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  • MIL-OSI United Kingdom: Great British Energy Lands Deal to Deliver Offshore Wind Jobs

    Source: United Kingdom – Government Statements

    Press release

    Great British Energy Lands Deal to Deliver Offshore Wind Jobs

    Britain’s workers in industrial heartlands such as Teesside, Scotland, South Wales and East Anglia to benefit from a deal for the country’s industrial renewal.

    • Britain’s workers and industries supported as Energy Secretary and Great British Energy announce a major public-private deal to drive investment into offshore wind jobs.
    • Great British Energy’s initial investment of £300 million to catalyse a further £700 million from industry and The Crown Estate, taking the total pot to £1 billion as part of the Industrial Strategy.
    • Comes as Clean Industry Bonus allocations are confirmed, as government turbocharges delivery of clean energy jobs and growth through the Plan for Change.

    Britain’s workers in industrial heartlands such as Teesside, Scotland, South Wales and East Anglia are set to benefit from a major deal crowding in investment for the country’s industrial renewal.

    The government and Great British Energy, the UK’s publicly owned clean power company, have today (17 June) joined forces with industry and The Crown Estate to invest £1 billion in offshore wind supply chains. This will secure Britain’s renewal through manufacturing facilities and skilled well-paid jobs, delivering on government’s mission to make the UK a clean energy superpower.

    Investment comes after the Spending Review confirmed the biggest programme of investment in homegrown energy in history and forms part of the government’s Industrial Strategy – which will include clean energy industries – sending a clear signal to the world to ‘Build it in Britain’.

    This investment will power the next generation of offshore wind in Britain, supporting British innovation from blueprint to blade. By backing the manufacturing of turbines, floating platforms, HVDC cables, and cutting-edge technologies, alongside upgrading vital port infrastructure from Leith and Teesside to Great Yarmouth and Port Talbot. This investment will unlock thousands of jobs, kickstarting growth in coastal communities and industrial towns, and secure a cleaner, more independent energy future for Britain.

    The funding is made up of:

    • £300 million announced by Great British Energy in April, which provides upfront public investment to crowd in funding from the private sector into Britain’s industrial regions.
    • £400 million from The Crown Estate, intended to support new infrastructure, including ports, supply chain manufacturing and research and testing facilities.
    • £300 million being developed by the offshore wind industry to match fund government through the Industrial Growth Plan, to deliver new investments into supply chains such as advanced turbines technologies and foundations and substructures.

    This takes the pot to £1 billion, building the industries of the future in Britain, such as floating offshore wind, and securing the UK as an attractive investment destination for international investors and existing UK companies. 

    Funding will support thousands of additional jobs – from the electricians manufacturing the turbines and blades to the engineers responsible for the construction and maintenance of wind farms. The government is giving long-term industrial certainty to hardworking British people as part of the Plan for Change.

    Energy Secretary Ed Miliband said:

    This is an unprecedented collaboration between public and private investors with Great British Energy crowding in millions of private sector investment from industry and The Crown Estate, to ensure that British companies and workers win the global race for clean energy.

    We are witnessing the coming of age of Britain’s green industrial revolution as we build this new era of clean energy abundance, helping deliver new jobs, energy security and lower household’s bills through our Plan for Change.

    Great British Energy Chief Executive Dan McGrail said:

    Today’s announcement highlights the unique role Great British Energy can play in the market. By providing state-backed, catalytic investment, we can deliver on our remit to crowd-in investment, giving much needed certainty to developers and investors in the clean energy sector. GBE will continue to support domestic supply chains, driving sustainable economic growth for all corners of the UK.

    RenewableUK’s Deputy Chief Executive Jane Cooper said:

    A concerted focus from industry and Government on growing the offshore wind industry’s supply chain in the UK could deliver an extra 10,000 jobs between now and 2035, boosting the UK’s economy by £25 billion. Our sector is stepping up, working closely with the Energy Secretary and the Crown Estate to create new opportunities for manufacturing high-value goods like turbine towers, blades, foundations and cables, and providing high quality jobs building, operating and maintaining offshore wind farms.

    Our ambition is to transform quaysides around our coastline into clusters of global excellence in offshore wind, bringing new jobs and investment to communities which often badly need economic renewal.

    Richard Sandford, Chair of the Offshore Wind Industry Council, said;

    Growing our supply will avoid the kind of bottlenecks that push up costs and cause delays, so it is good for developers, consumers and our Clean Power Mission. We are working to match the Government’s funding to support a homegrown supply chain, and drive long-term sector growth. It’s vital that industry and Government keep working together to remove barriers so that we can get more capacity through clean power auctions and more funding to the supply chain.

    Gus Jaspert CMG, Managing Director, Marine at The Crown Estate, said:

    The power of offshore wind is not just in secure, green energy, but also in the opportunity to create jobs, investment and support economic growth across the country.  As our ambition on renewable energy grows, so too does our ambition to grow the UK’s supply chain and infrastructure.  Scaling up investment in our domestic supply chain will propel the UK towards its clean energy goals and take our world-leading sector to the next level, supporting thousands more jobs and creating an increasingly attractive environment for investors.

    The funding comes as Great British Energy have announced that leading public finance and investment institutions have come together to accelerate the deployment of funding, supporting domestic supply chain development for offshore wind projects.

    Great British Energy will bring together the National Wealth Fund, The Scottish National Investment Bank, The Crown Estate, Crown Estate Scotland and The Development Bank of Wales, agreeing to develop a unified public finance ‘ecosystem’ to build Britain’s offshore wind supply chains.

    The government will also allocate up to £544 million from its Clean Industry Bonus, which provides funding to offshore wind developers for prioritising their investment into some of Britain’s most deprived communities, and in cleaner supply chains. 

    Funding will go to developers investing in regions such as Scotland, the North East and the East Anglia. Subject to the outcome of this year’s renewables auction, industry estimates this could support up to 14,000 jobs, and drive up to £9 billion of private funding into these communities over the next four years.  For every £1 spent on the bonus, it is estimated to crowd in £17 of private investment.

    This means unlocking private sector investment into manufacturers of electrical equipment, heavy steel products, upgraded port facilities and the high-tech components needed to build floating and fixed offshore wind farms.

    This will support good jobs for British people in these regions – delivering the government’s mission to become a Clean Energy Superpower and Plan for Change.

    Notes to editors: 

    Offshore wind supply chains:

    • The funding comes as Great British Energy today have announced that leading public finance and investment institutions have come together to accelerate the deployment of funding, supporting domestic supply chain development for offshore wind projects.
    • Great British Energy, The National Wealth Fund, The Scottish National Investment Bank, The Crown Estate, Crown Estate Scotland and The Development Bank of Wales have each agreed to develop a unified, integrated public finance ecosystem to support the growth of the UK’s offshore wind sector.
    • Developers are set to contribute to the pot once they have secured a Contracts for Difference in the next auction round (AR7).

    Clean Industry Bonus:

    • Industry applied for Clean Industry Bonus in their numbers, with hundreds of bids, in a major vote of confidence for the Prime Minister’s mission to become a Clean Energy Superpower.   
    • Up to £200 million has been allocated to invest in clean energy facilities in the North East, unlocking up to an additional £4 billion private sector investment into manufacturers such as electrical equipment and heavy steel products.     
    • Up to £185 million has been allocated to Scotland, unlocking up to £3.5 billion private sector investment in ports and high-tech components needed to build floating and fixed offshore wind farms.    
    • The East of England has been allocated up to £20 million and Northern Ireland has up to £25 million to develop clean energy manufacturing capacity. 

    Offshore wind developers will now go on to bid for contracts to deliver their projects, as part of the next Contracts for Difference renewables round. This means there will be some attrition in winning CIB bids. Those project that win CfD contracts can then finalise the above investments into factories, with any unsuccessful projects in the main auction able to bid again next year.

    Updates to this page

    Published 17 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI: International Defense Ministry Awards BIO-key over $600K in Follow-On Orders for Secure Biometric Access to Critical Information

    Source: GlobeNewswire (MIL-OSI)

    HOLMDEL, N.J., June 17, 2025 (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 the cyber-defense unit of one of the world’s most renowned defense ministries has placed over $600K in new orders for BIO-key’s biometric user authentication solution. The orders are for additional biometric hardware and authentication software to be shipped in the current quarter.

    The defense ministry has deployed BIO-key’s biometric authentication solution into new programs delivering convenient and positive authentication access to digital services for over 47,000 users utilizing over 40,000 BIO-key fingerprint scanners. BIO-key expects additional awards in future periods as the defense ministry expands the use of its solution.

    BIO-key’s secure biometric authentication platform has proven highly reliable, less costly and more secure than hardware security keys. BIO-key worked closely with the ministry’s cybersecurity team to integrate its state-of-the-art, cloud-enabled biometric authentication with the ministry’s authentication federation platform to deliver advanced, secure biometric access to systems and applications across organizational boundaries. Because BIO-key credentials are inherent to the individual themselves, secure access cannot be shared, delegated, phished or forgotten.

    Jim Sullivan, BIO-key’s SVP Strategy and Chief Legal Officer, said, “This organization is considered one of the most sophisticated consumer and developer of cybersecurity technologies in the world. It speaks volumes about BIO-key’s relentless innovation to be a component of such a strategic and sizeable deployment. BIO-key’s unique technology provides a means to quickly add new users without the need for cumbersome token or phone provisioning steps. It is an honor to be trusted to provide the highest level of security possible by ensuring only the right user can access “for-your-eyes-only” information. BIO-key sees growing adoption for high-stakes applications in the defense vertical as we continue to expand on our base of decade-plus customers deploying secure, robust solutions in government, manufacturing, finance and retail.”

    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 cloud-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 factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. 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.

    Engage with BIO-key
    Corporate
    Facebook: https://www.facebook.com/BIOkeyInternational/
    LinkedIn:  https://www.linkedin.com/company/bio-key-international
    X: @BIOkeyIntl
    Investors
    X: @BIO_keyIR
    StockTwits: @BIO_keyIR

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

    The MIL Network –

  • MIL-OSI: Oxbridge / SurancePlus to Speak at Yield Day NYC and Attend Permissionless IV

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, June 17, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), together with its subsidiary SurancePlus, is engaged in the tokenization of Real-World Assets (“RWAs”), initially with tokenized reinsurance securities and in providing reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United States.

    Today, the company is pleased to announce its upcoming participation in Yield Day NYC and Permissionless IV, two leading events advancing real-world asset (RWA) innovation and institutional adoption in decentralized finance.

    On Monday, June 23rd, SurancePlus will be a featured sponsor and speaker at Yield Day NYC, hosted by RWA Builders at Apella, Suite 200 in Midtown Manhattan. The featured panel, “The Dividend Layer of DeFi,” at 4:45 PM ET will include:

    • Jay Madhu, Chairman and CEO of Oxbridge and SurancePlus
    • David Silverman, SVP of Strategic Product Initiatives, Polygon Labs
    • Mike Revy, Founder and CEO, Bulla Network
    • Anil Jaladi, Founder and CEO, cSigma Finance (Moderator)

    As a network member of RWA Builders, SurancePlus is proud to be part of the growing ecosystem enabling institutional-grade RWA tokenization through compliant, forward-looking infrastructure.

    From there, the Oxbridge and SurancePlus team will attend Permissionless IV, held June 24–26 at Industry City in Brooklyn—one of the largest global gatherings for developers, capital allocators, and blockchain innovators. The event features keynotes, panels, workshops, and side events focused on scaling institutional adoption and real-world applications of on-chain finance.

    Team members will be on-site throughout both events to meet with partners, showcase Oxbridge’s tokenized reinsurance offerings—EtaCat Re and ZetaCat Re—and engage with prospective collaborators on new strategic opportunities.

    Investors, asset managers, and collaborators are encouraged to contact the team to arrange a meeting.

    This announcement follows yesterday’s release of a new partnership between SurancePlus and Midnight, a privacy-first blockchain developed by the creators of Cardano. Chosen as one of SurancePlus’ partnered blockchain networks, Midnight brings powerful privacy infrastructure at a time when a growing number of global qualified investors are seeking confidentiality alongside compliance. The collaboration enables privacy-enabled, audit-grade RWA tokenization—advancing a new standard for secure, transparent, and compliant capital flows.

    Jay Madhu, CEO of Oxbridge, commented, “We look forward to joining Yield Day and Permissionless IV. These events bring together credible builders and capital allocators focused on the future of real-world assets. As interest in on-chain privacy grows, our partnership with Midnight broadens the infrastructure we can explore for secure, compliant reinsurance on-chain.”

    Meet Oxbridge / SurancePlus in New York

    Investors and potential partners interested in Oxbridge and SurancePlus’ tokenized reinsurance offerings are encouraged to connect with the team during the event. Contact details are provided below.

    Disclaimer: This press release does not constitute an offer to sell nor a solicitation of an offer to buy the EtaCat Re or ZetaCat Re tokenized reinsurance securities (the “Securities”). The Securities are not required to be, and have not been, registered under the United States Securities Act of 1933, as amended, in reliance on the exemptions provided by Regulation S and SEC Rule 506(c) thereunder. Offers and sales of the Securities are made only by, and pursuant to, the terms set forth in the Confidential Private Placement Memorandum relating to the Securities. The offering of the Securities is not being made to persons in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction.

    About Oxbridge Re Holdings Limited

    Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

    Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.

    Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non U.S. investors.

    Company Contact:
    Oxbridge Re Holdings Limited
    Jay Madhu, CEO
    +1 345-749-7570
    jmadhu@oxbridgere.com

    Forward-Looking Statements

    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2024 and in our other filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

    The MIL Network –

  • MIL-OSI: The Keg Royalties Income Fund Enters into Arrangement Agreement

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. News wire services or dissemination in the U.S.

    VANCOUVER, British Columbia, June 17, 2025 (GLOBE NEWSWIRE) — The Keg Royalties Income Fund (the “Fund”) (TSX: KEG.UN) today announced that, further to the non-binding letter of intent previously announced on May 5, 2025 (the “LOI”), it has entered into an arrangement agreement (the “Arrangement Agreement“) with 1543965 B.C. Ltd. (the “Purchaser“) an affiliate of Fairfax Financial Holdings Limited (collectively with its affiliates, “Fairfax”) pursuant to which the Purchaser has agreed to acquire all of the issued and outstanding units of the Fund (“Units”) other than Units already owned by Fairfax, for a price of $18.60 per Unit (the “Purchase Price”), payable in cash (the “Transaction”). The Transaction is not subject to a financing condition. The Fund will continue to pay its monthly cash distribution to unitholders (“Unitholders”) until the Transaction is completed, including a prorated cash distribution for the month in which the closing of the Transaction (the “Closing”) occurs, as well as a special cash distribution based on the Fund’s historical practice of paying annual special distributions, prorated for the portion of the fiscal year completed as of the Closing.

    Kip Woodward, Chairman of the Fund, commented, “The Transaction offers the Fund’s unitholders a substantial premium at a compelling valuation, as well as immediate liquidity. It also provides the Keg business with additional financial flexibility in the hands of a committed, well-capitalized owner with a long-term perspective. We are very pleased to have reached this definitive agreement with Fairfax for our unitholders, following our announcement of the non-binding LOI last month.”

    Benefits of the Transaction to Unitholders

    The Transaction, if completed, will provide numerous benefits to Unitholders, including the following:

    • Compelling Value and Significant Premium – the Purchase Price represents a 30.8% premium to the closing price for the Units on May 2, 2025 (the last trading day prior to the announcement of the LOI), and a 34.7% premium to the 20-day volume weighted average trading price as of that date.
    • Certainty and Immediate Liquidity – the Purchase Price is 100% payable in cash, with no financing condition, providing Unitholders with certainty and immediate liquidity.
    • Continued Distributions to Closing – the Fund will continue to pay its monthly cash distribution to Unitholders of $0.0946 per Unit until the Transaction is completed, including a prorated monthly distribution for the month in which the Closing occurs, as well as a special cash distribution based on the Fund’s historical practice of paying annual special distributions, with such special cash distribution being set at $0.055 per Unit for the 2025 fiscal year, prorated for the portion of the fiscal year completed as of the Closing.

    Trustee Recommendation

    The Transaction is the product of extensive, arm’s length negotiations that took place between the board of trustees of the Fund (the “Trustees”) and representatives of Fairfax. Throughout the negotiations, the Trustees were advised by independent and highly qualified legal and financial advisors.

    In connection with their review of the Transaction, the Trustees retained Fort Capital Partners (“Fort Capital”) as its independent valuator in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). Fort Capital delivered an oral opinion to the Trustees that, as of June 16, 2025, and subject to certain assumptions, limitations and qualifications to be set forth in the written formal valuation that will be included in the management information circular (the “Circular“) that will be sent to the Unitholders in connection with the special meeting to be called to approve the Transaction (the “Special Meeting“), the fair market value of the Units is in the range of $16.50 to $19.50 per Unit (the “Formal Valuation“). Fort Capital has also delivered an oral fairness opinion to the Trustees that, as of June 16, 2025, and subject to the assumptions, limitations and qualifications to be set forth in Fort Capital’s written fairness opinion that will be included in the Circular, the consideration to be received by the Unitholders (other than Fairfax) pursuant to the Transaction is fair, from a financial point of view, to the Unitholders (other than Fairfax) (the “Fort Capital Fairness Opinion“).

    Additionally, Capital West Partners (“Capital West”), financial advisor to the Trustees, provided an oral fairness opinion to the Trustees stating that, as of June 16, 2025, and subject to certain assumptions, limitations and qualifications to be set forth in Capital West’s written fairness opinion that will be included in the Circular, the consideration to be received by the Unitholders (other than Fairfax) pursuant to the Transaction is fair, from a financial point of view, to the Unitholders (other than Fairfax) (together with the Fort Capital Fairness Opinion, the “Fairness Opinions“).

    The Trustees of the Fund, after receiving legal and financial advice, the Fairness Opinions and the Formal Valuation, have unanimously determined that the Transaction is in the best interests of the Fund and fair to the Unitholders (other than Fairfax) and unanimously recommend that the Unitholders vote in favour of the Transaction.

    Copies of the Formal Valuation and the Fairness Opinions, as well as additional details regarding the terms and conditions of the Transaction, will be contained in the Circular, which will be filed with applicable Canadian securities regulators, made available on the SEDAR+ profile of the Fund at www.sedarplus.ca and mailed to the Unitholders in connection with the Special Meeting.

    Transaction Structure and Details

    The Transaction is structured as a statutory plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which, among other things, the Purchaser will acquire all of the issued and outstanding Units, other than Units already owned by Fairfax, for the Purchase Price payable in cash.

    The Transaction is expected to close in the third quarter of this year and is subject to customary closing conditions, including court approval, the approval of the Unitholders (as further described below), approval of the Toronto Stock Exchange and regulatory approval under the Competition Act (Canada).

    Completion of the Transaction will be subject to the approval of (i) more than two-thirds (66 2/3%) of the votes cast by Unitholders present in person or represented by proxy at the Special Meeting and (ii) the majority of the votes cast by Unitholders present in person or represented by proxy at the Special Meeting, excluding the votes of Fairfax (which currently owns approximately 33.92% of the Units on a fully-diluted basis, including securities exchangeable into Units (“Exchangeable Units”)) and any other Unitholders whose votes are required to be excluded for the purposes of “minority approval” under MI 61-101. Further details regarding the applicable voting requirements will be contained in the Circular.

    The Trustees and certain other Unitholders, including individuals who are directors and/or officers of certain subsidiaries of the Fund, and, as previously announced, the largest holder of outstanding Units (without taking into account any Exchangeable Units held by Fairfax), have agreed to vote their respective Units, if any, in favour of the resolution approving the Transaction, subject to certain customary conditions set forth in voting and support agreements (the “Support Agreements”). These Unitholders who have entered into Support Agreements currently hold an aggregate of approximately 14.7% of the issued and outstanding Units on an undiluted basis (representing approximately 9.9% of the issued and outstanding Units on a fully diluted basis, including the Exchangeable Units).

    Advisors

    Capital West Partners and Lawson Lundell LLP are acting as financial advisor and legal advisor, respectively, to the Trustees in respect of the Transaction. Torys LLP is acting as legal advisor to Fairfax in respect of the Transaction.

    Forward Looking Information

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. This information includes, but is not limited to, statements concerning the Fund’s objectives, its strategies to achieve those objectives, as well as statements made with respect to the Trustees’ beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “estimates”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent the Trustees’ expectations, estimates and projections regarding future events or circumstances. Forward-looking information in this news release, which includes, among other things, statements relating to the Transaction (including statements in respect of the consummation of the Transaction, the payment of cash distributions, and the satisfaction of the conditions precedent thereto, in each case, if at all), is necessarily based on a number of opinions and assumptions that the Trustees considered appropriate and reasonable as of the date such statements are made in light of their experience, current conditions and expected future developments, including the assumption that the Transaction can be completed on acceptable terms and that any conditions precedent can be satisfied.

    Risks and uncertainties related to the Transaction include, but are not limited to: the possibility that the Transaction will not be completed on the terms and conditions currently contemplated; failure of the Fund and Fairfax to obtain the required regulatory, court, stock exchange and Unitholder approvals for, or satisfy other conditions to effect, the Transaction; the risk that the Transaction may involve unexpected costs, liabilities or delays; the risk of a change in general economic conditions; the risk that, prior to the completion of the Transaction, the business of KRL (as defined below) may experience significant disruptions; the risk that any legal proceedings may be instituted against the Fund or determined adversely to the interests of the Fund; and other risk factors contained in filings made by the Fund with the Canadian securities regulators, including the Fund’s annual information form dated March 25, 2025 and financial statements and related management discussion and analysis for the financial year ended December 31, 2024 filed with the securities regulatory authorities in certain jurisdictions of Canada and available at www.sedarplus.ca.

    Although the Trustees have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to them or that they presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward- looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the Fund’s expectations as of the date of this news release (or as the date they are otherwise stated to be made) and are subject to change after such date. However, the Fund disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.

    About The Keg Royalties Income Fund

    The Fund is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, a subsidiary of the Fund, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). Vancouver-based KRL is the leading operator and franchisor of steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL has been named the number one restaurant company to work for in Canada in the latest edition of Forbes “Canada’s Best Employers 2025” survey.

    About Fairfax Financial Holdings Limited

    Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

    The MIL Network –

  • MIL-OSI: Combining Sustainable Growth with Performance: Boralex Announces Its Strategic Plan and Financial Objectives for 2030

    Source: GlobeNewswire (MIL-OSI)

    MONTRÉAL, June 17, 2025 (GLOBE NEWSWIRE) — Boralex inc. (“Boralex” or the “Company”) (TSX: BLX) announces its Strategic Plan and Financial Objectives for 2030.

    2030 Strategy Highlights

    • Acceleration of organic growth, leveraging our high-quality pipeline of projects and growth path
    • Maintain disciplined financial management with precise expected returns indicators, a solid balance sheet, flexible and agile financing and the introduction of a cash flows per share growth objective.  
    • Three simplified pillars: growth, efficiency and long-term differentiation.
    • Two markets in strong leadership position: Canada, with strong growth potential in Quebec and Ontario, and France, with significant potential to optimize revenues and cash flows from operating assets.
    • Two expanding markets: certain U.S. states, including solar in New York State, and the United Kingdom through the development of a long-term growth platform.
    • Increase in the weighted average remaining contract duration1 from 11 years in 2024 to 14 years by 2030.
    • Keeping up the pace of growth: double the Company’s installed capacity2 every five years within a diverse, inclusive, and responsible work environment aimed at a net-zero trajectory by 2050.

    “We are very proud to present the results of our 2030 strategic planning exercise. In a context where climate risk remains one of the main business risks globally, our strategy aims to combine sustainable growth with performance through the production of renewable and affordable energy,” said Patrick Decostre, President and Chief Executive Officer of Boralex. “By executing this plan, we are unlocking the full potential of our business model, which will allow us to seize the most promising opportunities in the four markets where we are already active and where demand for renewable energy is growing rapidly,” he added.

    “This growth, supported by a development projects pipeline and growth path of 8 GW, will be carried out in a disciplined manner and will continue to focus on securing long-term power purchase agreements with an increasingly diversified customer base. Moreover, the increase in the weighted average remaining duration of our contracts from 11 to 14 years will enable us to implement highly competitive financing structures and reinvest these long-term secured funds into an increasing number of profitable projects in the coming years,” Mr. Decostre continued.

    Boralex’s 2030 Strategy is rooted in a long-term value creation perspective, as it will enable targeted investments in projects that will materialize not only over the next five years, but also in following years, replicating the approach adopted in the 2021-2025 Strategic Plan. The 2030 Strategy builds on the significant efforts made over the past five years to create a high-quality development portfolio, enabling us to set fully organic growth targets over which we have greater control. As a result, this approach carries a lower level of risk compared to the previous plan, which relied on an important expected portion coming from mergers and acquisitions.

    Financial Objectives and Main Business Indicators 2025–20303

    100% Organic financial objectives

    • Compound annual growth rate (CAGR)4 of operating income between 12% to 14%, consolidated EBITDA(A)4 between 7% to 9% and combined EBITDA(A)4 between 8% to 10%.
    • CAGR of cash flows related to operating activities per share4 and of discretionary cash flows per share4 between 8% to 10%.

    Main business indicators

    • Total planned investments4 of $6.8 billion plus $1.2 billion for projects scheduled to be commissioned after 2030.
    • Minimum levered internal rate of return (IRR)4 on investments threshold between 10% and 12% adjusted for specific risks by region and technology as well as changes in cost of capital.
    • Payout ratio4 of 20% to 40% of discretionary cash flows.

    “Boralex will continue to grow by applying the same financial discipline that has driven its success in recent years. We will become even more agile by further diversifying our sources of financing. This will include a proactive approach to capital recycling for our most mature assets or those with high value-creation potential, as well as evaluating partnerships for larger-scale projects,” said Bruno Guilmette, Senior Vice President and Chief Financial Officer of Boralex.

    “Our 100% organic financial objectives reflect the high potential of our development pipeline and growth path, which has nearly tripled over the past five years. We are also introducing a new target in this plan: the growth of discretionary cash flows per share—a metric aligned with investor expectations and with the variable compensation of our employees. We are therefore highly confident that these objectives, combined with our discipline, will enable Boralex to maximize value creation for its shareholders and all stakeholders,” Mr. Guilmette added.

    Investor Day 2025

    Boralex presented its 2030 Strategy and objectives to a group of investors, financial analysts, and bankers gathered in Toronto. The presentation was also broadcast live for business partners who were unable to attend in person. On this occasion, the executive team and regional leaders outlined the key elements and financial targets of the 2030 Strategy, the various growth opportunities and outlooks by region and technology, as well as the company’s approach to risk management and sustainability. A replay of the event and all presentation materials are available on Boralex’s website in the Investors section.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and in the United Kingdom. Over the past five years, our installed capacity has increased by more than 50% to 3.2 GW. We are developing a portfolio of projects in development and construction of 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, discipline, expertise and diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX. 

    For more information, visit boralex.com or sedarplus.com. Follow us on Facebook and LinkedIn.

    Non-IFRS and other financial measures

    Performance measures

    In order to assess the performance of its assets and reporting segments, Boralex uses various performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. It is important to note that the non-IFRS financial measures should not be considered as substitutes for IFRS measures. They are primarily derived from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. In addition, these non-IFRS financial measures are not audited and have important limitations as analytical tools. Investors are therefore cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.

    Non-GAAP financial measures
    Specific financial measure Use Composition Most directly comparable IFRS measure
    Financial data – Combined (all disclosed financial data) To assess the performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates. Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests.

    Interests in joint ventures and associates, Share in earnings (losses) of joint ventures and associates and Distributions received from joint ventures and associates are then replaced with Boralex’s respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.).

    		 Respective financial data –Consolidated
    Discretionary cash flows To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business. Net cash flows related to operating activities before “change in non-cash items related to operating activities,” less:

    (i) distributions paid to non-controlling shareholders;
    (ii) additions to property, plant and equipment (maintenance of operations);
    (iii) repayments on non-current debt (projects) and repayments to tax equity investors;
    (iv) principal payments related to lease liabilities;
    (v) adjustments for non-operational items; plus
    (vi) development costs (from the statement of earnings).

    		 Net cash flows related to operating activities
    Non-GAAP financial measures – Non-GAAP ratios
    Specific financial measure Use Composition
    Discretionary cash flows per share To assess the amount per share available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business as well as to assess operating results.

    Financial objective 2030

    		 The discretionary cash flows amount divided by the weighted average number of basic outstanding shares.
    Payout ratio To assess ability to sustain current dividends as well as ability to fund its future development.

    Main business indicator 2030

    		 The amount of dividends paid to shareholders divided by the discretionary cash flows amount.
    Other financial measures – Total of segment measures
    Specific financial measure Most directly comparable IFRS measure
    EBITDA(A) Operating income
    Other financial measures – Total of segment measures
    Specific financial measure Most directly comparable IFRS measure
    Compound annual growth rate (CAGR) The CAGR is a growth rate indicating the annual variation as if the growth had been constant throughout the period for a period of more than one fiscal year.
    Net Cash flows related to operating activities per share

    Financial objective 2030    		 The amount of cash flows from operating activities is divided by the weighted average number of basic outstanding shares.
    Total planned investments

    Main business indicator 2030

    		 Total planned investments represent the sums that will need to be invested to complete the projects up to commissioning.
    Internal rate of return (IRR)

    Main business indicator 2030

    		 The IRR is a profitability indicator that measures the average annual return of an investment, taking into account levered cash flows.


    Assumptions regarding forward-looking information

    Assumptions and risk factors regarding the forward-looking information in our 2030 strategic targets are presented below.

    Assumptions regarding forward-looking information
    Forward-looking information Key assumptions Most relevant risk factors
    2030 Installed capacity Results solely from the contribution of organic projects, excluding the impact of potential merger and acquisition transactions. Lag in commissioning time if obtaining the required permits is more complicated and takes longer than expected and if the Corporation encounters issues related to the availability of materials.
    Weighted average residual duration of contracts 2030 Growth of installed capacity according to the strategic plan and obtaining targeted contracts for new projects that will be commissioned. Delay in the commissioning of organic projects and contractual conditions different from those initially planned.
    Projects under construction Investments, EBITDA(A) and forecasted discretionary cash flows to meet the target IRR of 10% to 12% set by management for projects under construction. Possible variation in construction costs related to the complexity of work, the supply of materials and equipment and availability of labour necessary for the construction of projects.
    2030 Operating Result and EBITDA(A) 2030 Prices of energy sales or feed-in premium contracts, proportion of production sold at market prices, annual anticipated production, cost structures to support growth. Competition in requests for proposals, lag in commissioning time for organic projects and completion of merger and acquisition transactions, price curve volatility and weather conditions impacting the total volume of power generated by the Corporation.
    Cash flow per share 2030 Largely related to the expected EBITDA(A), and to project financing ranging from 70% to 80% of the total planned investment and the number of shares outstanding. Possible fluctuations related to deviations in the expected EBITDA(A) target and market conditions for financing and issuing new equity instruments


    Disclaimer regarding forward-looking statements

    Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation’s financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation’s Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.

    Forward-looking statements are based on major assumptions, including those about the Corporation’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate.

    Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex’s MD&A for the fiscal year ended December 31, 2024.

    Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.

    Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes.

    For more information

    Source: Boralex inc.        

    1 The weighted average remaining duration also includes non-activated contracts for newly commissioned sites.
    2 Installed capacity reflects 100% of Boralex’s subsidiaries in which Boralex is the controlling shareholder. It also reflects Boralex’s share in entities over which it does not have control, and which are accounted for using the equity method.
    3 For more information on the key assumptions and risk factors related to the targets of the 2030 strategic plan, refer to the section Non-IFRS financial measures and other financial measures of this press release.
    4 The compound annual growth rate, cash flows from operating activities per share, total planned investments, and internal rate of return are additional financial measures. The Combined is a non-GAAP financial measure and does not have a standardized definition under IFRS. Therefore, this measure may not be comparable to similar measures used by other companies. Discretionary cash flows per share and the payout ratio are non-GAAP ratios and do not have a standardized definition under IFRS. EBITDA(A) is a total of sector measures. In 2024, net cash flows from operating activities amounted to $411 million, after adjusting to exclude the change in accounts payable related to the inframarginal rent contribution, representing an amount of $196 million. This adjustment primarily reflects a payment made during the third quarter of the fiscal year. The inframarginal rent contribution is no longer applicable in 2025. For more details, refer to the section Non-GAAP Financial Measures and Other Financial Measures in this press release.

    The MIL Network –

  • MIL-OSI: Fengate Asset Management and Tilbury Properties achieve financial close on new student residence in Ontario

    Source: GlobeNewswire (MIL-OSI)

    SARNIA, Ontario, June 17, 2025 (GLOBE NEWSWIRE) — Fengate Asset Management (Fengate), in partnership with Tilbury Properties (Tilbury), today announced financial close on a new student residence at Lambton College in Sarnia. The residence will provide much-needed accommodation to 311 college students when it opens in September 2027.

    Fengate and Tilbury were selected to design, construct, finance, operate, and maintain the new on-campus residence following a competitive procurement process. Fengate is managing the investment on behalf of the Fengate Infrastructure Yield Fund and its affiliated entities, including an investment by LiUNA’s Pension Fund of Central and Eastern Canada.

    Located in the heart of Lambton County, Lambton College is a globally recognized leader in education, innovation, and applied research. As the sole post-secondary institution in the region, the College plays a vital role in the community, driving economic development and diversification, propelling social and environmental innovation, and providing quality education to domestic and international students to ensure a thriving skilled workforce.

    “Fengate looks forward to bringing its deep institutional project experience to this new campus residence to provide modern, sustainable accommodation opportunities to Lambton College students in 2027,” said Mac Bell, Managing Director, Infrastructure Investments at Fengate.

    Fengate delivered and is operating the Emily Carr University of Art + Design in British Columbia (B.C.) – the only specialized post-secondary institution in B.C. In 2023, the firm also completed a public-private partnership bundle of six schools in Prince George’s County, Maryland, to provide state-of-the-art schools and 8,000 new desks for K-8 and middle school students.

    “Tilbury is proud to partner with Lambton College on this exciting new student residence,” said Michael Kaye, Founding Partner at Tilbury. “This thoughtfully designed project will modernize the College’s on-campus housing and support the academic and personal success of students for decades to come.”

    Specializing in purpose-built student accommodation, Tilbury takes a collaborative, hands-on approach with its post-secondary partners. The company prides itself on tailoring each project to meet the unique needs of academic institutions, creating exceptional living and learning environments. In September 2025, Tilbury will open a 452-bed residence and dining hall at the University of Windsor, further demonstrating its leadership in on-campus housing development.

    The new campus residence at Lambton College will incorporate energy-efficient systems and sustainable building materials to minimize environmental footprint and will include landscaped green spaces to enhance the campus environment.

    Construction is scheduled to start later this month.

    About Fengate

    Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies, with more than $10 billion of capital commitments under management. The firm has been investing in infrastructure since 2006 with a focus on mid-market greenfield and brownfield infrastructure assets in the transportation, social, energy transition and digital sectors. Fengate is one of North America’s most active infrastructure investors and developers with a portfolio of more than 50 assets. Learn more at www.fengate.com.

    About Tilbury

    Tilbury Properties is a Canadian real estate development firm focused on purpose-built student housing. Founded in 2020, the company has over 1,000 student beds in various stages of development, making it one of the leading developers in Canada’s student housing sector. Learn more at www.tilburyprop.com.

    Media Contact

    Maddison Sharples
    Vice President, Communications and Marketing
    Fengate Asset Management
    +1 416-254-3326
    Maddison.Sharples@fengate.com

    The MIL Network –

  • MIL-OSI: Fengate Asset Management and Tilbury Properties achieve financial close on new student residence in Ontario

    Source: GlobeNewswire (MIL-OSI)

    SARNIA, Ontario, June 17, 2025 (GLOBE NEWSWIRE) — Fengate Asset Management (Fengate), in partnership with Tilbury Properties (Tilbury), today announced financial close on a new student residence at Lambton College in Sarnia. The residence will provide much-needed accommodation to 311 college students when it opens in September 2027.

    Fengate and Tilbury were selected to design, construct, finance, operate, and maintain the new on-campus residence following a competitive procurement process. Fengate is managing the investment on behalf of the Fengate Infrastructure Yield Fund and its affiliated entities, including an investment by LiUNA’s Pension Fund of Central and Eastern Canada.

    Located in the heart of Lambton County, Lambton College is a globally recognized leader in education, innovation, and applied research. As the sole post-secondary institution in the region, the College plays a vital role in the community, driving economic development and diversification, propelling social and environmental innovation, and providing quality education to domestic and international students to ensure a thriving skilled workforce.

    “Fengate looks forward to bringing its deep institutional project experience to this new campus residence to provide modern, sustainable accommodation opportunities to Lambton College students in 2027,” said Mac Bell, Managing Director, Infrastructure Investments at Fengate.

    Fengate delivered and is operating the Emily Carr University of Art + Design in British Columbia (B.C.) – the only specialized post-secondary institution in B.C. In 2023, the firm also completed a public-private partnership bundle of six schools in Prince George’s County, Maryland, to provide state-of-the-art schools and 8,000 new desks for K-8 and middle school students.

    “Tilbury is proud to partner with Lambton College on this exciting new student residence,” said Michael Kaye, Founding Partner at Tilbury. “This thoughtfully designed project will modernize the College’s on-campus housing and support the academic and personal success of students for decades to come.”

    Specializing in purpose-built student accommodation, Tilbury takes a collaborative, hands-on approach with its post-secondary partners. The company prides itself on tailoring each project to meet the unique needs of academic institutions, creating exceptional living and learning environments. In September 2025, Tilbury will open a 452-bed residence and dining hall at the University of Windsor, further demonstrating its leadership in on-campus housing development.

    The new campus residence at Lambton College will incorporate energy-efficient systems and sustainable building materials to minimize environmental footprint and will include landscaped green spaces to enhance the campus environment.

    Construction is scheduled to start later this month.

    About Fengate

    Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies, with more than $10 billion of capital commitments under management. The firm has been investing in infrastructure since 2006 with a focus on mid-market greenfield and brownfield infrastructure assets in the transportation, social, energy transition and digital sectors. Fengate is one of North America’s most active infrastructure investors and developers with a portfolio of more than 50 assets. Learn more at www.fengate.com.

    About Tilbury

    Tilbury Properties is a Canadian real estate development firm focused on purpose-built student housing. Founded in 2020, the company has over 1,000 student beds in various stages of development, making it one of the leading developers in Canada’s student housing sector. Learn more at www.tilburyprop.com.

    Media Contact

    Maddison Sharples
    Vice President, Communications and Marketing
    Fengate Asset Management
    +1 416-254-3326
    Maddison.Sharples@fengate.com

    The MIL Network –

  • MIL-OSI: Intermex and the New York Red Bulls Join Forces to Bring Financial Services to Northeastern Communities Through the Shared Passion for Soccer

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, June 17, 2025 (GLOBE NEWSWIRE) — International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), a leading money remittance provider to Latin America and the Caribbean, today announced a new official partnership with the New York Red Bulls, one of Major League Soccer’s most dynamic and community-focused clubs. This collaboration brings together two organizations committed to serving and celebrating the diverse cultural richness of the Latino community, using soccer as a powerful platform for connection.

    With over 85 million soccer fans across the United States and Latinos representing nearly 70% of MLS viewership, this partnership with the New York Red Bulls strengthens Intermex’s commitment to remain close to its customers in the northeast region — not only through financial services, but by supporting the sport that represents identity, family, and tradition for millions of Latino households.

    “Intermex was built by Latinos for Latinos. Partnering with the New York Red Bulls allows us to engage directly with the vibrant northeast latin communities we proudly serve, in one of the most culturally diverse regions in the world,” said Marcelo Theodoro, Chief Product, Marketing & Digital Officer at Intermex. “NY Red Bulls represents the cutting edge of the sport, This partnership demonstrates Intermex’s ambition to expand, grow, and redefine what it means to move money and provide financial services with meaning in the digital age.”

    “The Red Bulls and Sports Illustrated Stadium are proud to welcome Intermex to our club and venue,” said Scott Epstein, Head of Corporate Partnerships, New York Red Bulls. “As valued partners, we both pride ourselves on the exceptional customer and fan experience we strive to deliver.”

    Through this partnership, Intermex and the New York Red Bulls will collaborate on in-stadium activations, community outreach events, and cultural initiatives that spotlight the passion, pride, and identity that soccer brings to Latino families across the Tri-State area.

    About Intermex
    Founded in 1994, Intermex applies proprietary technology to enable consumers to send money from the United States, Canada, Spain, Italy, the United Kingdom, and Germany to more than 60 countries. The company facilitates digital money movement through its website and mobile app, as well as through a vast network of retail agents and company-operated stores. Headquartered in Miami, Florida, Intermex also operates international offices in Puebla, Mexico; Guatemala City, Guatemala; London, England; and Madrid, Spain. Learn more at www.intermexonline.com.

    About New York Red Bulls
    The New York Red Bulls are one of 29 teams in Major League Soccer (MLS). The club is owned by the global energy drink and media company Red Bull GmbH and plays its home matches at Red Bull Arena in Harrison, New Jersey. Since joining MLS as a founding member in 1996, the Red Bulls have won three Supporters’ Shields, earned multiple playoff appearances, and continue to serve as a leader in youth development through its Academy system. The club is deeply committed to connecting with the diverse communities of the New York and New Jersey metro area through soccer, community programs, and fan engagement. For more information, visit www.newyorkredbulls.com.

    Investor Relations Contact:
    Alex Sadowski
    Investor Relations Coordinator
    ir@intermexusa.com
    305-671-8000

    The MIL Network –

  • MIL-OSI: Richtech Robotics’ AI-Driven Robot ADAM Surpasses 16,000 Drinks Served at Flagship Las Vegas Location

    Source: GlobeNewswire (MIL-OSI)

    Company’s AI-powered robot, ADAM, continues to revolutionize beverage service and free its human counterparts to engage with customers

    LAS VEGAS, June 17, 2025 (GLOBE NEWSWIRE) — Richtech Robotics Inc. (Nasdaq: RR) (“Richtech Robotics” or the “Company”), a Nevada-based provider of AI-powered service robotics, announced today that its cutting-edge robot, ADAM, has officially served over 16,000 drinks at Clouffee & Tea in Town Square, Las Vegas.

    Opened on February 9, 2025, Clouffee & Tea is the Company’s flagship food and beverage concept, showcasing ADAM’s capabilities in a real-world retail setting. The café features a diverse menu of milk teas, coffees, and desserts—all prepared and served with precision and consistency by ADAM.

    Powered by advanced AI and driven by NVIDIA technology, ADAM is designed to engage customers, suggest beverages based on preferences, and execute complex recipes with both speed and accuracy. With two robotic arms operating in seamless coordination, ADAM can deliver a high-quality experience that’s both efficient and entertaining.

    At the core of ADAM’s high-performance service is its proprietary vision-AI system, which monitors each cup in real time and precisely adjusts pour angle, flow rate, and timing to ensure milliliter-level accuracy with every drink. This advanced, closed-loop “perception-to-action” control system not only enables ADAM to deliver premium beverages—it also represents the foundation for a much broader vision. Designed as a versatile robotic coworker, ADAM is built to scale far beyond beverage service, with potential applications across retail, laboratories, and other commercial environments.

    “Surpassing 16,000 drinks served is more than just a milestone—it’s a compelling validation of ADAM’s real-world performance and commercial viability,” said Matt Casella, President of Richtech Robotics. “ADAM combines precision engineering with adaptive AI to deliver a faster, smarter, and more engaging customer experience. This kind of scalable, revenue-generating automation not only transforms service models in food and beverage—it also underscores the broader value proposition for our partners and investors as we expand ADAM’s applications across multiple industries.”

    Richtech Robotics has deployed over 400 robotic solutions across a wide range of industries, including hospitality, retail, healthcare, manufacturing, and entertainment. Its clients include industry leaders such as the Texas Rangers’ Globe Life Field, Golden Corral, Hilton, Sodexo, Boyd Gaming, and many more.

    About Richtech Robotics

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

    Forward Looking Statements

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

    These forward-looking statements are based on Richtech Robotics’ current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements include, among others, risks and uncertainties related to the performance of ADAM and the success of Clouffee & Tea, Richtech Robotics’ products, industry and general economic and market conditions. Investors should read the risk factors set forth in Richtech Robotics’ Annual Report on Form 10-K, filed with the SEC on March 4, 2025, the IPO Registration Statement and periodic reports filed with the SEC on or after the date thereof. All of Richtech Robotics’ forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof. New risks and uncertainties arise over time, and it is not possible for Richtech Robotics to predict those events or how they may affect Richtech Robotics. If a change to the events and circumstances reflected in Richtech Robotics’ forward-looking statements occurs, Richtech Robotics’ business, financial condition and operating results may vary materially from those expressed in Richtech Robotics’ forward-looking statements.

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

    Contact:
    Investors:
    CORE IR
    Matt Blazei
    ir@richtechrobotics.com

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

    The MIL Network –

  • MIL-OSI: Richtech Robotics’ AI-Driven Robot ADAM Surpasses 16,000 Drinks Served at Flagship Las Vegas Location

    Source: GlobeNewswire (MIL-OSI)

    Company’s AI-powered robot, ADAM, continues to revolutionize beverage service and free its human counterparts to engage with customers

    LAS VEGAS, June 17, 2025 (GLOBE NEWSWIRE) — Richtech Robotics Inc. (Nasdaq: RR) (“Richtech Robotics” or the “Company”), a Nevada-based provider of AI-powered service robotics, announced today that its cutting-edge robot, ADAM, has officially served over 16,000 drinks at Clouffee & Tea in Town Square, Las Vegas.

    Opened on February 9, 2025, Clouffee & Tea is the Company’s flagship food and beverage concept, showcasing ADAM’s capabilities in a real-world retail setting. The café features a diverse menu of milk teas, coffees, and desserts—all prepared and served with precision and consistency by ADAM.

    Powered by advanced AI and driven by NVIDIA technology, ADAM is designed to engage customers, suggest beverages based on preferences, and execute complex recipes with both speed and accuracy. With two robotic arms operating in seamless coordination, ADAM can deliver a high-quality experience that’s both efficient and entertaining.

    At the core of ADAM’s high-performance service is its proprietary vision-AI system, which monitors each cup in real time and precisely adjusts pour angle, flow rate, and timing to ensure milliliter-level accuracy with every drink. This advanced, closed-loop “perception-to-action” control system not only enables ADAM to deliver premium beverages—it also represents the foundation for a much broader vision. Designed as a versatile robotic coworker, ADAM is built to scale far beyond beverage service, with potential applications across retail, laboratories, and other commercial environments.

    “Surpassing 16,000 drinks served is more than just a milestone—it’s a compelling validation of ADAM’s real-world performance and commercial viability,” said Matt Casella, President of Richtech Robotics. “ADAM combines precision engineering with adaptive AI to deliver a faster, smarter, and more engaging customer experience. This kind of scalable, revenue-generating automation not only transforms service models in food and beverage—it also underscores the broader value proposition for our partners and investors as we expand ADAM’s applications across multiple industries.”

    Richtech Robotics has deployed over 400 robotic solutions across a wide range of industries, including hospitality, retail, healthcare, manufacturing, and entertainment. Its clients include industry leaders such as the Texas Rangers’ Globe Life Field, Golden Corral, Hilton, Sodexo, Boyd Gaming, and many more.

    About Richtech Robotics

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

    Forward Looking Statements

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

    These forward-looking statements are based on Richtech Robotics’ current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements include, among others, risks and uncertainties related to the performance of ADAM and the success of Clouffee & Tea, Richtech Robotics’ products, industry and general economic and market conditions. Investors should read the risk factors set forth in Richtech Robotics’ Annual Report on Form 10-K, filed with the SEC on March 4, 2025, the IPO Registration Statement and periodic reports filed with the SEC on or after the date thereof. All of Richtech Robotics’ forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof. New risks and uncertainties arise over time, and it is not possible for Richtech Robotics to predict those events or how they may affect Richtech Robotics. If a change to the events and circumstances reflected in Richtech Robotics’ forward-looking statements occurs, Richtech Robotics’ business, financial condition and operating results may vary materially from those expressed in Richtech Robotics’ forward-looking statements.

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

    Contact:
    Investors:
    CORE IR
    Matt Blazei
    ir@richtechrobotics.com

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

    The MIL Network –

  • MIL-OSI: Milton “Todd” Ault III Intends to Step Down as an Officer from Hyperscale Data Upon Divestiture of Ault Capital Group

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, June 17, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that its Founder and Executive Chairman, Milton “Todd” Ault III, has informed the Company that he will resign as the Company’s Executive Chairman but remain as a director upon the effectiveness of the planned divestiture of Ault Capital Group, Inc. (“ACG”), a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.   Hyperscale Data expects to divest itself of ACG on or about December 31, 2025 (the “Divestiture”).

    Following the Divestiture, Mr. Ault, who is also the Executive Chairman of ACG, will focus almost exclusively on leading ACG and its growing portfolio of businesses, including private credit, an artificial intelligence (“AI”) software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations.

    Upon Mr. Ault’s departure, William Horne, Hyperscale Data’s Chief Executive Officer, is expected to continue as such and assume the position of Chairman of the Board. Mr. Horne, who has led the Company’s operational and strategic initiatives, will continue guiding Hyperscale Data’s transformation into an owner and operator of data centers to support high-performance computing (“HPC”) services, though it may for a time continue to mine Bitcoin.

    “This is a natural next step in Hyperscale Data’s evolution,” said Mr. Ault. “With Will at the helm, the Company is well-positioned to deliver on our vision of it becoming a leading pure-play AI data center platform. I’ll be turning virtually all my attention to ACG, where we see significant opportunities across our portfolio and new ventures. In my view, Hyperscale Data’s AI-centric data center represents tremendous untapped value for stockholders.”

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

    About Hyperscale Data, Inc.

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

    Hyperscale Data expects to complete the Divestiture of ACG on or about December 31, 2025. Upon the occurrence of the Divestiture, the Company would solely be an owner and operator of data centers to support HPC services, though it may at that time continue to mine Bitcoin. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

    On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the “Series F Preferred Stock”) to all common stockholders and holders of the Series C Convertible Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the “ACG Shares”). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be stockholders of ACG upon the occurrence of the Divestiture.

    Forward-Looking Statements

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

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

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

    The MIL Network –

  • MIL-OSI: Milton “Todd” Ault III Intends to Step Down as an Officer from Hyperscale Data Upon Divestiture of Ault Capital Group

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, June 17, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that its Founder and Executive Chairman, Milton “Todd” Ault III, has informed the Company that he will resign as the Company’s Executive Chairman but remain as a director upon the effectiveness of the planned divestiture of Ault Capital Group, Inc. (“ACG”), a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.   Hyperscale Data expects to divest itself of ACG on or about December 31, 2025 (the “Divestiture”).

    Following the Divestiture, Mr. Ault, who is also the Executive Chairman of ACG, will focus almost exclusively on leading ACG and its growing portfolio of businesses, including private credit, an artificial intelligence (“AI”) software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations.

    Upon Mr. Ault’s departure, William Horne, Hyperscale Data’s Chief Executive Officer, is expected to continue as such and assume the position of Chairman of the Board. Mr. Horne, who has led the Company’s operational and strategic initiatives, will continue guiding Hyperscale Data’s transformation into an owner and operator of data centers to support high-performance computing (“HPC”) services, though it may for a time continue to mine Bitcoin.

    “This is a natural next step in Hyperscale Data’s evolution,” said Mr. Ault. “With Will at the helm, the Company is well-positioned to deliver on our vision of it becoming a leading pure-play AI data center platform. I’ll be turning virtually all my attention to ACG, where we see significant opportunities across our portfolio and new ventures. In my view, Hyperscale Data’s AI-centric data center represents tremendous untapped value for stockholders.”

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

    About Hyperscale Data, Inc.

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

    Hyperscale Data expects to complete the Divestiture of ACG on or about December 31, 2025. Upon the occurrence of the Divestiture, the Company would solely be an owner and operator of data centers to support HPC services, though it may at that time continue to mine Bitcoin. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

    On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the “Series F Preferred Stock”) to all common stockholders and holders of the Series C Convertible Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the “ACG Shares”). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be stockholders of ACG upon the occurrence of the Divestiture.

    Forward-Looking Statements

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

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

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

    The MIL Network –

  • MIL-OSI: Tryg Analyst Day 2025

    Source: GlobeNewswire (MIL-OSI)

    Tryg is hosting its Analyst Day 2025 today at Tryg’s headquarters. The event is dedicated to the sell-side analysts that cover the share. No new financial or strategic targets will be revealed – presentations from different business units will be shown. The presentation can be found on Tryg.com or attached here.

    Attachment

    The MIL Network –

  • MIL-OSI: Tryg Analyst Day 2025

    Source: GlobeNewswire (MIL-OSI)

    Tryg is hosting its Analyst Day 2025 today at Tryg’s headquarters. The event is dedicated to the sell-side analysts that cover the share. No new financial or strategic targets will be revealed – presentations from different business units will be shown. The presentation can be found on Tryg.com or attached here.

    Attachment

    The MIL Network –

  • MIL-OSI Security: Eastern Passage — RCMP warning of cryptocurrency investment scam

    Source: Royal Canadian Mounted Police

    RCMP Halifax Regional Detachment is warning the public about a cryptocurrency investment scam reported in Eastern Passage.

    On June 13, RCMP officers responded to a report of fraud. Investigators learned that a man was contacted through email and then via a social media app to invest in cryptocurrency. The victim was defrauded more than $150,000.

    Cryptocurrency scams are becoming more common and often appear to be legitimate investment platforms. RCMP officers stress the importance of due diligence when considering investment opportunities.

    Avoid becoming a victim:

    • Be cautious: Be wary of anyone offering high-reward, low-risk investment opportunities. If it sounds too good to be true, it’s probably a scam.
    • Do your research: Take the time to investigate an investment opportunity. Anyone who trades or advises on securities in Nova Scotia must be registered with the Nova Scotia Securities Commission (NSSC). If someone isn’t registered with the NSSC or another Canadian securities regulator, it’s likely they’re a scammer.
    • Get advice: Remember that in Canada, cryptocurrencies are currently unregulated and aren’t covered by the Canada Deposit Insurance Corp. When in doubt, seek advice from a reputable financial institution.

    If you or someone you know is a victim of investment fraud, report it to your local police and the Canadian Anti-Fraud Centre.

    File #: 25-83549

    MIL Security OSI –

  • MIL-OSI Global: Regime change wouldn’t likely bring democracy to Iran. A more threatening force could fill the vacuum

    Source: The Conversation – Global Perspectives – By Andrew Thomas, Lecturer in Middle East Studies, Deakin University

    The timing and targets of Israel’s attacks on Iran tell us that Prime Minister Benjamin Netanyahu’s short-term goal is to damage Iran’s nuclear facilities in order to severely diminish its weapons program.

    But Netanyahu has made clear another goal: he said the war with Iran “could certainly” lead to regime change in the Islamic republic.

    These comments came after an Israeli plan to assassinate the supreme leader of Iran, Ayatollah Ali Khamenei, was reportedly rebuffed by United States President Donald Trump.

    It’s no secret Israel has wanted to see the current government of Iran fall for some time, as have many government officials in the US.

    But what would things look like if the government did topple?

    How is power wielded in today’s Iran?

    Founded in 1979 after the Iranian Revolution, the Islamic Republic of Iran has democratic, theocratic and authoritarian elements to its governing structure.

    The founding figure of the Islamic republic, Ayatollah Ruhollah Khomeini, envisioned a state run by Islamic clerics and jurists who ensured all policies adhered to Islamic law.

    As Iran was a constitutional monarchy before the revolution, theocratic elements were effectively grafted on top of the existing republican ones, such as the parliament, executive and judiciary.

    Iran has a unicameral legislature (one house of parliament), called the Majles, and a president (currently Masoud Pezeshkian). There are regular elections for both.

    But while there are democratic elements within this system, in practice it is a “closed loop” that keeps the clerical elite in power and prevents challenges to the supreme leader. There is a clear hierarchy, with the supreme leader at the top.

    Khamenei has been in power for more than 35 years, taking office following Khomeini’s death in 1989. The former president of Iran, he was chosen to become supreme leader by the Assembly of Experts, an 88-member body of Islamic jurists.

    While members of the assembly are elected by the public, candidates must be vetted by the powerful 12-member Guardian Council (also known as the Constitutional Council). Half of this body is selected by the supreme leader, while the other half is approved by the Majles.

    The council also has the power to vet all candidates for president and the parliament.

    In last year’s elections, the Guardian Council disqualified many candidates from running for president, as well as the Majles and Assembly of Experts, including the moderate former president Hassan Rouhani.

    As such, the supreme leader is increasingly facing a crisis of legitimacy with the public. Elections routinely have low turnout. Even with a reformist presidential candidate in last year’s field – the eventual winner, Masoud Pezeshkian – turnout was below 40% in the first round.

    Freedom House gives Iran a global freedom score of just 11 out of 100.

    The supreme leader also directly appoints the leaders in key governance structures, such as the judiciary, the armed forces and Islamic Revolutionary Guard Corps (IRGC).

    The all-powerful IRGC

    So, Iran is far from a democracy. But the idea that regime change would lead to a full democracy that is aligned with Israel and the US is very unlikely.

    Iranian politics is extremely factional. Ideological factions, such as the reformists, moderates and conservatives, often disagree vehemently on key policy areas. They also jockey for influence with the supreme leader and the rest of the clerical elite. None of these factions is particularly friendly with the US, and especially not Israel.

    There are also institutional factions. The most powerful group in the country is the clerical elite, led by the supreme leader. The next most powerful faction would be the IRGC.

    Originally formed as a kind of personal guard for the supreme leader, the IRGC’s fighting strength now rivals that of the regular army.

    The IRGC is extremely hardline politically. At times, the IRGC’s influence domestically has outstripped that of presidents, exerting significant pressure on their policies. The guard only vocally supports presidents in lockstep with Islamic revolutionary doctrine.

    In addition to its control over military hardware and its political influence, the guard is also entwined with the Iranian economy.

    The IRGC is heavily enriched by the status quo, with some describing it as a “kleptocratic” institution. IRGC officials are often awarded state contracts, and are allegedly involved in managing the “black economy” used to evade sanctions.

    Given all of this, the IRGC would be the most likely political institution to take control of Iran if the clerical elite were removed from power.

    In peacetime, the general consensus is the IRGC would not have the resources to orchestrate a coup if the supreme leader died. But in a time of war against a clear enemy, things could be different.

    Possible scenarios post-Khamenei

    So, what might happen if Israel were to assassinate the supreme leader?

    One scenario would be a martial law state led by the IRGC, formed at least in the short term for the purposes of protecting the revolution.

    In the unlikely event the entire clerical leadership is decimated, the IRGC could attempt to reform the Assembly of Experts and choose a new supreme leader itself, perhaps even supporting Khamenei’s son’s candidacy.

    Needless to say, this outcome would not lead to a state more friendly to Israel or the US. In fact, it could potentially empower a faction that has long argued for a more militant response to both.

    Another scenario is a popular uprising. Netanyahu certainly seems to think this is possible, saying in an interview in recent days:

    The decision to act, to rise up this time, is the decision of the Iranian people.

    Indeed, many Iranians have long been disillusioned with their government – even with more moderate and reformist elements within it. Mass protests have broken out several times in recent decades – most recently in 2022 – despite heavy retaliation from law enforcement.

    We’ve seen enough revolutions to know this is possible – after all, modern Iran was formed out of one. But once again, new political leadership being more friendly to Israel and the West is not a foregone conclusion.

    It is possible for Iranians to hold contempt in their hearts for both their leaders and the foreign powers that would upend their lives.

    Andrew Thomas 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. Regime change wouldn’t likely bring democracy to Iran. A more threatening force could fill the vacuum – https://theconversation.com/regime-change-wouldnt-likely-bring-democracy-to-iran-a-more-threatening-force-could-fill-the-vacuum-259042

    MIL OSI – Global Reports –

  • MIL-OSI China: China and EU agree to deepen environmental cooperation at ministerial dialogue

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

    BEIJING, June 17 — China and the European Union (EU) renewed their commitment to environmental cooperation during the 10th environment policy ministerial dialogue held last Friday in Brussels, the Chinese Ministry of Ecology and Environment said Tuesday.

    The dialogue, co-chaired by Chinese Minister of Ecology and Environment Huang Runqiu and Jessika Roswall, Commissioner for Environment, Water Resilience and a Competitive Circular Economy of the European Commission, focused on key areas such as biodiversity conservation, implementation of the Kunming-Montreal Global Biodiversity Framework, negotiations for an international plastic pollution agreement, environmental pollution control, and multilateral environmental governance.

    Both sides applauded the tangible results that have been achieved under the guidance of the High-level Environment and Climate Dialogue between China and the EU.

    This year marks the 50th anniversary of the establishment of diplomatic relations between China and the EU. Huang called for greater unity and joint action against the backdrop of mounting global environmental and climate challenges.

    Huang urged both sides to better leverage the mechanism to fulfill the objectives set by the high-level dialogue, expand pragmatic cooperation in key areas, promote multilateral environmental governance, and build exchange platforms in a bid to bolster the foundation for China-EU environmental collaboration.

    Roswall recognized China’s leading role in securing the historic Kunming-Montreal Global Biodiversity Framework and stressed the need for increased financial support to ensure the framework’s implementation.

    Roswall also emphasized further cooperation with China in the areas such as negotiations for an international plastic pollution agreement, air and chemical pollution control, water resource protection, and deforestation-free supply chains to advance global efforts in environmental and climate governance.

    MIL OSI China News –

  • Labour welfare schemes empower over 50 lakh unorganised workers: Govt

    Source: Government of India

    Source: Government of India (4)

    Over 50 lakh workers and their families have benefitted from welfare schemes implemented by the Union Ministry of Labour & Employment, which continues to deliver critical support to India’s unorganised workforce through the Directorate General of Labour Welfare (DGLW), particularly in the Beedi, Cine, and Mining sectors.

    The flagship Education Assistance Scheme for instance offers annual scholarships ranging from ₹1,000 to ₹25,000 to the children of eligible workers. Managed through the National Scholarship Portal (NSP), the scheme receives over one lakh applications annually, with benefits disbursed via Direct Benefit Transfer (DBT) for transparency and efficiency.

    The Ministry also provides vital healthcare support, including outpatient services and financial aid for critical illnesses such as cancer, heart disease, and kidney transplants. Assistance under the scheme ranges from ₹30,000 for minor surgeries to up to ₹7.5 lakh for cancer treatment, offering a safety net for low-income families.

    Though the Revised Integrated Housing Scheme (RIHS) was merged with the Pradhan Mantri Awas Yojana (PMAY) in 2016, the Ministry continued disbursing pending installments to eligible beneficiaries until March 31, 2024, fulfilling its commitment to dignified housing.

    The welfare schemes are implemented nationwide by the Labour Welfare Organisation (LWO), operating under DGLW, through a robust network of 18 Welfare Commissioners. These initiatives focus on social protection, healthcare, education assistance, and housing support, especially in remote and underserved areas, and reflect the government’s commitment to inclusive welfare under the vision of Sabka Saath, Sabka Vikas.

  • MIL-OSI United Kingdom: Iran-Israel conflict: Foreign Secretary’s statement

    Source: United Kingdom – Executive Government & Departments 3

    Oral statement to Parliament

    Iran-Israel conflict: Foreign Secretary’s statement

    The Foreign Secretary made a statement to the House of Commons on 16 June 2025, updating on the Israel-Iran conflict.

    With permission, Mr Speaker, I will remind the House that the Foreign Office has been responding to 2 crises this past week.

    My Honourable Friend, Minister Falconer, will update on the Government’s extensive efforts to assist those who lost loved ones in Thursday’s devastating Air India plane crash.

    Just 9 days ago, I was in Delhi, strengthening our friendship. Our nations are mourning together. My thoughts are with all those suffering such terrible loss.

    With permission, Madam Deputy Speaker, I will now turn to the Middle East. Early last Friday morning, Israel launched extensive strikes across Iran. Targets including military sites, including the Iranian enrichment facility at Natanz, and key commanders and nuclear scientists.

    The last 72 hours has seen Iranian ballistic missile and drone strikes across Israel, killing at least 21 Israelis and injuring hundreds more. And Israeli strikes have continued, including on targets in Tehran, with the Iranian authorities reporting scores of civilian casualties. 

    Prime Minister Netanyahu has said his operations will “continue for as many days as it takes to remove the threat”. Supreme Leader Khameini has said Israel “must expect severe punishment”.

    Madam Deputy Speaker, in such crisis our first priority is of course the welfare of British nationals. On Friday, we swiftly stood up a crisis team in London and the region, and yesterday I announced that we now advise against all travel to Israel as well as our long-standing travel of not travelling to Iran.

    Madam Deputy Speaker, today I can update the House that we are asking all British nationals in Israel to register their presence with the FCDO, so that we can share important information on the situation and leaving the country.

    And I can announce today that we are further updating our Travel Advice to signpost border crossing points, and sending Rapid Deployment Teams to Egypt and Jordan to bolster our consular presence near the border with Israel, which has already been supporting British nationals on the ground.

    Israel and Iran have closed their airspace until further notice, and our ability therefore to provide support in Iran is extremely limited. British nationals in the region should closely monitor our Travel Advice for further updates.

    Madam Deputy Speaker, the situation remains fast-moving. We expect more strikes in the days to come. This is a moment of grave danger for the region.

    I want to be clear, the United Kingdom was not involved in the strikes against Iran. This is a military action conducted by Israel.

    It should come as no surprise that Israel considers the Iranian nuclear programme an existential threat. Khameini said in 2018 that Israel was a “cancerous tumour” that should be “removed and eradicated”.

    We have always supported Israeli security – that’s why Britain has sought to prevent Iran obtaining a nuclear weapon through extensive diplomacy. We agree with President Trump when he says negotiations are necessary and must lead to a deal.

    That has long been the view, Mr Speaker, of the so-called ‘E3’ – Britain, France and Germany – with whom we have worked so closely on this issue. The view of all of the G7 who have backed the efforts of President Trump’s envoy, Steve Witkoff. And for more than 2 decades, the cross-party view in this House.

    Lord Cameron of Chipping Norton and Lord Hague of Richmond led diplomatic efforts on the issue. Baroness May of Maidenhead and the former Right Honourable Member for Uxbridge did too, and this Government has continued to pursue negotiations, joining France and Germany in 5 rounds of talks with Iran this year alone.

    Ours is a hard-headed realist assessment of how best to tackle this grave threat. Fundamentally, no military action can put and end to Iran’s nuclear capabilities.

    Madam Deputy Speaker, just last week, the International Atomic Energy Agency Board of Governors passed a non-compliance resolution against Iran, the first such IAEA finding in 14 years.

    The Director-General’s Comprehensive Report details Iran’s failure to declare nuclear materials. Iran remains the only state without nuclear weapons accumulating uranium at such dangerously high levels. Its total enriched stockpile is now 40 times the limit in the JCPoA, and their nuclear programme is part of a wider pattern of destabilising activity.

    The Government has taken firm action in response. When they transferred ballistic missiles for use in Russia’s illegal war in Ukraine, we imposed extensive sanctions including against Iran Air, and cancelled our bilateral air services agreement.

    In the face of unacceptable IRGC threats here in the UK – with some 20 foiled plots since 2022 – the CPS has for the first time charged Iranian nationals under the National Security Act, and we have placed the Iranian state, including the IRGC, on the enhanced tier of the new Foreign Influence Registration Scheme.

    Madam Deputy Speaker, a widening war would have grave and unpredictable consequences, including for our partners in Jordan and the Gulf. The horrors of Gaza worsening, tensions in Lebanon, Syria and Iraq rising, the Houthi threat continuing.

    That’s why the Government’s firm view, as it was last October in the ballistic missile attack on Israel, is that further escalation in the Middle East is not in Britain’s interests, nor the interests of Israel, Iran or the region.

    There are hundreds of thousands of British nationals living in the region. And with Iran a major oil producer, and one fifth of total world oil consumption flowing through the Straits of Hormuz, escalating conflict poses real risks for the global economy.

    As missiles rain down, Israel has a right to defend itself and its citizens. But our priority now is de-escalation.

    Our message to both Israel and Iran is clear. Step back. Show restraint. Don’t get pulled ever deeper into a catastrophic conflict, whose consequences nobody can control.

    Madam Deputy Speaker, the Prime Minister chaired COBR on the situation last Friday and spoke to PM Netanyahu, President Trump and Saudi Crown Prince Mohammed bin Salman. He is now at the G7 Summit in Canada, discussing with our closest allies how to ease tensions.

    And the Government has deployed additional assets to the region, including jets for contingency support to UK forces and potentially our regional allies concerned about the escalating conflict.

    In the last 72 hours, my Honourable Friend the Minister for the Middle East and I have been flat out trying to carve out space for diplomacy. I have spoken to both Israeli Foreign Minister Sa’ar and Iranian Foreign Minister Araghchi, underlining Britain’s focus on de-escalation.

    I have also met Saudi Foreign Minister Prince Faisal. I’ve had calls with US Secretary Rubio, EU High Representative Kallas and my counterparts from France and Germany, the United Arab Emirates, Qatar, Oman, Jordan, Turkey and Iraq. These conversations are part of a collective drive to prevent a spiralling conflict.

    Madam Deputy Speaker, this new crisis has arisen as the appalling situation in Gaza continues. This weekend, hospitals in Gaza reported over 50 people were killed and more than 500 injured while trying to access food.

    This Government will not take our eye off the humanitarian catastrophe in Gaza. We will not stop calling for aid restrictions to be lifted and an immediate ceasefire. We will not forget about the hostages.

    This morning, I met Yocheved Lifschitz and her family, whose courage and dignity in the face of Hamas’ barbarism was a reminder of the plight of those still cruelly held in Gaza. We will not stop striving to free the hostages and end that war.

    Madam Deputy Speaker, our vision remains unchanged. An end to Iran’s nuclear programme and destabilising regional activity. Israel, secure in its borders and at peace with its neighbours. A sovereign Palestinian state, as part of the two-state solution.

    Diplomacy is indispensable to each of these goals. Britain will keep pressing all sides to choose a diplomatic path out of this crisis.

    I commend this statement to the House.

    Updates to this page

    Published 16 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: “Telling the Story of the Arctic”: New Photo Exhibition at HSE

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    The opening of the exhibition “Khatanga. Heritage” took place in the atrium of the HSE building on Pokrovsky Boulevard, organized with the support of the Russian Geographical Society (RGS). As part of the educational project, photo materials with interactive excursions are presented, as well as a series of videos and a podcast, drawing attention to the cultural and environmental aspects of the region.

    The project became a logical continuation of a large-scale environmental campaign “Arctic. General cleaning”, during which work was carried out over two years to clean the banks of the village of Khatanga in the Krasnoyarsk Territory from accumulated metal waste. Volunteers from different parts of Russia took part in the expeditions, they carried out research, media and environmental activities. In three shifts, volunteers managed to remove more than 700 tons of industrial waste, which significantly improved the ecological situation in the area and made it possible to create an extensive archive of photo and video materials.

    As Andrey Lavrov, Senior Director of the National Research University Higher School of Economics, noted, the Russian Geographical Society has been a partner of the Higher School of Economics since 2022. He recalled that Faculty of Geography and Geoinformation Technologies HSE actively cooperates with the Russian Geographical Society, and the university students work a lot on Arctic topics, including within the framework of the project “Rediscovering Russia”. “It was important for us to tell the story of the Arctic, a strategically important territory for Russia, through such an exhibition,” said Andrei Lavrov.

    Russia is a huge country, it is almost impossible to see everything in it, says Professor Fuad Aleskerov, head of Department of Mathematics FEN HSE. “Such exhibitions give an understanding of where and what we have in our homeland. In addition, the photographs describe what our volunteers saw when they came to the Arctic to clean up trash. I myself participate in environmental projects, and support them financially. In this case, we need working hands, and if I were a student now, of course, I would go too,” he emphasized.

    Dmitry Kobets, a representative of the Russian Geographical Society and a visiting lecturer at the HSE Department of Mathematics, did not know in his student years that one could spend one’s vacation on an expedition and benefit entire regions. He believes that it is important to tell students about this opportunity by organizing such exhibitions.

    “I thought that an expedition was a matter for big scientists, but it turns out that it is not. The Russian Geographical Society (and not only it) provides an opportunity for young specialists who have just started their journey to go on an expedition. And there is no need to do complex scientific work. Maybe you just want to relax and change the intellectual vector of activity that prevailed from September to June. And after the expedition, you also create a good community,” added Dmitry Kobets.

    In total, four thematic virtual tours were prepared for the exhibition.

    1. “Khatanga. Three suns for luck”, which takes you into the world of creativity, where each photographic work carries its own unique emotion and story.

    2. “The cold raised me”, dedicated to the harsh Arctic region, which is currently home to less than 6,000 people: the history of Khatanga, its people, and its natural conditions.

    3. “Khatanga – this is us”, which tells about the members of the expedition: young photographers, scientists, journalists, athletes and managers.

    4. “A snowflake won’t melt” — a quiz journey for the exhibition’s youngest spectators.

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

    MIL OSI Russia News –

  • MIL-OSI: Draganfly’s Commander 3XL Integrated with TB2 Aerospace’s DROPS System Achieves 100% Success Rate During U.S. Army’s SMEX25 Operational Trials

    Source: GlobeNewswire (MIL-OSI)

    In alignment with the Presidential Executive Order “Unleashing American Drone Dominance”

    Golden, CO, June 17, 2025 (GLOBE NEWSWIRE) — TB2 Aerospace LLC, in collaboration with Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), a drone solutions, and systems developer, (NASDAQ: DPRO), is proud to announce the successful deployment and performance of the Drone Recharging Operational Payload System (DROPS) during the U.S. Army’s Sustainment Modernization Experiment 2025 (SMEX25).

    Throughout SMEX25’s week-long field exercises, the DROPS system, integrated with Draganfly’s Commander 3XL, achieved a 100% success rate in autonomously deploying, recovering, and recharging TB2’s tactical resupply pods. The event provided an opportunity to validate real-world operational performance in austere and high-demand scenarios, drawing praise from defence evaluators and technology observers alike.

    “The successful deployment of DROPS at SMEX25 underscores our commitment to advancing autonomous logistics solutions,” said Hank Scott, CEO of TB2 Aerospace. “Our system’s performance in a live operational environment validates its potential to revolutionize military tactical resupply and contested logistics.”

    He added, “The successful integration of the Commander 3XL and DROPS in support of the U.S. Army’s mission is a great example of the advantage we strive to bring to our partners and their stakeholders.”

    Key Capabilities Demonstrated:

    • Autonomous Payload Operations: The Commander 3XL, enabled with DROPS, autonomously captured, transported, and delivered payloads without any manual intervention, streamlining tactical resupply and significantly reducing the need for human logistics support in the field.
    • Platform Agnosticism: DROPS functioned seamlessly across various platforms, confirming its plug-and-play versatility, with special emphasis on its integration with Draganfly’s Commander 3XL platform. The Draganfly 3XL is now ‘DROPS Enabled’, whilst the smaller Draganfly Apex and the larger Heavy Lift are in the process of becoming DROPS Enabled.

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 25 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

    Media Contact

    media@draganfly.com

    Company Contact
    Cameron Chell
    Chief Executive Officer
    (306) 955-9907
    Email: info@draganfly.com

    About TB2 Aerospace

    Founded in 2020, TB2 Aerospace is a U.S.-based defence technology innovator developing autonomous logistics and tactical payload systems. The company’s flagship solution, DROPS, is a modular, reconfigurable payload delivery system designed to extend and enhance the operational capabilities of unmanned systems in defense, disaster response, and homeland security applications.

    Annabel Mead
    Communications and Marketing Consultant
    Canny Comms
    ✉ annabel@canny-comms.co.uk

    Partnership Inquiries
    Hank Scott
    Chief Executive Officer, TB2 Aerospace
    ✉ hank@tb2aerospace.com

    Visit www.tb2aerospace.com for more information.

    Forward Looking Statements

    Forward-Looking Statements

    This release contains certain “forward looking statements” and certain “forward-looking ‎‎‎‎information” as ‎‎‎‎defined under applicable securities laws. Forward-looking statements ‎‎‎‎and information can ‎‎‎‎generally be identified by the use of forward-looking terminology such as ‎‎‎‎‎“may”, “will”, “expect”, “intend”, ‎‎‎‎‎“estimate”, “anticipate”, “believe”, “continue”, “plans” or similar ‎‎‎‎terminology. Forward-looking statements ‎‎‎‎and information are based on forecasts of future ‎‎‎‎results, estimates of amounts not yet determinable and ‎‎‎‎assumptions that, while believed by ‎‎‎‎management to be reasonable, are inherently subject to significant ‎‎‎‎business, economic and ‎‎‎‎competitive uncertainties and contingencies. Forward-looking statements ‎‎‎‎include, but are not ‎‎‎‎limited to, statements with respect to DROPS being a game-changing force multiplier for the Department of Defence and its allies as well as Draganfly’s ability to enable DROPS on the Draganfly Apex and the larger Heavy Lift. Forward-‎‎‎‎looking statements and information are subject to various ‎known ‎‎and unknown risks and ‎‎‎‎‎uncertainties, many of which are beyond the ability of the Company to ‎control or ‎‎predict, that ‎‎‎‎may cause ‎the Company’s actual results, performance or achievements to be ‎materially ‎‎different ‎‎‎‎from those ‎expressed or implied thereby, and are developed based on assumptions ‎about ‎‎such ‎‎‎‎risks, uncertainties ‎and other factors set out here in, including but not limited to: the potential ‎‎‎‎‎‎‎impact of epidemics, ‎pandemics or other public health crises, including the ‎COVID-19 pandemic, on the Company’s business, operations and financial ‎‎‎‎condition; the ‎‎‎successful integration of ‎technology; the inherent risks involved in the general ‎‎‎‎securities markets; ‎‎‎uncertainties relating to the ‎availability and costs of financing needed in the ‎‎‎‎future; the inherent ‎‎‎uncertainty of cost estimates; the ‎potential for unexpected costs and ‎‎‎‎expenses, currency ‎‎‎fluctuations; regulatory restrictions; and liability, ‎competition, loss of key ‎‎‎‎employees and other related risks ‎‎‎and uncertainties disclosed under the ‎heading “Risk Factors“ ‎‎‎‎in the Company’s most recent filings filed ‎‎‎with securities regulators in Canada on ‎the SEDAR ‎‎‎‎website at www.sedar.com and with the United States Securities and Exchange Commission (the “SEC”) on EDGAR through the SEC’s website at www.sec.gov. The Company undertakes ‎‎‎no obligation to update forward-‎looking ‎‎‎‎information except as required by applicable law. Such forward-‎‎‎looking information represents ‎‎‎‎‎managements’ best judgment based on information currently available. ‎‎‎No forward-looking ‎‎‎‎statement ‎can be guaranteed and actual future results may vary materially. ‎‎‎Accordingly, readers ‎‎‎‎are advised not to ‎place undue reliance on forward-looking statements or ‎‎‎information.‎

    The MIL Network –

  • MIL-OSI Economics: W&T Announces Settlement Agreement with Majority of Surety Providers

    Source: W & T Offshore Inc

    Headline: W&T Announces Settlement Agreement with Majority of Surety Providers

    HOUSTON, June 17, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced that it has come to a settlement agreement with two of its largest surety providers which calls for the dismissal of a previously filed lawsuit. The settlement agreement requires the surety providers to withdraw their current collateral demands, and further provides that the surety providers may not make additional collateral demands or increase premiums through December 31, 2026.

    Key highlights for the settlement agreement include:

    • Dismissal of all claims by the applicable party in the lawsuit, without prejudice;
    • Two participating surety providers, together with W&T’s other major surety provider who did not attempt to increase premiums or call for collateral, represent nearly 70% of W&T’s surety bond portfolio;
    • Premium rates for all existing bonds provided by the two surety providers will be locked in at W&T’s historical rates without increase through December 31, 2026, representing a prolonged rate lock in excess of “ordinary course” rate negotiations, thereby providing consistency and predictability in W&T’s premium expense;
    • W&T is not required to provide any collateral to the applicable sureties, and the applicable surety providers will immediately withdraw all demands for collateral;
    • Surety providers may not make demands for collateral through December 31, 2026, outside certain limited circumstances involving unlikely events of default; and
    • Parties retain the right to negotiate and establish new surety bonds at rates to be determined in the ordinary course.

    Tracy W. Krohn, W&T’s Chairman and Chief Executive Officer stated, “We are pleased with the agreement that we have reached with two of our largest surety providers, and we believe that the objectives achieved in this outcome illustrate the strength of the legal position that W&T has aggressively advanced since the beginning of these unnecessary surety lawsuits. This outcome is very positive for W&T overall, as we will not acquiesce to unjustified collateral demands made by the applicable sureties and we have locked in our historical premium rates through the end of 2026. We believe the entry into these settlement agreements vindicates our resolve to stand up to surety providers’ unjustified demands on independent oil and gas operators, such as W&T. For the past 40 plus years, W&T has reliably plugged and abandoned assets, paid its negotiated premiums and operated responsibly in the Gulf of America. We demand fairness and transparency for all oil and natural gas producers in the Gulf of America and will continue to pursue the pending litigation against our other surety providers that have unlawfully colluded and decided to not deal fairly with W&T and other independent oil and gas producers.”

    “This agreement, coupled with the promising developments in the regulatory environment driven by the White House’s directives, alleviates some of the uncertainty that has unnecessarily and artificially suppressed our stock price and we expect that this will allow us to deliver more value to our shareholders. Since the start of the year, we have strengthened our balance sheet, and we have a solid cash position with sufficient liquidity to enable us to continue to evaluate growth opportunities, both organically and inorganically. Operationally and financially, our start to 2025 has been strong, and we expect production to continue to increase thus driving more value creation. We are well-positioned to succeed and believe that the future is bright for W&T.”

    About W&T Offshore

    W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of March 31, 2025, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 634,700 gross acres (496,900 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 487,200 gross acres on the conventional shelf, approximately 141,900 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

    Forward-Looking and Cautionary Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release, including those regarding the potential outcome of the litigation, the impact of the settlement on the Company, potential growth opportunities, and the Company’s future production are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

    These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

    Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, NGLs and natural gas, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

         
    CONTACT: Al Petrie Sameer Parasnis
      Investor Relations Coordinator Executive VP and CFO
      investorrelations@wtoffshore.com sparasnis@wtoffshore.com
      713-297-8024 713-513-8654

    Source: W&T Offshore, Inc.

    Released June 17, 2025

    MIL OSI Economics –

  • MIL-OSI USA: Oklahoma Survivors Can Apply for SBA Loans

    Source: US Federal Emergency Management Agency

    Headline: Oklahoma Survivors Can Apply for SBA Loans

    Oklahoma Survivors Can Apply for SBA Loans

    OKLAHOMA CITY – Businesses and residents in seven Oklahoma counties impacted by the March 14-21 wildfires and straight-line winds are eligible to apply for low-interest disaster assistance loans from the U

    S

    Small Business Administration (SBA)

    FEMA partners with other agencies to meet the needs of survivors after a disaster, and SBA loans are the largest source of federal recovery funds

    Residents and businesses in Cleveland, Creek, Lincoln, Logan, Oklahoma, Pawnee and Payne counties can apply for these loans if they sustained property damage

    Affected homeowners, renters and businesses do not need to wait for an insurance settlement before submitting an SBA loan application – and are under no obligation to accept an SBA loan if an application is approved

    Residents can still apply for an SBA loan if they received assistance from FEMA

    Interest rates can be as low as 4 percent for businesses, 3

    25 percent for private nonprofit organizations and 2

    688 percent for homeowners and renters with terms up to 30 years

    Loan amounts and terms are set by SBA and are based on each applicant’s financial condition

    Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement

    SBA disaster loan repayment begins 12 months from the date of the first disbursement

    Homeowners may be eligible for a disaster loan of up to $500,000 for primary residence repairs or rebuilding

    The SBA may also be able to help homeowners and renters with up to $100,000 to replace important personal property, such as damaged automobiles

    Businesses and private nonprofit organizations can borrow up to $2 million to repair or replace damaged property, destroyed real estate, inventory, machinery and equipment, and other essential assets

    The SBA can lend additional funds for measures that help protect, prevent or minimize disaster damage from occurring in the future

     SBA also offers Economic Injury Disaster Loans (EIDL) for small businesses, small agricultural cooperatives, nurseries, and private nonprofits to help recover from economic damage caused by a declared disaster

     The SBA’s Economic Injury Disaster Loan (EIDL) program may be used to cover operating expenses, including fixed debts, payroll, rent, and other bills not paid due to the disaster

    EIDLs are available even if the business or private nonprofit did not suffer any physical damage

    The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises

    Oklahoma residents can apply for a disaster loan online at SBA

    gov/disaster or by calling 800-659-2955

     For the latest information about Oklahoma’s recovery, visit fema

    gov/disaster/4866

     Follow FEMA Region 6 on social media at x

    com/FEMARegion6 and at facebook

    com/FEMARegion6/
    thomas

    wise
    Mon, 06/16/2025 – 20:03

    MIL OSI USA News –

  • MIL-OSI Europe: Answer to a written question – Securing new financial resources for EU and Member States’ budgets to support strategic priorities and economic resilience – E-001743/2025(ASW)

    Source: European Parliament

    A global solution to address the tax challenges arising from the digitalisation of the economy remains the Commission’s preferred option.

    A proliferation of national or regional measures would generate fragmentation of the international tax landscape and may create double taxation issues.

    The Commission has taken note of the content of the Executive Order on the Organisation for Economic Cooperation and Development (OECD) global tax deal issued by the President of the United States.

    In the statement issued during the 17th plenary meeting of the OECD/G20 Inclusive Framework on base erosion and profit shifting (BEPS) held in April 2025,[1] members reiterated their commitment to the two-Pillar solution and pursue the discussions on both Pillar 1 and Pillar 2.

    The Commission will continue to engage with the United States in this respect and w ill liaise with Member States on the best way forward in case a global solution cannot be agreed.

    Lastly, discussions concerning potential new EU own resources within the upcoming Multiannual Financial Framework are ongoing. These deliberations will unfold in due course.

    • [1] https://www.oecd.org/content/dam/oecd/en/topics/policy-issues/beps/statement-oecd-g20-inclusive-framework-on-beps-april-2025.pdf.
    Last updated: 17 June 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Securing new financial resources for EU and Member States’ budgets to support strategic priorities and economic resilience – E-001743/2025(ASW)

    Source: European Parliament

    A global solution to address the tax challenges arising from the digitalisation of the economy remains the Commission’s preferred option.

    A proliferation of national or regional measures would generate fragmentation of the international tax landscape and may create double taxation issues.

    The Commission has taken note of the content of the Executive Order on the Organisation for Economic Cooperation and Development (OECD) global tax deal issued by the President of the United States.

    In the statement issued during the 17th plenary meeting of the OECD/G20 Inclusive Framework on base erosion and profit shifting (BEPS) held in April 2025,[1] members reiterated their commitment to the two-Pillar solution and pursue the discussions on both Pillar 1 and Pillar 2.

    The Commission will continue to engage with the United States in this respect and w ill liaise with Member States on the best way forward in case a global solution cannot be agreed.

    Lastly, discussions concerning potential new EU own resources within the upcoming Multiannual Financial Framework are ongoing. These deliberations will unfold in due course.

    • [1] https://www.oecd.org/content/dam/oecd/en/topics/policy-issues/beps/statement-oecd-g20-inclusive-framework-on-beps-april-2025.pdf.
    Last updated: 17 June 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Briefing – Recruitment of minors into organised crime – 17-06-2025

    Source: European Parliament

    The recruitment of minors into serious and organised crime has increasingly become a tactic used by criminal networks to avoid detection, capture and prosecution. By using minors, the criminal networks increase the distance between the criminal activity and the network’s core members or leaders, hampering identification. Even though there is a lack of reliable and comparable data on this phenomenon, several EU Member States have reported an increase in the involvement of minors in serious and organised crime. While the rising demand for recreational drugs seems to be the main driver behind the increase, minors are involved in other markets too, including property crime and online fraud. Criminal networks exploit children as young as 12 years for low-skilled roles such as local street dealers, cash couriers, warehouse operators and extractors of drugs from shipping containers. Easier access to firearms has led to a shift from minor crime to more serious, especially violent, crime, such as extortion and killings. Many minors are lured into organised crime by the promise of financial gain, social status, or sense of belonging, whilst others may be coerced or forced into this lifestyle due to their circumstances or environment. The consequences of such involvement are far-reaching, affecting not only the minors involved, but also the communities and society as a whole. The processes for recruiting minors into organised crime are still poorly understood, but there is a clear trend of increased use of digital tools for recruitment and communication, such as encrypted messaging services, apps and video games that are popular with young people. The EU recognises the severity of the problem and the need for closer cooperation between the affected Member States and for an integrated preventive response. By facilitating the exchange of best practices amongst Member States, integrating the local dimension into efforts to counter the infiltration of criminal networks into the economy and society, and by adopting a comprehensive and multi-faceted approach, the EU contributes to preventing the recruitment of minors into organised crime and to mitigating the devastating consequences.

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Israeli legislation on registration and visa issuance for international NGOs – E-001532/2025(ASW)

    Source: European Parliament

    On 24 February 2025, during the 13th meeting of the EU-Israel Association Council, the High Representative/Vice-President (HR/VP) and the Commissioner for the Mediterranean expressed the EU’s concerns in relation to the Israeli legislation on registration and visa issuance for international non-governmental organisations (NGO) as well as with the bill aiming to introduce financial and operational restrictions for internationally funded NGOs.

    In particular, the ‘risk of restrictions for foreign-funded NGOs, limiting civil society and its democratic participation and activity’ was highlighted in the EU statement[1].

    Similar concerns continue to be shared with Israel authorities at different levels of representation, both in Brussels and in Israel. The EU is closely following the matter, including through regular contact with international NGOs.

    In its relations with Israel, the EU considers that political engagement and frank and open dialogue are the most effective ways to convey EU concerns.

    The Association Agreement with Israel[2] is the legal basis of the EU’s ongoing dialogue with the Israeli authorities and it provides mechanisms to discuss issues and advance the EU’s point of view. In this framework, the EU will continue to reaffirm its commitment to the applicability of international human rights and humanitarian law in the occupied Palestinian territory.

    The EU keeps under constant review all agreements with third countries, and the principles and values upon which they are based. The possibility of a review of Israel’s compliance with Article 2 of the Association Agreement has been discussed at the Foreign Affairs Council on 20 May 2025.

    Based on this discussion, the HR/VP has announced that such a review will be undertaken.

    • [1] https://data.consilium.europa.eu/doc/document/ST-6511-2025-INIT/en/pdf.
    • [2] https://eeas.europa.eu/archives/delegations/israel/documents/eu_israel/asso_agree_en.pdf.
    Last updated: 17 June 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Transparency of EU funding to NGOs and links to political activities and irregular immigration – P-001458/2025(ASW)

    Source: European Parliament

    The Commission refers to its replies to the European Court of Auditors’ Special Report 11/2025[1].

    A definition of a non-governmental organisation (NGO) has been recently included in the Financial Regulation (FR),[2] together with the need to indicate in a direct management grant application whether the entity is an NGO.

    The Commission will explore whether this recent definition of an NGO should and could be further clarified. Such clarification should not increase administrative burden for NGOs, be proportionate and not limit access to EU funds.

    There is no indication that the NGO status poses a higher risk for the EU budget, compared to other types of entities. The NGO status is generally not a prerequisite for receiving EU funding.

    The Commission will explore increasing the frequency of updates in the Financial Transparency System[3]. In accordance with Article 38 FR, the Commission will make available on a centralised website information on recipients of EU funds under all management modes as for post 2027 programmes.

    The Commission’s current data mining and risk-scoring tool ‘Arachne’ serves control and audit, and not to verify respect of EU values.

    The FR provides for further development of this IT tool only as regards control and audit functions[4]. The Commission is open to exploring the feasibility of introducing further risk indicators to enhance checks on compliance with EU values, provided this is technically possible and in line with the applicable rules.

    Any such assessment could be carried out only following the further development of Arachne, which is to be delivered by the end of 2027.

    Interest representatives that apply for EU funding, which would typically include NGOs, must register in the Transparency Register[5] and declare their main sources of funding, the amount of each contribution above EUR 10 000 exceeding 10% of their total budget and the name of the contributor.

    • [1] https://www.eca.europa.eu/en/publications?ref=SR-2025-11.
    • [2] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L_202402509.
    • [3] https://ec.europa.eu/budget/financial-transparency-system/index.html; the annual publications are based on Article 38 of the Financial Regulation (OJ L 2024/2509, 26.9.2024, p. 1-239), and in accordance with the third paragraph of the article, information on recipients is not disclosed in specific cases outlined therein.
    • [4] See recitals 29-32 and Article 36 of the FR. See also the Joint statement of the European Parliament, the Council and the Commission on the single data mining and risk-scoring tool provided for in Article 36 of the Financial Regulation on the occasion of the adoption of Regulation 2024/2509, OJ C, C/2024/5767, 26.9.2024, ELI: http://data.europa.eu/eli/C/2024/5767/oj.
    • [5] https://transparency-register.europa.eu/index_en.

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Mobility poverty in the EU’s outermost regions – E-001290/2025(ASW)

    Source: European Parliament

    The Commission announced, in the Mid-term Review Communication[1], the launch of consultations for an updated strategy for the outermost regions to address their permanent constraints. Several EU instruments already include favourable conditions for their transport needs.

    The European Regional Development Fund[2] supports airport infrastructure only in these regions and compensates for airports’ higher operating costs.

    The Connecting Europe Facility[3] supports transport infrastructure with higher co-financing rates. Several Public Service Obligations ensure connectivity with outermost regions[4], and social aid schemes support air transport for their residents[5].

    Outermost regions benefit from specific provisions under transport-related climate legislation. Domestic flights and sea journeys between an outermost region and its Member State are exempted from the Emissions Trading System[6] until end 2030 and can be exempted under the FuelEU Maritime Regulation[7] until end 2029.

    Around EUR 1.6 billion was set aside from the Emissions Trading System revenues to cover price difference between the use of eligible sustainable aviation fuels and fossil kerosene, covering exceptionally the full difference at outermost regions’ airports.

    The Social Climate Fund regulation[8] requires that relevant Member States consider outermost regions’ specificities in their national plans.

    As set out in the communication COM(2025) 46 final The road to the next multiannual financial framework[9], the future budget will include a strengthened, modernised cohesion and growth policy, in partnership with national, regional and local authorities, including outermost regions.

    • [1] A modernised cohesion policy: the mid-term review, COM(2025) 163 final.
    • [2] Regulation (EU) 2021/1058 of the European Parliament and of the Council of 24 June 2021 on the European Regional Development Fund and on the Cohesion Fund. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02021R1058-20241224 .
    • [3] Regulation (EU) 2021/1153 of the European Parliament and of the Council of 7 July 2021 establishing the Connecting Europe Facility. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02021R1153-20240718.
    • [4] Regulation (EC) No 1008/2008 of the European Parliament and of the Council of 24 September 2008 on common rules for the operation of air services in the Community. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02008R1008-20201218.
    • [5] Based on Article 107(2)(a) of the Treaty on the Functioning of the European Union.
    • [6] Directive (EU) 2023/959 of the European Parliament and of the Council of 10 May 2023 amending Directive 2003/87/EC establishing a system for greenhouse gas emission allowance trading within the European Union and Decision (EU) 2015/1814 concerning the establishment and operation of a market stability reserve for the European Union greenhouse gas emission trading system. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02023L0959-20230516.
    • [7] Article 2(4) of Regulation (EU) 2023/1805 of the European Parliament and of the Council of 13 September 2023 on the use of renewable and low-carbon fuels in maritime transport, and amending Directive 2009/16/EC.
    • [8] Regulation (EU) 2023/955 establishing a Social Climate Fund and amending Regulation (EU) 2021/1060. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02023R0955-20240630.
    • [9] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:52025DC0046.
    Last updated: 17 June 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB conditionally non-excludes China Road and Bridge Corporation for 18 months to address Prohibited Conduct

    Source: European Investment Bank

    China Road and Bridge Corporation (CRBC) has received an 18-month conditional nonexclusion from EIB-financed projects due to historical misconduct by CRBC as a tenderer in the procurement procedure for multiple EIB-financed projects across several countries.

    The conditional non-exclusion was reached through a negotiated settlement agreement.

    CRBC undertakes to enforce the level of standards applicable to its compliance programme and to report on material developments in its compliance programme for a period of eighteen months, starting from [date of signature]. During the same period, CRBC also agrees to closely cooperate with the EIB, and assist it in its efforts to investigate prohibited conduct in EIBfinanced projects.

    CRBC remains eligible to participate in EIB-financed operations and activities, and to participate in EIB-financed tenders and to be awarded EIB-financed contracts, provided that CRBC complies with the terms of the settlement agreement.

    During the investigation process, CRBC cooperated in full with the EIB, helped clarify matters, and provided information and material related to the wrongdoing addressed in full transparency. CRBC also took all necessary steps to implement several measures for the enhancement of its corporate governance and compliance system to ensure such misconduct is not repeated

    MIL OSI Europe News –