NewzIntel.com

Category: Economy

  • MIL-OSI New Zealand: First Fast-track expert panels established

    Source: NZ Music Month takes to the streets

    Infrastructure Minister Chris Bishop and Regional Development Minister Shane Jones have welcomed the formation of the first two Fast-track expert panels.

    “At this year’s Infrastructure Investment Summit we announced that the first project applications had been accepted by the Environmental Protection Authority (EPA),” Mr Bishop says.

    “Judge Borthwick, the Panel Convener, and Helen Atkins, Associate Panel Convener, have now appointed expert panels to assess the Maitahi Village project and Delmore project applications respectively. These panels will commence their work on Monday 12th of May.

    “Maitahi Village is a retirement village development in Nelson of around 180 residential dwellings (50 being Iwi-led housing), a commercial centre, and a retirement village with approximately 194 townhouses and 36 in-care facility units, and Delmore is an Auckland project of approximately 1,250 residential units, including features such as parks.

    “Each expert panel will assess the project, decide whether to consent it, and apply any relevant conditions. Final decisions are expected for these applications by the 12th of September.

    “The expert panels include members with technical expertise relevant to the project and expertise in environmental matters.   

    “This Government is serious about growing our economy, and doing its part to make infrastructure and housing quicker, easier, and cheaper to build in New Zealand. I am pleased to see the formation of these panels and look forward to watching the process move forward.”

    Notes to editor: 

    More details on the applications can be found here: www.fasttrack.govt.nz

    Maitahi Village (Nelson):

    Development of approximately 180 residential dwellings (50 to be Ngāti Koata iwi-led housing), a commercial centre, and a retirement village (approximately 194 townhouses, 36 in-care facility units, a clubhouse, and a pavilion).

    Maitahi Village Expert Panel: 

    Honourable Lyn Stevens KC (chair) 

    Andrew Whaley

    Glenice Paine

    Sam Flewellen

    Delmore (Auckland): 

    Subdivision and development of approximately 1,250 residential dwellings and associated features such as parks, including delivery of the State Highway 1 Grand Drive interchange and Wainui area connection.

    Delmore Expert Panel:

    Helen Atkins (Chair) 

    Lisa Mein

    Nigel Mark-Brown

    MIL OSI New Zealand News –

  • MIL-OSI USA: Murray, Wyden, Senate Colleagues Slam Social Security for Improperly Declaring Thousands Dead, Call for Watchdog Investigation

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Trump administration abused Death Master File to purge at least 6,300 Social Security numbers–including children and seniors
    ICYMI: Senator Murray on Vote Against Social Security Nominee, Releases New WA State Report on How Trump and Elon Are Breaking the Social Security Administration
    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, joined Senate Finance Committee Ranking Member Ron Wyden (D-OR), and 10 Senate colleagues in slamming the Social Security Administration (SSA) for transferring thousands of Social Security numbers associated with immigrants to SSA’s Death Master File, marking them as dead to pressure ‘self-deportation’ and demanded the agency’s watchdog launch a full investigation into the decision.
    Exploiting Social Security’s Death Master File to terminate the SSN of living individuals without full due process, violates several federal laws and bedrock constitutional rights. The Trump administration’s actions violate their due process rights enshrined in the Constitution, falsify government records, and violate the Privacy Act, wrote the senators. Even Trump’s lawyers reportedly agreed that Social Security’s actions violated the Privacy Act. 
    “This decision will result in the ‘financial murder’ of living individuals improperly placed in the file, with everything from their credit cards and banking to their ability to access healthcare and housing being ripped out from under them,” the senators wrote in the letters to Acting Social Security Commissioner Leland Dudek and Social Security Assistant Inspector General for Audit Michelle Anderson. 
    The senators also called on the SSA Office of the Inspector General to launch a full investigation into the agency’s decision to begin using the Death Master File for this purpose, including how an individual gets targeted, who at the agency has decision making authority, and how those who have their SSNs nullified through this process can get it fixed if there is a mistake.
    The Trump administration’s abuse of Social Security’s centerpiece role in America’s economy sets a dangerous precedent of allowing the government to rip away workers’ access to their earned Social Security benefits while threatening the security of all Americans.
    “The purpose of SSA is to provide for the welfare of number-holders and their dependents, not to serve as an arm of President Trump’s immigration enforcement agenda. This move degrades the solvency, reliability, and accuracy of SSA systems and programs. It is as cruel as it is thoughtless– the impact will be felt in communities across the country and in the future of SSA programs themselves,” the senators concluded in one of their letters to SSA.
    In addition to Murray and Wyden, the letter was signed by Senators Peter Welch (D-VT), Mazie Hirono (D-HI), Tammy Duckworth (D-IL), Catherine Cortez Masto (D-NV), Bernie Sanders (I-VT), Angus King (I-ME), Elizabeth Warren (D-MA), Cory Booker (D-NJ), Ben Ray Luján (D-NM), and Jeff Merkley (D-OR). 
    A PDF of the letter to SSA Acting Commissioner Dudek is available HERE.
    A PDF of the letter to SSA Assistant Inspector General for Audit Anderson is available HERE.
    Yesterday, Senator Murray released a new report featuring testimonials from Washington state residents—including employees at the Social Security Administration who were recently fired through no fault of their own—and detailing how the Trump administration’s wide-ranging attacks on SSA risk depriving Washingtonians of the Social Security benefits they have earned and deserve. More than 73 million Americans, including 1.4 million—or one in six—people in Washington state rely on Social Security benefits. Half of seniors nationwide rely on Social Security for most of their income, and a quarter of seniors rely on Social Security for at least 90 percent of their income.   
    Senator Murray has an extensive record of protecting Social Security benefits and fighting to secure essential funding for the Social Security Administration—and she has been tirelessly raising the alarm about the threat Elon Musk’s DOGE poses to Americans’ hard-earned benefits. In March, Senator Murray held a press conference to lift up the stories of SSA employees who are being pushed out by Elon Musk through no fault of their own and hear from Washington state residents who rely on Social Security. In February, Murray released a fact sheet warning of the Trump administration’s plans to make it harder for Americans who’ve paid into Social Security to get the benefits they have earned.
    Under Senator Murray’s leadership as Chair last Congress, the Senate Appropriations Committee advanced a draft Fiscal Year 2025 Appropriations Bill that would have provided a $509 million increase for SSA this year. Millions of Americans rely on Social Security and have earned benefits over lifetimes of work. Senator Murray also helped pass the Social Security Fairness Act at the end of 2024, which restored full Social Security benefits for public servants, including firefighters, law enforcement officers, teachers, and other state and local government workers—in January, Murray held a roundtable discussion in Everett with local union members on the implementation of the law.

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Moran Votes to End CCP Infiltration of U.S. College Campuses

    Source: Congressman Nathaniel Moran (R-TX-01)

    Congressman Moran Votes to End CCP Infiltration of U.S. College Campuses

    Washington, D.C., May 7, 2025

    Washington, D.C. ­– Congressman Nathaniel Moran (R-TX-01) – a member of the House Select Committee on the Chinese Communist Party (CCP) – voted to support Congressman August Pfluger’s (R-TX-11) legislation that would put an end to CCP infiltration of American college campuses.

    “Today, House Republicans took a decisive stand against the Chinese Communist Party by passing Congressman Pfluger’s legislation to safeguard our college campuses from the growing influence of the CCP,”     said Congressman Moran. “Confucius Institutes threaten not only academic freedom but also our national security. This legislation ensures that taxpayer dollars do not go toward funding CCP-aligned organizations associated with U.S. universities, and reaffirms our commitment to protecting students, preserving academic integrity, and defending American values against the harmful influence of the CCP.”

    Specifically, the DHS Restrictions on Confucius Institutes and Chinese Entities of Concern Act would prohibit the Department of Homeland Security (DHS) from providing funds to any higher education institution that hosts Confucius Institutes, which are nonprofit cultural and educational centers funded by the CCP.

    That prohibition would also apply to institutions that have financial relationships with Chinese universities or colleges that meet other criteria such as receiving funding from or providing support to elements of the CCP.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: SBA Offers Relief to North Dakota Small Businesses and Private Nonprofits Affected by Drought

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to small businesses and private nonprofit (PNP) organizations in North Dakota to offset economic losses caused by drought beginning April 15.

    The declaration includes the North Dakota counties of Billings, Burke, Burleigh, Divide, Dunn, Golden Valley, McHenry, McKenzie, McLean, Mercer, Mountrail, Oliver, Sheridan, Slope, Stark, Ward and Williams as well as the Montana counties of Richland, Roosevelt, Sheridan and Wibaux.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

    “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.62% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months after the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to SBA no later than Dec. 22.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Cameroonian citizen believed to be living in Canada is wanted for elder fraud, money laundering abusing the asylum system

    Source: US Immigration and Customs Enforcement

    LOS ANGELES – An arrest warrant for a Cameroonian citizen involved in a complex money laundering and elder fraud conspiracy was issued April 14, by a federal judge pursuant to a U.S. Immigration and Customs Enforcement investigation in close coordination with the FBI’s Honolulu Field Office, the U.S. Department of State’s Diplomatic Security Service, and the United States Postal Inspection Service.

    Leslie Kibula Bongajum, 34, is charged with one count of conspiracy to commit money laundering and faces a maximum of 20 years in federal prison if convicted.

    Bongajum is the fourth Cameroonian national to be charged in a complex money laundering conspiracy being perpetuated by members of a transnational criminal organization carrying out various elder fraud scams and laundering the money stolen from their victims.

    Three additional Cameroonian nationals and conspirators of Bongajum were arrested in southern California Feb. 27. Sylas Nyuydzene Verdzekov, 38, of Chino Hills, and Lovert Che, 44, of Lomita, Mustapha Nkachiwouo Selly Yamie, 29, of Inglewood are charged with conspiracy to commit money laundering. At the time of their arrest, Bongajum was sought as a person of interest.

    According to the criminal complaint, from at least November 2021 and continuing to the present, Bongajum, Verdzekov, Yamie, and Che, and their co-conspirators, created fake identification documents of fictitious people, including passports and driver’s licenses. Using these fake documents, the defendants and their co-conspirators created at least 36 shell companies in California, which conducted no legitimate business and were created solely to advance their crimes.

    Bongajum, Verdzekov, Yamie, and Che, and their co-conspirators, also opened at least 145 bank accounts and at least 32 private mailboxes across southern California using fake identities and sham businesses.

    In one scheme specifically targeting elderly victims using phone calls and email pop-ups, the defendants and their co-conspirators posed as law enforcement personnel or employees with well-known companies attempting to help the victims maintain the security of their accounts. They then allegedly fabricated claims of victim bank accounts or payment accounts being compromised and needing to be resolved quickly.

    The defendants and their co-conspirators convinced the victims of their purported authority through pictures of fake badges and fake job titles, then requested the victims’ personally identifiable information and bank account information. Victims were told they needed to move money from their corrupted accounts quickly to ensure they kept all their money, and to move it into accounts that Bongajum, Verdzekov, Yamie, and Che and their co-conspirators, fraudulently opened and controlled. Victims typically moved money via electronic bank transfers, money orders, cashier’s checks, or personal checks into these fraudulent bank accounts or mailboxes.

    The defendants and their co-conspirators then deposited the ill-gotten gains into the bank accounts they controlled with the intent of disguising the ownership and control of the funds. Bongajum, Verdzekov, Yamie, and Che and their co-conspirators then withdrew large cash amounts to use the stolen funds on personal expenses, including rental payments.

    In a similar scam, the defendants and their co-conspirators allegedly posed as a real estate owner selling property. Using fake identification and credentials, the defendants deceived victims into believing that they were entering into a legitimate sale of the property and tricked the victims into wiring money or mailing a check to an account or mailbox the defendants and their co-conspirators controlled.

    In total, Bongajum, Verdzekov, Yamie, and Che and their co-conspirators, laundered at least $10 million in funds taken from at least 100 victims.

    Authorities obtained information that Bongajum has fled to Canada after learning authorities had evidence of his involvement in the criminal conspiracy. They also learned that Bongajum falsified information on his application to seek asylum in the United States and was exploiting the United States immigration system to obtain a benefit he was not qualified for.

    To date, four other Cameroonian nationals associated with this criminal organization have been arrested for immigration violations.

    If convicted, Bongajum, Verdzekov, Yamie, and Che face a statutory maximum of 20 years in federal prison.

    Indictments contain allegations that a defendant has committed a crime. Every defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

    To report suspected cybercrime, contact the ICE tip-line at 1-866-DHS-2-ICE or submit the online tip form.

    Learn more about ICE HSI’s mission to protect the U.S. economy in your community on X at @HSILosAngeles.

    MIL OSI USA News –

  • MIL-OSI: Pieridae Releases Q1 2025 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES

    CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) announces the release of its first quarter 2025 financial and operating results. The Company produced 22,584 boe/d and generated Net Operating Income1 (“NOI”) of $32.6 million during the first quarter of 2025. Management’s discussion and analysis (“MD&A”) and unaudited interim condensed consolidated financial statements and notes for the quarter ended March 31, 2025 are available at www.pieridaeenergy.com and on SEDAR+ at www.sedarplus.ca.

    “Pieridae continues building momentum this quarter with strong financial results driven, in part, by proactive decision making from our management team,” said Darcy Reding, President and CEO. “During the first quarter, we restarted 1,800 boe/d of previously shut-in dry gas volumes in response to improvements in AECO natural gas prices. We also monetized a portion of our in-the-money 2026 and 2027 natural gas financial hedge position, generating proceeds of $10.2 million which we used to reduce debt, while increasing exposure of our 2026 and 2027 natural gas production to future market prices. Our team remains focused on key milestones and catalysts in 2025, highlighted by continued debt reduction, growth in our third-party gathering and processing business, and the December 31, 2025 expiration of a long-term fixed price sulphur marketing agreement.”

    Q1 2025 HIGHLIGHTS

    • Generated NOI of $32.6 million ($0.11 per basic and fully diluted share).
    • Generated Funds Flow from Operations1 of $21.7 million ($0.07 per basic and fully diluted share).
    • Incurred operating expenses of $44.0 million, down 15% from Q1 2024, reflecting both production shut-ins and the continued reduction of field and facility operating cost structure.
    • Produced 22,584 boe/d (78% natural gas), down 35% from Q1 2024 due to the voluntary shut-in of approximately 9,400 boe/d of uneconomic dry gas production from Q3 2024 through February 2025 and an unplanned outage at the Jumping Pound gas plant from late February to early April.
    • Completed additional routine maintenance during the Q1 Jumping Pound gas plant outage that permitted deferral of the plant’s scheduled 2026 maintenance turnaround by one year to 2027.
    • Restarted approximately 1,800 boe/d shut-in Northeast BC and Northern Alberta production, benefitting from stronger gas prices during Q1.
    • Increased third-party raw gas processing volumes to 81.8 MMcf/d, up 40% from Q1 2024 and highlighted by the Caroline gas plant’s 58.9 MMcf/d contribution, up 122% from Q1 2024.   
    • Executed capital expenditure activity of $6.5 million, primarily on the Super Claus sulphur condenser repair at the Jumping Pound gas plant, along with well and facility optimization projects.
    • Completed a hedge monetization transaction in March 2025 for a portion of 2026 and 2027 natural gas contracts for net proceeds of $10.2 million and repaid a portion of the senior term loan.
    • Reduced Net Debt1 to $185.4 million, a $12.1 million decrease from Q4 2024.
    • Proposed a name change to Cavvy Energy Ltd. in support of our corporate strategy, subject to shareholder approval at the Company’s Annual and Special Meeting of Shareholders on May 8, 2025.

    ________________

    1Refer to the “non-GAAP measures” section of the Company’s MD&A.

           
      2025 2024 2023
    ($ 000s unless otherwise noted) Q1   Q4   Q3   Q2   Q1   Q4   Q3   Q2  
    Production                                
    Natural gas (Mcf/d) 105,338   111,787   115,196   157,077   175,356   174,211   155,763   159,427  
    Condensate (bbl/d) 2,454   2,149   2,191   2,472   2,781   2,384   2,020   2,300  
    NGLs (bbl/d) 2,574   1,788   1,726   2,210   2,613   1,921   2,273   2,216  
    Sulphur (tonne/d) 1,076   968   1,444   1,376   1,491   1,284   1,124   1,362  
    Total production (boe/d) (1) 22,584   22,568   23,116   30,861   34,620   33,340   30,253   31,087  
    Third-party volumes processed (Mcf/d raw) (2) 81,777   71,497   66,518   52,410   58,423   67,350   57,363   51,973  
    Financial                                
    Natural gas price ($/Mcf)                                
    Realized before Risk Management Contracts (3) 2.24   1.55   0.77   1.14   2.53   2.32   2.65   2.39  
    Realized after Risk Management Contracts (3) 3.58   3.36   3.43   2.71   3.21   3.12   3.25   3.03  
    Benchmark natural gas price 2.14   1.46   0.68   1.17   2.48   2.29   2.59   2.40  
    Condensate price ($/bbl)                                
    Realized before Risk Management Contracts (3) 95.15   94.87   92.13   99.96   91.18   97.15   97.47   84.81  
    Realized after Risk Management Contracts (3) 88.29   90.61   84.61   87.75   84.49   86.34   80.49   105.84  
    Benchmark condensate price ($/bbl) 100.24   98.85   97.10   105.62   98.43   104.30   106.30   93.25  
    Sulphur price ($/tonne)                                
    Realized sulphur price (4) 17.00   12.09   8.86   18.43   14.49   22.54   13.34   22.78  
    Benchmark sulphur price 246.36   180.54   128.47   103.19   94.84   118.29   107.09   114.92  
    Net income (loss) 2,666   (20,921 ) 7,496   (19,196 ) (6,284 ) 7,414   (16,254 ) 4,182  
    Net income (loss) $ per share, basic 0.01   (0.08 ) 0.04   (0.12 ) (0.04 ) 0.05   (0.11 ) 0.03  
    Net income (loss) $ per share, diluted 0.01   (0.08 ) 0.04   (0.12 ) (0.04 ) 0.03   (0.11 ) 0.03  
    Net operating income (5) 32,550   13,720   19,818   7,652   23,418   25,441   11,650   43,843  
    Cashflow provided by (used in) operating activities 22,612   (592 ) 2,260   (1,555 ) 7,049   31,983   7,577   27,533  
    Funds flow from operations (5) 21,707   2,824   8,234   (4,874 ) 12,044   14,269   (1,422 ) 35,432  
    Total assets 571,470   612,423   615,040   585,940   590,531   638,541   564,921   575,849  
    Adjusted working capital deficit (5) (30,540 ) (29,777 ) (42,658 ) (37,986 ) (31,671 ) (31,830 ) (21,454 ) (6,258 )
    Net debt (5) (185,438 ) (197,564 ) (206,779 ) (219,204 ) (209,964 ) (204,046 ) (205,536 ) (181,670 )
    Capital expenditures (6) 6,538   5,800   10,002   5,003   4,897   9,306   16,363   9,384  
    (1)  Total production excludes sulphur.
    (2)  Third-party volumes processed are raw natural gas volumes reported by activity month, which do not include accounting accruals.
    (3)  Includes physical commodity and financial risk management contracts inclusive of cash flow hedges, (together “Risk Management Contracts”). The realized natural gas price after Risk Management Contracts shown above is normalized to exclude the impact of the hedge monetization.
    (4)  Realized sulphur price is net of customary deductions such as transportation, market and storage fees.
    (5)  Refer to the “Net Operating Income”, “Capital Resources”, “Funds Flow from Operations” and “Working Capital and Capital Strategy” sections of the Company’s MD&A for reference to non-GAAP measures.
    (6)  Excludes reclamation and abandonment activities.
     

    OUTLOOK

    Pieridae’s priority remains strengthening our balance sheet while safely sustaining production, increasing the utilization of the Company’s gas processing facilities by attracting incremental third-party volumes, implementing cost reduction initiatives, optimizing infrastructure, and executing non-core asset dispositions to maintain profitability during all periods of the commodity cycle.

    The Company’s 2025 guidance remains unchanged as follows:

        2025 Guidance
    ($ 000s unless otherwise noted)   Low   High
    Total production (boe/d) (1)   23,000   25,000
    Net operating income (2)(4)(5)   75,000   95,000
    Operating netback ($/boe) (3)(4)(5)   9.00   11.00
    Capital expenditures   25,000   30,000
    (1)  2025 production guidance assumes persistence of previously announced shut-ins in Central AB through 2025
    (2)  Refer to the “Net Operating Income” section of the Company’s MD&A for reference to non-GAAP measures.
    (3)  Refer to “Operating Netback” section of the Company’s MD&A for reference to non-GAAP measures.
    (4)  Assumes unhedged average 2025 AECO price of $2.45/GJ and average 2025 WTI price of US$ 63.97/bbl.
    (5)  Accounts for impact of hedge contracts in place at May 7, 2025.
     

    Specific priorities for 2025 remain:

    • Sustain a safe and regulatory compliant business
    • Minimize facility outages to maximize sales and processing revenue
    • Further grow the third-party gathering and processing business at our operated facilities
    • Meaningfully reduce operating expenses to improve corporate netback
    • Deliver attractive ROI on value adding optimization projects included in the 2025 capital program
    • Reduce long term debt to improve financial flexibility

    During the second and third quarters of 2024, several low margin, dry gas properties in Northern AB, Northeast BC, and Central AB, all producing to non-operated facilities, were shut-in due to low AECO natural gas prices and high variable operating costs. Since these decisions were made, AECO pricing has improved. As a result, approximately 1,000 boe/d of production in Northern AB and 800 boe/d of production in Northeast BC was re-started in February and March 2025, respectively, but may be shut-in once again if sustained AECO pricing does not justify ongoing production. Currently, shut-in production in Central AB representing approximately 8,000 boe/d, or 24% of the Company’s production capability, is expected to remain shut-in throughout 2025, which is reflected in the 2025 production guidance of 23,000 to 25,000 boe/d.

    An ongoing strategic priority is to continue to grow third-party gathering and processing revenues at our operated facilities. Management believes there is strong upside potential for cash flow growth from the third-party gathering and processing business, particularly in the Caroline region where the Company has increased raw third-party volumes by 122% over the last four quarters as area producers continue to bring on new production.

    The Company has 110,000 GJ/d of its 2025 natural gas production hedged at a weighted average fixed price of $3.32/GJ, and 1,679 bbl/d of its 2025 condensate production hedged with a weighted average floor price of CAD$84.42/bbl and a weighted average ceiling price of CAD$92.32/bbl. The Company’s aggregate hedge position for 2025 totals 19,055 boe/d, or approximately 80% of the above production guidance range.

    Pieridae’s legacy fixed price sulphur contract, which was entered into in 2019, expires on December 31, 2025. Under this contract, the Company receives a net fixed price of approximately $6/tonne for the majority of its sulphur production capability of approximately 1,400 tonnes per day. Beginning January 1, 2026, the Company will receive market price for all sulphur production, less normal deductions for transportation, handling, and marketing, representing a significant potential revenue opportunity. As of May 7, 2025, the spot west coast sulphur price was approximately US$270/tonne, prior to royalties, transportation and marketing costs.

    The $25.0 to $30.0 million 2025 capital guidance includes approximately $10.0 million of high-impact well and facility optimization expenditures funded with the equity raised during Q4 2024. These high return, short payout capital projects are expected to increase sales revenue, improve facility efficiency, reduce operating cost and fuel gas consumption, and lower GHG compliance costs. Spending on this program commenced in Q4 2024 and will continue throughout 2025. The remainder of the 2025 capital program is focused on routine capital maintenance, field operating technology upgrades, and site closure / decommissioning expenditures in Alberta and BC. Notably, Pieridae has not scheduled major maintenance turnaround activity at any of the Company’s deep-cut, sour gas processing facilities during 2025 given the successful completion of gas plant turnarounds and other maintenance projects in 2023, 2024 and Q1 2025.  The next major maintenance turnaround is scheduled for 2026.

    Due to the current outlook for North American natural gas prices, Pieridae is not planning to resume drilling operations in 2025. The Company will only exploit its portfolio of high impact conventional Foothills drilling opportunities once natural gas prices sustainably recover and the Company has achieved its deleveraging target.

    HEDGE POSITION

    Pieridae hedges to mitigate commodity price, interest rate and foreign exchange volatility to protect the cash flow required to fund the Company’s operations, capital requirements and debt service obligations, while allowing the Company to participate in future commodity price upside. Pieridae continues to execute its risk management program governed by its hedge policy and in compliance with the thresholds required by senior secured lenders. As of March 31, 2025, the Company is hedged in accordance with the requirements of the senior loan agreement. The discounted unrealized gain on the Company’s hedge portfolio at May 7, 2025 was approximately $39.8 million using the forward strip on May 7, 2025.

    The tables below summarize Pieridae’s hedge portfolio for natural gas, condensate (“C5+”) and power as of May 7, 2025:

    2025-2026 Hedge Portfolio(1) Q125 Q225 Q325 Q425 2025 Q126 Q226 Q326 Q426 2026
    AECO Natural Gas Sales                    
    Total Hedged (GJ/d) 110,000 110,000 110,000 110,000 110,000 78,502 71,855 58,340 55,025 65,845
    Avg Hedge Price (C$/GJ) $3.32 $3.32 $3.32 $3.32 $3.32 $3.32 $3.34 $3.39 $3.40 $3.36
    WTI / C5+ Sales                    
    Total Hedged (bbl/d) 1,721 1,692 1,663 1,641 1,679 1,622 1,529 1,364 1,350 1,465
    Avg Collar Cap Price (C$/bbl) $92.73 $92.45 $92.03 $92.05 $92.32 $91.69 $90.94 $91.67 $91.68 $91.48
    Avg Collar Floor Price (C$/bbl) $84.14 $84.25 $84.61 $84.67 $84.42 $84.09 $83.83 $85.64 $85.70 $84.82
    Power Purchases                    
    Total Hedged (MW) 55 55 55 55 55 45 45 45 45 45
    Avg Hedge Price (C$/MWh) $79.22 $79.10 $79.07 $79.08 $79.12 $75.87 $75.88 $75.88 $75.88 $75.88
    2027-2028 Hedge Portfolio(1) Q127 Q227 Q327 Q427 2027 Q128 Q228 Q328 Q428 2028
    AECO Natural Gas Sales                    
    Total Hedged (GJ/d) 53,340 28,154 – – 20,172 – – – – –
    Avg Hedge Price (C$/GJ) $3.40 $3.40     $3.40         –
    WTI / C5+ Sales                    
    Total Hedged (bbl/d) 1,171 1,151 1,125 1,125 1,143 785 750 – – 382
    Avg Collar Cap Price (C$/bbl) $91.40 $88.80 $90.05 $90.05 $90.08 $90.40 $86.50 – – $88.50
    Avg Collar Floor Price (C$/bbl) $84.37 $84.08 $90.05 $90.05 $87.14 $90.40 $86.50 – – $88.49
    Power Purchases                    
    Total Hedged (MW) 25 25 25 25 25         –
    Avg Hedge Price (C$/MWh) $70.19 $70.19 $70.19 $70.19 $70.19         –
    (1) Includes forward physical sales contracts and financial derivative contracts as of May 7, 2025
     

    CONFERENCE CALL DETAILS

    A conference call and webcast to discuss the results will be held on Thursday, May 8, 2025, at 1:30 p.m. MDT / 3:30 p.m. EDT, following the formal business conducted at the Annual General and Special Meeting of Shareholders. To participate in the webcast or conference call, you are asked to register using one of the links provided below.

    To register to participate via webcast please follow this link:     

    https://edge.media-server.com/mmc/p/xk53vcfn

    Alternatively, to register to participate by telephone please follow this link:

    https://register-conf.media-server.com/register/BIf4a11631ac334142b7d1671fbf810fbb

    A replay of the webcast will be available two hours after the conclusion of the event and may be accessed using the webcast link above.

    ABOUT PIERIDAE

    Pieridae is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from western Canada. Pieridae’s vision is to provide responsible, affordable natural gas and derived products to meet society’s energy security needs. Pieridae’s common shares trade on the TSX under the symbol “PEA”.

    For further information, visit www.pieridaeenergy.com, or please contact:

    Darcy Reding, President & Chief Executive Officer Adam Gray, Chief Financial Officer
    Telephone: (403) 261-5900 Telephone: (403) 261-5900
       
    Investor Relations  
    investors@pieridaeenergy.com   
       

    Forward-Looking Statements
    Certain of the statements contained herein including, without limitation, management plans and assessments of future plans and operations, Pieridae’s outlook, strategy and vision, intentions with respect to future acquisitions, dispositions and other opportunities, including exploration and development activities, Pieridae’s ability to market its assets, plans and timing for development of undeveloped and probable resources, Pieridae’s goals with respect to the environment, relations with Indigenous people and promoting equity, diversity and inclusion, estimated abandonment and reclamation costs, plans regarding hedging, plans regarding the payment of dividends, wells to be drilled, the weighting of commodity expenses, expected production and performance of oil and natural gas properties, results and timing of projects, access to adequate pipeline capacity and third-party infrastructure, growth expectations, supply and demand for oil, natural gas liquids and natural gas, industry conditions, government regulations and regimes, capital expenditures and the nature of capital expenditures and the timing and method of financing thereof, may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively “forward-looking statements”). Words such as “may”, “will”, “should”, “could”, “anticipate”, “believe”, “expect”, “intend”, “plan”, “continue”, “focus”, “endeavor”, “commit”, “shall”, “propose”, “might”, “project”, “predict”, “vision”, “opportunity”, “strategy”, “objective”, “potential”, “forecast”, “estimate”, “goal”, “target”, “growth”, “future”, and similar expressions may be used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management.

    Forward-looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to, the risks associated with oil and gas exploration, development, exploitation, production, processing, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of resources estimates, environmental risks, competition from other producers, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals, ability to access sufficient capital from internal and external sources and the risk factors outlined under “Risk Factors” and elsewhere herein. The recovery and resources estimate of Pieridae’s reserves provided herein are estimates only and there is no guarantee that the estimated resources will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

    Forward-looking statements are based on a number of factors and assumptions which have been used to develop such forward-looking statements, but which may prove to be incorrect. Although Pieridae believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because Pieridae can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which Pieridae operates; the timely receipt of any required regulatory approvals; the ability of Pieridae to obtain and retain qualified staff, equipment and services in a timely and cost efficient manner; the ability of the operator of the projects which Pieridae has an interest in to operate the field in a safe, efficient and effective manner; the ability of Pieridae to obtain financing on acceptable terms; the ability to replace and expand oil and natural gas resources through acquisition, development and exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of Pieridae to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Pieridae operates; timing and amount of capital expenditures; future sources of funding; production levels; weather conditions; success of exploration and development activities; access to gathering, processing and pipeline systems; advancing technologies; and the ability of Pieridae to successfully market its oil and natural gas products.

    Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Pieridae’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca), and at Pieridae’s website (www.pieridaeenergy.com).

    Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and Pieridae assumes no obligation to update or review them to reflect new events or circumstances except as required by applicable securities laws.

    Forward-looking statements contained herein concerning the oil and gas industry and Pieridae’s general expectations concerning this industry are based on estimates prepared by management using data from publicly available industry sources as well as from reserve reports, market research and industry analysis and on assumptions based on data and knowledge of this industry which Pieridae believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While Pieridae is not aware of any misstatements regarding any industry data presented herein, the industry involves risks and uncertainties and is subject to change based on various factors.

    Additional Reader Advisories
    Barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

    Abbreviations

    Natural Gas Liquids
    Mcf thousand cubic feet bbl/d barrels per day
    Mcf/d thousand cubic feet per day boe/d barrels of oil equivalent per day
    MMcf/d million cubic feet per day WTI West Texas Intermediate
    AECO Alberta benchmark price for natural gas Mbbl Thousand barrels
    GJ Gigajoule MMbbl Million barrels
    Power   MMboe Million barrels of oil equivalent
    MW Megawatt C2 Ethane
    MWh Megawatt hour C3 Propane
        C4 Butane
        C5/C5+ Condensate / Pentane

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

    The MIL Network –

  • MIL-OSI New Zealand: World must meet 1.5°C goal or risk “unprecedented” exposure

    Source: Save The Children

    Ahead of the 10th anniversary of the Paris Agreement, research released by Save the Children and Vrije Universiteit Brussel (VUB) found that under current climate commitments – which will likely see a global temperature rise of 2.7°C above pre-industrial levels – about 100 million of the estimated 120 million children born in 2020, or 83%, will face “unprecedented” lifetime exposure to extreme heat. 
    However, if the world limits warming to the 1.5°C Paris Agreement target, this would reduce the number of five-year-olds impacted to 62 million – a difference of 38 million – highlighting the urgency to protect children through rapidly phasing out the use and subsidy of fossil fuels. Dangerous heat is deadly for children, taking an immense toll on their physical and mental health, disrupting access to food and clean water and forcing schools to close . 
    Researchers defined an “unprecedented” life as an exposure to climate extremes that someone would have less than a 1 in 10,000 chance of experiencing during their life in a world without human-induced climate change. The research, published in the report Born into the Climate Crisis 2. An Unprecedented Life: Protecting Children’s Rights in a Changing Climate also found that meeting the 1.5°C target would protect millions of children born in 2020 from the severest impacts of other climate related disasters such as crop failures, floods, tropical cyclones, droughts and wildfires.
    The report found that, for children born in 2020, if global temperature rise is limited to 1.5°C rather than reaching 2.7°C above pre-industrial levels:

    About 38 million would be spared from facing unprecedented lifetime exposure to heatwaves;
    About 8 million would avoid unprecedented lifetime exposure to crop failures;
    About 5 million would be spared from unprecedented lifetime exposure to river floods;
    About 5 million would avoid unprecedented lifetime exposure to tropical cyclones;
    About 2 million would avoid unprecedented lifetime exposure to droughts;
    About 1.5 million children would be spared unprecedented lifetime exposure to wildfires.

    Climate extremes – which are becoming more frequent and severe due to climate change – are increasingly harming children, forcing them from their homes, putting food out of reach, damaging schools and increasing risks like child marriage as they are forced out of education and into poverty and food shortages.

    Denise-, 16, and her family were forced from their home in Brazil when the country’s worst floods in 80 years devastated their community last year. Their home, including Denise’s bedroom, was severely damaged, and she was out of school for nearly two months. 
    She said: “It really affected me mentally, and academically too. Catching up on all my grades to pass secondary school was really tough, especially at a state school. It massively impacted my schoolwork. My grades dropped significantly after the floods.” 
    Children impacted by inequality and discrimination and those in lower-and middle-income countries, are often worst affected . Meanwhile they have fewer resources to cope with climate shocks and are already at far greater risk from vector and waterborne diseases, hunger, and malnutrition, and their homes are often more vulnerable to increased risks from floods, cyclones and other extreme weather events.  
    Haruka, 16, whose poem is featured in the report, is from Vanuatu, which recently experienced three of the most severe types of cyclone in just a year.  
    She said: “Cyclones are scary. For me, they continue to destroy my home, every year – we don’t even bother trying to fix the ceiling anymore. “The past few years, I’ve seen ceaseless destruction and constant rebuilding. This seemingly never-ending cycle has become our reality, and most people aren’t even aware that it’s not just nature doing its thing, but it’s us bearing the brunt of a crisis that we did not cause.”  
    As well as comparing conditions under 1.5°C and 2.7°C scenarios, the report also examines a scenario in which global temperatures rise to 3.5°C by 2100, which will lead to about 92% of children born in 2020 – about 111 million children [5] – living with unprecedented heatwave exposure over their lifetime. While we need a rapid phase-out of the use and subsidy of fossil fuels to stick to the 1.5°C target, we must not lose sight of solutions, Save the Children said. 
    The report highlights initiatives like increased climate finance, child-centred and locally led adaptation and increasing the participation of children in shaping climate action. 
    Inger Ashing, CEO of Save the Children International, said: “Across the world, children are forced to bear the brunt of a crisis they are not responsible for. Dangerous heat that puts their health and learning at risk; cyclones that batter their homes and schools; creeping droughts that shrivel up crops and shrink what’s on their plates. “Amid this daily drumbeat of disasters, children plead with us not to switch off. This new research shows there is still hope, but only if we act urgently and ambitiously to rapidly limit warming temperatures to 1.5°C , and truly put children front and centre of our response to climate change at every level.”  
    As the world’s leading independent child rights organisation, Save the Children works in about 110 countries, tackling climate across everything we do. 
    Save the Children supports children and their communities globally in preventing, preparing for, adapting to, and recovering from climate disasters and gradual climate change. We have set up floating schools, rebuilt destroyed homes and provided cash grants to families hit by disasters. We also work to influence governments and other key stakeholders on climate policies, including at the UNFCCC COP summits, giving children a platform for their voices to be heard. 
    READ FULL REPORT HERE.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Cramer, Gallego Introduce Bipartisan Legislation to Improve Home Appraisal Process

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    WASHINGTON, D.C. – U.S. Senators Kevin Cramer (R-ND) and Ruben Gallego (D-AZ) introduced their bipartisan Appraisal Industry Improvement Act to improve access to housing in rural communities. This legislation comes as rural housing markets experience a shortage of trained appraisers and an aging appraiser workforce. Two thirds of appraisers are older than 51, while only 13% are younger than 35. These dynamics contribute to worker shortages, resulting in delays for appraisals and extending the homebuying process for purchasers and sellers. North Dakotans have experienced an average wait time of 21 days for home appraisals, while the national average is between six to nine days.
    To support the home appraisal workforce and speed up the appraisal process, the bill will add state credentialed trainee appraisers to the national Appraiser Registry run by the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council as well as add representation from the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture Rural Housing Service. It also allows ASC grants for state appraiser certification and licensing agencies to support education and training to address appraiser industry workforce needs. The legislation authorizes ASC to decrease annual registry fees if they determine the fees adversely impact functions and renews licensed residential appraisers’ ability to conduct appraisals on FHA properties. 
    “Housing markets, and especially rural markets like the ones we see across North Dakota, are negatively impacted by a shortage of trained appraisers,”said Cramer. “Our economy has a labor crunch and appraisers are no exception. Adding state-licensed appraisers to the national registry and supporting training and education efforts are solutions to speeding up the homebuying process. This bill improves access to the housing market without decreasing the quality of appraisals.”
    “Appraisals are a critical part of the home buying and selling process, but right now a shortage of licensed appraisers is delaying home purchases and raising costs for Arizonans, particularly in rural and tribal areas,” said Gallego. “As I work to ensure the dream of homeownership is within reach for every hardworking family, I’m proud to help introduce this commonsense, bipartisan bill to boost the appraisals workforce and improve service to underserved areas.”
    Click here for bill text. 

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Valadao Joins Bipartisan Group of Members to Reintroduce the Farm Workforce Modernization Act

    Source: United States House of Representatives – Congressman David G. Valadao (California)

    WASHINGTON – Today, Congressman David Valadao (CA-22) joined Reps. Zoe Lofgren (CA-18), Dan Newhouse (WA-04), Mike Simpson (ID-02), Jim Costa (CA-21), and Adam Gray (CA-13) to reintroduce the Farm Workforce Modernization Act. This bill, which passed the House of Representatives with strong bipartisan support in the 116th and 117th Congresses, updates the H-2A agricultural guest worker program and is a compromise solution that provides needed stability for farmers and farmworkers. Congressman Valadao was a co-lead of the bill in the 118th Congress and a co-sponsor in the 117th Congress.

    “Central Valley farmers are the backbone of our nation’s agricultural industry, but they continue to face serious challenges finding and retaining a reliable workforce,” said Congressman Valadao. “The current H-2A program doesn’t meet the labor needs of many producers, but the Farm Workforce Modernization Act is a positive step to addressing our agriculture workforce needs and securing our food supply chain. Food security is national security, and I look forward to continuing to work with my colleagues on both sides of the aisle to find long-term solutions that support our farmers and strengthen our food supply chain.”

    “The men and women who work America’s farms feed the nation. However, in the past few years, we’ve seen labor shortages contribute to high food prices,” said Rep. Lofgren. “As economic chaos and confusion continues, it is essential we provide stability to this critical workforce. The Farm Workforce Modernization Act would do so, which will protect the future of our farms and our food supply. It is well-past time we get this bipartisan legislation twice passed by the House of Representatives to the President’s desk.”

    “The workforce crisis has come to a boiling point for farmers across the country. Reintroducing the Farm Workforce Modernization Act sends a clear message to farmers that we are working hard to find solutions that ease the burdens brought on by the current state of the H-2A program. This legislation is necessary to lay the groundwork for continued negotiations, and I am committed to working closely with my colleagues to enact long-term, durable reforms to our agriculture guest worker programs. This issue has been, and remains, my top priority and unified Republican government is an opportunity to deliver for our farmers and ranchers,” said Rep. Newhouse.

    “The workforce crisis is the most important issue facing agriculture in our country,” said Rep. Simpson. “Supporting American agriculture means providing a stable, reliable, and legal workforce, and this legislative solution addresses one of the most pressing concerns our farmers and ranchers face. Now that we finally have an administration taking the border crisis seriously, Congress must address this issue and enact necessary reforms. It is well past time we solve this problem. I look forward to working with my colleagues and getting this critical legislation across the finish line to President Trump’s desk for his signature.”

    “American agriculture depends on a reliable workforce and nowhere is that more true than in California’s San Joaquin Valley, where farmworkers are the backbone of our economy. This legislation is a common-sense, bipartisan solution that provides stability for our farmers and dignity for the workers who feed America. If President Trump is serious about fixing our broken immigration system, he should work with us to get this bill across the finish line,” said Congressman Costa. 

    “Farm workers and the larger agricultural community are the backbone of the Central Valley’s economy,” said Congressman Gray. “Labor shortages on our farms could lead to higher food prices across the country and the Valley cannot afford to be shorthanded. This commonsense bipartisan bill would stabilize our vital workforce and make sure Valley farmers can continue to feed families across the country.”

    The Farm Workforce Modernization Act would:

    • Reform the H-2A program to provide more flexibility for employers, while ensuring critical protections for workers.
    • Establish a program for agricultural workers in the United States to choose to earn legal status through continued agricultural employment and contribution to the U.S. agricultural economy.
    • Focus on modification to make the program more responsive and user-friendly for employers and provides access to the program for industries with year-round labor needs.

    Read the full bill here.

    ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: NZ Treasury – Interim Financial Statements of the Government of New Zealand for the nine months ended 31 March 2025

    Source: The New Zealand Treasury

    The Interim Financial Statements of the Government of New Zealand for the nine months ended 31 March 2025 were released by the Treasury today. The March results are reported against forecasts based on the Half Year Economic and Fiscal Update 2024 (HYEFU 2024), published on 17 December 2024, and the results for the same period for the previous year.

    The majority of the key fiscal indicators for the nine months ended 31 March 2025 were better than forecast. The Government’s main operating indicator, the operating balance before gains and losses excluding ACC (OBEGALx), showed a deficit of $6.6 billion. This was $0.5 billion smaller than forecast largely due to lower than forecast core Crown expenditure. Net core Crown debt was $2.1 billion lower than forecast at $182.0 billion, or 42.6% of GDP.

    Core Crown tax revenue, at $89.5 billion, was $0.2 billion (0.2%) higher than forecast. While GST and other individuals’ tax were both above forecast by $0.5 billion each, this was broadly offset by source deductions and corporate tax which were below forecast by $0.5 billion and $0.3 billion, respectively.

    Core Crown expenses, at $104.1 billion, were $0.6 billion (0.5%) below forecast. This variance included some significant offsetting variances and was mostly timing in nature. In particular, core government services expenses were $0.6 billion above forecast, while transport and housing expenses were $0.6 billion and $0.3 billion below forecast, respectively. The remaining variance was spread across a range of agencies.

    The OBEGALx was a deficit of $6.6 billion, $0.5 billion less than the forecast deficit. When including the revenue and expenses of ACC, the OBEGAL deficit was $8.4 billion, $0.4 billion less than the forecast deficit.

    The operating balance deficit of $4.5 billion was $0.8 billion higher than the forecast deficit. This reflected net unfavourable valuation movements along with the favourable OBEGAL result. Net gains on financial instruments were $4.0 billion lower than forecast, driven by the performance of the New Zealand Superannuation Fund (NZS Fund) and ACC’s investment portfolios. This unfavourable variance was partly offset by net losses on non-financial instruments being $2.6 billion less than forecast. This was largely owing to a $0.7 billion net actuarial gain on ACC’s outstanding claims liability compared to a forecast net loss of $1.0 billion, and the New Zealand Emissions Trading Scheme with net losses being $0.9 billion lower than forecast.

    The core Crown residual cash deficit of $5.3 billion was $1.7 billion lower than forecast. While net operating cash flows were broadly in line with forecast, net core Crown capital cash outflows were $1.5 billion lower than forecast. This variance is expected to be timing in nature, mainly owing to net purchases of investments and net increases in advances which were both below forecast by $0.6 billion and $0.7 billion, respectively.

    Net core Crown debt at $182.0 billion (42.6% of GDP) was $2.1 billion lower than forecast. This variance was largely due to the variance in core Crown residual cash deficit and the factors not impacting residual cash which improved net core Crown debt. Of these factors, the most significant was foreign exchange movements since the HYEFU 2024 forecast which have resulted in $0.5 billion of net gains improving net core Crown debt without impacting the core Crown residual cash indicator.

    Gross debt at $206.0 billion (48.3% of GDP) was $0.5 billion higher than forecast, largely owing to higher than forecast government stock, partially offset by lower than forecast Treasury bills.

    Net worth at $183.8 billion (43.1% of GDP) was $0.3 billion lower than forecast. The variance to forecast reflects a higher operating balance deficit discussed above, partially offset by net actuarial gains on retirement plan schemes ($0.5 billion). Net worth consisted of total Crown assets of $594.7 billion (in line with forecast) and total Crown liabilities of $410.9 billion ($0.3 billion higher than forecast).


          

      Year to date Full Year
    March
    2025
    Actual1
    $m    		 March 
    2025
    HYEFU 2024
    Forecast1
    $m    		 Variance2
    HYEFU 2024
    $m    		 Variance
    HYEFU 2024
    %    		 June
    2025
    HYEFU 2024
    Forecast3
    $m
    Core Crown tax revenue 89,478 89,278 200 0.2 120,623
    Core Crown revenue 99,124 99,152 (28) –  134,038
    Core Crown expenses 104,088 104,662 574 0.5 144,638
    Core Crown residual cash (5,297) (7,018) 1,721 24.5 (16,610)
    Net core Crown debt4 181,984 184,121 2,137 1.2 192,810
              as a percentage of GDP 42.6% 43.1%     45.1%
    Gross debt 205,997 205,456 (541) (0.3) 206,558
              as a percentage of GDP 48.3% 48.1%     48.3%
    OBEGAL excluding ACC (OBEGALx) (6,589) (7,118) 529 7.4 (12,868)
    OBEGAL (8,370) (8,774) 404 4.6 (17,317)
    Operating balance (excluding minority interests) (4,484) (3,656) (828) (22.6) (10,161)
    Net worth 183,815 184,118 (303) (0.2) 177,492
              as a percentage of GDP 43.1% 43.1%     41.5%
    1. Using the most recently published GDP (for the year ended 31 December 2024) of $426,925 million (Source: Stats NZ).
    2. Favourable variances against forecast have a positive sign and unfavourable variances against forecast have a negative sign.
    3. Using HYEFU 2024 forecast GDP for the year ending 30 June 2025 of $427,252 million (Source: The Treasury).
    4. Net core Crown debt excludes the NZS Fund and core Crown advances. Net core Crown debt may fluctuate during the year largely reflecting the timing of tax receipts.

    MIL OSI New Zealand News –

  • MIL-OSI: Oportun Announces Continued Board Evolution

    Source: GlobeNewswire (MIL-OSI)

    SAN CARLOS, Calif., May 07, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced that its Board of Directors will nominate Carlos Minetti and Raul Vazquez for election at the Company’s 2025 Annual Meeting of Shareholders (the “Annual Meeting”). Scott Parker and R. Neil Williams will not stand for reelection at the Annual Meeting, and the Board will be reduced from ten to eight members at that time. If the Board’s recommended candidates are elected, three of the Board’s seven independent directors will have joined the Board within eighteen months of the Annual Meeting. Following the conclusion of Mr. Williams’ tenure on the Board, the Board will select a new Lead Independent Director.

    “The Board has thoughtfully repositioned Oportun for continued success. As part of that process, we took a comprehensive look at how to maintain the Board’s strength and independence, as well as its diversity of experience and expertise,” said Mr. Williams. “After benchmarking against industry peers and corporate governance best practices, and considering the perspectives of our shareholders, we recognized that a smaller Board would be both more conventional and efficient. I have full confidence the Board will continue to provide effective guidance and hold management accountable as the Company executes its strategic initiatives.”

    “On behalf of the Board, I’d like to thank Scott and Neil for their service and contributions to the Company. We wish them all the best in their future endeavors,” said Ginny Lee, Chair of the Nominating, Governance and Social Responsibility Committee. “Looking ahead, we remain focused on vigorous and independent oversight of the Company’s strategy and execution, with a goal of driving improved operating performance and delivering enhanced shareholder value.”

    About Oportun

    Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $19.7 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

    Forward-Looking Statements

    This press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, 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 fact contained in this press release, including statements as to our future performance and financial position, are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events, financial trends and risks and uncertainties that we believe may affect our business, financial condition and results of operations. These risks and uncertainties include those risks described in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, we disclaim any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

    Additional Information and Where to Find It

    Oportun Financial Corporation (“Oportun”), its directors and certain executive officers are participants in the solicitation of proxies from stockholders in connection with Oportun’s 2025 Annual Meeting of Stockholders (the “Annual Meeting”). Oportun plans to file a proxy statement (the “2025 Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting.

    Jo Ann Barefoot, Mohit Daswani, Ginny Lee, Carlos Minetti, Louis Miramontes, Scott Parker, Sandra A. Smith, Richard Tambor, Raul Vazquez and R. Neil Williams, all of whom are members of Oportun’s board of directors, are participants in Oportun’s solicitation. Additional information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the 2025 Proxy Statement and other relevant documents to be filed with the SEC in connection with the Annual Meeting. Information relating to the foregoing can also be found in Oportun’s definitive proxy statement for its 2024 Annual Meeting of Stockholders (the “2024 Proxy Statement”), which was filed with the SEC on May 13, 2024, and is available here. Particular attention is directed to the sections of the 2024 Proxy Statement captioned “Directors, Executive Officers and Corporate Governance,” “Non-Employee Director Compensation,” “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” “Executive Compensation” and “Certain Relationships and Related Transactions.” To the extent that holdings of such participants in Oportun’s securities have changed since the amounts printed in the 2024 Proxy Statement, such changes have been reflected on the following filings: for Ms. Barefoot, on June 28, 2024; for Mr. Daswani, on June 28, 2024 and December 13, 2024; for Ms. Lee, on June 28, 2024; for Mr. Minetti, on June 28, 2024 and December 13, 2024; for Mr. Miramontes, on June 28, 2024; for Mr. Parker, on April 25, 2024, June 18, 2024, and June 28, 2024; for Ms. Smith, on June 28, 2024; for Mr. Tambor, on June 28, 2024 and June 28, 2024; for Mr. Vazquez, on June 18, 2024, September 12, 2024, December 2, 2024, March 12, 2025, and April 4, 2025; and for Mr. Williams, on June 28, 2024 and December 11, 2024.

    Promptly after filing its definitive 2025 Proxy Statement with the SEC, Oportun will mail the definitive 2025 Proxy Statement and a GREEN proxy card to each stockholder entitled to vote at the Annual Meeting. STOCKHOLDERS ARE URGED TO READ THE 2025 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT OPORTUN WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, Oportun’s proxy statement (in both preliminary and definitive form), any amendments or supplements thereto, and any other relevant documents filed by Oportun with the SEC in connection with the Annual Meeting at the SEC’s website, which is located here. Copies of Oportun’s definitive 2025 Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Oportun with the SEC in connection with the Annual Meeting will also be available, free of charge, at Oportun’s website, which is located here, or by writing to Investor Relations, Oportun Financial Corporation, 2 Circle Star Way, San Carlos, CA 94070. In addition, copies of these materials may be requested, free of charge, from Oportun’s proxy solicitor, Innisfree M&A Incorporated, by calling toll-free to (877) 800-5195.

    Investor Contact
    Dorian Hare
    (650) 590-4323
    ir@oportun.com

    Innisfree M&A Incorporated
    Scott Winter / Gabrielle Wolf / Jonathan Kovacs
    (212) 750-5833

    Media Contact
    John Christiansen / Bryan Locke
    FGS Global
    Oportun@fgsglobal.com

    The MIL Network –

  • MIL-OSI: Petrus Resources Announces First Quarter 2025 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results as at and for the three months ended March 31, 2025.

    Q1 2025 HIGHLIGHTS:

    • Capital Activity – Invested $17.3 million in capital during the quarter. Approximately 60% was directed toward the drilling, completing and tie-in of 7 gross (4.1 net) wells. Most of the remaining capital expenditures went to the construction of a 12-kilometer expansion of the North Ferrier pipeline, an infrastructure investment designed to enhance access to high quality undeveloped lands and enable cost-effective transportation of natural gas to Petrus’ operated Ferrier gas plant. Of the wells drilled in the quarter, 5 will flow through the North Ferrier pipeline.
    • Production – Average production was 8,929 boe/d(1) in the first quarter of 2025, relatively flat compared to 9,066 boe/d in the fourth quarter of 2024.
    • Commodity Prices – Total realized price was $29.35/boe, up 11% from $26.45/boe in the fourth quarter of 2024, primarily due to improved natural gas pricing.
    • Funds Flow(2)– Generated funds flow of $12.5 million ($0.10 per share(3)) in the first quarter of 2025, solidifying the gains realized in the fourth quarter of 2024.
    • Dividends – Paid regular monthly dividend of $0.01 per share, for a total of $3.8 million, during the first quarter of 2025. Shareholders chose to reinvest $2.6 million under the Company’s dividend reinvestment plan resulting in the issue of 2,005,522 common shares.
    • Net Debt(2)– Net debt increased to $66.0 million as at March 31, 2025, and net debt to annualized funds flow ratio(3) increased to 1.3x. This increase was due to high capital spending in Q1, which was required to take advantage of time-sensitive strategic opportunities. Net debt is expected to decline in the second half of the year and is forecast to return to our 2025 guidance target of $60 million by year-end.

    OUTLOOK(4)

    The 2025 capital program began early in the year and remains on schedule. Drilling operations are continuing through spring breakup. Completion activities on the remaining uncompleted first quarter wells are under way and production is expected to come online later in May. The 12 kilometer North Ferrier pipeline extension is expected to be operational in May with both Petrus and third-party volumes flowing to the Ferrier gas plant.

    For the remainder of 2025, Petrus has hedged approximately 56% of its forecasted production at an average price of $2.67/GJ for natural gas and CAD$94.75/bbl for oil. This strategic approach positions the Company to achieve its guidance targets and maintain financial stability. As always, Petrus is prepared to adapt its capital program in response to market dynamics, remaining focused on delivering sustainable returns to shareholders.

    FIRST QUARTER 2025 CONFERENCE CALL

    Date and Time: May 8, 2025, 11:00 a.m. (Mountain Time)
    Please refer to the events page on Petrus’ website for conference call details and links: www.petrusresources.com/events

    ANNUAL GENERAL MEETING
    The Company’s Annual General Meeting will be held at Suite #1110, 240 4th Ave SW Calgary, Alberta, on Wednesday May 21, 2025 at 1:30 p.m. (Mountain Time).
    Please refer to the events page on Petrus’ website for AGM details and links: www.petrusresources.com/events

    An updated corporate presentation can be found on the Company’s website at www.petrusresources.com

    For further information, please contact:
    Ken Gray, P.Eng.
    President and Chief Executive Officer
    T: (403) 930-0889
    E: kgray@petrusresources.com

    (1)Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production and Product Type Information” for further details.
    (2)Non-GAAP financial measure. Refer to “Non-GAAP and Other Financial Measures”.
    (3)Non-GAAP ratio. Refer to “Non-GAAP and Other Financial Measures”.
    (4)Refer to “Advisories – Forward-Looking Statements”.

    SELECTED FINANCIAL INFORMATION

    OPERATIONS Three months ended

    Mar. 31, 2025

    		 Three months ended

    Mar. 31, 2024

    		 Three months ended

    Dec. 31, 2024

    		 Three months ended

    Sept. 30, 2024

    		 Three months ended

    Jun. 30, 2024
    Average Production          
    Natural gas (mcf/d) 35,689   40,174   36,178   37,368   38,908  
    Oil and condensate(1) (bbl/d) 1,202   1,529   1,226   1,522   1,322  
    NGLs (bbl/d) 1,777   1,557   1,810   1,464   1,664  
    Total (boe/d) 8,929   9,783   9,066   9,215   9,471  
    Total (boe)(1) 803,498   890,267   834,111   847,760   861,838  
    Liquids weighting 33 % 32 % 33 % 32 % 32 %
    Realized Prices          
    Natural gas ($/mcf) 2.25   2.54   1.61   0.80   1.41  
    Oil and condensate(1)($/bbl) 92.73   90.38   93.60   90.80   103.77  
    NGLs ($/bbl) 39.54   43.09   36.90   36.81   37.25  
    Total realized price ($/boe) 29.35   31.42   26.45   24.07   26.81  
    Royalty income 0.06   0.07   0.03   0.05   0.05  
    Royalty expense (3.36 ) (3.89 ) (3.85 ) (3.06 ) (3.83 )
    Net oil and natural gas revenue ($/boe) 26.05   27.60   22.63   21.06   23.03  
    Operating expense (6.76 ) (6.76 ) (5.89 ) (6.10 ) (4.96 )
    Transportation expense (1.65 ) (1.81 ) (1.44 ) (1.46 ) (1.46 )
    Operating netback(2)($/boe) 17.64   19.03   15.30   13.50   16.61  
    Realized gain (loss) on financial derivatives 1.14   2.90   3.04   2.49   (0.36 )
    Other income (cash) 0.02   0.05   1.19   0.09   0.05  
    General & administrative expense (1.41 ) (1.32 ) (2.10 ) (1.43 ) (1.34 )
    Cash finance expense (1.68 ) (1.78 ) (1.83 ) (1.95 ) (1.91 )
    Decommissioning expenditures (0.19 ) (0.61 ) (0.61 ) (0.12 ) (0.72 )
    Funds flow & corporate netback ($/boe)(2) 15.52   18.27   14.99   12.58   12.33  
               
    FINANCIAL (000s except $ per share) Three months ended

    Mar. 31, 2025

    		 Three months ended

    Mar. 31, 2024

    		 Three months ended

    Dec. 31, 2024

    		 Three months ended

    Sept. 30, 2024

    		 Three months ended

    Jun. 30, 2024
    Oil and natural gas sales 23,630   28,039   22,085   20,446   23,150  
    Net income (loss) (3,088 ) (5,333 ) (4,004 ) 5,302   2,789  
    Net income (loss) per share          
    Basic (0.02 ) (0.04 ) (0.03 ) 0.04   0.02  
    Fully diluted (0.02 ) (0.04 ) (0.03 ) 0.04   0.02  
    Funds flow(2) 12,467   16,272   12,493   10,665   10,628  
    Funds flow per share(2)          
    Basic 0.10   0.13   0.10   0.09   0.09  
    Fully diluted 0.10   0.13   0.10   0.08   0.08  
    Capital expenditures 17,279   12,343   7,705   4,859   6,907  
    Weighted average shares outstanding          
    Basic 126,043   124,299   124,497   124,372   124,290  
    Fully diluted 126,043   124,299   124,497   126,686   126,559  
    As at period end          
    Common shares outstanding          
    Basic 127,469   124,259   125,113   124,372   124,372  
    Fully diluted 138,501   134,484   134,919   134,952   134,919  
    Total assets 427,955   427,574   420,124   421,196   419,584  
    Non-current liabilities 68,176   59,995   65,475   62,869   59,511  
    Net debt(2) 66,009   63,114   60,080   60,423   61,848  

    (1)Disclosure of production on a per boe basis consists of the constituent product types and their respective quantities. Refer to “BOE Presentation” and “Production and Product Type Information” for further details.
    (2)Non-GAAP ratio or non-GAAP financial measure. Refer to “Non-GAAP and Other Financial Measures”.

    NON-GAAP AND OTHER FINANCIAL MEASURES

    This press release makes reference to the terms “operating netback” (on an absolute and $/boe basis), “corporate netback” (on an absolute and $/boe basis), “funds flow” (on an absolute, per share (basic and fully diluted) and $/boe basis), “net debt” and “net debt to annualized funds flow ratio”. These non-GAAP and other financial measures are not recognized measures under GAAP (IFRS) and do not have a standardized meaning prescribed by GAAP (IFRS). Accordingly, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. These non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS as indicators of our performance. Management uses these non-GAAP and other financial measures for the reasons set forth below.

    Operating Netback
    Operating netback is a common non-GAAP financial measure used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. The most directly comparable GAAP measure to operating netback is oil and natural gas sales. Operating netback is calculated as oil and natural gas sales less royalty expenses, operating expenses and transportation expenses, plus or minus the gain (loss) on risk management activities. See below for a reconciliation of operating netback to oil and natural gas sales.

    Operating netback ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which is a useful supplemental measure to evaluate the specific operating performance by product type at the oil and natural gas lease level. It is calculated as operating netbacks divided by weighted average daily production on a per boe basis. See below.

    Corporate Netback and Funds Flow
    Corporate netback or funds flow is a common non-GAAP financial measure used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Corporate netback and funds flow are used interchangeably. Petrus analyzes these measures on an absolute value and on a per unit (boe) and per share (basic and fully diluted) basis as non-GAAP ratios. Management believes that funds flow and corporate netback provide information to assist a reader in understanding the Company’s profitability relative to current commodity prices. They are calculated as the operating netback less general and administrative expense, less cash finance expense, less decommissioning expenditures, plus or minus other income (cash) and plus or minus the net realized gain (loss) on financial derivatives . See below for a reconciliation of funds flow and corporate netback to oil and natural gas sales.

    Corporate netback ($/boe) or funds flow ($/boe) is a non-GAAP ratio used in the oil and natural gas industry which evaluates the Company’s profitability at the corporate level. Management believes that funds flow ($/boe) or corporate netback ($/boe) provide information to assist a reader in understanding the Company’s profitability relative to current commodity prices. It is calculated as corporate netbacks or funds flow divided by weighted average daily production on a per boe basis. See below.

    Funds flow per share (basic and fully diluted) is comprised of funds flow divided by basic or fully diluted weighted average common shares outstanding.

      Three months ended

     March 31, 2025

    		 Three months ended

    Dec. 31, 2024

    		 Three months ended

    Sept. 30, 2024

    		 Three months ended

    Jun. 30, 2024

    		 Three months ended

    March 31, 2024
      $000s $/boe $000s $/boe $000s $/boe $000s $/boe $000s $/boe
    Oil and natural gas sales 23,630   29.41   22,085   26.48   20,446   24.12   23,150   26.86   28,039   31.50  
    Royalty expense (2,703 ) (3.36 ) (3,212 ) (3.85 ) (2,593 ) (3.06 ) (3,305 ) (3.83 ) (3,461 ) (3.89 )
    Net oil and natural gas revenue 20,927   26.05   18,873   22.63   17,853   21.06   19,845   23.03   24,578   27.61  
    Transportation expense (1,324 ) (1.65 ) (1,203 ) (1.44 ) (1,239 ) (1.46 ) (1,259 ) (1.46 ) (1,615 ) (1.81 )
    Operating expense (5,429 ) (6.76 ) (4,915 ) (5.89 ) (5,172 ) (6.10 ) (4,271 ) (4.96 ) (6,018 ) (6.76 )
    Operating netback 14,174   17.64   12,755   15.30   11,442   13.50   14,315   16.61   16,945   19.03  
    Realized gain (loss) on financial derivatives 912   1.14   2,539   3.04   2,115   2.49   (307 ) (0.36 ) 2,583   2.90  
    Other income(1) 17   0.02   991   1.19   77   0.09   40   0.05   48   0.05  
    General & administrative expense (1,133 ) (1.41 ) (1,752 ) (2.10 ) (1,209 ) (1.43 ) (1,152 ) (1.34 ) (1,178 ) (1.32 )
    Cash finance expense (1,351 ) (1.68 ) (1,530 ) (1.83 ) (1,657 ) (1.95 ) (1,650 ) (1.91 ) (1,581 ) (1.78 )
    Decommissioning expenditures (152 ) (0.19 ) (510 ) (0.61 ) (103 ) (0.12 ) (618 ) (0.72 ) (545 ) (0.61 )
    Funds flow and corporate netback 12,467   15.52   12,493   14.99   10,665   12.58   10,628   12.33   16,272   18.27  

    (1)Excludes non-cash government grant related to decommissioning expenditures.

    Net Debt

    Net debt is a non-GAAP financial measure and is calculated as the sum of long term debt and working capital (current assets and current liabilities), excluding the current financial derivative contracts and current portion of the lease obligation and decommissioning obligation. Petrus uses net debt as a key indicator of its leverage and strength of its balance sheet. Net debt is reconciled, in the table below, to long-term debt which is the most directly comparable GAAP measure.

    ($000s) As at March 31, 2025 As at Dec. 31, 2024 As at Sept. 30, 2024 As at Jun. 30, 2024 As at Mar. 31, 2024
    Long-term debt 25,000   25,000   25,000   25,000   25,000  
    Current assets (15,763 ) (17,583 ) (20,258 ) (16,333 ) (21,081 )
    Current liabilities 59,788   51,268   48,458   52,379   61,099  
    Current financial derivatives (1,779 ) 2,632   7,690   1,276   (716 )
    Current portion of lease obligation (164 ) (164 ) (230 ) (237 ) (263 )
    Current portion of decommissioning liabilities (1,073 ) (1,073 ) (237 ) (237 ) (925 )
    Net debt 66,009   60,080   60,423   61,848   63,114  


    Net Debt to annualized funds flow ratio

    Net debt to annualized funds flow ratio is a non-GAAP ratio because each of its components is a non-GAAP financial measure. This non-GAAP ratio is used by management as a key indicator of our leverage and the strength of our balance sheet. It is calculated by dividing our net debt at the end of the quarter by the funds flow for the quarter after it is annualized by multiplying it by four. Net debt to annualized fund flow ratio is not a standardized measure and, therefore, may not be comparable with the calculation of similar measures by other entities.

    ADVISORIES

    Basis of Presentation
    Financial data presented above has largely been derived from the Company’s financial statements, prepared in accordance with GAAP which require publicly accountable enterprises to prepare their financial statements using IFRS. Accounting policies adopted by the Company are set out in the notes to the audited consolidated financial statements as at and for the year ended December 31, 2024. The reporting and the measurement currency is the Canadian dollar. All financial information is expressed in Canadian dollars, unless otherwise stated.

    Forward-Looking Statements
    Certain information regarding Petrus set forth in this press release contains forward-looking statements within the meaning of applicable securities law, that involve substantial known and unknown risks and uncertainties. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Such statements represent Petrus’ internal projections, estimates, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Petrus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Petrus’ actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Petrus.

    In particular, forward-looking statements included in this press release include, but are not limited to, statements with respect to: that the investment in the 12-kilometer expansion of the North Ferrier pipeline will enhance access to high quality undeveloped lands and enable cost-effective transportation of natural gas to Petrus’ operated Ferrier gas plant; that 5 of the wells drilled in the quarter will flow through the North Ferrier pipeline; that the completion activities on the uncompleted first quarter wells will begin in May and the anticipated timing of production coming on line; that the 12 kilometer North Ferrier pipeline extension will be operational in May and the anticipated timing and benefits therefrom; that our net debt is expected to decline in the second half of the year and is forecasted to return to our 2025 guidance target of $60 million by year-end; that with our current hedges for 2025, we are positioned to achieve guidance targets and maintain financial stability; that we are able to adjust our capital program in response to market dynamics; and that we are able to remain focused on delivering sustainable returns to shareholders.

    These forward-looking statements are subject to numerous risks and uncertainties, most of which are beyond the Company’s control, including: the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; the impact of general economic conditions; volatility in market prices for crude oil, NGL and natural gas; industry conditions; currency fluctuation; changes in interest rates and inflation rates; imprecision of reserve estimates; liabilities inherent in crude oil and natural gas operations; environmental risks; incorrect assessments of the value of acquisitions and exploration and development programs; competition; the lack of availability of qualified personnel or management; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; hazards such as fire, explosion, blowouts, cratering, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; extreme weather events, such as wild fires, floods, drought and extreme cold or warm temperatures, each of which could result in substantial damage to our assets and/or increase our costs, decrease our production, or otherwise impede our ability to operate our business; stock market volatility; ability to access sufficient capital from internal and external sources; that the amount of dividends that we pay may be reduced or suspended entirely; that we reduce or suspend the repurchase of shares under our NCIB; and the other risks and uncertainties described in our most recently filed annual information form. With respect to forward-looking statements contained in this press release, Petrus has made assumptions regarding: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; the amount of dividends that we will pay; the number of shares that we will repurchase under our NCIB; future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment and services; effects of regulation by governmental agencies; the effects of inflation on our costs and profitability; future interest rates; and future operating costs. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide investors with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive.

    This press release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about Petrus’ prospective results of operations including, without limitation, that our net debt is expected to decline in the second half of the year and is forecasted to return to our 2025 guidance target of $60 million by year-end, and the percentage of our forecast production for 2025 that is hedged, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. Petrus’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits Petrus will derive therefrom. Petrus has included the FOFI in order to provide readers with a more complete perspective on Petrus’ future operations and such information may not be appropriate for other purposes.

    These forward-looking statements and FOFI are made as of the date of this press release and the Company disclaims any intent or obligation to update any forward-looking statements and FOFI, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

    BOE Presentation
    The oil and natural gas industry commonly expresses production volumes and reserves on a barrel of oil equivalent (“boe”) basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved measurement of results and comparisons with other industry participants. Petrus uses the 6:1 boe measure which is the approximate energy equivalence of the two commodities at the burner tip. Boe’s do not represent an economic value equivalence at the wellhead and therefore may be a misleading measure if used in isolation.

    Production and Product Type Information

    References to crude oil (or oil), natural gas liquids (“NGLs”), natural gas and average daily production in this document refer to the light and medium crude oil, conventional natural gas, and NGLs product types, as applicable, as defined in National Instrument 51-101 (“NI 51-101”), except as noted below.

    NI 51-101 includes condensate within the NGLs product type. The Company has disclosed condensate as combined with crude oil and separately from other NGLs since the price of condensate as compared to other NGLs is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light oil, medium oil, and condensate. NGLs refers to ethane, propane, butane and pentane combined. Natural gas refers to conventional natural gas.

    Dividend Advisory

    The Company’s future dividends, if any, and the level thereof is uncertain. Any decision to pay dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) will be subject to the discretion of the Board of Directors and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance that the Company will pay dividends in the future.

    Abbreviations

    $000’s thousand dollars
    $/bbl dollars per barrel
    $/boe dollars per barrel of oil equivalent
    $/GJ dollars per gigajoule
    $/mcf dollars per thousand cubic feet
    bbl barrel
    mbbl thousand barrels
    bbl/d barrels per day
    boe barrel of oil equivalent
    mboe thousand barrel of oil equivalent
    mmboe million barrel of oil equivalent
    boe/d barrel of oil equivalent per day
    GJ gigajoule
    GJ/d gigajoules per day
    mcf thousand cubic feet
    mcf/d thousand cubic feet per day
    mmcf/d million cubic feet per day
    bcf billion cubic feet
    NGLs natural gas liquids
    WTI West Texas Intermediate

    The MIL Network –

  • MIL-OSI: The Keg Royalties Income Fund Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

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

    VANCOUVER, British Columbia, May 07, 2025 (GLOBE NEWSWIRE) — The Keg Royalties Income Fund (the “Fund”) (TSX: KEG.UN) is pleased to announce its financial results for the three months ended March 31, 2025 (the “quarter”).

    HIGHLIGHTS

    • Royalty Pool Sales(1) up 6.9% to $193.8 million for the quarter
    • KRL Average Sales per Operating Week(1) up 7.5% to $144,000 per Operating Week(1) for the quarter
    • KRL Same Store Sales(1) up 9.2% for the quarter
    • Distributable Cash(1) down 10.9% to $0.365/Fund unit for the quarter
    • Paid a special cash distribution of $0.04/Fund unit on January 31, 2025
    • Payout Ratio(2) was up to 77.7% for the quarter

    Royalty Pool Sales reported by the 104 Keg restaurants in the Royalty Pool(1) were $193,776,000 for the first quarter of 2025, an increase of $12,527,000 or 6.9% from the comparable quarter of the prior year. The increase in Royalty Pool Sales during the first quarter of 2025 was primarily due to the increase in Same Store Sales.

    Royalty income increased by $501,000 or 6.9% from $7,250,000 in the three months ended March 31, 2024 to $7,751,000 in the three months ended March 31, 2025.

    Distributable Cash available to pay distributions to public unitholders decreased by $505,000 in the first quarter of 2025 from $4,652,000 ($0.410/Fund unit) to $4,147,000 ($0.365/Fund unit). During the first quarter of 2025, regular cash distributions of $3,222,000 ($0.284/Fund unit) were paid to Fund unitholders, which remained the same as the first quarter of 2024. Additionally, a special cash distribution of $454,000 ($0.04/Fund unit) was declared in December 2024, and was paid to Fund unitholders during the first quarter of 2025, compared to a special cash distribution declared in December 2023 of $908,000 ($0.08/Fund unit), and paid to Fund unitholders in the first quarter of 2024.

    In any reporting period, the Fund’s Distributable Cash is affected, both positively and negatively, by any changes in non-cash Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities(1) balances recognized in that reporting period. The decrease in the Fund’s Distributable Cash in the first quarter of 2025, was primarily attributable to the negative effects of changes in non-cash Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities balances during the first quarter of 2025.

    The Payout Ratio was 77.7% for the first quarter of 2025, compared to 69.3% for the first quarter of 2024.

    The Fund remains financially well positioned with cash on hand of $2,443,000 and a positive Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities balance of $4,132,000 as at March 31, 2025.

    “We are pleased with the financial results of the Fund in the first quarter of 2025, despite the continued challenges facing the full-service restaurant category, including the uncertainty related to potential tariffs,” said Kip Woodward, Chairman of the Fund. “KRL management continues to focus on delivering the best guest dining experience, and we are encouraged by the Keg’s long-term guest loyalty which we always endeavor to earn.”

    “We are pleased with KRL’s sales performance during the first quarter of 2025. Same Store Sales increased 9.2% versus the comparable quarter of 2024,” said Nick Dean, President of KRL. “We believe this is a result of remaining focused on delivering the Keg’s renowned hospitality and providing significant value to our guests,” he concluded.

    (1) This is a non-IFRS supplementary financial measure. Please refer to the “non-GAAP and other financial measures disclosure (NI 52-112)” section of this press release.
    (2) This is a non-IFRS ratio. Please refer to the “non-GAAP and other financial measures disclosure (NI 52-112)” section of this press release.

    NON-GAAP AND OTHER FINANCIAL MEASURES DISCLOSURE (“NI 52-112”)

    NI 52-112 prescribes disclosure requirements that apply to certain Non-IFRS measures known as “specified financial measures”. This press release makes reference to certain non-IFRS measures which provides important information regarding the Fund’s financial performance and ability to pay distributions to unitholders. By considering these non-IFRS measures in combination with IFRS measures, the Fund believes that readers are provided with additional and more useful information about the Fund’s financial performance as opposed to considering IFRS measures alone. The terms “System Sales”, “Royalty Pool”, “Royalty Pool Sales”, “Same Store Sales”, “Operating Weeks”, “Distributable Cash Before SIFT Tax”, “Distributable Cash”, “Payout Ratio”, “Average Sales per Operating Week” and “Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities” are non-IFRS measures and non-IFRS ratios. These non-IFRS measures and ratios reported by the Fund do not have standardized meanings as prescribed by IFRS, and the Fund’s method of calculating these measures may differ and may not be comparable to similar measures reported by other issuers.

    “System Sales” is a non-IFRS supplementary financial measure representing the gross sales of all corporate restaurants owned by Keg Restaurants Ltd. (“KRL”), and the gross sales reported to KRL by franchise restaurants without independent audit, in any period. The total System Sales of KRL are of interest to readers as it best reflects KRL’s overall sales performance.

    “Royalty Pool” is a non-IFRS supplementary financial measure representing a specific pool of Keg restaurants for which System Sales is calculated, obligating KRL to make monthly royalty payments to the Partnership equal to 4% of these gross sales.

    “Royalty Pool Sales” is a non-IFRS supplementary financial measure representing the total gross sales reported by Keg restaurants included in a specified Royalty Pool, for which the Fund receives a royalty of 4% on these reported gross sales in any period.

    “Same Store Sales” is a non-IFRS supplementary financial measure representing the overall increase or decrease in gross sales from a group of Keg restaurants (those restaurants that operated during the entire period of both the current and prior years), compared to gross sales for the same group of restaurants for the same period of the prior year.

    “Operating Weeks” is a non-IFRS supplementary financial measure representing the number of weeks a restaurant is open for in-store dining, without significant capacity restrictions, during a respective period.

    “Distributable Cash Before SIFT Tax” is a non-IFRS supplementary financial measure and is defined as the periodic cash flows from operating activities as reported in the IFRS unaudited condensed consolidated interim financial statements, including the effects of changes in non-cash Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities, plus the Specified Investment Flow-through Trust tax (“SIFT” tax) paid (including current year instalments), less interest and financing fees paid on the term loan, less the Partnership distributions attributable to KRL through its ownership of Class A, B, and D Exchangeable Partnership units (“Exchangeable Partnership units” or “Exchangeable units”) and Class C Partnership units held by KRL.

    “Distributable Cash” is a non-IFRS supplementary financial measure and is defined as the amount of cash available for distribution to the Fund’s public unitholders and is calculated as Distributable Cash Before SIFT Tax, less current year SIFT tax expense. The Fund believes that Distributable Cash, both before and after SIFT tax, provides useful information regarding the amount of cash available for distribution to the Fund’s public unitholders, both before and after SIFT tax, provides useful information regarding the amount of cash available for distribution to the Fund’s public unitholders.

    “Payout Ratio” is a non-IFRS ratio and is computed as the ratio of aggregate cash distributions paid during the period plus any special distributions declared or paid during the same period (numerator) to the aggregate Distributable Cash of the period (denominator).

    “Average Sales per Operating Week” is a non-IFRS supplementary financial measure and is defined as the sales generated by an average restaurant during those operating weeks when restaurants were fully open for in-store dining, during a respective period. This metric is calculated by dividing total System Sales for any financial period by the total Operating Weeks open during the same financial period.

    “Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities” is a non-IFRS supplementary financial measure and is defined as the Fund’s current assets less current liabilities before Class C and Exchangeable Partnership units. The Fund believes this metric provides useful information to readers as Working Capital Before Classification of Class C and Exchangeable Partnership Units as Current Liabilities represents the Fund’s current working capital amounts expected to be settled for cash within the next twelve months.

    FINANCIAL HIGHLIGHTS

        Three months ended
        March 31,   March 31,
    ($000’s expect per unit amounts – unaudited)   2025   2024
             
    Restaurants in the Royalty Pool     104     105
    Royalty Pool Sales   $ 193,776   $ 181,249
    Royalty income (1)   $ 7,751   $ 7,250
    Interest income (2)     1,070     1,089
    Total income   $ 8,821   $ 8,339
    Administrative expenses (3)     (177)     (113)
    Interest and financing expenses (4)     (194)     (265)
    Operating income   $ 8,450   $ 7,961
    Distributions to KRL(5)     (3,467)     (3,297)
    Profit before fair value gain (loss) and income taxes   $ 4,983   $ 4,664
    Fair value gain (loss) (6)     5,341     (5,069)
    Income tax expense (7)     (1,381)     (1,246)
    Profit (loss) and comprehensive income (loss)   $ 8,943   $ (1,651)
    Distributable Cash Before SIFT Tax   $ 5,482   $ 5,900
    Distributable Cash   $ 4,147   $ 4,652
    Distributions to Fund unitholders (8)   $ 3,222   $ 3,222
    Payout Ratio     77.7%     69.3%
             
    Per Fund unit information (9)        
    Profit before fair value gain (loss) and income taxes   $ 0.439   $ 0.411
    Profit (loss) and comprehensive income (loss)   $ 0.788   $ (0.145)
    Distributable Cash Before SIFT Tax   $ 0.483   $ 0.520
    Distributable Cash   $ 0.365   $ 0.410
    Distributions to Fund unitholders (8)   $ 0.284   $ 0.284

    Notes:
    (1) The Fund, indirectly through The Keg Rights Limited Partnership (the “Partnership”), earns royalty income equal to 4% of gross sales of Keg restaurants in the Royalty Pool.
    (2) The Fund directly earns interest income on the $57.0 million loan to KRL (the “Keg Loan”), with interest income accruing at 7.5% per annum, payable monthly.
    (3) The Fund, indirectly through the Partnership, incurs administrative expenses and interest on the operating line of credit, to the extent utilized.
    (4) The Fund, indirectly through The Keg Holdings Trust (“KHT”), incurs interest expense on the $14.0 million term loan and amortization of deferred financing charges.
    (5) Represents the distributions of the Partnership attributable to KRL during the respective periods on the Exchangeable Partnership units and Class C Partnership units held by KRL. The Exchangeable Partnership units are exchangeable into Fund units on a one-for-one basis. These distributions are presented as interest expense in the unaudited condensed consolidated interim financial statements.
    (6) Fair value gain (loss) is the non-cash decrease or increase in the market value of the Exchangeable units held by KRL during the respective period. Exchangeable units are classified as a financial liability under IFRS.
    (7) Income taxes include the SIFT tax expense, and either a non-cash deferred tax expense or deferred tax recovery. The deferred tax expense or recovery primarily results from differences in income recognition between the Fund’s accounting methods and enacted tax laws. It is also partially due to temporary differences between accounting and tax bases of the Keg Rights owned by the Partnership.
    (8) Distributions to Fund unitholders include all regular monthly cash distributions paid to Fund unitholders during a period and any special distributions declared, but not paid, to Fund unitholders in the same period.
    (9) All per unit amounts are calculated based on the weighted average number of Fund units outstanding, which are those units held by public unitholders during the respective period. The weighted average number of Fund units outstanding for the three months ended March 31, 2025 and 2024 were 11,353,500.

    The Fund (TSX: KEG.UN) is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). In exchange for use of those trademarks, KRL pays the Fund a royalty of 4% of gross sales of Keg restaurants included in the Royalty Pool.

    With approximately 10,000 employees, over 100 restaurants and annual System Sales exceeding $700 million, 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 continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steakhouses. 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.

    This press release may contain certain “forward looking” statements reflecting The Keg Royalties Income Fund’s current expectations in the casual dining segment of the restaurant food industry. Investors are cautioned that all forward looking statements involve risks and uncertainties, including those relating to the Keg’s ability to continue to realize historical same store sales growth, changes in market and existing competition, new competitive developments, and potential downturns in economic conditions generally. Additional information on these and other potential factors that could affect the Fund’s financial results are detailed in documents filed from time to time with the provincial securities commissions in Canada.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of the prospectus, nor shall there be any sale of the Fund units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state, province or jurisdiction. The Keg Royalties Income Fund units have not been, and will not be registered under the U.S. Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an application for exemption from the registration requirement under U.S. securities laws.

    The Trustees of the Fund have approved the contents of this press release.

    The MIL Network –

  • MIL-OSI Submissions: Fintec – Visa and Whish Money Announce a Strategic Alliance that is Set to Revolutionize Digital Payments and Financial Services Regionally and Globally

    Source: Whish Money

    Beirut, Lebanon, May 6, 2025 – Visa, a global payments technology leader, and Whish Money SAL, a leading regional fintech, are pleased to announce one of the most strategic partnerships in the region. This partnership will enable Whish to leverage Visa’s advanced services and technology for payments and money movement, while allowing Visa to expand its service offerings to over 1 million Whish app users. A signing ceremony was held to commemorate this significant collaboration, marking a new chapter in the fintech landscape of the region.

    Leila Serhan, Senior Vice President at Visa and Group Country Manager for the North Africa, Levant and Pakistan (NALP) region, commented on the partnership: “This strategic partnership between Visa and Whish is the first in the levant region with an e-wallet and money transfer company, and we align with Whish on multiple pillars, most of which, trust and innovation. This partnership will enable us to bring our advanced payment technologies to a broader audience, facilitating seamless and secure money movement across the world. And as Whish is already present globally and is further expanding its reach, we can further facilitate the international growth through our presence in over 200 countries.”

    Toufic Koussa, CEO and Co-Founder of Whish Money, added: “We are excited to embark on this new collaboration with Visa which marks a significant milestone for Whish Money. By integrating Visa’s cutting-edge technology and services, we are poised to enhance our payment solutions and provide even more secure and efficient financial services to our customers. This partnership underscores our commitment to innovation and excellence in the fintech industry and is a testament to the thorough and careful due diligence Visa undertakes while engaging in such an affiliation given their high compliance standards. Our commitment to compliance and security has enabled us to achieve this unique partnership in the region.”

    This strategic alliance between Visa and Whish Money is set to revolutionize the fintech sector, bringing unparalleled advancements to digital payments and financial services regionally and globally. As both entities leverage their strengths and innovative technologies, the partnership will not only drive economic growth but also set a new benchmark for excellence and security in the industry.

    About Visa:

    Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com .

    About Whish Money:

    Whish Money is part of Talaco Group that was established in 2004, specializing in technology, telecom, software development, money remittance, digital payments and logistics industries. Whish has been one of the first global fintech platforms disrupting the distribution of telecom, ISP, gaming, and gift card vouchers, in addition to the digitization of financial services to corporates, retailers, and end users. With over 1,200 agents in Lebanon and 3,000 points of sale in the UAE, Whish Money continues to expand its reach and impact. Today, Whish has offices in Lebanon, UAE, and the USA serving more than 1 million users in over 110 countries.

    As a licensed and regulated company by the Central Bank of Lebanon, Whish Money adheres strictly to all local and international laws, regulations, and best practices including stringent Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) measures. Whish works closely with local and international authorities to detect and prevent financial crime. Its robust compliance framework, backed by advanced technology and experienced professionals, ensures that every transaction is screened against local and international watch lists, and is scrutinized to identify and mitigate potential risks, enabling it to provide secure and reliable financial services to its customers.

    MIL OSI – Submitted News –

  • MIL-OSI: Solar Alliance Announces Late Filing of Annual Financial Disclosure

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and KNOXVILLE, Tenn., May 07, 2025 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR), a leading solar energy solutions provider focused on the commercial and utility solar sectors, announces that the filing of its audited annual financial statements, management’s discussion and analysis, and related CEO and CFO certifications for the year ended December 31, 2024 (the “Required Filings”) as required under National Instrument 51-102 – Continuous Disclosure Obligations has been delayed beyond the filing deadline of April 30, 2025. As a result, Solar Alliance expects to be noted in default in due course and anticipates that trading of its common shares will be halted on the TSX Venture Exchange and a cease trade order will be issued by the applicable Canadian Securities Administrators.

    The Company is working expeditiously with its auditor, Kreston GTA LLP, to complete the audit as soon as possible. Solar Alliance plans to remedy the default and file the Required Filings imminently and expects such filing to occur in any event, no later than May 15, 2025.

    The Company confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.  

    About Solar Alliance Energy Inc. (www.solaralliance.com)

    Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Our experienced team of solar professionals reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance’s strategy is to ultimately build, own and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility community customers.

    Forward-Looking Statements

    Certain statements in this news release are “forward-looking statements”, which reflect management’s expectations regarding the timing of completion of the Required Filings and the Company’s future business operations. All statements other than statements of historical fact contained in this news release are forward-looking statements. Such forward-looking statements involve risks and uncertainties, as they reflect management’s current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. Such risks include, without limitation: the Company’s inability to complete its Required Filings; the imposition of trading halts, cease trade orders and other regulatory penalties; and general risks affecting the industry and broader economic conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by the Company with the securities regulatory authorities, available at www.sedarplus.ca.

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

    The MIL Network –

  • MIL-OSI: Mountain America Credit Union Ranked Top Five Nationally by J.D. Power for Credit Union Member Satisfaction

    Source: GlobeNewswire (MIL-OSI)

    SANDY, Utah, May 07, 2025 (GLOBE NEWSWIRE) — Mountain America Credit Union ranks among the top five for member satisfaction among the nation’s largest credit unions, according to the 2025 U.S. Credit Union Satisfaction Study by J.D. Power. It is the highest-rated credit union in Utah.

    A Media Snippet accompanying this announcement is available in this link.

    The annual study, released last month, measures member satisfaction across six key factors: trust, people, account offerings, allowing customers to bank how and when they want, helping save time or money, and resolving problems or complaints. The survey, based on responses from thousands of credit union members nationwide, reflects consumer experiences with their financial institutions over the past year.

    “This recognition is a direct reflection of our commitment to putting our members first,” said Sterling Nielsen, president and CEO at Mountain America Credit Union. “Every decision we make is centered around how we can better serve our members, support their goals, and deliver the kind of personal, responsive service they deserve. Being named one of the top five credit unions in the country is an honor and motivates us to keep improving.”

    Mountain America serves more than 1,000,000 members throughout a five-state region with a full range of financial products and services, including savings and checking accounts, home and auto loans, and digital banking tools.

    J.D. Power’s Credit Union Satisfaction Study is considered one of the most comprehensive benchmarks of member satisfaction in the industry. The study evaluates the top 29 largest credit unions and was based on feedback from 9,989 credit union members collected between January 2024 and January 2025.

    For more information about Mountain America visit macu.com.

    About Mountain America Credit Union
    With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across multi-state region; and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

    The MIL Network –

  • MIL-OSI USA: Durbin, Duckworth, Klobuchar Raise Privacy Concerns About New DOGE Scrutiny of Farmer Finances With USDA Loans

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    May 07, 2025
    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), a member of the Senate Committee on Agriculture, Nutrition, and Forestry, and U.S. Senator Tammy Duckworth (D-IL) joined U.S. Senator Amy Klobuchar (D-MN) in pressing the U.S. Department of Agriculture (USDA) for more information about reports that farm loans and loan guarantees must be inspected and cleared by Elon Musk’s Department of Government Efficiency (DOGE) employees.
    “We write to express concern about a reported memorandum from the Farm Service Agency (FSA) to require certain farm loans and loan guarantees to be cleared through Department of Government Efficiency (DOGE) employees,” wrote the Senators.
    “In addition to raising privacy questions, this change could create delays in FSA loans for qualified borrowers,” the Senators continued. “At a time when financial uncertainty is rising for America’s families and farmers, creating more red tape for customers who often have no other options for credit could prevent farmers from getting crops in the ground, animals fed, or cause a beginning farmer to miss out on the purchase of their first parcel of land.”
    Along with Durbin, Duckworth, and Klobuchar, the letter was signed by U.S. Senators Ron Wyden (D-OR), Mark Warner (D-VA), Michael Bennet (D-CO), Richard Blumenthal (D-CT), Mazie Hirono (D-HI), Angus King (I-ME), Tina Smith (D-MN), Ben Ray Luján (D-NM), Jon Ossoff (D-GA), Raphael Warnock (D-GA), John Fetterman (D-PA), Adam Schiff (D-CA), and Elissa Slotkin (D-MI).
    The full letter is available here and below:
    May 6, 2025
    Dear Secretary Rollins, 
    We write to express concern about a reported memorandum from the Farm Service Agency (FSA) to require certain farm loans and loan guarantees to be cleared through Department of Government Efficiency (DOGE) employees. In addition to raising privacy questions, this change could create delays in FSA loans for qualified borrowers. At a time when financial uncertainty is rising for America’s families and farmers, creating more red tape for customers who often have no other options for credit could prevent farmers from getting crops in the ground, animals fed, or cause a beginning farmer to miss out on the purchase of their first parcel of land.  
    The April 29, 2025 memo reportedly requires that farm loans and loan guarantees exceeding $500,000 as well as any loans or guarantees to “formal entities” such as an LLC must be “reviewed and cleared” not only by the USDA Chief Financial Officer (CFO) but also by DOGE employees. Because most farming operations are structured as some type of entity, this requirement could impact a large number of loans and loan guarantees. 
    USDA’s Farm Service Agency has recently made improvements to farm loan program procedures to create more efficiency, cut red tape, and streamline application processes to ease the burden on farmers. The Agency has simplified the direct farm loan application to reduce paperwork from 29 pages to 13 pages and implemented a “fast track” expedited review process for farm loan applications. We are concerned this new review could undermine the improvements made by USDA to reduce delays for applicants. 
    We request answers to the following questions by May 13th, 2025. 
      Please provide a copy of the memo directing this new policy and any supporting guidance provided to USDA employees. 
    What is the purpose and the legal basis of this new layer of review? 
     What role, if any, will artificial intelligence systems play in this review? 
    If artificial intelligence systems are used for this review, what systems will be used, and what parameters or instructions will guide the process? 

    Please provide a description of the guardrails that are in place to ensure that any information shared with and used by DOGE will protect the privacy of loan recipients.  
    Please provide a detailed description of all specific farm loan categories the new review policy does or does not apply to.  
       What, if any, is the time limitation for the review? 
    Was any analysis performed about the effect on the applicants of the potential delay or denials as a result of this new policy, and if so, what was the conclusion? 
    The memorandum referenced an Executive Order covering “discretionary spending through Federal contracts, grants, loans, and related instruments” and was not specific to FSA farm loans.  
    Are there similar new procedures in place or being planned for other assistance to agricultural producers either through FSA farm programs or other agencies? If so, what are those procedures? If not, what makes farm loans trigger this review and not the other assistance to the same set of entities? 

      
    We look forward to working with you to ensure that our farmers and ranchers have access to the credit they need. 
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville, Colleagues Celebrate Small Businesses During Small Business Week

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Joni Ernst (R-IA) and 81 Senate colleagues in cosponsoring a resolution declaring the week of May 5th as “National Small Business Week.” The measure recognizes the entrepreneurs and innovators that promote growth and create jobs across America. 
    “Small businesses are the heart and soul of the American economy,” said Sen. Tuberville. “Alabama is proud to be home to more than 420,000 small businesses that feed our families and fuel our economy. As a former small business owner, I know firsthand the tremendous challenges that our small business owners face every day. By cutting red tape and lowering taxes, President Trump was a champion for small businesses during his first term. Congress should work with President Trump to help him usher in the golden age of the American small business economy.”
    “Main Street is roaring back under President Trump’s pro-growth policies that are ushering in a Golden Age,” said Sen. Ernst. “This week, we celebrate the small businesses that mean so much more than the livelihoods they support and the jobs they create. These shops embody the American spirit and shape the culture of big cities and rural communities across America. I’m proud to recognize these entrepreneurs’ tremendous contributions and will continue to fight to ensure that they have a champion in Washington.”
    Read full text of the resolution here.
    BACKGROUND:
    Alabama boasts 422,586 small businesses, which account for more than 99% of Alabama’s businesses and nearly half of the workforce in the state.
    Sen. Tuberville has championed small businesses during his entire tenure in Congress. Earlier this year he reintroduced the Repealing Big Brother Overreach Act, which would overturn the disastrous Corporate Transparency Act (CTA) and protect small businesses. He also joined his colleagues in reintroducing the Main Street Certainty Act to make the 2017 Trump-era 20% pass-through business tax deductions permanent.
    MORE:
    ICYMI: Tuberville Joins “Kudlow” on Fox Business to Discuss Trump Trial, Legislation to Protect Small Businesses
    The Corporate Transparency Act Means Jail Time For Small Business Owners
    Congress needs to save small businesses from Big Brother
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI Banking: Open protocols like A2A and MCP are key to enabling the agentic web. With A2A support coming to Copilot Studio and Foundry, customers can build agentic systems that interoperate by design.

    Source: Microsoft

    Headline: Open protocols like A2A and MCP are key to enabling the agentic web. With A2A support coming to Copilot Studio and Foundry, customers can build agentic systems that interoperate by design.

    Today, Microsoft is formalizing our partnership with Google around Agent2Agent (A2A) to contribute to and advance the protocol, including interoperability with Azure AI Foundry and Copilot Studio.   In order for agents to truly be useful, over time they must be able to do more complex work on behalf of users. For that to happen, agents must be able to seamlessly interoperate with Internet services and with other agents. #MCP and #A2A are important steps for the agentic economy.   See more here: aka.ms/a2a  

    MIL OSI Global Banks –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Guyana

    Source: IMF – News in Russian

    May 7, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Guyana.[1]

    Guyana’s economic transformation is advancing strongly and broadening in scale. Rapidly expanding oil production, strong non-oil output, and large-scale public infrastructure investment supported the highest real GDP growth rate in the world, averaging 47 percent per year since 2022. Real oil GDP increased by nearly 58 percent in 2024, while real non-oil GDP expanded over 13 percent, reflecting a solid broad-based performance across sectors. Inflation reached 2.9 percent by end-2024, from 2 percent at end-2023, driven largely by higher food prices (affected by international food prices and earlier floods). The overall fiscal deficit widened from 5.1 percent of GDP (11.7 percent of non-oil GDP) in 2022 to 7.3 percent of GDP (21 percent of non-oil GDP) in 2024 reflecting a large increase in capital expenditure. Driven by higher oil exports, Guyana’s current account surplus more than doubled in 2024, reaching about 24½ percent of GDP. By end-2024, gross international reserves surpassed US$1 billion, while the Natural Resource Fund (NRF) accumulated over US$1.1 billion in 2024, reaching US$3.1 billion (over 12½ percent of GDP). 

    The economic outlook remains highly favorable. The economy is expected to grow on average 14 percent per year over the next five years, driven by robust oil production and strong non-oil GDP growth. Positive spillovers from the oil sector and improvements in infrastructure, productivity, and resilience are expected to boost the real non-oil GDP growth to an average of 6¾ percent over the medium term, about 3 percentage points higher than the pre-oil decade average. While inflation is projected to edge up to around 4 percent in 2025, the overall fiscal deficit and the current account surplus are expected to narrow in 2025. Over the medium term, the continued expansion of oil production will further strengthen the external position, with substantial savings accumulation in the NRF.

    Risks to the outlook are broadly balanced. On the upside, additional oil discoveries and productivity-enhancing investments, including to strengthen energy resilience would further bolster Guyana’s long-term economic prospects, while expanding construction activity would support higher short-term non-oil GDP growth. Downside risks stem from overheating pressures which, if not contained, would lead to higher inflation and a real exchange rate appreciation beyond the level consistent with a balanced expansion of the economy. Commodity price volatility in a highly uncertain global environment, including from trade policy and climate shocks could also adversely affect inflation and alter the macroeconomic outlook.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Guyana’s remarkable economic progress to attain high-income status, supported by rapidly expanding oil production and robust non-oil growth. They noted that Guyana’s economic outlook remains highly favorable with balanced risks, strong fundamentals, and a strong external position supported by substantial accumulation of oil revenue in the Natural Resource Fund. They commended the authorities’ commitment to balancing development needs with prudent policies to entrench macroeconomic and fiscal stability.

    Directors concurred that the current fiscal stance is appropriate given development needs. They welcomed the authorities’ commitment to eliminate the overall fiscal deficit over the medium term and further narrow the non-oil primary deficit to levels consistent with ensuring intergenerational equity and preserving fiscal and macroeconomic sustainability. They highlighted the need for a comprehensive medium-term fiscal framework with an explicit anchor and an operational target, along with regular assessments of expenditure related to reaching development objectives. They positively noted the authorities’ continued efforts to strengthen public financial management as well as the low risk of debt distress given low public debt.

    Directors considered the monetary policy stance as appropriately tight to help contain inflation, while noting the need for further tightening if inflation risks escalate. They saw merit in enhancing the monetary policy toolkit and deepening financial markets to help strengthen the effectiveness of monetary policy transmission. They emphasized the need for maintaining consistent policies to support the stabilized exchange rate arrangement, which remains appropriate, and saw merit in assessing whether transitioning to a more flexible exchange rate regime over the medium term could be beneficial as Guyana’s economy continues to transform.

    Directors welcomed the authorities’ commitment to maintain financial stability and continue enhancing financial supervision, including monitoring sectoral lending exposures and related-party lending. They supported the authorities’ efforts to further strengthen risk monitoring, strengthen the macroprudential framework, broaden regulatory coverage, and enhance statistics on balance sheets and real estate prices.

    Directors welcomed the authorities’ efforts to foster inclusive growth and economic diversification, improve the business environment, strengthen climate and energy resilience, and enhance labor market skills. They commended progress in strengthening governance, anti-corruption, official statistics, AML/CFT frameworks, fiscal transparency, and transparency in extractive industries, and supported the continued efforts to strengthen them in line with international standards.

    It is expected that the next Article IV consultation with Guyana will be held on the standard 12-month cycle.

    Table 1. Guyana: Selected Social and Economic Indicators

     

    I.  Social Indicators

     

    Population, 2023 (thousands)

       814

    Life expectancy at birth (years), 2022

    66

    		  

    Under-five mortality rate (per 1,000 live births), 2023

    14

    Human Development Index rank, 2022

    95

    II.  Economic Indicators

     

    Prel.

    Proj.

    2023

    2024

    2025

    (Year-over-year percent change)

    Production and Prices

    Real GDP

    33.8

    43.6

    10.3

    Real non-oil GDP

    12.3

    13.1

    12.9

    Real oil GDP

    46.8

    57.7

    9.5

    Consumer prices (end of period)

    2.0

    2.9

    4.2

    (Percent of non-oil GDP)

    Central Government

    Revenue

    39.3

    43.7

    49.9

    Grants

    0.2

    0.2

    0.4

    Expenditure

    52.7

    64.9

    63.4

    Current

    25.1

    28.9

    30.5

    Capital

    27.7

    36.0

    32.9

    Overall balance (after grants)

    -13.3

    -21.0

    -13.2

    Non-oil primary balance (after grants)

    -26.2

    		  

    -38.4

    		  

    -37.5

    (Percent of GDP)

    Revenue

    17.0

    15.3

    18.6

    Grants

    0.1

    0.1

    0.1

    Expenditure

    22.8

    22.6

    23.7

    Current

    10.8

    10.1

    11.4

    Capital

    12.0

    12.6

    12.3

    Overall balance (after grants)

    -5.7

    -7.3

    -4.9

    Total public sector gross debt

    26.7

    24.3

    28.0

    External

    10.5

    9.0

    13.6

    Domestic

    16.2

    15.2

    14.4

     

    Table 1. Guyana: Selected Social and Economic Indicators (Concluded)

    Prel.

    Proj.

    2023

    2024

    2025

    (Year-over-year percent change)

    Money and Credit

    Broad money

    27.6

    25.3

    17.7

    Domestic credit of the banking system

    24.1

    39.7

    4.9

    External Sector

    Current account balance (US$ million)

    1,679.9

    6,067.9

    2,306.2

       (Percent of GDP)

    9.9

    24.6

    8.9

    Gross official reserves (US$ million)

    896.4

    1,010.1

    1,571.4

    (Percent of GDP)

    5.3

    4.1

    6.1

    Crude oil production (million barrels)

    142.3

    225.4

    246.0

    Memorandum Items:

    Nominal GDP (GY$ billion)

    3,527.5

    5,141.3

    5,383.9

    Nominal non-oil GDP (GY$ billion)

    1,524.6

    1,793.7

    2,010.7

    GDP per capita (US$)

    21,307.2

    30,962.3

    32,326.3

    Guyana dollar/U.S. dollar (period average)

    208.5

    208.5 

    … 

    Sources: Guyana’s authorities; UNDP Human Development Report; World Bank; and IMF staff calculations and projections.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Rosa Hernandez

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/07/pr-25132-guyana-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: ICYMI: Sen. Markey, Rep. Summer Lee, Lawyers for Good Government Host Roundtable Discussion on EPA’s Termination of Environmental Justice Grants

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Washington (May 7, 2025) – Senator Edward J. Markey (D-Mass.), Representative Summer Lee (PA-12), and Lawyers for Good Government on Monday hosted a virtual roundtable discussion on the Trump administration’s damaging cuts to environmental justice funding and staff. Roundtable speakers included environmental justice advocates, Massachusetts recipients of environmental justice grants, as well as strategists and legal advocates, who all shared how the Trump administration’s attacks have directly affected frontline and fenceline communities crushed by generations of underinvestment and disproportionate exposure to pollution. This roundtable comes on the heels of news the Environmental Protection Agency (EPA) will cancel nearly 800 grants, including all of the agency’s environmental justice grants administered under the Office of Environmental Justice and External Civil Rights, to skirt a recent preliminary injunction that ordered the agency to unfreeze environmental justice funds.
    “The Trump administration revoking federal dollars from community-based groups working hard to clean up the air, water, and land where they live, work, and play is yet another injustice in a long line of unjust policies that deemed certain neighborhoods undeserving of equal environmental protection,” said Senator Markey. “I am inspired by the environmental justice grant recipients who, rather than despair and give in to defeat, joined us and courageously shared their stories of the harm, chaos, and uncertainty that the Trump administration has inflicted by undercutting environmental justice at every turn and every level. Their testimony shone a spotlight on Trump’s shameful abandonment of overburdened communities, and reminds us that strengthening our solidarity, growing coalitions, sharing our stories, and charting paths forward together are powerful antidotes.”
    “What we’re witnessing with the Trump administration’s reckless and targeted cuts to environmental justice funding is nothing short of cruel and deliberate. These aren’t just numbers on a spreadsheet — these are real people, real families, and real communities being told they don’t matter. In places like Western Pennsylvania, we’ve already seen the human cost: frontline organizations shut down, clean air initiatives stalled, job training frozen, and our most vulnerable neighbors left without the tools they need to protect their health and their futures. These cuts are an attack on our kids, our workers, our elders, and on basic human dignity, and we will continue working to stop them,” said Representative Summer Lee.
    “Thank you to Senator Markey, Representative Lee, and the many environmental advocates and grantees for their leadership and courage in fighting back against these unlawful attacks on climate and environmental justice funding,” said Jillian Blanchard, Vice President of the Climate Change and Environmental Justice Program at Lawyers for Good Government (L4GG). “At L4GG, we’re proud to be helping grantees assert their legal rights, navigate this confusing landscape, and push back against these attacks through our Fund Protection Clinic. We know the law is on our side, and we have already won significant victories in the courts to block these unjust terminations. We will continue to fight for impacted communities until these critical funds are fully restored and every grantee is able to do the work Congress intended—building a cleaner, healthier, and more equitable future, for all.”
    “I deeply appreciate Senator Ed Markey and team continuing to fight for these federal dollars that we earned as city. My administration has worked very hard to knock down the Asthma rates here in Springfield, but there is much more work to be done to keep all our residents safe, whether young or old, to properly deal with an Asthma affliction. This funding would help prevent future generations from getting it too. I am so proud of my city team, along with our partners, for their work to apply for and receive this significant EPA grant award. This multifaceted funding was to bring tangible health benefits to our community, including improved indoor and outdoor air quality and reduced emissions. We will continue to fight for these vitally important air quality and asthma reduction programs. We will also work closely with MA Attorney General Andrea Joy Campbell as she leads the charge to challenge this funding termination through legal channels,” said Springfield, Massachusetts Mayor Domenic J. Sarno,
    “At the time of this unconstitutional and unlawful termination, the Environmental Justice for New England program was poised to invest in sustainable, community-driven environmental justice projects, countering historical disinvestment in rural, urban and Tribal communities across the region. We received almost 400 applications for our first round of funding, proposing activities that address critical environmental harms and which would create jobs, boost energy independence, and reduce pollution exposure. We are outraged,” said Ben Wood, Senior Director of Policy and Practice at Health Resources in Action.
    “As Boston summers continue to break historic heat records, extreme heat has become, and will continue to be, a significant threat to the health, safety, and livelihoods of people across our region. Through our Heat and Health project the Mystic River Watershed Association (MyRWA) was proud to be working with residents, community partners, and local government to develop shared solutions to the rising dangers of extreme heat in our communities. It’s not dramatic to say that losing this funding source will negatively impact the health and well-being of our local residents–this summer and for many summers after. Despite this loss of funding–MyRWA is committed to delivering community-driven, science-based solutions to ensure that everyone and everything who calls our watershed home can enjoy clean water, air, and land,” said Mariangeli Echevarria-Ramos, Climate and Social Resilience Manager at the Mystic River Watershed Association.
    “Thank you to Senator Markey and all the co-hosts of the roundtable for creating space for this urgent conversation on the heels of alarming news that the EPA plans to cancel almost 800 environmental justice grants. These aren’t just numbers. These are real losses—for residents breathing polluted air, for communities threatened by flooding, and for young people trying to imagine a future in clean energy. Without access to these funds, we cannot support grassroots organizations, assist residents in navigating regulatory processes, or expand job training programs in the green economy. These disruptions threaten progress in areas already disproportionately affected by climate change, and hinder our ability to complete the work our communities deserve,” said Sarah Baldwin, Senior Director of Operations at the New Jersey Environmental Justice Alliance, member of the Equitable & Just National Climate Platform.
    The Trump administration began halting environmental justice funding in January. Since then, funding recipients have been blindsided by termination notices or cut off from accessing their funds without notice—and, in some cases, grantees are expected to continue projects without assurance that they will be reimbursed for out-of-pocket costs. Adding to the chaos and uncertainty, Trump administration furloughs and layoffs of Environmental Protection Agency staff have also created additional barriers for environmental justice grant recipients when their point of contact is not able to respond with answers on the status of their funding.

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn, Fetterman, Lankford, Gallego Introduce SHIELD Against CCP Act

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – U.S. Senators John Cornyn (R-TX), John Fetterman (D-PA), James Lankford (R-OK), and Ruben Gallego (D-AZ) introduced the SHIELD Against CCP Act, which would create a dedicated working group at the U.S. Department of Homeland Security (DHS) to address threats posed by the Chinese Communist Party (CCP):
    “To effectively counter China, the U.S. must target them from all angles and through all agencies,” said Sen. Cornyn. “This widely supported, commonsense legislation would allow the Department of Homeland Security to arm itself with the tools to protect our sovereignty against the CCP’s malign influence.”
    “The CCP controls everything that happens in China and they will cheat, steal, and poison our communities if it helps them get ahead. They supply the chemicals behind the fentanyl claiming Pennsylvanian lives, rig our immigration rules, and rip off ideas from American companies. Enough is enough,” said Sen. Fetterman. “I’m teaming up with Senators Cornyn, Gallego, and Lankford on the SHIELD Against CCP Act to make sure DHS has the muscle to punch back and keep our people safe.”
    “The Chinese Communist Party threatens our sovereignty—whether it’s flooding our border with illegal immigrants, launching cyberattacks, or pushing deadly fentanyl into our communities,” said Sen. Lankford. “The SHIELD Against CCP Act provides the Department of Homeland Security with the necessary tools to address these challenges directly, safeguard our borders, and protect the American people.”
    “Fentanyl has devastated communities across Arizona for too long, and we need to use every tool available to stop the flow of this deadly drug into our country,” said Sen. Gallego. “This bipartisan bill will help DHS understand how the Chinese Communist Party is exploiting our border and fueling fentanyl trafficking, so we can close those gaps and keep our communities safe.”
    Companion legislation, led by Congressmen Dale Strong (AL-05) and Tom Suozzi (NY-03), overwhelmingly passed the House of Representatives 409-4.
    Background:
    The SHIELD Against CCP Act would establish a working group within the U.S. Department of Homeland Security (DHS) to:
    Examine, assess, and report on efforts by DHS to counter terrorist, cybersecurity, border and port security, and transportation security threats posed to the U.S. by the Chinese Communist Party (CCP), including:
    Exploitation of the U.S. immigration system through identify theft, visa processes, unlawful border crossings, human smuggling, and human trafficking;
    Predatory economic and trade practices, including trafficking of counterfeit and pirated goods, use of forced labor, customs fraud, and IP theft;
    Direct or indirect support of Transnational Criminal Organizations (TCOs) trafficking fentanyl, illicit drug precursors, and other controlled substances through the US border, international mail shipments, or express consignment operations;
    And support for illicit financial activity by Chinese Money Laundering Organizations.

    Review information gathered by federal, state, and local law enforcement relating to threats, and disseminate such information to relevant authorities;
    Submit an annual report on its activities to the Homeland Security, Finance, Judiciary, Foreign Relations, and Banking Committees;
    And sunset seven years post-establishment.
    The bill would also require DHS Science and Technology Directorate to research technologies and techniques to enhance DHS’s security and situational awareness related to countering threats posed to the U.S. by the CCP.
    The SHIELD Against CCP Act is endorsed by the Federal Law Enforcement Officers Association (FLEOA), National Border Patrol Council, National Fusion Center Association, Major County Sheriffs of America, National Narcotics Officers’ Associations’ Coalition, and National HIDTA Director’s Association (NHDA).

    MIL OSI USA News –

  • MIL-OSI Global: Indian airstrikes in Kashmir following tourist attack raises fears of a regional conflict

    Source: The Conversation – Canada – By MD Rakib Jahan, PhD Student, Department of Political Studies, International Relations, Queen’s University, Ontario

    In response to the Pahalgam terrorist attack on tourists in Jammu and Kashmir last month,, India has launched “Operation Sindoor,” a series of targeted airstrikes on nine locations in Pakistan and Pakistan-administered Kashmir.

    The killing of 26 tourists in Kashmir’s Baisaran Valley on April 22 did more than shatter a moment of peace in one of South Asia’s most scenic regions. The assault has significantly increased India-Pakistan tensions and generated worries of possible military conflict between two nuclear-armed countries.

    Though Pakistan denies the charges, India has specifically held Pakistan responsible for sheltering terrorist groups.

    In response to the attack, India has taken several actions against Pakistan, including downgrading diplomatic ties, recalling diplomats, suspending participation in a vital water-sharing agreement and closing a significant border crossing.

    This rapidly deteriorating situation underscores the broader consequences of the devastating Pahalgam assault.



    Read more:
    India and Pakistan have fought many wars in the past. Are we on the precipice of a new one?

    Human tragedy

    Described by the region’s chief minister, Omar Abdullah, as “much larger than anything we’ve seen directed at civilians in recent years,” the assault in Pahalgam is not only a humanitarian tragedy and a blow to Kashmir’s economy but a flashpoint in an already fragile regional relationship.

    The Pahalgam attack’s timing coincided with United States Vice President JD Vance’s visit to India in April. This mirrors a grim pattern that includes former U.S. president Bill Clinton’s 2000 trip, when militants struck Chittisinghpura in Jammu and Kashmir hours before his arrival.

    By staging violence during diplomatic milestones, militants aim to amplify global attention and send a message to the Indian government. As global attention shifts back to Kashmir, the Baisaran massacre appears to mark a new chapter in the long-fought battle over this territory — one that risks tourism, targets civilians and threatens to unravel regional stability.

    Strategic targeting of Kashmir’s economy

    Though Kashmir has seen warfare for decades, militant groups had mostly avoided targeting visitors because of the the economic significance of tourism to Kashmir.

    The calculated selection of Pahalgam — one of Kashmir’s top tourist sites — reveals a plan to attack the core of Kashmir’s economy. According to counter-terrorism expert Ajai Sahni, the local community and militant groups have an implicit understanding not to compromise the tourism industry.

    By breaking this unwritten rule, the militants have demonstrated a willingness to inflict economic harm on the population.

    Nearly everyone in Kashmir, particularly in the valley, depends on tourism either directly or indirectly. Tourism, which has seen a resurgence since the COVID-19 pandemic, generates thousands of direct and indirect jobs and more than eight per cent of Kashmir’s GDP.

    Experts like Amitabh Mattoo, from the School of International Studies at Jawaharlal Nehru University, warn that Kashmir may experience long-term devastating effects from a drop in tourism. A significant exodus of travellers from Kashmir has already taken place.



    Read more:
    Why are India and Pakistan on the brink of war and how dangerous is the situation? An expert explains

    Challenging India’s post-2019 Kashmir narrative

    The assault also weakens India’s narrative on Kashmir, an area that has been disputed by both Pakistan and India since their independence from Britain in 1947.

    The attack took place as India Prime Minister Narendra Modi was scheduled to open a multi-billion-dollar railway project to the Kashmir Valley, which his government contends will enhance tourism and economic development.

    Modi’s administration has presented the rise in tourism as proof of “normalcy” coming back to Kashmir following India’s removal of special status to Kashmir.

    The intentional targeting of visitors sends a message that the illusion of normalcy is misleading.

    A deadly departure from past tactics

    The Resistance Front (TRF), a rather unknown militant group founded in 2019 and designated as a “terrorist organization” by the Indian government in January 2023, claimed responsibility for the assault via social media. They offered no proof to back their assertion.

    TRF represents a new breed of militant Kashmiri nationalism and resistance. Indian intelligence agencies have connected the group to the Pakistan-based terrorist organization Lashkar-e-Taiba.

    TRF’s communication regarding the assault emphasized resistance to new “outsider” residency rights. This corresponds with worries voiced by some Kashmiris after 2019 modifications permitted non-locals to acquire land and get employment in the area.

    The government disclosed in April 2025 that 83,000 individuals have been given residence certificates under these new standards in the last two years.

    The future of Kashmir’s stability

    Apart from causing obvious human sorrow, the Pahalgam slaughter also endangers years of economic development and could send Jammu and Kashmir back into a cycle of bloodshed and instability.

    Targeting tourists could mean militants are willing to risk Kashmir’s economic core. The assault appears to be an attempt to internationalize the Kashmir problem at a time when worldwide interest had started to fade. It also exploits religious divides, and has succeeded in inciting severe security reactions.

    The future seems more and more uncertain for ordinary Kashmiris caught between security crackdowns and militant brutality. Historical trends indicate that more militancy usually results in more security policies, putting more strain on civilian life.

    For many teenagers and young people in Jammu and Kashmir, the lack of consistent income, mobility limitations and increased monitoring intensifies sensations of marginalization and anger.

    Radical groups can take advantage of these frustrations. To counter this, economic policies must address these inequalities.



    Read more:
    India-Pakistan strikes: 5 essential reads on decades of rivalry and tensions over Kashmir

    A strategy for the way ahead

    The Pahalgam incident calls for a counter-terrorism strategy that balances security with socio-economic stability.

    For example, tourism profit-sharing systems could be implemented and tax advantages or subsidies could be offered to tour businesses, especially those employing young marginalized demographics. This could help to bring some financial respite as well as long-term stability and has been successful in countries like Rwanda.

    The failure to pre-empt the attack despite heightened security during the Vance’s visit and the Hindu pilgrimage season reveals systematic intelligence failures.

    The way ahead calls for tackling both security issues and the underlying complaints still driving militancy in Jammu and Kashmir as the region once again confronts the possibility of violence.

    United Nations Secretary-General António Guterres has urged both nations to de-escalate and return to diplomacy.

    MD Rakib Jahan 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. Indian airstrikes in Kashmir following tourist attack raises fears of a regional conflict – https://theconversation.com/indian-airstrikes-in-kashmir-following-tourist-attack-raises-fears-of-a-regional-conflict-256166

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Prime Minister Carney concludes First Ministers’ Meeting

    Source: Government of Canada – Prime Minister

    Today, the Prime Minister, Mark Carney, met virtually with provincial and territorial premiers. He was joined by the Minister of International Trade and Intergovernmental Affairs and President of the King’s Privy Council for Canada, Dominic LeBlanc.

    The productive discussion focused on two pillars: the Canada-U.S. relationship and reinforcing Canada’s strength at home.

    First, the Prime Minister updated the premiers on his meeting with President Donald J. Trump in Washington, D.C. He emphasized Canada’s openness to building a new economic and security relationship with the United States – based on respect, built on common interests, and to the benefit of both nations.

    First Ministers also discussed building projects of national interest to diversify the economy, create higher-paying jobs, and build one Canadian economy instead of 13. They agreed to accelerate project approvals, including through a ‘one project, one review’ approach. The Prime Minister reaffirmed his commitment to table federal legislation to eliminate federal trade barriers by Canada Day.

    Prime Minister Carney will meet with the premiers again on June 2, 2025, in Saskatoon, Saskatchewan.

    Associated Links

    MIL OSI Canada News –

  • MIL-OSI USA: Ranking Member Hoyer Remarks at U.S. Department of the Treasury Oversight Hearing

    Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)

    WASHINGTON, DC – Today, Congressman Steny Hoyer (MD-05), Ranking Member of the House Appropriations Subcommittee on Financial Services and General Government (FSGG), delivered the following remarks at the subcommittee’s oversight hearing on the Department of the Treasury:

    Click here to watch a full video of his remarks.
     

    “Thank you very much, Mr. Chairman, and welcome, Mr. Secretary. This is our first substantive hearing dealing with the devastating actions that the Trump Administration has taken in the first three months of 2025 – actions planned and predicted by Project 2025. I look forward to having more such hearings with other agencies under our jurisdiction – especially the principals of DOGE, OMB, GSA, and OPM, which are having such a profoundly negative impact on our country.

    “What we’ve seen in the first 100 days of this administration is unprecedented, and – so the polls tell us – disturbing to the American people. An irresponsible, incoherent tariff policy has plunged the Americans and global economies into chaos. These past three months, the American economy shrank for the first time since the final days of the pandemic. The stock market fell more in the first 100 days of the Trump Administration than in the first 100 days of any presidency in the past half century. Consumer confidence is [at its] lowest since May of 2020 – the height of Covid-19. That uncertainty has also rattled the bond market, with investors dangerously starting to doubt the full faith and credit of the United States.

    “Most importantly, Americans are hurting. Families see their costs going up. Retirees watch their life savings losing value. Small business owners and farmers risk going under as they struggle to navigate ever-changing tariffs. Our economy is in chaos and so, I think, is our government.

    “Donald Trump, Russell Vought, and Elon Musk are orchestrating an illegal purge of our federal employees. They clearly had a lot of ideas on how to remove these people and dismantle these programs as quickly as possible. Sadly, they had no clue, in my view, as to the devastating consequences of their actions on our country, our government, our allies, and the professionals we rely on to serve the American people.

    “I am particularly concerned about the Internal Revenue Service, which has been severely understaffed and underfunded for decades. So far, the Trump Administration has forced the IRS to cut as many as 11,443 employees – or over 11 percent of its staff. That includes 6,700 workers who were fired at the height of this most recent tax season. Now, the administration is planning to reduce the IRS workforce, I understand, by another 40,000 jobs – or 40 percent. That includes up to half of IRS enforcement staff. Additionally, Trump’s 2026 budget cuts funding for the IRS by 20 percent. These actions at IRS, in my view, and every other government office, have bludgeoned morale, destroyed efficiency, and increased waste.

    “Cutting back on IRS enforcement makes it easier for the wealthiest individuals and corporations to cheat on their taxes and get out of paying what they owe. That, of course, increases what others pay and explodes the deficit. As the President and Congressional Republicans undermine the ability to enforce our existing tax code, they are also pursuing massive tax cuts for the wealthiest among us.

    “Furthermore, DOGE operatives are rifling through IRS databases that contain Americans’ sensitive information, including their financial history, Social Security numbers, immigration status, and more. The story is the same across the federal government. Americans are reeling from this uncertainty in their economy and in their government. They need answers. More than that, they need an adult in the room. That is the role, I hope, the Treasury Department plays – and Mr. Secretary, in particular, yourself.

    “The economy and markets do not lie. We all depend on the Treasury Secretary to communicate clearly and transparently to the President, the Congress, the American people, and, indeed, the world. I’ve mentioned tariffs and the IRS, but I’m also eager to hear, Mr. Secretary from you about our economic approach to the Russian-Ukraine war – especially in light of last week’s mineral deal and recent questions about our sanctions regime on Russia.

    “Former Secretary Mnuchin – whom I believe you know, sir – and I disagreed on some things, but we still found ways to work in a bipartisan fashion to inspire confidence in the economy. Mr. Secretary, I look forward to doing the same with you. Thank you, Mr. Chairman.”

    MIL OSI USA News –

  • MIL-OSI: OTC Markets Group Reports First Quarter 2025 Financial Results Delivering Revenue and Operating Income Growth

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 Highlights:

    • Gross revenues of $30.4 million for the quarter, up 10% versus the prior year period
    • Operating income of $7.3 million for the quarter, up 9% versus the prior year period
    • Operating profit margin of 24.7%, versus 25.0% for the prior year period
    • Net income of $6.0 million, up 1% versus the prior year period, and quarterly diluted GAAP EPS of $0.50, up 2%
    • Total cash returned to shareholders during the quarter of $5.1 million, comprised of dividends of $2.2 million and repurchases of common stock of $2.9 million
    • Announcing second quarter 2025 dividend of $0.18 per share
    • 548 OTCQX®and 1,051 OTCQB®companies at quarter end
    • 14 graduates to a national securities exchange during the quarter
    • 116 subscribers to OTC Link ECN as of March 31, 2025, up 4 versus March 31, 2024
    • 141 unique OTC Link subscribers as of March 31, 2025, up 6 versus March 31, 2024
    • Approximately 56,000 average daily trades during the quarter versus approximately 34,000 during the prior year period
    • OTC Markets Group announced that in July 2025, it will launch OTCIDTM– a Basic Reporting Market for companies that meet a minimal current information standard and provide a management certification. The Pink Current Market will cease to exist

    NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced its financial results for the first quarter of 2025.

    “During the first quarter of 2025, we remained focused on overnight trading and the launch of the OTCID Basic Market,” said R. Cromwell Coulson, President and Chief Executive Officer. “We continued to certify and connect subscribers to MOON ATSTM and OTC OvernightTM, and open distribution channels for our overnight data feeds. We are in constant communication with issuers, advisors, investors and our broker-dealer community as we move towards the July 1st OTCID launch date. We believe these key initiatives will increase the value of our regulated trading platforms for broker-dealers and improve the quality of our markets for investors.”

    “Our first quarter results highlighted the value of our diversified revenue streams and synergistic business lines,” said Antonia Georgieva, Chief Financial Officer. “OTC Link revenues increased, supported by higher trading volume, with price increases and subscriber growth driving Market Data Licensing revenue growth. Our Corporate Services business saw sales improve but experienced a small decline in revenues due to a lower number of companies across our markets. We remain focused on our key initiatives and on driving growth in users and usage of our products.”

    First Quarter 2025 compared to First Quarter 2024

    Financial Highlights

        Three Months Ended March 31,        
    (in thousands, except shares and per share data)     2025       2024     % change   $ change
    OTC Link   $ 6,563     $ 5,397     22 %   1,166  
    Market data licensing     12,783       11,088     15 %   1,695  
    Corporate services     11,080       11,172     (1 %)   ( 92 )
    Gross Revenues     30,426       27,657     10 %   2,769  
    Net revenues     29,432       26,817     10 %   2,615  
    Revenues less transaction-based expenses     27,057       25,309     7 %   1,748  
    Operating expenses     19,783       18,610     6 %   1,173  
    Income from operations     7,274       6,699     9 %   575  
    Operating profit margin     24.7 %     25.0 %        
    Income before provision for income taxes     7,424       6,874     8 %   550  
    Net income   $ 6,040     $ 5,984     1 %   56  
                     
    Diluted earnings per share   $ 0.50     $ 0.49     2 %    
    Adjusted diluted earnings per share   $ 0.81     $ 0.76     7 %    
    Weighted-average shares outstanding, diluted     11,834,071       11,863,089     –      
                     
    • Gross revenues of $30.4 million, up 10% over the prior year quarter. Revenues less transaction-based expenses up 7%.
    • OTC Link revenues up 22%. Transaction-based revenues from OTC Link ECN and OTC Link NQB up 46% due to a higher volume of shares traded on those platforms. Contributing to the overall increase in OTC Link revenues were an increase in certain connectivity revenue due to growth in the number of connection licenses and higher QAP service revenue related to the higher volume of trading activity.
    • Market Data Licensing revenues up 15%. Redistributor-based revenues increased 19%, with professional user revenues increasing 20%, and non-professional user revenues increasing 45% quarter over quarter. Revenues from direct sold licenses increased 22% primarily due to price increases and growth in subscribers as well as certain one-time revenue recognized during the quarter. Revenues from data and compliance solutions declined slightly at 1%, with lower revenue from EDGAR Online partially offset by increases in revenues from data services and our Blue Sky data product.
    • Corporate Services revenues down 1%. Revenues from our OTCQB market declined 2%, reflecting a lower number of companies on the OTCQB market, offsetting price increases effective from the beginning of the year. Revenues from our OTCQX market and our Disclosure & News Service® (“DNS”) product increased 1% and 2%, respectively, in each case due to price increases offsetting a lower number of companies on the OTCQX markets or subscribing to DNS.
    • Operating expenses increased 6%. The increase was primarily driven by a 3% increase in compensation and benefits, 33% increase in professional and consulting fees, and 34% increase in general, administrative and other, primarily due to higher bad debt.
    • Operating income increased 9% and net income increased 1%, to $7.3 million and $6.0 million, respectively.
    • Adjusted EBITDA, which excludes non-cash stock-based compensation expense, increased 7% to $9.8 million, or $0.81 per adjusted diluted share.

    Dividend Declaration – Quarterly Cash Dividend

    OTC Markets Group announced today that its Board of Directors authorized and approved a quarterly cash dividend of $0.18 per share of Class A Common Stock. The quarterly cash dividend is payable on June 18, 2025, to stockholders of record on June 4, 2025. The ex-dividend date is June 4, 2025.

    Stock Buyback Program

    The Company is authorized to purchase shares from time to time on the open market, from employees and consultants, and through block trades, in compliance with applicable law. During the first quarter of 2025, the Company purchased 55,522 shares at an average price of $52.8575 per share.

    On March 11, 2025, the Board of Directors refreshed the Company’s stock repurchase program, giving the Company authorization to repurchase up to 300,000 shares of the Company’s Class A Common Stock.

    Non-GAAP Financial Measures

    In addition to disclosing results prepared in accordance with GAAP, the Company also discloses certain non-GAAP results of operations, including adjusted EBITDA and adjusted diluted earnings per share that either exclude or include amounts that are described in the reconciliation table of GAAP to non-GAAP information provided at the end of this release. Non-GAAP financial measures do not replace and are not superior to the presentation of GAAP financial results but are provided to improve overall understanding of the Company’s current financial performance. Management believes that this non-GAAP information is useful to both management and investors regarding certain additional financial and business trends related to the operating results. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance.

    First Quarter 2025 Conference Call

    The Company will host a conference call and webcast on Thursday, May 8, 2025, at 8:30 a.m. Eastern Time, during which management will discuss the financial results in further detail. The call and webcast may be accessed as follows:

    Webcast:
    The conference webcast and management presentation can be accessed at the following link (replay available until May 7, 2026):

    https://edge.media-server.com/mmc/p/5vwtdq3q

    Live Call:
    Participants intending to ask a question during the live call and Q&A session should also register in advance at:

    https://register-conf.media-server.com/register/BI6b79867bad5f4586a7cd407f82eecd3b

    Upon registration, participants will receive a dial-in number along with a unique PIN number that can be used to access the live call. Live call participants may also select a “Call Me” option.

    The Quarterly Report, earnings release, transcript of the earnings call, and management presentation will also be available in the Investor Relations section of the corporate website at

    https://www.otcmarkets.com/about/investor-relations.

    About OTC Markets Group Inc.

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

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

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

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

    Investor Contact:

    Antonia Georgieva
    Chief Financial Officer
    Phone: (212) 220-2215
    Email: ir@otcmarkets.com

    Media Contact:

    OTC Markets Group Inc.
    Phone: (212) 896-4428
    Email: media@otcmarkets.com

           
    OTC MARKETS GROUP INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (in thousands, except share and per share information)
           
      Three Months Ended March 31,
        2025       2024  
    OTC Link $ 6,563     $ 5,397  
    Market data licensing   12,783       11,088  
    Corporate services   11,080       11,172  
    Gross revenues   30,426       27,657  
    Redistribution fees and rebates   (994 )     (840 )
    Net revenues   29,432       26,817  
    Transaction-based expenses   (2,375 )     (1,508 )
    Revenues less transaction-based expenses   27,057       25,309  
    Operating expenses      
    Compensation and benefits   12,906       12,522  
    IT Infrastructure and information services   2,715       2,699  
    Professional and consulting fees   1,956       1,466  
    Marketing and advertising   343       263  
    Occupancy costs   638       585  
    Depreciation and amortization   660       653  
    General, administrative and other   565       422  
    Total operating expenses   19,783       18,610  
    Income from operations   7,274       6,699  
    Other income      
    Other income   150       175  
    Income before provision for income taxes   7,424       6,874  
    Provision for income taxes   1,384       890  
    Net Income $ 6,040     $ 5,984  
           
    Earnings per share      
    Basic $ 0.50     $ 0.50  
    Diluted $ 0.50     $ 0.49  
           
    Basic weighted average shares outstanding   11,756,815       11,705,383  
    Diluted weighted average shares outstanding   11,834,071       11,863,089  
           
           
    Non-GAAP Reconciliation      
      Three Months Ended March 31,
        2025       2024  
    Net Income $ 6,040     $ 5,984  
    Excluding:      
    Interest expense (income)   (149 )     (175 )
    Provision for income taxes   1,384       890  
    Depreciation and amortization   660       653  
    Stock-based compensation expense   1,881       1,826  
    Adjusted EBITDA $ 9,816     $ 9,178  
           
    Adjusted diluted earnings per share $ 0.81     $ 0.76  
           
    Note: We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior to the presentation of our GAAP financial results, but are provided to improve overall understanding of the Company’s current financial performance.
           
    OTC MARKETS GROUP INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands, except share information)
           
      March 31,   December 31,
        2025       2024  
    Assets      
    Current assets      
    Cash and cash equivalents $ 29,016     $ 34,522  
    Short-term investments   3,871       4,513  
    Accounts receivable, net of allowance for credit losses of $462 and $326   9,268       8,097  
    Prepaid income taxes   430       244  
    Prepaid expenses and other current assets   2,771       2,237  
    Total current assets   45,356       49,613  
    Property and equipment, net   6,697       7,096  
    Operating lease right-of-use assets   10,597       10,951  
    Deferred tax assets, net   10,573       10,120  
    Goodwill   3,984       3,984  
    Intangible assets, net   6,684       6,829  
    Long-term restricted cash   1,606       1,606  
    Other assets   553       543  
    Total Assets $ 86,050     $ 90,742  
           
    Liabilities and stockholders’ equity      
    Current liabilities      
    Accounts payable $ 854     $ 1,175  
    Income taxes payable   1,457       54  
    Accrued expenses and other current liabilities   7,388       13,425  
    Deferred revenue   27,001       29,084  
    Total current liabilities   36,700       43,738  
    Income tax reserve   962       927  
    Operating lease liabilities   9,964       10,360  
    Total Liabilities   47,626       55,025  
    Commitments and contingencies      
    Stockholders’ equity      
    Common stock – par value $0.01 per share      
    Class A – 17,000,000 authorized, 12,904,727 issued, 12,013,295 outstanding at      
    March 31, 2025; 12,815,075 issued, 11,979,165 outstanding at December 31, 2024   129       128  
    Additional paid-in capital   36,889       35,127  
    Retained earnings   27,078       23,200  
    Treasury stock – 891,432 shares at March 31, 2025 and 835,910 shares at December 31, 2024   (25,672 )     (22,738 )
    Total Stockholders’ Equity   38,424       35,717  
    Total Liabilities and Stockholders’ Equity $ 86,050     $ 90,742  

    The MIL Network –

  • MIL-OSI: Constellation Software Inc. and Topicus.Com Inc. Announce Results for Topicus.com Inc. for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Topicus.com Inc. (TSXV:TOI) in a joint release with Constellation Software Inc. (TSX:CSU) today announced financial results for Topicus.com Inc. (“Topicus” or the “Company”) for the first quarter ended March 31, 2025. Please note that all amounts referred to in this press release are in Euros unless otherwise stated.

    The following press release should be read in conjunction with the Company’s Unaudited Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2025 and the accompanying notes, our Management’s Discussion and Analysis for the three months ended March 31, 2025 and the Annual Consolidated Financial Statements of Topicus.com Inc. for the year ended December 31, 2024, which we prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s annual Management’s Discussion and Analysis for the year ended December 31, 2024, which can be found on SEDAR+ at www.sedarplus.com and on Topicus.com Inc.’s website www.topicus.com. Additional information about Topicus.com Inc. is also available on SEDAR+ at www.sedarplus.com.

    Q1 2025 Headlines:

    • Revenue increased 16% (4% organic growth) to €355.6 million compared to €306.6 million in Q1 2024.
    • Net income increased to €38.8 million (€0.30 on a diluted per share basis) from €28.3 million (€0.22 on a diluted per share basis).
    • Acquisitions were completed for aggregate cash consideration of €39.4 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of €20.9 million resulting in total consideration of €60.3 million.
    • On January 31, 2025, the Company purchased 8,300,029 shares in Asseco Poland S.A. (“Asseco”) representing approximately 9.99% of the issued shares in Asseco. The shares were acquired at a price of 85 PLN per share for total consideration of €168.0 million. During the three months ended March 31, 2025, the Company recorded a gain of €145.5 million within other comprehensive income reduced by transaction costs of €1.7 million.
    • Cash flows from operations (“CFO”) increased €43.9 million to €271.4 million compared to €227.5 million in Q1 2024 representing an increase of 19%.
    • Free cash flow available to shareholders1 (“FCFA2S”) increased €28.2 million to €161.7 million compared to €133.5 million in Q1 2024 representing an increase of 21%.

    Total revenue for the quarter ended March 31, 2025 was €355.6 million, an increase of 16%, or €49.0 million, compared to €306.6 million for the comparable period in 2024. The increase is primarily attributable to growth from acquisitions as the Company experienced organic growth of 4% in the quarter. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.

    Net income for the quarter ended March 31, 2025 increased €10.5 million to €38.8 million compared to €28.3 million for the same period in 2024. On a per share basis, this translated into net income per basic and diluted share of €0.30 in the quarter ended March 31, 2025 compared to €0.22 for the same period in 2024.

    For the quarter ended March 31, 2025, CFO increased €43.9 million to €271.4 million compared to €227.5 million for the same period in 2024 representing an increase of 19%.

    For the quarter ended March 31, 2025, FCFA2S increased €28.2 million to €161.7 million compared to €133.5 million for the same period in 2024 representing an increase of 21%.

    1. See Non-IFRS measures.

    Forward Looking Statements

    Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Topicus or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Topicus assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

    Non-IFRS Measures

    Free cash flow available to shareholders ‘‘FCFA2S’’ refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on other facilities, credit facility transaction costs, repayments of lease obligations, and property and equipment purchased, and includes interest and dividends received, and the proceeds from sale of interest rate caps. The portion of this amount applicable to non-controlling interests is then deducted. Topicus believes that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if Topicus does not make any acquisitions, or investments, and does not repay any debts. While Topicus could use the FCFA2S to pay dividends or repurchase shares, Topicus’ objective is to invest all of our FCFA2S in acquisitions which meet Topicus’ hurdle rate.

    FCFA2S is not a recognized measure under IFRS and, accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities.

    The following table reconciles FCFA2S to net cash flows from operating activities:

        Three months ended March 31,  
        2025   2024    
      (€ in millions)
             
    Net cash flows from operating activities   271.4   227.5    
    Adjusted for:        
    Interest paid on lease obligations   (0.7 ) (0.5 )  
    Interest paid on other facilities   (4.7 ) (3.2 )  
    Credit facility transaction costs   (0.1 ) –    
    Payments of lease obligations   (6.8 ) (5.8 )  
    Property and equipment purchased   (2.9 ) (2.7 )  
    Interest and dividends received   0.3   –    
             
        256.5   215.4    
    Less amount attributable to        
    non-controlling interests   (94.8 ) (81.9 )  
             
    Free cash flow available to shareholders   161.7   133.5    
             
    Due to rounding, certain totals may not foot.        
     

    About Topicus.com Inc.

    Topicus’ subordinate voting shares are listed on the Toronto Venture Stock Exchange under the symbol “TOI”. Topicus acquires, manages and builds vertical market software businesses.

    About Constellation Software Inc.

    Constellation’s common shares are listed on the Toronto Stock Exchange under the symbol “CSU”. Constellation acquires, manages and builds vertical market software businesses.

    For further information:
    Jamal Baksh
    Chief Financial Officer
    (416) 861-9677
    info@topicus.com
    www.topicus.com

    SOURCE: TOPICUS.COM INC.

    NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    Topicus.com Inc.  
    Condensed Consolidated Interim Statements of Financial Position        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                           
    Unaudited                  
                      March 31, 2025 December 31, 2024 March 31, 2024
                           
    Assets                  
                           
    Current assets:                  
      Cash             296,307 206,157 254,599
      Accounts receivable           171,142 142,791 175,767
      Unbilled revenue           56,532 45,415 49,454
      Inventories             5,539 4,930 4,516
      Other assets             72,597 55,107 63,845
                      602,117 454,400 548,181
                           
    Non-current assets:                
      Property and equipment           24,913 23,245 21,363
      Right of use assets           79,736 75,666 63,054
      Deferred income taxes           17,961 19,905 20,326
      Equity securities           313,441 – –
      Other assets             11,026 11,983 13,437
      Intangible assets 992,114 950,670 947,417
                      1,439,190 1,081,470 1,065,598
                           
    Total assets             2,041,307 1,535,870 1,613,779
                           
    Liabilities and Shareholders’ Equity              
                           
    Current liabilities:                  
      Topicus Revolving Credit Facility and current portion of term and other loans 258,927 225,718 265,221
      Accounts payable and accrued liabilities         289,077 250,361 227,130
      Deferred revenue           378,732 166,593 343,430
      Provisions             2,381 2,582 1,535
      Acquisition holdback payables           17,353 13,073 13,808
      Lease obligations           25,042 23,629 21,338
      Income taxes payable           24,483 18,233 23,102
                      995,994 700,189 895,563
                           
    Non-current liabilities:                
      Term and other loans           53,140 49,300 62,973
      Deferred income taxes           153,437 145,911 148,142
      Acquisition holdback payables           14,750 10,061 7,690
      Lease obligations           55,895 53,188 42,748
      Other liabilities           52,734 45,825 36,017
                      329,957 304,285 297,570
                           
    Total liabilities             1,325,951 1,004,474 1,193,133
                           
                           
    Shareholders’ Equity:                
      Capital stock             39,412 39,412 39,412
      Accumulated other comprehensive income (loss)       98,780 5,584 3,016
      Retained earnings           291,061 266,281 192,136
      Non-controlling interests           286,103 220,119 186,082
                      715,356 531,396 420,646
                           
                           
                           
    Total liabilities and shareholders’ equity         2,041,307 1,535,870 1,613,779
                           
    Topicus.com Inc.            
    Condensed Consolidated Interim Statements of Income (Loss)        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                         
             
    Unaudited                
                    Three months ended March 31,
                    2025     2024  
                         
    Revenue                
    License           9,396     9,165  
    Professional services         82,305     75,005  
    Hardware and other         7,319     5,551  
    Maintenance and other recurring       256,575     216,848  
                    355,595     306,568  
    Expenses                
    Staff             197,889     173,116  
    Hardware           4,125     4,620  
    Third party license, maintenance and professional services   28,422     23,352  
    Occupancy           2,958     2,710  
    Travel, telecommunications, supplies, software and equipment   14,592     11,983  
    Professional fees           7,608     5,092  
    Other, net           5,626     4,305  
    Depreciation           9,376     8,012  
    Amortization of intangible assets       36,852     31,672  
                    307,448     264,861  
                         
    Impairment of intangible and other non-financial assets   –     633  
    Bargain purchase (gain)         –     (323 )
    Finance and other (income) expenses       (5,257 )   (473 )
    Finance costs           6,189     5,471  
                    931     5,309  
                         
    Income (loss) before income taxes       47,216     36,398  
                         
    Current income tax expense (recovery)       17,326     15,083  
    Deferred income tax expense (recovery)       (8,871 )   (6,998 )
    Income tax expense (recovery)         8,456     8,085  
                         
    Net income (loss)           38,761     28,314  
                         
    Net income (loss) attributable to:            
    Equity holders of Topicus         24,743     18,089  
    Non-controlling interests         14,018     10,225  
    Net income (loss)           38,761     28,314  
                         
    Weighted average shares              
      Basic shares outstanding         83,068,874     82,195,644  
      Diluted shares outstanding       129,841,819     129,841,819  
                         
    Earnings (loss) per common share of Topicus          
      Basic           0.30     0.22  
      Diluted           0.30     0.22  
                         
                         
    Topicus.com Inc.            
    Condensed Consolidated Interim Statements of Comprehensive Income (Loss)        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                         
             
    Unaudited        
                    Three months ended March 31,
                    2025   2024
                         
    Net income (loss)           38,761   28,314
                         
    Items that are or may be reclassified subsequently to net income (loss):        
                         
    Foreign currency translation differences from foreign operations and other   1,296   1,926
                         
    Items that will not be reclassified to net income (loss):        
                         
    Changes in the fair value of equity investments at FVOCI   143,886   –
                         
    Other comprehensive (loss) income for the period, net of income tax   145,182   1,926
                         
    Total comprehensive income (loss) for the period   183,942   30,240
                         
    Total other comprehensive income (loss) attributable to:        
    Equity holders of Topicus         93,197   625
    Non-controlling interests         51,985   1,301
    Total other comprehensive income (loss)       145,182   1,926
                         
    Total comprehensive income (loss) attributable to:        
    Equity holders of Topicus         117,940   18,714
    Non-controlling interests         66,003   11,526
    Total comprehensive income (loss)       183,942   30,240
    Topicus.com Inc.              
    Condensed Consolidated Interim Statement of Changes in Shareholders’ Equity (Deficiency)          
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)  
                       
    Unaudited                
    Three months ended March 31, 2025              
                 
          Capital Stock Accumulated other comprehensive (loss) income Retained earnings Total Non-controlling interests Total equity  
                       
    Balance at January 1, 2025 39,412 5,584   266,281 311,277 220,119   531,396    
                       
    Total comprehensive income (loss) for the period:              
                       
    Net income (loss) – –   24,743 24,743 14,018   38,761    
                       
    Foreign currency translation differences from              
      foreign operations and other, net of income tax and              
      changes in the fair value of equity investments at FVOCI – 93,197   – 93,197 51,985   145,182    
                       
    Total other comprehensive income (loss)              
      for the period – 93,197   – 93,197 51,985   145,182    
                       
    Total comprehensive income (loss) for the period – 93,197   24,743 117,940 66,003   183,942    
                       
    Transactions with owners, recorded directly in equity              
                       
      Other movements in non-controlling interests and equity – (0 ) 37 37 18   55    
                       
      Dividends paid to non-controlling interests – –   – – (38 ) (38 )  
                       
    Balance at March 31, 2025 39,412 98,780   291,061 429,253 286,103   715,356    
                       
    Topicus.com Inc.            
    Condensed Consolidated Interim Statement of Changes in Shareholders’ Equity (Deficiency)        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                     
    Unaudited              
    Three months ended March 31, 2024            
                     
               
          Capital Stock Accumulated other comprehensive (loss) income Retained earnings Total Non-controlling interests Total equity
                     
    Balance at January 1, 2024 39,412 2,390 297,382   339,185   253,299   592,483  
                     
    Total comprehensive income (loss) for the period:            
                     
    Net income (loss) – – 18,089   18,089   10,225   28,314  
                     
    Other comprehensive income (loss)            
                     
    Foreign currency translation differences from            
      foreign operations and other, net of income tax – 625 –   625   1,301   1,926  
                     
    Total other comprehensive income (loss) for the period – 625 –   625   1,301   1,926  
                     
    Total comprehensive income (loss) for the period – 625 18,089   18,714   11,526   30,240  
                     
                     
    Transactions with owners, recorded directly in equity            
                     
      Other movements in non-controlling interests and equity – – 72   72   31   103  
                     
      Exchange of Topicus Coop ordinary units held by non-controlling interests to subordinate voting shares of Topicus – – 4,235   4,235   (4,235 ) –  
                     
      Dividends paid to shareholders of the Company – – (127,641 ) (127,641 ) –   (127,641 )
                     
      Dividends paid to non-controlling interests – – –   –   (74,539 ) (74,539 )
                     
    Balance at March 31, 2024 39,412 3,016 192,136   234,565   186,082   420,646  
                     
    Topicus.com Inc.            
    Condensed Consolidated Interim Statements of Cash Flows          
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)  
                             
               
    Unaudited                    
                      Three months ended March 31,  
                      2025     2024    
                             
    Cash flows from (used in) operating activities:          
      Net income (loss)       38,761     28,314    
      Adjustments for:              
        Depreciation         9,376     8,012    
        Amortization of intangible assets   36,852     31,672    
        Impairment of intangible and other non-financial assets     –     633    
        Bargain purchase (gain)       –     (323 )  
        Finance and other expenses (income)     (5,257 )   (473 )  
        Finance costs       6,189     5,471    
        Income tax expense (recovery)   8,456     8,085    
      Change in non-cash operating assets and liabilities          
        exclusive of effects of business combinations   190,533     155,008    
      Transaction costs associated with equity securities classified as FVOCI     (1,659 )   –    
      Income taxes (paid) received   (11,803 )   (8,901 )  
      Net cash flows from (used in) operating activities   271,446     227,497    
                             
    Cash flows from (used in) financing activities:          
      Interest paid on lease obligations     (663 )   (457 )  
      Interest paid on other facilities     (4,708 )   (3,161 )  
      Net increase (decrease) in Topicus Revolving Credit Facility   30,000     105,000    
      Proceeds from issuance of term and other loans   18,010     816    
      Repayments of term and other loans   (10,585 )   (3,684 )  
      Credit facility transaction costs   (91 )   –    
      Payments of lease obligations     (6,828 )   (5,817 )  
      Dividends paid to non-controlling interests     (38 )   (74,539 )  
      Dividends paid to shareholders of the Company     –     (127,641 )  
      Net cash flows from (used in) in financing activities   25,098     (109,483 )  
                             
    Cash flows from (used in) investing activities:          
      Acquisition of businesses   (39,413 )   (36,542 )  
      Cash obtained with acquired businesses     7,934     7,024    
      Post-acquisition settlement payments, net of receipts   (6,299 )   (4,214 )  
      Purchase of equity securities of Asseco Poland S.A.     (167,977 )   –    
      (Increase) decrease in restricted cash     (425 )   (6,000 )  
      Interest, dividends and other proceeds received   255     –    
      Property and equipment purchased   (2,898 )   (2,655 )  
      Net cash flows from (used in) investing activities   (208,823 )   (42,386 )  
                             
    Effect of foreign currency on          
      cash and cash equivalents   2,428     (88 )  
                             
    Increase (decrease) in cash   90,150     75,540    
                             
    Cash, beginning of period   206,157     179,059    
                             
    Cash, end of period   296,307     254,599    
                             

    The MIL Network –

  • MIL-OSI USA: Senator Marshall Joins Senator Britt in Introducing MOMS Act to Support Women, Strengthen Families

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) joined Senators Katie Britt (R-Alabama), Kevin Cramer (R-North Dakota), and Eric Schmitt (R-Missouri) in introducing the More Opportunities for Moms to Succeed (MOMS) Act. This legislation would improve access to critical resources during the toughest phases of motherhood, including the prenatal, postpartum, and early childhood development stages.
    In 2023, the number of U.S. births was the lowest since 1979, and the total fertility rate in America hit an all-time low. Last year, fertility and birth rates remained near record lows, reflecting a continued, concerning trend in America.
    “As a former OB-GYN who spent over 25 years caring for thousands of women and delivering over 5,000 babies, I understand firsthand the importance of supporting mothers throughout their pregnancy and into motherhood,” said Senator Marshall. “The MOMS Act is critical legislation to ensure we are providing countless women in America the resources they need. I am proud to stand beside Senator Britt in sponsoring this much-needed, pro-family legislation.”
    “The Republican Party is the party of life, the party of parents, and the party of families. At the heart of the MOMS Act is building a comprehensive culture of life to give moms, children, and families the support system they need to thrive and live their American Dream,” said Senator Britt. “As a mom myself, I don’t have to wonder what other moms are facing – I’m living it. I know firsthand that there is no greater blessing in life than our children and I also understand the types of challenges that women face during their pregnancy journeys and while raising their kids. I’m proud to support women throughout these seasons of motherhood, and the MOMS Act is part of my continued commitment to fight on their behalf.”
    The legislation is also co-sponsored by Senators Steve Daines (R-Montana), Jerry Moran (R-Kansas), Chuck Grassley (R-Iowa), Marsha Blackburn (R-Tennessee), John Cornyn (R-Texas), James Lankford (R-Oklahoma), Roger Wicker (R-Mississippi), Jim Risch (R-Idaho), Mike Crapo (R-Idaho), Dave McCormick (R-Pennsylvania), Pete Ricketts (R-Nebraska), Jim Justice (R-West Virginia) and Tim Sheehy (R-Montana).
    This legislation is endorsed by Susan B. Anthony Pro-Life America, Americans United for Life, March for Life Action, the National Right to Life Committee, Students for Life Action, Concerned Women of America, the Ethics and Religious Liberty Commission, and the Human Coalition.
    The full text of the bill can be viewed here. 
    Background:
    The MOMS Act would establish a website of resources, Pregnancy.gov, for expecting and postpartum moms, as well as those with young children, which will increase access to adoption agencies, pregnancy resource centers, and other relevant public and private resources available to pregnant women near their zip code and surrounding areas.
    These relevant resources include health and well-being services; financial assistance; and material and legal support. HHS would also be required to include and maintain a national list of federal funding opportunities available to non-profit and healthcare entities for pregnancy support.
    The legislation would also improve access to pre and post-natal resources and would establish a grant program for non-profit entities to support, encourage, and assist women in carrying their pregnancies to term and to care for their babies after birth. 
    It would also institute a grant program to purchase necessary medical equipment and technology in rural areas and other medically underserved areas to support pre-natal and post-natal telehealth appointments.
    The MOMS Act also includes Senator Cramer’s Unborn Child Support Act to allow states to apply child support obligations to the time during pregnancy.

    MIL OSI USA News –

  • MIL-OSI: Kneat Announces Record Revenue for First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Ireland, May 07, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, today announced financial results for the three months ended March 31, 2025. All dollar amounts are presented in Canadian dollars unless otherwise stated.

    • Total revenue reaches $14.7 million in the first quarter, an increase of 37% year over year
    • Annual Recurring Revenue (ARR)1 at March 31, 2025, reaches $63.5 million, an increase of 51% year over year
    • Gross profit and operating expense grow 38% and 21% respectively year over year as progress toward profitability continues

    “Kneat is off to a solid start in 2025, both in terms of continued strong growth and progress toward profitability.  We are encouraged by our customers’ continued intention to orchestrate their validation processes enterprise-wide; and we are committed to enhancing the Kneat Gx platform to help them complete their vision for efficiency, speed and trust in their validation processes.”

    – Eddie Ryan, Chief Executive Officer of Kneat. 

    Q1 2025 Highlights

    • Total revenues increased 37% to $14.7 million in the first quarter of 2025, compared to $10.8 million for the first quarter of 2024. 
    • SaaS revenue for the first quarter of 2025 grew 42% to $13.8 million, versus $9.7 million for the first quarter of 2024.
    • First-quarter 2025 gross profit was $10.9 million, up 38% from $7.9 million in gross profit for the first quarter of 2024.
    • Gross margin in the first quarter of 2025 was 74%, as it was in the first quarter of 2024. 
    • EBITDA1 in the first quarter of 2025 was $5.9 million, compared with ($0.5) million for the first quarter of 2024.
    • Adjusted EBITDA1 in the first quarter of 2025 was $2.3 million, compared with $0.6 million for the first quarter of 2024.
    • Total ARR1 was $63.5 million at March 31, 2025, an increase of 51% from $42.1 million at March 31, 2024.

    1 ARR is a supplementary measure. EBITDA and Adjusted EBITDA are non-IFRS measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.

    Recent Business Highlights

    • In January 2025, Kneat announced that it has partnered with Capgemini. The collaboration brings together Capgemini’s expertise in enterprise IT systems integration with Kneat’s digital validation platform, Kneat Gx. The partnership is designed to enable life sciences companies to seamlessly deploy Kneat Gx enterprise-wide; connect with core systems such as ERP, QMS, and DMS; and scale digital validation processes with ease.
    • Also in January 2025, Kneat announced that a European-headquartered leader in specialty therapeutics selected Kneat for commissioning, qualification and validation of its manufacturing equipment and facilities.
    • In February 2025, Kneat announced that a European-headquartered global consumer products company selected Kneat to digitize its validation processes within a specialized health sciences division.
    • In April 2025, Kneat announced that a multinational producer of generic pharmaceuticals signed a Services Agreement with Kneat to digitalize its drawing management process.
    • In May 2025, Kneat saw record attendance at VALIDATE, its annual event convening validation and quality professionals from around the world.  One of the world’s largest events for validation experts to discover, share and apply validation technologies, regulations, and best practices, VALIDATE enabled participants to witness the power of the Kneat Gx platform.
    • Also in May 2025, Kneat announced the expansion of its executive leadership team with the addition of a Chief Innovation Officer Role. Co-founder and Chief Product Officer Kevin Fitzgerald will transition out of his current role and into the Chief Innovation Officer role on June 9. Donal O’Sullivan, an executive with extensive software development and product management leadership, will join Kneat at that time as Chief Product Officer.

    “Kneat closed the quarter with ample cash and a strong balance sheet. Our high-retention customer base continues to grow, and we remain confident in our financial outlook.”

    – Hugh Kavanagh, Chief Financial Officer of Kneat. 

    Quarterly Conference Call

    Eddie Ryan, Chief Executive Officer of Kneat, and Hugh Kavanagh, Chief Financial Officer of Kneat, will host a conference call to discuss Kneat’s first quarter of 2025 results and hold a Q&A session for analysts and investors via webcast on May 08, 2025, at 9:00 a.m. ET.

    Interested parties can register for the live webcast via the following link:

    Register Here

    Supplementary and Non-IFRS Financial Measures

    The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary, non-IFRS financial measures as key performance indicators when planning, monitoring and evaluating the Company’s performance.

    Annual Recurring Revenue (“ARR”)

    Kneat management use ARR to evaluate and assess the Company’s performance, identify trends affecting its business, formulate financial projections and make financial decisions. The Company believes that ARR is a useful metric for investors as it provides a measure of the value of the recurring revenue at a point in time (end date of the relevant quarter). ARR is based on signed agreements and indicates the level of recurring revenue that the Company would anticipate reporting in a 12-month period based on the full agreed annual SaaS and maintenance fees for existing customers. In specific circumstances, the Company may utilize pricing incentives for limited contract periods. ARR is used by Kneat to assess the expected recurring revenues from the customers that are live on the Kneat Gx platform at the end of the period. ARR is calculated using the licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full annual SaaS license or maintenance fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

    Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

    EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)

    Adjusted EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization, foreign exchange gain (loss) and stock-based compensation expense. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of Adjusted EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    About Kneat

    Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show up to 40% reduction in documentation cycle times, up to 20% faster speed to market, and a higher compliance standard.

    Cautionary and Forward-Looking Statements

    Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat’s business development activities, the use and implementation timelines of Kneat’s software within the customer’s validation processes, the ability and intent of the customer to scale the use of Kneat’s software within the customer’s organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat’s platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat’s actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements.

    Material risks and uncertainties relating to our business are described under the headings “Cautionary Note Regarding Forward-Looking Statements and Information” and “Risk Factors” in our MD&A dated May 7, 2025, under the heading “Risk Factors” in our Annual Information Form dated February 26, 2025 and in our other public documents filed with Canadian securities regulatory authorities, which are available at www.sedarplus.ca. Forward-looking statements are provided to help readers understand management’s expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kneat assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor’s own risk.

    For further information:

    Katie Keita, Kneat Investor Relations
    P: + 1 902-706-9074
    E: katie.keita@kneat.com

     
    Unaudited Condensed Interim Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss)
                 
        Three-month
    period ended
    March 31, 2025    		     Three-month
    period ended
    March 31, 2024    		  
        $     $  
    Revenue        
    SaaS license fees   13,805,973     9,718,501  
    Maintenance fees   22,095     70,589  
    Professional services and other   919,573     977,910  
    Total Revenue   14,747,641     10,767,000  
             
    Cost of revenue   (3,823,145 )   (2,834,015 )
    Gross profit   10,924,496     7,932,985  
    Gross margin   74%     74%  
             
    Expenses        
    Research and development   (4,698,665 )   (4,045,548 )
    Sales and marketing   (5,116,477 )   (4,031,684 )
    General and administrative   (2,511,629 )   (2,105,589 )
    Total Expenses   (12,326,771 )   (10,182,821 )
             
    Operating loss   (1,402,275 )   (2,249,836 )
             
    Finance expense   (888,545 )   (867,451 )
    Interest income   198,639     35,076  
    Foreign exchange gain (loss)   4,262,600     (238,763 )
    Income (loss) before income taxes   2,170,419     (3,320,974 )
    Income tax expense   (24,430 )   (15,887 )
    Net income (loss) for the period   2,145,989     (3,336,861 )
             
    Other comprehensive (loss) income        
    Foreign currency translation adjustment to presentation currency   (1,998,521 )   190,894  
    Comprehensive income (loss) for the period   147,468     (3,145,967 )
    Earnings (loss) per share: Basic and diluted   0.02     (0.04 )
             
    Weighted-average number of common shares outstanding:        
    Basic   94,221,072     81,005,029  
    Diluted   97,738,261     81,005,029  
             
    Reconciliation:        
    Net income (loss) for the period   2,145,989     (3,336,861 )
    Finance expense   888,545     867,451  
    Interest income   (198,639 )   (35,076 )
    Income tax expense   24,430     15,887  
    Depreciation charge   177,001     191,221  
    Amortization of intangible assets charge   2,846,747     1,834,211  
    EBITDA   5,884,073     (463,167 )
             
    Adjustments to EBITDA        
    Foreign exchange gain/loss   (4,262,600 )   238,763  
    Stock based compensation   697,019     812,173  
    Adjusted EBITDA   2,318,492     587,769  
                 
     
    kneat.com, inc.
    Unaudited Condensed Interim Consolidated Statements of Financial Position
                 
        March 31, 2025     December 31, 2024  
        $     $  
    Assets            
                 
    Current assets            
    Cash   74,132,378     58,889,572  
    Amounts receivable   10,958,849     18,377,009  
    Prepayments   2,081,208     1,870,095  
                 
        87,172,435     79,136,676  
    Non-current assets            
    Amounts receivable   3,544,947     2,368,006  
    Property and equipment   6,914,606     6,782,179  
    Intangible asset   39,158,433     36,290,869  
                 
    Total Assets   136,790,421     124,577,730  
                 
    Liabilities            
                 
    Current liabilities            
    Accounts payable and accrued liabilities   9,080,206     8,580,104  
    Contract liabilities   31,037,419     21,631,416  
    Loan payable   5,122,755     4,116,723  
    Lease liabilities   386,207     434,096  
                 
        45,626,587     34,762,339  
    Non-current liabilities            
    Contract liabilities   42,339     33,393  
    Loan payable and accrued interest   18,384,423     19,038,203  
    Lease liabilities   5,800,955     5,671,952  
                 
                 
    Total Liabilities   69,854,304     59,505,887  
                 
    Equity            
    Shareholders’ equity   66,936,117     65,071,843  
                 
    Total Liabilities and Equity   136,790,421     124,577,730  
                 
     
    kneat.com, inc.
    Unaudited Condensed Interim Consolidated Statement of Cash Flows
                 
        Three-month
    period ended
    March 31, 2025    		     Three-month
    period ended
    March 31, 2024    		  
    Operating activities   $     $  
    Net income (loss) for the period   2,145,989     (3,336,861 )
    Charges to loss not involving cash:        
    Depreciation of property and equipment   177,001     191,221  
    Share-based compensation   697,019     812,173  
    Interest expense   842,563     867,451  
    Tax expense   24,430     15,887  
    Amortization of the intangible asset   2,846,747     1,834,211  
    Amortization of loan issuance costs   45,982     36,957  
    Foreign exchange (gain) loss   (4,262,600 )   238,763  
    Increase in non-current contract liabilities   7,553     58,319  
    Net change in non-cash operating working capital related to operations   14,951,929     7,684,397  
             
    Net cash provided by operating activities   17,476,613     8,402,518  
             
    Financing activities        
    Proceeds received from public equity financing   –     20,000,110  
    Share issuance costs associated with public equity financing   –     (1,626,257 )
    Payment of principal and interest on loans payable   (1,348,282 )   (621,996 )
    Proceeds from the exercise of stock options   774,591     641,700  
    Repayment of lease liabilities   (192,894 )   (181,158 )
             
    Net cash (used in)/provided by financing activities   (766,585 )   18,212,399  
             
    Investing activities        
    Additions to the intangible asset   (5,157,268 )   (4,515,850 )
    Additions to property and equipment   (62,917 )   (8,163 )
    Collection of research and development tax credits   1,850,702     –  
             
    Net cash used in investing activities   (3,369,483 )   (4,524,013 )
             
    Effects of foreign exchange rates on cash   1,902,261     164,519  
             
    Net change in cash during the period   15,242,806     22,255,423  
             
    Cash – Beginning of period   58,889,572     15,252,526  
             
    Cash – End of period   74,132,378     37,507,949  
                 

    The MIL Network –