) – Report:

    ANTANANARIVO, Madagascar, September 23, 2024/APO Group/ —

    Presidents of Madagascar and Tanzania praise Africa50’s critical role in addressing the continent’s infrastructure challenges; Africa50 has mobilized over $1.1 billion in capital commitments and catalyzed an additional $4.4 billion in external financing in just seven years, Adesina.

    Africa50 (www.Africa50.com), the investment platform established by African governments and the African Development Bank, is exceeding expectations and closing critical infrastructure funding gaps through innovative financing mechanisms and strategic partnerships, stakeholders heard on Thursday.

    Speaking at Africa50’s 2024 annual General Shareholders Meeting held in Antananarivo, the President of Madagascar, Andry Rajoelina, and his Tanzanian counterpart,  Samia Suluhu Hassan, acknowledged the institution’s pivotal role in addressing the continent’s infrastructure and economic challenges, creating a foundation for sustainable development and prosperity.  

    President Rajoelina highlighted how Africa50 is driving transformational change by mobilizing financing for large-scale infrastructure projects in his country and across the continent.

    He said Madagascar, with its abundant natural and renewable resources, has become a model for energy transition, and added that the country needs the support of international partners such as Africa50.

     “To realise our vision, we need the support of international partners, and this is where the role of Africa50 members is crucial. We need to work together to secure funding for ambitious projects and enable Madagascar to make the transition to green, sustainable energy. This is a challenge for the whole of Africa,” the president said.

    He remarked that the continent has a unique opportunity to reaffirm itself as a global leader in the climate change challenge by supporting innovative and sustainable projects. “Africa is not the problem, Africa is a solution.”

    President Samia Suluhu Hassan, in a speech read by the  Minister of Finance and Planning, Mwigulu Lameck Nchemba Madelu, described clean cooking as an international agenda and a business that must be treated as such.

    According to the International Energy Agency, nearly one billion people in Africa cook with polluting fuels, which has a direct impact on health and leads to half a million premature deaths every year. Yet, the cost of solving the clean energy problem is relatively low.

    The Tanzanian leader encouraged the use of clean cooking microfinance by providing low-interest loans to households to purchase clean cookstoves, allowing for a more manageable transition to clean cooking solutions… “It is crucial to make clean cooking affordable, especially in low-income areas. Governments can introduce effective incentives for producers and consumers to reduce the cost of cooking materials,” the Tanzanian president said.

    The meeting brought together global leaders, policymakers, investors, and infrastructure experts to strategize and collaborate on the actions needed to mobilize investment in a sustainable future for Africa.

    “The fact that Africa50 is exceeding expectations and bridging the funding gap by tackling today’s challenges through innovative financing mechanisms and strategic partnerships is good news for Africa and the world,” President and Chairman of the Boards of Directors of the African Development Bank Group Dr. Akinwunmi Adesina said in a keynote speech at the event.

    Adesina, who is also Chairman of the Africa50 Board of Directors, told the meeting that Africa50 has mobilized over $1.1 billion in capital commitments and catalyzed an additional $4.4 billion in external financing In just seven years of operation. “Its portfolio includes 25 transformative projects in 28 countries, with a total value exceeding $8 billion across energy, transport, digital infrastructure, education, and healthcare sectors.”

    In December 2023, the Africa50 Infrastructure Acceleration Fund (IAF) secured $222.5 million at first close from predominantly African investors, a first for the continent.

    Africa50’s vision for Africa’s future

    With Africa’s population projected to reach 2.5 billion by 2050 and a booming consumer market, the continent will be one of the most sought-after investment destinations in the world, Adesina told the meeting, “We are determined to continue mobilizing capital, overcoming barriers to investment, and delivering transformative projects.”

    In his remarks, Africa50 CEO Alain Ebobissé said over the past year, the institution had invested in key infrastructure projects, guided by the need for speed and scale in implementation for the continent. “Investors manage more than $2.3 trillion in Africa. Africa50 aims to mobilise and catalyse some of this capital to finance infrastructure in Africa,” he said.

    He highlighted Africa50’s Infrastructure Acceleration Fund as an achievement that is the first of its kind in Africa.

    “This fund is a significant step forward in mobilising African capital to bridge Africa’s infrastructure gap,” Ebobissé added.

    In 2023, Africa50 demonstrated its potential by facilitating significant foreign direct investment in clean energy, even as global FDI declined by 3%.

    With over 60% of the world’s solar energy potential, Africa has a golden opportunity to pursue a low-carbon energy trajectory, expand its electricity supply, and decarbonize its economies.

    Madagascar, the world’s fourth-largest island nation, was cited as an example of how infrastructure development can stimulate economic growth.

    The African Development Bank’s commitments in Madagascar total more than 1 billion dollars, with transport, energy, and agriculture accounting for more than 97% of the portfolio.

    The flagship Sahofika project, which will be the benchmark for green baseload in the country’s energy mix, will reduce the share of thermal power generation to less than of thermal generation to less than 10%, cutting the country’s generation costs by more than 30%.

    Transport infrastructure

    The African Development Bank remains committed to supporting Madagascar in its efforts to improve connectivity and promote trade across the continent through sustainable transport infrastructure projects, Adesina said.

    “Thanks to the corridor development and trade facilitation project, 165 km of roads, including the Analamisampy-Manja section, along with four bridges on the RN9, have been constructed, reducing travel time from 48 hours to just 5 hours,” Adesina said.

    “Transport infrastructure improvements are also revolutionizing trade and travel, reducing travel times along key corridors from 48 hours to just five hours,” he added.

    MIL OSI Africa –

  • MIL-OSI Africa: African Leaders Meet to Combat Land Degradation and Desertification at African Ministerial Conference on the Environment (AMCEN) Special Session

    Source: Africa Press Organisation – English (2) – Report:

    ABIDJAN, Ivory Coast, September 23, 2024/APO Group/ —

    The African Development Bank (www.AfDB.org), the African Union Commission, the United Nations Environment Programme (UNEP), and the United Nations Convention to Combat Desertification (UNCCD) brought together African ministers of environment in Abidjan to adopt the Abidjan Declaration (https://apo-opa.co/3BnJ6GN), a commitment to jointly tackle land degradation, desertification, and drought across Africa.

    The 10th Special Session of the African Ministerial Conference on the Environment (AMCEN), held from 3-6 September, served as a platform to generate political momentum and secure essential financing and partnerships to address these urgent environmental challenges. Key discussions focused on four critical policy areas: mitigating droughts in Africa; enhancing ambition to achieve land degradation neutrality targets; promoting ecosystem restoration opportunities; and strengthening partnerships for implementation and resource mobilisation.

    The dialogue is expected to shape Africa’s strategies on finance, natural capital, and addressing marine and coastal challenges ahead of the UNCCD COP 16 to be held in Riyadh, Saudi Arabia, from December 2 to 13, 2024. 

    The Prime Minister of Côte d’Ivoire, Robert Beugré Mambé attended. In opening remarks, he said: “There is a very concerning imbalance. We must stay informed in order to provide responses to our concerns, particularly to the global community, which is worried about the highly negative impact of climate change on our economic, human, and social activities. Some examples show that climate change affects more than 100 million hectares of land each year.”

    Dr. Osama Ibrahim Faqiha, Deputy Minister at Saudi Arabia’s Ministry of Environment, Water and Agriculture and Advisor to the COP16 Riyadh Presidency also attended the ministerial dialogue. He said, “Elevating Africa’s ambitions to combat land degradation aligns with the message we wish to convey at COP16. It is crucial that land is prioritised in global efforts against drought, famine, rising carbon emissions, and forced migration—issues that have too often been sidelined.”

    The Abidjan Declaration, adopted on September 6, 2024, during the conference, reflects the commitment of African governments to addressing the challenges of desertification and land degradation. Over 65 percent of the continent’s land is affected by degradation, impacting 400 million people.

    Kevin Kariuki, African Development Bank Vice President for Power, Energy, Climate and Green Growth, underscored the significance of these discussions. “Today’s session is an opportunity to review Africa’s progress since COP 15 in May 2022. The challenges of land degradation and drought are pressing, and we are committed to finding urgent solutions as we implement our Ten-Year Strategy for 2024-2033,” he said.

    Anthony Nyong, Climate Change and Growth Director at the African Development Bank, called for a shift in narrative regarding Africa’s challenges. “Partnership is essential in tackling the complex issues of land degradation, drought, and desertification. We must adopt an integrated, sustainable approach, prioritizing investments in sustainable land practices and climate resilience. However, the prevailing narrative of vulnerability and underdevelopment obscures the climate opportunities and deters private investment.”

    MIL OSI Africa –

  • MIL-OSI USA: UConn’s Teacher Certification Program for College Graduates Streamlines Course Offerings, Boosts Enrollment, and Enhances School Partnerships

    Source: US State of Connecticut

    The Neag School of Education’s Teacher Certification Program for College Graduates (TCPCG) has implemented significant changes over the past year aimed at better accommodating the needs of students and school district partners. The main shift was the program’s length, which decreased from 11 months to 10 months beginning with the summer 2024 cohort.

    The decision to start the full-time program in mid-June proved beneficial in multiple ways. Under the previous structure, students who already worked in schools and wanted to pursue teacher certification had to leave their jobs before the end of the school year, which posed a challenge for them and their districts.

    “This new timeline was chosen after a careful review of district calendars across the state,” says Tracy Sinclair, director of TCPCG. “By delaying the start, candidates working as paraprofessionals or long-term substitutes no longer had to quit their jobs early, helping school districts retain essential staff during the critical end-of-school period in June.”

    Sinclair notes this change has also led to a demographic shift in the program’s enrollment. While there are still non-traditional students making mid-career transitions into teaching, many program participants are now recent college graduates.

    “The 10-month program design allows these graduates a brief break between completing their undergraduate studies and starting the intensive graduate program,” she says. “Previously, students had only a few days between their undergraduate graduation and the start of TCPCG, which left little room for adjustment.”

    Instead of offering two six-week summer semesters, the new program structure consolidates coursework into one 10-week summer semester. This allows students to spend more time on fewer courses, enabling a deeper understanding of critical pedagogical concepts. Sinclair explains that this shift from “a mile wide and an inch deep” to more focused, longer courses has improved the overall quality of the education students receive.

    This condensed timeline allows me to balance family responsibilities while pursuing my teaching career and minimizing time away from my children. &#8212 Kamie Merithew, current student

    Despite these changes, Sinclair acknowledges that the program remains rigorous. Students still take five graduate courses over 10 weeks in the summer, which can be challenging. However, the new structure includes shorter class days and built-in time for school-based clinical experiences, giving students more flexibility.

    Ultimately, the shift to a 10-month program has positively impacted enrollment. Sinclair reports a 57% increase in enrollment across all four regional campuses that offer the program, which she attributes to a combination of effective marketing and the appeal of the redesigned structure. This growth is a promising sign for the program’s future as it continues to adapt to meet the needs of aspiring teachers and the Neag School’s partner schools.

    “This condensed timeline allows me to balance family responsibilities while pursuing my teaching career and minimizing time away from my children,” says Kamie Merithew, a current TCPCG student. “As an adult transitioning careers later in life, I can quickly leverage my valuable life experiences and transferable skills in the classroom. The shorter program also reduces tuition costs and living expenses and enables me to gain practical experience to start teaching sooner.”

    Joseph Macary ’94 (CLAS), ’05 ELP, ’16 Ed.D., Vernon Public Schools’ superintendent, is an enthusiastic supporter of TCPCG’s new residency program. (Defining Studios)

    Another change to TCPCG, initially launched in 2021 with just a handful of districts, is its residency program offering students a half-year paid experience in participating school districts. These residencies allow students to spend two days in their specific content area and three days as a building substitute, providing them with valuable hands-on experience. At first, the program was small, but as demand grew the number of participating schools expanded rapidly. Now, TCPCG has partnered with over 20 schools across Connecticut.

    In 2022-2023, a significant milestone was achieved when a district offered a full-year residency.

    “Now, all of UConn’s regional campuses have at least one district offering a full-year residency, giving students a unique opportunity to gain sustained experience while alleviating some of the financial pressures associated with a graduate education,” Sinclair says.

    One of the main benefits of this program is that it allows students to gain professional experience while also earning a salary. Sinclair emphasizes that “this blend of earning while learning helps ease the financial burden while still preparing students for a career in teaching.”

    “From the perspective of school districts, the benefits are twofold,” she says. “Not only do they receive an additional staff member in the form of a building substitute during critical times, such as the lead-up to the holiday season, but they also gain the advantage of having a potential future employee immersed in their school environment for an entire year.

    “This full-year engagement serves as a yearlong interview, allowing schools to evaluate the residents in real-world scenarios,” Sinclair says. “For students, this integration into a school community can foster deeper connections and increase their chances of securing employment post-graduation.”

    “I think it’s great that the TCPCG program has a residency program in various school districts,” says Thomas Murray, a current student. “I know a lot of students in my cohort were ecstatic to hear that they will be getting paid for classroom observations. It gives us the opportunity to be at our placement every day and become more comfortable with the students and building.”

    Will Kampfman ’24 MA, who recognizes the benefits of the revamped TCPCG program, spoke during a Teacher Education Appreciation event this summer at UConn Hartford. (Shawn Kornegay/Neag School)

    A recent TCPCG alumnus agrees.

    “In addition to the financial benefits of being able to work while attending school, I was able to both work in the education field and at the school – and with the classes – where I would ultimately be doing my student teaching,” says Will Kampfman ’24 MA, a Hartford Public Schools social studies teacher. “My experience through the residency program was invaluable in preparing me for my student teaching experience in the spring, as it allowed me to start working with my cooperating teacher, to gain experience at my placement school, and to begin building positive rapport with my students.”

    Vernon Public Schools is enthusiastic about partnering with TCPCG, specifically developing future teachers through the residency model.

    “This collaboration builds on a longstanding relationship between Vernon schools and UConn, with many of the district’s most successful teachers being UConn graduates,” Superintendent Joseph Macary ’94 (CLAS), ’05 ELP, ’16 Ed.D. says. “Vernon has actively recruited UConn graduates for over a decade, and we have found great success in retaining these teachers, with very few leaving unless for personal reasons like moving.

    “The new residency program is particularly promising. Currently, seven aspiring teachers are placed across Vernon schools, where they are already making an impact,” Macary says. “One principal expressed interest in hiring these residents next year due to their impressive performance. The program allows the district to evaluate whether these residents truly want to pursue teaching before fully committing to the profession.”

    The district views the program as a solution to a national problem: the shortage of teachers. Fewer people were entering the profession even before the pandemic, and COVID-19 worsened the situation. Vernon has struggled to maintain a full staff of teachers, so building a pipeline through TCPCG’s residency program is crucial. Macary hopes many of these future educators will choose to stay in Vernon.

    These program changes – the new residency component that benefits both TCPCG students and the program’s partner districts, and the shortened program length – ensure that UConn’s Teacher Certification Program for College Graduates continues to be an integral part of Connecticut’s educational landscape. The program prioritizes meeting the needs of the state’s public schools and those of future educators.

    To learn more about the Teacher Certification Program for College Graduates, visit s.uconn.edu/teach.

    MIL OSI USA News –

  • MIL-OSI: Crypto Proprietary Trading Firm HyroTrader Experiences Rapid Growth

    Source: GlobeNewswire (MIL-OSI)

    Prague, Czech Republic, Sept. 23, 2024 (GLOBE NEWSWIRE) — Since the launch of its Minimum Viable Product (MVP), HyroTrader has consistently achieved a 51% month-on-month revenue increase. This accelerated growth underscores the firm’s innovative approach and commitment to supporting experienced crypto traders with the resources they need to thrive. Additionally, HyroTrader is actively developing its own technology trading aggregator with connections to multiple exchanges, allowing traders to link multiple exchange accounts, monitor trading statistics, and access advanced trading tools to enhance their strategies.

    Crypto Prop Firm Focused on Experienced Crypto Traders

    HyroTrader’s primary focus is on empowering experienced crypto traders, offering them the opportunity to trade directly on major platforms such as ByBit. Unlike many competitors who rely on white-label platforms with limited liquidity and manipulated trading conditions, HyroTrader uses third-party exchanges, ensuring transparency and fair trading conditions. Traders can even connect their personal accounts, reinforcing the firm’s commitment to openness and trustworthiness.

    In line with its expansion goals, HyroTrader is preparing to extend its services to Asia and the Middle East. This international growth strategy positions the company to tap into new markets while catering to the diverse needs of global traders.

    Looking forward, HyroTrader aims to support the top 10 crypto trading platforms, a development that will provide a significant competitive edge. This move will enhance liquidity and broaden trading options, distinguishing HyroTrader from competitors.

    Self-Funded and Community-Driven

    HyroTrader’s growth has been entirely self-funded, with no external investors or debt. Despite offers to sell a significant portion of the company, HyroTrader has chosen to remain independent, ensuring the firm is governed by its community of traders rather than outside interests. This trader-focused approach allows HyroTrader to operate with flexibility and autonomy, making decisions in the best interest of its users.

    To further strengthen its community, HyroTrader has launched a range of educational courses designed to help traders develop their skills. The firm is also hosting crypto trading competitions where traders can compete and win prizes, fostering an interactive and competitive learning environment. Moreover, HyroTrader offers an educational mentor program where traders can book consultations with experienced mentors, providing personalized guidance for those looking to refine their strategies.

    Shariah-Compliant Trading for Muslim Traders 

    In a bid to cater to a broader global audience, HyroTrader has introduced a unique trading product for Muslim traders, allowing them to trade on the spot market without leverage. This offering is designed specifically for those who adhere to Shariah law, which prohibits interest (riba), excessive uncertainty (gharar), and gambling (maysir). By removing leverage from trades, HyroTrader ensures compliance with these religious principles, making crypto trading accessible to a previously underserved market segment.

    HyroTrader’s compliance extends to ensuring traders use their own verified accounts from exchanges, adding an extra layer of trust and security for users. The platform operates under full business authorization, allowing it to conduct crypto-related activities legally and transparently.

    What Is HyroTrader?

    HyroTrader operates as an evaluation-based crypto proprietary trading firm. Traders undergo a two-step evaluation process: the first stage requires a 10% gain, followed by a 5% gain in the second stage. Successful traders are granted funded accounts with up to $200,000 in simulated capital.

    Once a trader passes the evaluation, they receive 70-90% of the profits generated from their funded account. HyroTrader’s business model is built on charging an evaluation fee for those seeking to enter the program. The firm also copies successful traders’ strategies via API directly onto crypto exchanges, creating a symbiotic relationship where traders and the company benefit from successful trading.

    A Strong, Experienced Team

    HyroTrader is backed by a highly skilled team of entrepreneurs, crypto traders, and developers, all with extensive experience in building scalable products. Originally launched as a different platform in 2022, the team pivoted to the current HyroTrader model after recognizing the potential for greater market impact in the crypto space. This strategic shift has been key to the firm’s rapid success.

    Inspired by the Success of Forex Prop Trading Firms

    Prop trading firms have gained immense popularity, especially in the forex space, with firms like FTMO achieving significant financial milestones. In 2023, FTMO reported $213 million in revenue, with $100 million in profit. Inspired by this success, HyroTrader has developed a similar platform for crypto traders, offering unique opportunities for those operating in the burgeoning digital asset markets.

    While forex prop trading firms like FTMO are focused on FX, equities, and commodities through CFD (Contract for Difference) brokers, HyroTrader’s model is specifically designed for crypto traders. Rather than trading CFDs, HyroTrader’s users trade futures and spot markets directly on crypto exchanges, providing a more direct and transparent experience.

    About HyroTrader: Positioned for Long-Term Success

    With an estimated 35-50 million active crypto traders globally and only a few competitors, HyroTrader is strategically positioned to become a major player in the crypto prop trading space. The firm’s transparent approach, focus on third-party exchanges, and innovative product offerings—such as Shariah-compliant trading—make it an appealing option for a diverse and growing global trading community.

    As part of its growth strategy, HyroTrader is not only expanding into new regions but is also continuously refining its product offerings to better serve its users. The platform’s comprehensive features, including trading aggregators and statistical tools, position it as a valuable resource for traders aiming for long-term success. As the crypto trading market continues to grow, HyroTrader’s unique value proposition and strong market positioning put it on a path toward long-term success.

    For more information, visit HyroTrader’s website.

    The MIL Network –

  • MIL-OSI: Provident Bank Welcomes Vivin Varghese As Senior Vice President, Chief Information Security Officer

    Source: GlobeNewswire (MIL-OSI)

    ISELIN, N.J., Sept. 23, 2024 (GLOBE NEWSWIRE) — Provident Bank, a leading New Jersey-based financial institution, is pleased to announce that Vivin Varghese has joined the organization as Senior Vice President, Chief Information Security Officer (CISO).

    Mr. Varghese will play a critical role in providing vision, leadership, oversight, and management of the overall information and cybersecurity policies, procedures, and practices of the organization and its subsidiaries. He will also advise the bank’s Executive Leadership Team and staff on the appropriate administration of information security standards, assisting in developing plans within business units to manage risks effectively by understanding the fundamental aspects of business objectives.

    “I am delighted to welcome Vivin to our team,” said Ravi Vakacherla, Executive Vice President, Chief Digital and Innovation Officer. “He possesses an impressive breadth and depth of experience in Security Engineering, Security Operations, Identity Governance and Assurance (IGA), and Governance Risk and Compliance (GRC) functions,” added Mr. Vakacherla.

    Mr. Varghese has 16 years of experience in the information security space. Most recently, he served as CISO of Customers Bank, with responsibility for digital and physical security, including business continuity, incident response, threat intelligence, and third-party risk. Prior to that, he was the Information Technology Manager at the University of Pennsylvania. 

    Mr. Varghese earned a Bachelor of Science in Business Administration/Management Information Systems from Drexel University. He has been recognized as a 2023 ONCON Top 100 Information Security Professionals and received the InfoSec Skills Development Award.

    About Provident Bank
    Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). With assets of $24.07 billion as of June 30, 2024, Provident Bank offers a wide range of customized financial solutions for businesses and consumers with an exceptional customer experience delivered through its convenient network of 140 branches across New Jersey and parts of New York and Pennsylvania, via mobile and online banking, and from its customer contact center. The bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. To learn more about Provident Bank, go to www.provident.bank or call our customer contact center at 800.448.7768.

    Media Contact:
    Keith Buscio
    Keith.Buscio@provident.bank

    Vested
    Providentbank@fullyvested.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d5450030-7ea8-40ae-a363-ef0136d19a84

    The MIL Network –

  • MIL-OSI United Kingdom: St Albans Feastival: thousands turn up for City Centre street party despite downpours

    Source: St Albans City and District

    Publication date:

    Thousands of people braved challenging weather to enjoy a six-hour-long street party that celebrated the District’s food and drink businesses.

    They refused to let occasional showers spoil the fun at the St Albans Feastival, a family-friendly event organised by St Albans City and District Council with the support of partners.

    St Peter’s Street was closed to traffic for the event on Sunday 22 September which was kicked off by the Mayor, Councillor Jamie Day, with the help of Deputy Mayor, Cllr Jenni Murray, and the Rev Mark Dearnley of St Peter’s Church

    Among the many attractions were around 100 market stalls offering an astonishing variety of food and drink products from local businesses.

    There was also a live cookery theatre, sponsored by SA Law, featuring displays of culinary skills by local chefs.

    Live music was provided on a stage, sponsored by St Albans City Centre BID. There were many free interactive activities including edible flower growing, traditional wooden games, crazy golf and a football shoot-out.

    To make the event accessible, British Sign Language interpreters were at the cookery stage and other locations to help communicate activities. There were accessible viewing zones, reserved seating for those less able to stand and accessible toilets. 

    Chris Traill, the Council’s Strategic Director for Community and Place Delivery, said:

    Congratulations to all those who were not put off by the weather and turned up in their thousands. I’m sure they will agree that it was worth it.

    The rain, which unfortunately was torrential at one point, didn’t dampen their spirits and the crowds created the Feastival’s usual thrilling atmosphere.

    Our events team anticipated the conditions and had arranged for many of the activities to be sheltered by gazebos.

    As a Council, we are committed to making events accessible to all and measures were taken to ensure that was very much the case.

    The District’s hospitality businesses are vital to the local economy and it was heartening to see so many people out there sampling many of their products.

    Vivien Cannon, BID Manager, said:

    Rain didn’t stop play. Well done to all the stall holders and event delivery team ensuring visitors were welcomed to yet another successful Feastival event.

    Marilyn Bell, Partner and Head of Family at SA Law, said:

    The St Albans Food and Drink Festival is a highlight for the SA Law team every year.

    Despite the unfortunate downpour yesterday, the event was well organised, well-attended, and a delight to be a part of. It was great to see a wide range of food being offered, activities for all ages, as well as a great turnout at the Cookery Theatre where local chefs gave live demonstrations of their excellent recipes. 

    We are proud to support the Council and the wonderful community events they put on.

    The event is part funded by the Government’s UK Prosperity Fund which awarded the District’s community events team £210,000 over three years.

    Photos: scenes from the 2024 St Albans Feastival by Stephanie Belton including, first below, Cllr Jamie Day, Mayor of St Albans City and District, centre, with Cllr Jenni Murray, Deputy Mayor, and the Rev Mark Dearnley.

    Media contact: John McJannet, Principal Communications Officer: 01727 819533, john.mcjannet@stalbans.gov.uk.

    Note to Editors: 

    The UK Shared Prosperity Fund provides £2.6 billion of funding for local investment by March 2025. The Fund aims to improve pride in place and increase life chances across the UK, investing in communities and place, supporting local business, and people and skills. For more information, visit https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus

    .

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Chikunga hopeful of Women’s Forum recognition 

    Source: South Africa News Agency

    Minister in the Presidency for Women, Youth and Persons with Disabilities, Sindisiwe Chikunga, says she is confident that the BRICS Women’s Forum will be recognised at this year’s Kazan Summit Declaration, scheduled to take place next month.

    Chikunga made the remark as Russia prepares to host the BRICS Summit to be held in Kazan, from 22 to 24 October, after the country assumes the BRICS chairmanship in 2024.

    This as the Minister led the discussions at the BRICS Women Affairs meeting held in Saint Petersburg, Russia.

    READ | Chikunga arrives in Russia for BRICS Women Affairs Meeting

    The meeting saw BRICS Member States discussing cooperation prospects in the fields of women’s leadership and enhancing the role of women in finance, agriculture, innovation, healthcare, creative industries, tourism, environmental safety, and the inclusive economy.

    Speaking at the BRICS Women’s Forum, which included the BRICS Ministerial Women’s Affairs Meeting on Friday, Chikunga congratulated the Russian Federation on assuming the Chairship of BRICS 2024, and the sterling work that it has undertaken to date.

    “As you are aware, this forum of Ministers was first initiated in 2023 during South Africa’s Chairship of BRICS. It is indeed encouraging to witness its growth under the stewardship of the Russian Federation’s 2024 Chairship, and it will undoubtedly flourish under the future Chairship of fellow BRICS member states.

    “We applaud Russia’s choice of the theme ‘Women, Governance, and Leadership’ as a timely intervention that ensures this forum continues to amplify the voices, interests, and full representation of women across BRICS member states, promoting their meaningful participation at all levels of governance and decision-making.”

    Chikunga also reflected on some of the key points that emerged during hybrid BRICS Ministers for Women Affairs held in December 2023, where the forum was recognised as a fundamental platform to elevate equality, women’s rights, economic autonomy, and empowerment; and to address major concerns related to women across the BRICS countries.

    The forum also promotes mainstreaming of women’s issues across BRICS’ processes, priority areas, declarations and agreements; and provides a platform for the exchange of knowledge and best practices in advancing the current and future wellbeing of women and girls across BRICS.

    “Our meeting recognised the tremendous progress that successive BRICS summits have produced in the areas of global governance, development, peace and security, energy, climate change, and social issues. We noted, however, that discussions in these areas would be further enriched by a ministerial meeting dedicated to women affairs.

    “There was consensus on the potential of this forum to accelerate the implementation of existing commitments, principles, goals, and actions outlined in various international instruments on women. These include the Beijing Platform for Action (1995), the Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW – 1979), UN Resolution 1325 (2000) on Women, Peace, and Security, as well as the UN [United Nations] Agenda 2030 and its 17 Sustainable Development Goals (SDGs),” Chikunga explained.

    The meeting further agreed to support the acceleration of the implementation of the African Union Agenda 2063, with a particular focus on Aspiration 6, which promotes women’s empowerment.

    Asserting women’s interests

    The Ministers also highlighted the need to assert women’s interests across the broader BRICS agenda, strengthen multilateralism, and synergise with the work of the BRICS Business Women’s Alliance to accelerate the mainstreaming of socio-economic priorities for greater inclusivity and equity.

    “We acknowledge that this goal will be further enriched when we leverage our collective strength as the Global South, alongside robust people-to-people exchanges and cooperation within BRICS nations and across the African continent.

    “A key highlight of the Johannesburg II Declaration was the recognition of the vital role of women and youth in trade and their potential to act as catalysts for industrialisation, infrastructure development, food security, agricultural modernization, sustainable growth, healthcare, and addressing climate change,” she said.

    The Johannesburg II Declaration is a document that encapsulates significant BRICS viewpoints on matters of global economic, financial and political significance.

    READ | BRICS adopts Johannesburg II Declaration

    – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Chancellor unveils package to deliver on promises of new government

    Source: United Kingdom – Government Statements

    The Chancellor has today unveiled a package of measures to deliver on the agenda of the new government.

    • 750 schools with primary aged pupils funded for breakfast club pilot to run from April 2025
    • New Industrial Strategy to be published in spring
    • Decision to write off over £640 million in written off Covid PPE contracts reversed
    • HMRC to consult on e-invoicing for businesses and government departments

    The Chancellor has today unveiled a package of measures to deliver on the agenda of the new government including a breakfast club pilot for 750 schools with primary aged pupils, new powers for the Covid Corruption Commissioner, e-invoicing to support business and the next steps on the government’s industrial strategy.

    School Breakfast Club Pilot

    The Chancellor announced that up to 750 schools with primary aged pupils will be invited to take part in a £7 million breakfast club pilot. The funding will allow these schools to run free breakfast clubs for their pupils in the summer term (April-July 2025).

    The Department for Education will work with the schools selected as part of the pilot to understand how breakfast clubs can be delivered to meet the needs of schools, parents and pupils when the programme is rolled out nationally.

    This will help reduce the number of students at schools with primary aged pupils starting the school day hungry and ensure children come to school ready to learn. It will also support the government’s aim to tackle child poverty by addressing rising food insecurity among children.

    Covid Corruption Commissioner

    Reeves also announced a block on any Covid-era PPE contract being abandoned or waived until it has been assessed by the new Covid Corruption Commissioner, whom will be appointed in October. 

    The decision will affect £647 million of Covid PPE contracts where contract recovery was previously earmarked to be waived. 

    It follows action already in motion to cut government waste and curb unnecessary spending. In her statement to Parliament in July, the Chancellor pledged to halve government consultancy spend from 2025-26, with savings targets of £550 million this financial year and a further £680 million in the next already announced.

    Excessive use of ministerial travel by aeroplane and helicopter is also being cutdown, with a contract for a VIP helicopter previously cancelled.

    Industrial Strategy

    The Chancellor also today announced that the Industrial Strategy will be at the heart of the government’s mission to grow the economy, unlock investment and make every part of the country better off. It will focus on delivering long-term change to the economy by making Britain a clean energy superpower and accelerating to net zero, breaking down barriers to regional growth, and building a secure and resilient economy.

    A green paper will be published around Budget in October outlining the long-term sectoral growth and priority industries of the government, ahead of the final strategy published in the spring of 2025 following a consultation with business.

    HMRC package

    Chancellor Reeves also outlined a package of reforms to improve the UK’s tax system to help fix the foundations of the UK economy.

    As part of the package, HMRC will soon launch a consultation on electronic invoicing (e-invoicing) to promote its wider use across UK businesses and government departments.

    The introduction of e-invoicing can significantly reduce administrative tasks, improve cash flow, boost productivity, introduce automation, and reduce errors in tax returns – all helping to close the tax gap. The consultation will gather input from businesses on how HMRC can support investment in and encourage e-invoicing uptake.

    The Chancellor also announced that Exchequer Secretary to the Treasury James Murray, the minister responsible for the UK’s tax system, has become the Chair of the HMRC Board. This is to help oversee the implementation of his three strategic priorities for HMRC; closing the tax gap, modernising and reforming, and improving customer service.

    It was also announced that a new Digital Transformation Roadmap, aimed to be published in Spring 2025, will set out HMRC’s vision to be a digital first organisation underpinned by customer insight. The Roadmap will include measures to ensure digital inclusion and support for customers who cannot yet interact digitally.

    There was a further update that new staff are expected to join HMRC’s training programme in November as 200 additional offer letters have been issued as part of the 450 letters already sent. This is part of HMRC’s plans to recruit an additional 5,000 compliance staff to help close the tax gap.

    Updates to this page

    Published 23 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI China: China makes notable progress via equipment, consumer goods renewal program: official

    Source: People’s Republic of China – State Council News

    China makes notable progress via equipment, consumer goods renewal program: official

    BEIJING, Sept. 23 — China has made noteworthy progress in promoting large-scale equipment upgrades and consumer goods trade-ins this year, an official said on Monday.

    China unveiled an action plan to implement the renewal program in March 2024 in an effort to expand domestic demand and shore up the economy, and stepped up policy support in July with an extra funds injection of 300 billion yuan (about 42.53 billion U.S. dollars) via ultra-long special treasury bonds.

    Zhao Chenxin, deputy head of the National Development and Reform Commission, cited a string of positive results achieved by the program, highlighting increased equipment manufacturing investment and robust sales of automobiles and home appliances, when addressing a press conference on Monday.

    In the first eight months of 2024, China’s investment in equipment and tool purchases had increased by 16.8 percent year on year — well above the 3.4 percent increase in total fixed-asset investment.

    Retail sales of passenger vehicles in August rose by 10.8 percent compared with the previous month, while new energy vehicle (NEVs) sales increased by 17 percent month on month in August. The market share of NEVs remained above 50 percent for a second consecutive month. Sales of home appliances and audio and video products returned to growth last month, up 3.4 percent year on year.

    Thanks to the renewal program, many enterprises are optimistic about the prospects of sectors related to equipment and consumer goods, leading to brisk investment, Zhao said.

    The program, riding on the great potential of green and digital transition, will provide more impetus to economic sustainability and transformation efforts, Zhao added.

    China’s drive to promote equipment upgrades covers a wide range of areas including industrial equipment, environmental infrastructure, operating vessels, new energy buses and agricultural machinery, while consumer goods trade-ins involve products ranging from automobiles to home appliances and electric bicycles.

    MIL OSI China News –

  • MIL-OSI USA: Decline in natural gas price drove decrease in U.S. oil producer revenue in early 2024

    Source: US Energy Information Administration

    In-brief analysis

    September 23, 2024

    Data source: Evaluate Energy

    Financial results for 36 publicly traded U.S. oil exploration and production (E&P) companies show that cash from operations in the first quarter of 2024 has decreased in real terms from the first quarter of 2023 due to lower natural gas prices.

    Production expenses, which can also affect cash from operations, have stabilized after supply chain issues that caused increased costs appear to be largely resolved. Capital expenditures, which represent investment in oil and natural gas production, were flat over the same period.

    In the first quarter of 2024, lower crude oil and natural gas prices helped reduce cash from operations by 12% compared with the first quarter of 2023, to $23.3 billion. Although West Texas Intermediate crude oil prices declined 2% over this period, U.S. crude oil production by these companies increased 5% to nearly 4.2 million barrels per day (b/d).

    Relatively large production cuts by OPEC+ have supported crude oil prices and spurred production among non-OPEC+ sources, including U.S. producers. Increased production would normally result in more cash from operations, but substantially lower natural gas prices likely hampered revenue for these companies.

    Natural gas prices fell 26% from the first quarter of 2023 to the first quarter of 2024 and reached their lowest average monthly inflation-adjusted price since at least 1997. Although the companies in this analysis focus on crude oil production, natural gas still typically makes up around 30% of what they produce because of associated natural gas present in crude oil deposits and more diversified operations by some of the E&P companies in the group.

    Data source: Bloomberg L.P.
    Note: WTI=West Texas Intermediate, 1Q19=first quarter of 2019, 1Q24=first quarter of 2024

    Production expenses—such as the cost of goods sold, operating expenses, and production taxes—increased substantially per barrel of oil equivalent (BOE) in 2021 and 2022 as supply chain issues caused material and labor costs to more than double from the 2019 average. Production expenses have since declined, decreasing 40% between the second quarter of 2023 and the recent high in the second quarter of 2022.

    Production expenses have been relatively flat since the second quarter of 2023, averaging $26/BOE. In addition to supply chain improvements, improved drilling productivity and increasing takeaway capacity in the Permian region have also reduced production expenses on a BOE basis.

    Data source: Evaluate Energy
    Note: 1Q19=first quarter of 2019, 1Q24=first quarter of 2024

    We base our analysis on the published financial reports of 36 publicly traded oil companies that produce most of their crude oil in the United States. As a result, our observations do not represent the entire sector because we exclude private companies, which do not publish financial reports. The included 36 publicly traded companies accounted for 32% of the crude oil produced in the United States in the first quarter of 2024, or about 4.2 million barrels per day.

    Principal contributor: Alexander de Keyserling

    MIL OSI USA News –

  • MIL-OSI Africa: Colonialism and apartheid stripped black South Africans of land and labour rights – the effects are still felt today

    Source: The Conversation – Africa – By Marthinus van Staden, Associate Professor of Labour Law, University of the Witwatersrand

    Land dispossession among South Africa’s majority black population remains a thorny issue 30 years into democracy. Labour law scholar Marthinus van Staden’s new research examines the historical relationship between land dispossession and labour control in South Africa. It explores how the systematic seizure of indigenous people’s land during colonisation and apartheid reduced them from landowners to labourers, under exploitative conditions, and how the effects continue to linger. We asked him to explain.

    What is the history of land dispossession and labour control in South Africa?

    The history spans several centuries, beginning with Dutch colonisation in the mid-17th century. It intensified under British rule from the late 18th century. Early colonial policies were inconsistent, but gradually evolved into more systematic land grabs and labour regulations.

    The discovery of minerals – primarily gold and diamonds – in the 1880s heightened the demand for cheap black labour.

    The 19th century saw other significant developments, including the abolition of slavery and the introduction of pass laws. Pass laws required black people to carry identity documents that restricted their movement, employment and settlement.

    The 1913 Natives Land Act severely restricted black land ownership. It prevented black people from owning or renting land in 93% of South Africa, which was reserved for white ownership. Many black farmers who had previously owned or rented land in what had been designated “white areas” were forced to become labourers on white-owned farms. Or they had to move to “reserves” the state had set aside.

    This was followed by a series of laws implementing urban segregation and expanding “native reserves”.

    The apartheid era of formalised racial segregation, from 1948 to 1994, saw the most extreme measures of land dispossession and labour control. The creation of the homeland system relegated black South Africans to 10 economically unviable areas, along ethnic lines. Black people in homelands were mostly forced to work in “white” South Africa, where they lacked legal rights as workers.

    It wasn’t until 1979 that black trade unions were allowed to register. This allowed them to operate openly and bargain with employers and the government for improved wages and working conditions.

    Trade unions served as important political actors. They increased black workers’ political voice and influence. In fact, all labour legislation before 1981 had the distinguishing feature of excluding black workers from its ambit of protection.

    Only after apartheid ended in 1994 did efforts begin to address the legacy of land dispossession and unfair labour practices through restitution and reforms. Land reform processes have been criticised for being ineffectual.

    What effect did dispossession have?

    Dispossession created a large pool of cheap labour for white-owned farms and industries. Without access to land for subsistence or commercial farming, black South Africans had little choice but to work for low wages in the capitalist economy. The employment contract, transplanted from colonial law, became a tool for exerting control over these workers. It reinforced their subordinate status.

    The common law contract of employment, with its inherent element of employer control, was applied to the formerly independent indigenous people now forced into wage labour.

    The homelands ensured a continuous supply of cheap black migrant labour. This system of land deprivation and labour control not only served the economic interests of the white minority. It also reinforced racial hierarchies.

    The socio-economic consequences continue. Black workers are still more likely to be unemployed – or in precarious work – than whites.

    Why does this matter today?

    The legacy of land dispossession and labour control continues to shape South Africa’s social, economic and political landscape. It’s a critical consideration in efforts to build a more just and equitable society.

    This history has created deep-rooted economic disparities. The concentration of land ownership and wealth in the hands of the white minority remains largely intact, perpetuating socio-economic inequality.

    The ongoing struggle for land restitution and reform is directly linked to this history. Addressing the legacy of dispossession is crucial for economic justice and social stability.

    Understanding this history is essential for developing effective policies to address poverty, unemployment and uneven development.

    It is also vital for national reconciliation and building a more equitable society. It underpins current debates about social justice, reparations and the transformation of economic structures.

    Which practical, remedial policies must be carried out?

    The historical link between land loss and subjugation by means of the controls inherent to the contract of employment makes land reform a necessary first step to reversing this process.

    The government has put in place formal mechanisms to halt racialised land ownership. However, land restitution and reform programmes need to be enhanced and accelerated.

    They should include restoring land rights where possible, and providing support for sustainable land use. This would address both the economic and emotional aspects of historical dispossession.

    Legislation such as the Labour Relations Act and the Employment Equity Act have done much to strengthen protections for workers’ rights, particularly for those in precarious employment situations. However, the ways in which these laws continue to endorse a global north conception of the employment relationship, which emphasises control, must be rethought.

    They must be reformed to promote equality, dignity and fair labour practices. Reforms should involve more collaborative models and addressing the socio-economic impacts to redress historical injustices.

    Targeted economic development initiatives are needed in historically disadvantaged areas, including former homelands. These could include infrastructure development, skills training programmes, and support for small businesses to create economic opportunities.

    These remedial policies should be part of an all-encompassing strategy to address historical injustices, and create a more equitable South African society.

    – Colonialism and apartheid stripped black South Africans of land and labour rights – the effects are still felt today
    – https://theconversation.com/colonialism-and-apartheid-stripped-black-south-africans-of-land-and-labour-rights-the-effects-are-still-felt-today-238243

    MIL OSI Africa –

  • MIL-OSI: Arkansas Governor, Local and Community Leaders Congratulate Standard Lithium, Equinor for U.S. Department of Energy Provisional Grant up to US$225 million

    Source: GlobeNewswire (MIL-OSI)

    LEWISVILLE, Ark., Sept. 23, 2024 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium”) (TSXV:SLI) (NYSE American:SLI), a leading near-commercial lithium development company and Equinor, a global energy leader, is pleased to share that its jointly-owned U.S. subsidiary, SWA Lithium LLC has been selected for up to US$225 million award negotiation from the U.S. Department of Energy (“DOE”). The conditional award, overseen by the DOE’s Office of Manufacturing and Energy Supply Chains, is one of the largest ever awarded to a U.S. critical minerals project and part of the second wave of funding under the Infrastructure Investment and Jobs Act. This DOE funding is aimed at expanding domestic manufacturing of all segments of the battery supply chain and increasing production of critical minerals in the U.S. 

    “Arkansas is proud of its all-of-the-above energy strategy, with a rich production history of oil, natural gas, bromine, and now, lithium,” said Arkansas Governor Sarah Sanders. “Lithium has the potential to supercharge South Arkansas’ economy – and this announcement from Standard Lithium moves us closer to that goal.”

    “Congratulations to SLI and its partners, and what an exciting investment in Arkansas,” said Arkansas Secretary of Energy and Environment, Shane Khoury. “This award helps ensure that Arkansas stays on track to become a world leader in lithium production and promotes lithium extraction in a proven and cleaner manner.”

    “The announcement by Standard Lithium today is exciting news for south Arkansas,” said Arkansas State Senator Matt Stone. “The $225 million grant from the Department of Energy will firmly establish Arkansas as an energy leader and pave the way for hundreds of jobs for our State.”

    “Standard Lithium’s Department of Energy grant marks a pivotal investment in South Arkansas, empowering local communities while strengthening our nation’s future,” said Arkansas State Senator Ben Gilmore. “This initiative not only fosters economic growth but also plays a crucial role in breaking our dependence on China and securing a resilient supply chain for lithium and beyond.”

    “Congratulations to the SLI/Equinor team,” said Arkansas Secretary of Commerce Hugh McDonald. “Arkansas is excited to see the validation of the lithium industry growth opportunities that will benefit thousands of Arkansans. This award and others solidify Arkansas’ significant role in securing North America’s lithium supply chain.”

    “South Arkansas College is excited about this news for our long-term partner Standard Lithium, and we will continue to support them in any way possible in the future,” said President of SouthArk College, Dr. Stephanie Tully-Dartez.

    “This is great news for the people of South Arkansas and a significant investment in our future and in our nation’s future by helping to break dependence on foreign sources and supply chain for critical minerals,” said Former Arkansas House Speaker Matthew Shepherd. “Not only will this investment directly create hundreds of jobs, it will indirectly create numerous opportunities for improved healthcare, childcare, and workforce development and have a lasting positive impact on South Arkansas and beyond.”

    “UA -Pulaski Tech is proud to be an educational partner on the workforce training component of this enormous investment in domestic production, securing of supply chains and jobs in Arkansas,” said Dr. Summer Deprow, Chancellor of the University of Arkansas – Pulaski Technical College. 

    “Congratulations Standard Lithium on receiving this outstanding award,” said Lafayette County Judge, Valarie Clark. “Lafayette County is grateful for the opportunity to support this great company in their future endeavors.”

    “I am very proud of Standard Lithium and their persistence in receiving the funding that has been procured by their organization,” said Columbia County Judge, Doug Fields. “I know personally the challenge there is to obtain funding for a project! I’m proud to give my full support to Standard Lithium, and their endeavors to provide new jobs, new infrastructure, and to see them support the community in much-needed ways, not to mention the boost to our economy! Congratulations to Standard Lithium!”

    About the South West Arkansas Project

    The South West Arkansas Project (“SWA” or the “Project”) is located in Lafayette and Columbia Counties, Arkansas, and is being developed in partnership with Equinor, which holds a 45% non-operating interest in the Project. SWA’s Indicated and Inferred Mineral Resource of 1.4 Mt and 0.4 Mt lithium carbonate equivalent, with an average lithium concentration of 437 mg/L, has some of the highest reported lithium brine concentrations in North America. The design engineers working on behalf of the Company are developing Front-end Engineering Design (“FEED”) and a Definitive Feasibility Study (“DFS”) that contemplates total production of up to 45,000 tonnes per annum of lithium carbonate, to be developed in two phases of 22,500 tonnes per annum each.

    SWA’s direct lithium extraction and lithium carbonate facilities are planned to be located on a 118-acre property in rural Lafayette County, approximately 7 miles south of Lewisville, Arkansas. The Project is expected to create up to 300 construction jobs and 100 direct jobs and dedicate millions of dollars to community impact efforts that will benefit the local area through infrastructure improvements, community health initiatives, educational partnerships, and workforce development programs.

    The Company completed a Preliminary Feasibility Study for the project in 2023, and a DFS and FEED are currently underway.

    Qualified Person

    Steve Ross, P.Geol., a qualified person as defined by National Instrument 43-101, and Vice President Resource Development for the Company, has reviewed and approved the relevant scientific and technical information in this news release.

    About Standard Lithium

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor ASA, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium is jointly listed on the TSX Venture Exchange and the NYSE American under the trading symbol “SLI”. Please visit the Company’s website at https://www.standardlithium.com.

    About Equinor

    Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Norway, Equinor is the leading operator on the Norwegian continental shelf and is present in around 30 countries worldwide. Our partnership with Standard Lithium to mature DLE projects builds on our broad US energy portfolio of oil and gas, offshore wind, low carbon solutions and battery storage projects.

    For more information on Equinor in the US, please visit: Equinor in the US – Equinor

    Media Contacts:

    Allysa Iverson 
    Standard Lithium Ltd.
    a.iverson@standardlithium.com

    Ola Morten Aanestad 
    Equinor
    oaan@equinor.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

    The MIL Network –

  • MIL-OSI: BIO-key Expands Deployment with Province of British Columbia, Adds 10,000 Biometric Users for Sign-on and Physical Access Control

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia and HOLMDEL, N.J., Sept. 23, 2024 (GLOBE NEWSWIRE) — BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB) for phoneless, tokenless, passwordless and phish-resistant authentication experiences, announced that its long-time customer, the province of British Columbia, has placed new orders with BIO-key. 10,000 users will be added to their existing deployment of WEB-key software, integrated with Broadcom’s SiteMinder infrastructure to streamline and strengthen access to a series of new applications via SAML 2.0 federation standards.

    BIO-key has worked closely with the province’s cybersecurity team to integrate BIO-key’s state-of-the-art, cloud-enabled biometric authentication platform with its existing authentication infrastructure to deliver advanced and secure biometric access to systems, applications and facilities across the organization.

    Since 2012, BIO-key’s secure biometric authentication platform has been integrated with the province’s authentication infrastructure to provide the strongest biometric ID without requiring phones or tokens. In 2017, the province expanded the platform to incorporate physical access control using the same fingerprint biometric for door access. This differentiated approach delivers secure sign in and streamlined access to facilities for users who roam among different workstations and locations without requiring added costs and risks of “what-you-have” token and card solutions that only verify that the card or token is present, not the user. BIO-key credentials derive from the individual themselves, so access cannot be shared, delegated, phished or forgotten.

    Jim Sullivan, BIO-key’s SVP Strategy and Chief Legal Officer, said, “The British Columbia government has been a leader in providing secure biometric authentication with BIO-key solutions for more than a decade. They recognize that unique ‘roving user’ scenarios call for uncompromising yet user-friendly security. We are pleased to be the trusted provider of the highest level of security, by ensuring only the right user accesses the most sensitive information. BIO-key has a long history providing highly secure, robust and cost-efficient solutions in government, defense, finance, retail and other highly-regulated industries. Today, we are finding that BIO-key’s superior user experience, through phoneless, tokenless and passwordless solutions, translates very well to many enterprise use cases, particularly where we bring multi-factor authentication to roving workforces.”

    About BIO-key International, Inc. (www.BIO-key.com)
    BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

    BIO-key Safe Harbor Statement
    All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to execute and deliver on contracts in Africa; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.


    Investor Contacts
    William Jones, David Collins
    Catalyst IR
    BKYI@catalyst-ir.com
    212-924-9800

    The MIL Network –

  • MIL-OSI: Climate Tech VC Cerulean Ventures Closes Fund I at Climate Week NYC 2024

    Source: GlobeNewswire (MIL-OSI)

    SANTA BARBARA, Calif., Sept. 23, 2024 (GLOBE NEWSWIRE) — Cerulean Ventures, a climate tech venture capital firm operating in the trillion dollar annual climate finance sector, closed a $10M pre-seed fund focused on software for hard problems in climate tech. The fund invests in highly-scalable software and technology focused on biodiversity, natural capital and climate-positive profitable business practices.

    Cerulean Ventures was launched with the support of its anchor investor, One Small Planet, strategic investors, Regen Foundation and Regen Network, and several global family offices focused on scaling proven, profitable solutions to address climate change.

    “As tech founders themselves, Jahed and Matthew have the unique experience of bridging complex technology to massive markets,” said Jack Wielebinski, Chief Investment Officer of One Small Planet. “We are proud to support Cerulean’s thesis to invest in software businesses that connect the global economy for nature-positive outcomes.”

    As a team, the General Partners work directly with founders at the earliest stages to develop business operations, set go-to-market strategies and plan for financial success to reach critical funding and business milestones. Matthew Stotts was the founder of a top technology marketing consultancy in Silicon Valley and a co-founder of a financial technology business. Jahed Momand was the co-founder of a developer operations SaaS company and held product leadership roles at a number of top Silicon Valley enterprise software companies. Together they worked on sustainable finance, regenerative agriculture and indigenous land stewardship through the Regen Network. They began investing through Cerulean Ventures in 2022.

    Matthew and Jahed’s work with the Cerulean Ventures portfolio of climate tech entrepreneurs deepens the general partners’ years of work on nature-based solutions, biodiversity, decarbonization, circular materials, waste-to-value, decentralized energy and global networks for coordinating climate finance and accounting. Cerulean’s portfolio of investments include highly-scalable software and data for sustainable supply chains, financial technology for carbon and energy markets, and several innovations in climate finance.

    Four major focus areas for Cerulean Ventures Fund I include: Carbon, Energy, Sustainable Supply Chains and Climate FinTech

    Earthbanc leads the carbon markets
    Earthbanc has built the world’s first vertically integrated, full-stack, nature-based carbon removal company. Leading global multinationals, such as AstraZeneca, work with Earthbanc to scale carbon removal through native, biodiverse and regenerative agroforestry that delivers proven nature-based carbon removals through its proprietary, MRV software in the field, machine learning, and market linkages for agricultural and horticultural produce.

    Earthbanc CEO Tom Duncan: “Our vision at Earthbanc is nothing less than enabling regenerative agriculture, forestry and carbon removal to scale up across 2.5 billion hectares of degraded lands. We make this achievable by building mobile and web software for projects and clients to leverage deep learning and MRV, and we structure capital to enable it to flow into land restoration. Cerulean helped us form capital with the right investors early, and that freed us up to focus on building a truly transformative nature-tech company.”

    Jasmine Energy is opening a global renewable energy market
    Jasmine Energy has digitized and synchronized the United States market for renewable energy credits, which has historically been disaggregated and difficult to access. With an ambitious view of a global tradeable market of credits that incentivize renewable energy investment, Jasmine Energy is critical to the energy transition.

    “Cerulean was one of the first believers in our vision of a globally-coordinated renewable energy market,” said Nathalie Capati, co-founder and CEO of Jasmine Energy. “Few investors have the insight or commitment to support founders building a climate-positive software company that takes on massively complex markets. Cerulean has gone above and beyond in its support for Jasmine.”

    CommonShare is driving sustainable supply chains
    CommonShare is using AI to enable sustainable procurement across all supply chains, making them transparent and fair through a global network of brands, retailers, suppliers, verifiers, and standards owners that promotes clear communication and cross-company collaboration. In a landmark partnership with Bureau Veritas (BV), they will enable origin mapping and purchase order traceability across BV’s Fortune 500 clients, helping them comply with CSRD and EUDR compliance and radically reduce environmental impacts through sustainable procurement.

    “We enjoyed working with the Cerulean team. They were one of the few VCs who understood what we’re doing, which gave them the ability to move fast on diligence and help us focus on building in an entirely new market. Their founder-focused perspective was exactly what we were looking for in a pre-seed partner.” – Martin Smith, Founder & CEO CommonShare.

    Regen is building a global blockchain for good
    Regen Network and its foundation seek to bring the use, regeneration and protection of land and natural resources into balance with indigenous peoples and local communities through an equitable distribution of value, knowledge and stewardship. The blockchain network and technology tools Regen has built enable finance to flow to biodiversity protection, old-growth forests, critical watersheds and irreplaceable natural resources.

    “Jahed and Matthew were early contributors to the Regen Network, a community of hundreds that now spans every continent on Earth,” said Gregory Landua, CEO of Regen Network Development PBC. “We’re excited to see Ceruluean’s contributions to nature-positive technology for the benefit of people and the planet.”

    About Cerulean Ventures
    https://cerulean.vc/

    Cerulean Ventures invests in pre-seed and seed stage Climate FinTech, SaaS and blockchain businesses tapping into the network effects of nature, renewable energy and climate-positive economies. Cerulean finds earth-scale (global) technology opportunities in areas like renewable energy, blue carbon, reforestation, biodiversity and regenerative agriculture, as well as decarbonization, circularity and sustainability across industry, manufacturing, transportation, construction, and supply chains.

    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy Forms NANO Nuclear Space to Explore Use of Advanced Portable Microreactors in Space Applications

    Source: GlobeNewswire (MIL-OSI)

    Committed to exploring new markets, NANO Nuclear Energy is assessing the potential for deploying its advanced technologies in space applications

    New York, N.Y., Sept. 23, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing portable, clean energy solutions, today announced the launch of a new subsidiary, NANO Nuclear Space Inc. (NNS), to explore the potential commercial applications of the Company’s developing micronuclear reactor technology in space.

    NNS will utilize NANO Nuclear’s world class scientific and engineering teams to examine the adaptation of NANO Nuclear technologies to contribute towards humanity’s drive to expand beyond low earth orbit. NNS will focus on optimizing “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, for applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    Innovative technologies, like the Annular Linear Induction Pump (ALIP) technology developed by Carlos O. Maidana, Ph.D., which was recently acquired by NANO Nuclear, will be leveraged to optimize cooling and heat transfer capabilities and address challenges in high-efficiency thermal fluid management in high temperature applications, including energy generation and even propulsion.

    Figure 1 – Rendition of Proprietary NANO Nuclear Space Inc. ‘ODIN’ Microreactor Optimized for Cis-Lunar Operations

    “NANO Nuclear was made to innovate. Our plans have always included space applications as a potential fit of our micronuclear reactor technologies. With the resources we have in hand, we are now able to launch NANO Nuclear Space to explore the many potential applications of our technology in the growing private commercial, as well as government sponsored, space industry,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “Space exploration has long been integral to our nation’s history, driving the development of technologies that have profoundly impacted life both on Earth and beyond its atmosphere. The possibilities for future exploration are abundant, and our world-class technical team is committed to developing innovative solutions, all firmly grounded in safety. NNS also enables us to seek new partnerships and collaborations and potentially unlock novel funding opportunities for research and development that can revolutionize our core products.”

    Figure 2 – A NANO Nuclear Energy Inc. subsidiary, NANO Nuclear Space will adapt its advanced nuclear technologies for space applications.

    With a focus on the vast commercial potential of space, NNS will pioneer systems designed to address the particular operational challenges of cis-lunar space while supporting sustainable human presence and unlocking space resources for economic development. By concentrating on cis-lunar space, the hub of commercial space activity, NNS aims to capitalize on opportunities from satellite services to in-orbit manufacturing and lunar resource extraction.

    “Since the inception of NANO Nuclear, I have been determined to expand our vision to include cis-lunar space and explore beyond Earth’s bounds,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “Space exploration in the 20th century was a catalyst for widespread technological progress and I am confident further activities in cis-lunar space will bring even more opportunities to improve daily life for people around the world. The diverse applications of microreactors in space, whether for habitation, exploration, or propulsion, present unprecedented opportunities for our exceptional technical team to drive innovation.”

    About NANO Nuclear Energy, Inc.

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

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

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

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

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

    For further information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206
    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:
    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy TWITTER

    Cautionary Note Regarding Forward Looking Statements

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

    Attachment

    The MIL Network –

  • MIL-OSI NGOs: World’s top 1% own more wealth than 95% of humanity, as “the shadow of global oligarchy hangs over UN General Assembly,” says Oxfam

    Source: Oxfam –

    • Over a third of world’s biggest 50 corporations —worth $13.3 trillion— now run by a billionaire or has a billionaire as a principal shareholder.
    • Global South countries own just 31 percent of global wealth, despite being home to 79 percent of global population.
    • Oxfam urges multilateral action to advance new global framework on tax, cancel debts and rewrite intellectual property rules for pandemics.

    The richest 1 percent have more wealth than the bottom 95 percent of the world’s population put together, new Oxfam analysis of UBS data reveals today ahead of the annual UN High-Level General Debate.

    Billionaires are exerting new levels of control over economies, with a billionaire either running or the principal shareholder of more than a third of the world’s top 50 corporations. The combined market capitalization of these corporations is $13.3 trillion.

    Oxfam’s briefing paper “Multilateralism in an Era of Global Oligarchy” warns that multilateral efforts to respond to critical global challenges, including the climate crisis and persistent poverty and inequality, are being undermined by the ultra-wealthy and mega-corporations fueling inequality within and between countries.

    Despite being home to 79 percent of the world’s population, Global South countries own just 31 percent of global wealth.

    “The shadow of global oligarchy hangs over this year’s UN General Assembly. The ultra-wealthy and the mega-corporations they control are shaping global rules to serve their interests at the expense of people everywhere. The iconic UN podium is increasingly feeling diminished in a world in which billionaires are calling the shots,” said Amitabh Behar, Oxfam International’s Executive Director.

    The paper describes a “movement toward a global oligarchy,” where the ultra-rich, often through their increasingly monopolistic corporations, shape global political decision-making and rules to enrich themselves while thwarting vital global progress.

    The top 1 percent own 43 percent of all global financial assets. Just two corporations control 40 percent of the global seed market. The “big three” US-based asset managers —BlackRock, State Street, and Vanguard— hold $20 trillion in assets, close to one-fifth of all investable assets in the world.

    “While we often hear about great power rivalries undermining multilateralism —it is clear that extreme inequality is playing a massive role. In recent years the ultra-wealthy and powerful corporations have used their vast influence to undermine efforts to solve major global problems such as tackling tax dodging, making Covid-19 vaccines available to the world and canceling the albatross of sovereign debt,” said Behar.

    Oxfam details three recent examples of extreme inequality eroding multilateral efforts —and where civil society and Global South leaders have offered inequality-busting solutions:

    • Powerful corporations undermining tax cooperation. The OECD/G20 Inclusive Framework on Base Erosion and Profit Sharing (BEPS) fell short of realizing its potential, with new rules for profit allocation that will deliver only tiny extra revenues for lower-income countries of as little as 0.026 percent of their GDP. The exclusion of financial services from OECD rules is a carve-out attributed to lobbying from countries with large banking and financial sectors. Global South countries, led by African countries, are instead advancing negotiations for a fairer tax convention at the UN that, along with Brazil’s leadership at the G20, offer a pathway for fairly taxing the super-rich and mega-corporations.
       
    • Big Pharma resisting efforts to break up their monopolies over Covid-19 vaccine technologies to unlock supply. Monopoly control over vaccine production was highly profitable during the pandemic. In 2021 alone, the seven largest manufacturers generated an estimated $50 billion in net profit from the sale of Covid-19 vaccines, resulting in huge payouts to rich shareholders and the emergence of new vaccine billionaires. The CEO of Pfizer Albert Bourla described the call to share Covid-19 vaccine technologies as “dangerous nonsense.” The failure to equitably share vaccines contributed to as many as 1.3 million excess deaths worldwide. A new pandemic treaty with strong provisions to suspend patents and allow for easier transfers of technology offers promise.
       
    • Private creditors exacerbating the global debt crisis. Low-income countries spend nearly 40 percent of their annual budgets on debt service, over 60 percent more than they spend on education, health, and social protection combined. Over half of low- and middle-income countries’ external debt is owed to private lenders like banks and hedge funds. Some of these creditors are “vulture funds,” which purchase distressed debt on the cheap and exploit legal mechanisms to be repaid in full, reaping outsized profits.

    “Only a solidarity-based multilateralism can reverse the movement toward global oligarchy. Some world leaders are showing they recognize this and are stepping up to fight inequality —but we need many more to demonstrate this courage,” said Behar.

    “Ultimately, a fairer world and international order —where corporations pay their fair share, global public health is prioritized, and where all countries can invest in their own people— benefits us all. This is not new, and it’s long what leaders especially from the Global South have called for.”  
     

    MIL OSI NGO –

  • MIL-OSI Global: Colonialism and apartheid stripped black South Africans of land and labour rights – the effects are still felt today

    Source: The Conversation – Africa – By Marthinus van Staden, Associate Professor of Labour Law, University of the Witwatersrand

    Land dispossession among South Africa’s majority black population remains a thorny issue 30 years into democracy. Labour law scholar Marthinus van Staden’s new research examines the historical relationship between land dispossession and labour control in South Africa. It explores how the systematic seizure of indigenous people’s land during colonisation and apartheid reduced them from landowners to labourers, under exploitative conditions, and how the effects continue to linger. We asked him to explain.

    What is the history of land dispossession and labour control in South Africa?

    The history spans several centuries, beginning with Dutch colonisation in the mid-17th century. It intensified under British rule from the late 18th century. Early colonial policies were inconsistent, but gradually evolved into more systematic land grabs and labour regulations.

    The discovery of minerals – primarily gold and diamonds – in the 1880s heightened the demand for cheap black labour.

    The 19th century saw other significant developments, including the abolition of slavery and the introduction of pass laws. Pass laws required black people to carry identity documents that restricted their movement, employment and settlement.

    The 1913 Natives Land Act severely restricted black land ownership. It prevented black people from owning or renting land in 93% of South Africa, which was reserved for white ownership. Many black farmers who had previously owned or rented land in what had been designated “white areas” were forced to become labourers on white-owned farms. Or they had to move to “reserves” the state had set aside.

    This was followed by a series of laws implementing urban segregation and expanding “native reserves”.

    The apartheid era of formalised racial segregation, from 1948 to 1994, saw the most extreme measures of land dispossession and labour control. The creation of the homeland system relegated black South Africans to 10 economically unviable areas, along ethnic lines. Black people in homelands were mostly forced to work in “white” South Africa, where they lacked legal rights as workers.

    It wasn’t until 1979 that black trade unions were allowed to register. This allowed them to operate openly and bargain with employers and the government for improved wages and working conditions.

    Trade unions served as important political actors. They increased black workers’ political voice and influence. In fact, all labour legislation before 1981 had the distinguishing feature of excluding black workers from its ambit of protection.

    Only after apartheid ended in 1994 did efforts begin to address the legacy of land dispossession and unfair labour practices through restitution and reforms. Land reform processes have been criticised for being ineffectual.

    What effect did dispossession have?

    Dispossession created a large pool of cheap labour for white-owned farms and industries. Without access to land for subsistence or commercial farming, black South Africans had little choice but to work for low wages in the capitalist economy. The employment contract, transplanted from colonial law, became a tool for exerting control over these workers. It reinforced their subordinate status.

    The common law contract of employment, with its inherent element of employer control, was applied to the formerly independent indigenous people now forced into wage labour.

    The homelands ensured a continuous supply of cheap black migrant labour. This system of land deprivation and labour control not only served the economic interests of the white minority. It also reinforced racial hierarchies.

    The socio-economic consequences continue. Black workers are still more likely to be unemployed – or in precarious work – than whites.

    Why does this matter today?

    The legacy of land dispossession and labour control continues to shape South Africa’s social, economic and political landscape. It’s a critical consideration in efforts to build a more just and equitable society.

    This history has created deep-rooted economic disparities. The concentration of land ownership and wealth in the hands of the white minority remains largely intact, perpetuating socio-economic inequality.

    The ongoing struggle for land restitution and reform is directly linked to this history. Addressing the legacy of dispossession is crucial for economic justice and social stability.

    Understanding this history is essential for developing effective policies to address poverty, unemployment and uneven development.

    It is also vital for national reconciliation and building a more equitable society. It underpins current debates about social justice, reparations and the transformation of economic structures.

    Which practical, remedial policies must be carried out?

    The historical link between land loss and subjugation by means of the controls inherent to the contract of employment makes land reform a necessary first step to reversing this process.

    The government has put in place formal mechanisms to halt racialised land ownership. However, land restitution and reform programmes need to be enhanced and accelerated.

    They should include restoring land rights where possible, and providing support for sustainable land use. This would address both the economic and emotional aspects of historical dispossession.

    Legislation such as the Labour Relations Act and the Employment Equity Act have done much to strengthen protections for workers’ rights, particularly for those in precarious employment situations. However, the ways in which these laws continue to endorse a global north conception of the employment relationship, which emphasises control, must be rethought.

    They must be reformed to promote equality, dignity and fair labour practices.
    Reforms should involve more collaborative models and addressing the socio-economic impacts to redress historical injustices.

    Targeted economic development initiatives are needed in historically disadvantaged areas, including former homelands. These could include infrastructure development, skills training programmes, and support for small businesses to create economic opportunities.

    These remedial policies should be part of an all-encompassing strategy to address historical injustices, and create a more equitable South African society.

    Marthinus van Staden 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. Colonialism and apartheid stripped black South Africans of land and labour rights – the effects are still felt today – https://theconversation.com/colonialism-and-apartheid-stripped-black-south-africans-of-land-and-labour-rights-the-effects-are-still-felt-today-238243

    MIL OSI – Global Reports –

  • MIL-OSI Global: Our digital 3D models of huge coral reefs could help revive these precious ecosystems

    Source: The Conversation – UK – By Tim Lamont, Research Fellow, Marine Biology, Lancaster University

    As a team of marine biologists, assessing the health of thousands of square metres of coral reef can be a daunting prospect. Often, we have to monitor some of the most biodiverse ecosystems on the planet, and there’s a strict time limit due to the safety regulations associated with Scuba diving.

    Accurately measuring and classifying even small areas of reefs can involve spending many hours underwater. And with millions of reefs around the world that need monitoring in the face of looming threats to their existence, speed is critical.

    But now, a digital revolution for coral reef monitoring could be underway, enabled by recent advances in low-cost camera and computing technology. Our new study shows how creating 3D computer models of entire reefs – sometimes known as digital twins – can help us monitor these precious ecosystems faster, more accurately and in greater detail than ever before.

    We worked at 17 study sites in central Indonesia – some reefs were degraded, others were healthy or restored. We followed the same protocol at rectangular areas measuring 1000m² in each location, using a technique called “photogrammetry” to create 3D models of each reef habitat.

    One of us Scuba dived and swam 2m above the coral back and forth in a “lawnmower” pattern across every square metre of this reef, while carrying two underwater cameras programmed to take photos of the seabed twice per second. Within just half an hour, we’d taken 10,000 high-resolution, overlapping pictures that covered the entire area.

    Later, we booted up a high-performance computer, and with the help of specialist experts from an underwater science tech company called Tritonia Scientific, we processed these images into accurate 3D representations for each of the 17 sites. The resulting models surpass traditional monitoring methods in speed, cost and the ability to consistently reproduce accurate measurements.

    Our research paper applies this technique to assess the success of the world’s largest coral restoration project. Mars Coral Reef Restoration Project is located at Bontosua Island on the Spermonde Archipelago in South Sulawesi, Indonesia.

    Our findings show that, when well-managed, coral restoration efforts can bring back many elements, including the complexity of reef structure across large areas. By comparing the 3D models, we can see how complex the surface structure of the coral reef looks and measure its details at different scales – these aspects would be far too tricky for divers to accurately measure underwater.

    3D model video visualisation of a 50m×20m reef restoration area.

    In an earlier 2024 study, our team applied photogrammetry to measure coral growth rates at the level of individual colonies. By capturing detailed 3D models before and after a year of growth, we revealed that restored reefs can achieve growth rates comparable to healthy natural ecosystems.

    This finding is particularly significant, as it highlights the potential for restored reefs to recover and function similarly to untouched reef environments.



    Read more:
    Restored coral reefs can grow as fast as healthy reefs after just four years – new study

    Beyond coral reefs

    Photogrammetry is becoming a widely adopted tool across various fields, both on land and in the ocean. Beyond coral reefs, it is used to monitor forests with drones, develop detailed architectural and urban planning models, and monitor soil erosion and landscape changes.

    In marine environments, photogrammetry is a powerful tool for monitoring and measuring environmental changes such as variations in coral cover, shifts in species diversity and alterations in reef structure. It has also been used to develop cost-effective methods for measuring coral reef rugosity (the bumpiness or texture of the reef’s surface).

    Greater rugosity generally indicates more complex habitats, which can support a wider variety of marine life and reflect healthier reef systems. Additionally, it measures the complexity of different shapes and structures within the reef. These methods provide crucial baselines that help scientists like us track changes over time and design effective conservation strategies.

    Although this method is cheaper and quicker than traditional fieldwork, there are still significant financial barriers. The necessary equipment and software can range from several thousand to tens of thousands of dollars, depending on the specific equipment and software used, and mastering these techniques takes time. It may be some time before these methods become standard for most field biologists.

    Beyond coral reef monitoring, photogrammetry is increasingly being used in virtual reality and augmented reality development, enabling the creation of immersive, lifelike environments for education, entertainment and research. For example, The US agency National Oceanic and Atmospheric Administration’s coral reef virtual reality offers an engaging way to explore coral reefs through virtual reality.

    In the future, photogrammetry could revolutionise environmental monitoring by offering faster, more accurate baselines and assessments of ecosystem changes such as coral bleaching and shifts in biodiversity. Advances in machine learning and cloud computing are expected to further automate and enhance photogrammetry, increasing its accessibility and scalability, and establishing its role as an essential tool in conservation science.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 35,000+ readers who’ve subscribed so far.

    Tim Lamont receives funding from the Royal Commission of the Exhibition of 1851, the Natural Environment Research Council and the Fisheries Society of the British Isles.

    Rindah Talitha Vida receives funding from Friends of Lancaster University in America through the Global Impact Small Grants and research studentship funding from Sheba Hope Advocate Program.

    Tries Blandine Razak 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. Our digital 3D models of huge coral reefs could help revive these precious ecosystems – https://theconversation.com/our-digital-3d-models-of-huge-coral-reefs-could-help-revive-these-precious-ecosystems-237711

    MIL OSI – Global Reports –

  • MIL-OSI Global: Grangemouth job losses are a stark reminder of the cost of a greener industrial future

    Source: The Conversation – UK – By Phil Tomlinson, Professor of Industrial Strategy, Co-Director Centre for Governance, Regulation and Industrial Strategy (CGR&IS), University of Bath

    Grangemouth refinery has been in operation for more than 100 years. dvlcom – www.dvlcom.co.uk/Shuttershotck

    The recent announcement that Grangemouth oil refinery in central Scotland will close next year marks a notable moment in the energy transition towards net zero.

    As countries strive to meet climate targets and reduce their use of fossil fuels, the tensions between preserving jobs in “dirty” industries and creating new “green” jobs are becoming increasingly stark.

    Grangemouth, operated by Petroineos (a joint venture between PetroChina and INEOS), has been producing oil and chemical products for more than a century. It is Scotland’s only oil refinery and a major supplier of fuel to domestic and international markets.

    Its closure marks an abrupt end of an era for the local economy, which until now has been heavily dependent on the refinery. Around 400 jobs are thought to be at risk – although trade unions have warned that nearly 3,000 jobs could be affected in the wider local economy and supply chains.

    The closure reflects broader trends in the fossil fuel sector, with falling demand and governments prioritising climate action. The UK government is committed to achieving net-zero carbon emissions by 2050.

    To achieve this, there must be dramatic reductions in fossil fuel consumption such as in transport and heating. Many energy-intensive industries (including steel and ceramics) are also shifting towards renewable energy sources, leading to the gradual phasing out of refineries such as Grangemouth.

    Green jobs: a path to the future?

    The growth of renewable sectors offers new job creation opportunities. Green jobs in renewable energy, energy efficiency and environmental conservation are seen as critical in developing a sustainable economy. But as yet, they are not always available in the regions where jobs in long-established industries are being lost.

    The new government hopes to create 650,000 jobs in the UK by 2030, working with business through a combination of its Green Prosperity Plan and proposed National Wealth Fund. These jobs will be critical in sectors such as offshore wind, hydrogen production and electric vehicle manufacturing.

    The closure of fossil fuel-dependent sites such as Grangemouth highlights the importance of a “just transition”. This is a framework pushed by trade unions where workers in polluting industries are offered clear pathways to secure jobs in a post-carbon economy.

    Governments, business and unions need to cooperate to ensure these new green jobs are not only available to workers facing redundancy, but also provide similar levels of pay and working conditions as the jobs being lost.

    Despite the promise of new green jobs, the immediate reality for workers in “dirty industries” is much more uncertain. For those employed in refining, oil drilling, or making internal combustion engine cars, the idea of transitioning to green jobs in some regions can seem remote.

    Production may disappear or require far fewer workers. Also, the skills of displaced workers do not always match those required for new green jobs. And retraining programmes are not always available or accessible.

    For communities such as Grangemouth, with a population of 17,000, the economic shock of losing a major employer can be catastrophic. Jobs in oil refineries are relatively well paid and once offered long-term stability. Replacing these with green jobs offering the same benefits is challenging.

    Renewable industries can take years to take root. Yet, in the here and now, displaced workers face the prospect of unemployment. There is a tension between the urgent need to address the climate emergency and the impetus to protect jobs and livelihoods.

    Policies for a just transition

    To address these tensions, governments need industrial policies to support a “just transition” to ensure that no one is left behind, as economies shift away from fossil fuels.

    This includes programmes to allow displaced oil workers to retrain and become equipped with the skills for new green jobs. Governments, businesses and unions will need to collaborate to deliver on this – with a focus on local needs. Several local authorities are already being proactive – using national and local funding and working with training providers to retrain workers in roles ranging from heat pump installers to electric vehicle technicians.

    For Grangemouth, new targeted investment will be needed to help diversify the local economy. Government funding for renewable energy projects, infrastructure development and support for small businesses and startups could and should help.

    Workers facing redundancy from polluting industries should be helped to retrain in greener sectors like heat pump installation.
    Virrage Images/Shutterstock

    On this, the UK and Scottish governments have provided £100 million of joint funding for Project Willow, a feasibility study looking at the Grangemouth plant’s next steps.

    Local supply chains will also need to diversify into new markets. For instance, elsewhere some auto sector firms are diversifying into making wind turbines and heat pumps as they adjust to the challenges of net zero.

    In the short term, displaced workers facing unemployment will need more generous social security. Better unemployment benefits, healthcare and housing support – perhaps repackaged as part of a lifetime learning allowance – will be essential. They could safeguard workers (and their families) as they retrain for the new green jobs.

    The closure of the Grangemouth refinery is an abrupt reminder of the complexities of transitioning to a green economy. While green jobs represent the future, they cannot simply replace traditional jobs overnight. There is an urgent need for a proactive industrial strategy to facilitate industry and regional diversification, alongside new investment in training and infrastructure.

    For Grangemouth (and communities facing similar challenges, such as at Port Talbot in south Wales), the road ahead may be uncertain. But with innovative approaches – like that of Gamesa in Spain, which has recruited staff from the car industry and used their expertise to streamline its wind turbine production – a “just transition” will be possible.

    Phil Tomlinson receives funding from the Engineering and Physical Sciences Research Council (EPSRC) for Made Smarter Innovation: Centre for People-Led Digitalisation.

    David Bailey receives funding from the ESRC’s UK in a Changing Europe programme.

    – ref. Grangemouth job losses are a stark reminder of the cost of a greener industrial future – https://theconversation.com/grangemouth-job-losses-are-a-stark-reminder-of-the-cost-of-a-greener-industrial-future-239132

    MIL OSI – Global Reports –

  • MIL-OSI: IDT Corporation to Report Fourth Quarter and Fiscal Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NEWARK, NJ, Sept. 23, 2024 (GLOBE NEWSWIRE) — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications solutions, has scheduled its report of financial and operational results for the fourth quarter and fiscal year 2024 (the three and twelve months ended July 31, 2024) on Tuesday, October 8, 2024.

    IDT’s earnings release will be issued and posted on the IDT investor relations website (https://www.idt.net/investors-and–media) at approximately 4:30 PM Eastern.

    IDT will host an earnings conference call beginning at 5:30 PM Eastern with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and provide the following access code: 126998).

    A replay of the conference call will be available approximately three hours after the call concludes through October 22, 2024. To access the call replay, dial 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and provide this replay passcode: 51021. The replay will also be accessible via streaming audio at the IDT investor relations website.

    ABOUT IDT CORPORATION

    IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and BOSS Revolution Calling make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.

    Contact:
    Bill Ulrey
    IDT Investor Relations
    Phone: (973) 438-3838
    E-mail: invest@idt.net

    ###

    The MIL Network –

  • MIL-OSI: Wearable Devices Announces First Half 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    YOKNE’AM ILLIT, Israel, Sept. 23, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd.  (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, today announced its financial results for the six months ended June 30, 2024.

    First Half 2024 Financial Results and Recent Company Highlights:

    • Recognized initial revenue from the sale of business-to-consumer (B2C) focused Mudra Band for Apple Watch and business-to-business (B2B) collaborations, totaling $394 thousand.

    Mudra Band:

    • Enhanced product proposition for flagship product: We have introduced two major new features for our Mudra Band: touchless gesture control for Apple Watch, allowing users to manage tasks hands-free, and integration with ChatGPT, enabling users to interact with AI directly via predefined gestures and voice commands on their Apple Watch. These innovations enhance convenience, accessibility, and AI-powered functionality for on-the-go multitasking.
    • Announced new innovative and disruptive product- the Mudra Link: Currently receiving preorders for Mudra Link, the first AI neural interface wristband for Android and beyond, providing advanced neural input technology for Android users. Official launch expected in the first quarter of 2025.
    • Expanded market potential with range of new supported devices: Now supports the Apple Vision Pro, in addition to other Apple devices including Mac, iPad, Apple TV and iPhone, allowing Apple users to extend their gesture control experience.

    Global B2B collaborations:

    • Signed an agreement with Qualcomm Technologies (“Qualcomm”) to collaborate in elevating extended reality (“XR”) experiences with Mudra neural technology and successfully completed the first phase of integration of Mudra technology with Qualcomm’s Snapdragon Spaces XR developer platform.
    • Fortune 500 consumer electronics corporation has purchased a special license for a state-of-the-art Mudra Development Kit (“MDK”) to evaluate certain deep-level capabilities of the MDK for developing next-generation user interfaces.
    • Announced successful demonstrations of the Mudra technology on Lenovo’s ThinkReality XR headset, at the Augmented World Expo (AWE) 2024.
    • Signed reseller agreement to enhance licensing program presence in South Korea and China.
    • Strengthened presence in the defense sector and delivered custom touchless technology to global defense company as part of an ongoing collaboration.

    In the first half of 2024, Wearable Devices continued recognizing revenue from the sale of Mudra Band for Apple Watch, the Company’s flagship B2C product, which began shipping towards the end of 2023. Revenues for the six months ended June 30, 2024 were $394 thousand, increasing from approximately $12 thousand compared to the six months ended June 30, 2023. Net loss increased to $4.2 million, or $(0.21) per basic and diluted share, in the six months ended June 30, 2024, compared to net loss of $3.9 million, or $(0.26) per basic and diluted share, for the six months ended June 30, 2023, primarily related to an increase in the Company’s operating expenses associated with its continued efforts to scale its business activity.

    Asher Dahan, Chairman of the Board and Chief Executive Officer of Wearable Devices, commented, “In the first half of 2024, we increased the delivery of our flagship B2C product, the Mudra Band for Apple Watch. After an extended preorder period during which the Mudra Band generated strong customer interest, we began shipping the product towards the end of 2023 and are pleased to have reached this important milestone.

    Subsequent to the close of the first half of 2024, we announced the launch of our new Mudra Link wristband, bringing our state-of-the-art neural input Mudra technology to a broader range of operating system platforms, including iOS, Android, Windows, and macOS. This has been a major initiative for our business, and the logical next step in our growth trajectory. With preorders now open and an official launch planned for the first half of 2025, we expect the Mudra Link to significantly expand our addressable market as we tap into the large and expanding population of Android, Windows, and macOS users.

    We continue to invest in our business, as reflected in the modest increases in research and development, sales and marketing, and general and administrative expenses in the period. We’re still in the early stages of growth in the broader wearables industry, and Wearable Devices is well positioned to be a leader in the space given our patented AI-based neural input interface technology.”

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbols “WLDS” and “WLDSW”, respectively.

    Forward-Looking Statement Disclaimer

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

    IMS Investor Relations
    203.972.9200
    wearabledevices@imsinvestorrelations.com

         
    INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)    
    U.S. dollars (in thousands)          
               
        June 30,   December 31,  
        2024   2023  
    ASSETS          
               
    CURRENT ASSETS:          
               
    Cash and cash equivalents   3,103   810  
    Short-term bank deposits   57   4,045  
    Account receivable   47   –  
    Governmental grant receivable   7   108  
    Other receivables and prepaid expenses   306   757  
    Inventories   1,218   1,032  
               
    TOTAL CURRENT ASSETS   4,738   6,752  
               
    NON-CURRENT ASSETS:          
               
    Long-term bank deposits   –   54  
    Right-of-use assets   458   592  
    Property and equipment, net   176   194  
               
    TOTAL NON-CURRENT ASSETS   634   840  
               
    TOTAL ASSETS   5,372   7,592  
               
               
    INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)          
    U.S. dollars (in thousands)          
               
        June 30,   December 31,  
        2024   2023  
    LIABILITIES AND SHAREHOLDERS’ EQUITY          
               
    CURRENT LIABILITIES:          
    Accounts payables   175   410  
    Advance payments   101   312  
    Accrued payroll and other employment related accruals   641   579  
    Convertible promissory note   1,934   –  
    Accrued expenses   386   190  
    Lease liabilities   296   297  
    TOTAL CURRENT LIABILITIES   3,533   1,788  
    Lease liabilities   144   278  
    TOTAL LIABILITIES   3,677   2,066  
               
    SHAREHOLDERS’ EQUITY          
    Ordinary shares, NIS 0.01 par value:   58   57  
    Authorized 50,000,000 as of June 30, 2024 and December 31, 2023; issued and outstanding 20,887,428 shares as of June 30, 2024 and 20,387,428 shares as of December 31, 2023  
    Additional paid-in capital   27,070   26,692  
    Accumulated losses   (25,433)   (21,223)  
               
    TOTAL SHAREHOLDERS’ EQUITY   1,695   5,526  
               
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   5,372   7,592  
               
    INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)          
    U.S. dollars (in thousands)          
               
        Six months ended
    June 30,
    2024
    		     Six months
    ended
    June 30,
    2023 
               
         U.S. dollars
    in thousands
        (except per share amounts)
               
    Revenues   394     12
    Expenses:          
    Cost of revenues   (315)     (3)
    Research and development, net   (1,616)     (1,560)
    Sales and marketing expenses   (1,083)     (1,050)
    General and administrative expenses   (1,601)     (1,453)
    OPERATING LOSS   (4,221)     (4,054)
    FINANCING INCOME, NET   11     158
               
    NET LOSS AND TOTAL COMPREHENSIVE LOSS   (4,210)     (3,896)
               
    Net loss per ordinary share, basic and diluted   (0.21)     (0.26)
               
    Weighted average number of ordinary shares outstanding basic and diluted   20,392,984     15,254,457
               
                 
    INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    U.S. dollars (in thousands)    		            
                   
        Six months ended  
    June 30,
        2024     2023  
    CASH FLOWS FROM OPERATING ACTIVITIES:            
    Net loss   (4,210)     (3,896)  
                 
    Adjustments required to reconcile net loss to net cash used in operating activities              
                 
    Depreciation   54     23  
    Accrued interest on deposits   39     *(19)  
    Interest expenses on convertible promissory note   14     –  
    Share based compensation expenses   112     109  
    Unrealized gain from foreign currency derivative activities   61     –  
                 
    Changes in operating assets and liabilities items:            
    Increase in inventory   (186)     (6)  
    Increase in accounts receivables   (47)     –  
    Decrease (increase) in governmental grants receivables   101     (29)  
    Decrease (increase) in other receivables and prepaid expenses   380     (95)  
    (Decrease) increase in advance payments   (211)     20  
    Decrease in deferred revenues   –     (12)  
    Decrease in accounts payable   (236)     (44)  
    Increase in accrued payroll and other employment related accruals   62     163  
    Increase in accrued expenses   206     48  
    Net cash used in operating activities   (3,861)     (3,738)  
                 
    CASH FLOWS FROM INVESTING ACTIVITIES:            
    Purchase of property and equipment   (36)     (93)  
    Proceeds (investments) associated with deposits, net   4,003     *(2,036)  
    Net cash (used in) provided by investing activities   3,967     (2,129)  
                 
    CASH FLOWS FROM FINANCING ACTIVITIES:            
    Proceeds from issuance of convertible promissory note   1,920     –  
    Proceeds from issuance of ordinary shares as a result of exercise of warrants   –     1,448  
    Proceeds from issuance of ordinary shares associated with the SEPA   267        
    Net cash provided by financing activities   2,187     1,448  
                 
    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   2,293     (4,419)  
    CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   810     10,373  
    CASH AND CASH EQUIVALENTS AT END OF PERIOD   3,103     5,954  
         
    SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
    Interest received from deposits 110       159  
    Right-of-use asset recognized against lease liability –       446  
                   
                   
    *Reclassified              

    The MIL Network –