Category: Economy

MIL-OSI Global: Rwanda and Belgium are at odds over the DRC: what’s led to the latest low point

Source: The Conversation – Africa – By Jonathan Beloff, Postdoctoral Research Associate, King’s College London

Rwanda’s foreign affairs ministry suspended all diplomatic relations with Belgium in March 2025. Soon afterwards, Belgium expelled Rwandan diplomats. This came weeks after Belgium had suspended foreign aid to Rwanda. At the root of this diplomatic fallout is the resurgence of the rebel group, March 23 Movement (M23), which has made recent military gains in eastern Democratic Republic of Congo.

Prior to Rwanda suspending diplomatic relations, President Paul Kagame accused Belgium of continually undermining Rwanda. This deterioration in Rwanda-Belgium relations illustrates decades of the Kagame regime’s lack of trust in Brussels since the 1994 genocide. Jonathan Beloff, who has studied Rwanda’s political, security and foreign policies for nearly two decades, explains.

What is the historical relationship between Rwanda and Belgium?

Belgium is perhaps better known for having colonised the Congo. However, it also colonised present-day Rwanda and neighbouring Burundi.

Belgian forces conquered Rwanda, a former German colony, in 1916 during the first world war. They got help from nearby British forces in Uganda. The Treaty of Versailles, which brought an end to the world war, officially transferred Rwanda and Burundi to Belgium’s colonial holdings.

While Rwanda was never a significant interest for the Belgian colonial authorities compared to neighbouring Congo, Brussels nevertheless helped shape Rwandan politics, economy and society for decades.

Rwanda’s current government claims that ethnic divisions of Hutu, Tutsi and Twa only came to the foreground during Belgian colonial rule, which ended in 1962. Before German and Belgian colonisation, Rwandan officials described these communities as socio-economic groupings rather than ethnicities. It was only with the introduction of ethnic identification cards in 1933 that these groups became intractable ethnicities.

During much of its rule, Belgium used the existing political structures of kings, called Mwami, to carry out colonial policies.

While a majority of Tutsis and Hutus suffered under these policies, Belgian officials often blamed the Mwami and his courts. The Mwami was often a Tutsi based on the number of cattle he owned. This led to a growing anti-Tutsi sentiment within the majority Hutu population.

Eventually, it boiled over and led to the 1959 Hutu Revolution and the 1961 Coup of Gitarama. This anti-Tutsi sentiment established much of the political order following Rwandan independence in July 1962.

What key moments have shaped the relationship?

Prior to Rwandan independence, Belgium’s political allegiance shifted away from the mostly Tutsi Mwami and their power base to the growing Hutu movement. Under Rwanda’s Hutu leader and later first post-independence president Grégoire Kayibanda, Belgium began favouring Hutus. The community got increased education opportunities. Its leaders were given more say over post-colonial political events than the Mwami and his court.

Rwanda-Belgium relations focused on promoting the majority Hutu population, despite some discontent from conservative, mostly Tutsi, actors. With independence, Belgium played an important but diminishing role. It did not provide the financial support Kigali wanted. In response, Kigali turned to France, whose influence grew significantly under President Juvénal Habyarimana (1973-1994).

Despite their diminished state, relations between Rwanda and Belgium were still important. Belgium became the primary western nation to help provide stability in Rwanda during the waning years of the Rwandan Civil War (1990-1994), known locally as the Liberation War.

A peace deal in 1993, called the Arusha Accords, between the Rwandan Patriotic Front and the Habyarimana regime paved the way for a UN mission. However, getting western nations to send soldiers for the mission proved difficult. This was after a peacekeeping disaster in Somalia (the Battle of Mogadishu) earlier that year. As a result, Belgium ended up providing the bulk of troops for the Rwanda mission.

The assassination of Habyarimana on 6 April 1994 triggered the Genocide against the Tutsi. The UN mission’s commander sent a platoon to guard the home of prime minister Agathe Uwilingiyimana. The platoon had 10 Belgian and five Ghanaian soldiers. They were captured when Rwandan Presidential Guard officers stormed Uwilingiyimana’s home and killed her.

The Ghanaian soldiers were released relatively unharmed, while the Belgian soldiers were killed at the Camp Kigali military base. The murders were intended to provoke the UN mission’s withdrawal from Rwanda. Belgian troops departed within the genocide’s first week. This allowed Rwanda’s genocide to run uninterrupted for 100 days until the Rwandan Patriotic Front stopped it in July 1994.

Since the genocide, the ruling Rwandan Patriotic Front has had a sceptical view of Belgium. In 2000, former prime minister Guy Verhofstadt apologised for Belgium’s failure to stop the genocide and for fostering ethnic divisions during the colonial period.

Nevertheless, many Rwandan officials still believe Brussels hasn’t done enough to acknowledge its colonial record.

What’s behind the current fallout?

The current diplomatic crisis erupted because of accusations of Rwandan involvement in eastern DRC. UN experts’ reports have accused Rwanda of supporting the reanimated M23. The rebel group has captured large swathes of eastern DRC.

Belgium has been leading calls for European sanctions against Rwanda for this involvement. However, Rwanda – which denies supporting the M23 – claims that Belgium’s accusations are aimed at gaining favourable mining rights in the DRC.

Relations between the two countries have been deteriorating steadily in 2025. In February, Rwanda suspended a five-year (2024-2029) €95 million (US$102.8 million) deal. This was one of the largest aid deals between the two countries. In March, in addition to the suspension of diplomatic ties, the Rwanda Governance Board, which registers and monitors non-governmental organisations, placed restrictions on NGOs receiving financial support from Belgium.

What’s the impact of this diplomatic falling out?

Rwanda-Belgium relations have never broken down to the current level.

It is unlikely to last in the long term. Like many other donor nations, Belgium needs Rwanda as a case study for proper aid utilisation and for its contribution to African peacekeeping.

Rwanda is Africa’s most active troop-contributing country to UN missions and the fourth most active worldwide. Its primary political, security and economic allies remain the United States and the United Kingdom. While relations with these two nations are strained, they’re not at the level reached with Belgium.

Nevertheless, the current state of affairs will continue in the near future unless the M23 is defeated. The only available avenues for quick restoration of relations are if Belgium apologises for seemingly siding with the DRC over Rwanda in the conflict in eastern Congo and repeats its apology for its colonial legacy. Neither of these options seems likely in the short term.

Jonathan Beloff received funding from the Arts and Humanities Research Council (AH/W001217/1).

– ref. Rwanda and Belgium are at odds over the DRC: what’s led to the latest low point – https://theconversation.com/rwanda-and-belgium-are-at-odds-over-the-drc-whats-led-to-the-latest-low-point-253349

MIL OSI – Global Reports –

April 1, 2025
MIL-OSI Africa: Rwanda and Belgium are at odds over the DRC: what’s led to the latest low point

Source: The Conversation – Africa – By Jonathan Beloff, Postdoctoral Research Associate, King’s College London

Rwanda’s foreign affairs ministry suspended all diplomatic relations with Belgium in March 2025. Soon afterwards, Belgium expelled Rwandan diplomats. This came weeks after Belgium had suspended foreign aid to Rwanda. At the root of this diplomatic fallout is the resurgence of the rebel group, March 23 Movement (M23), which has made recent military gains in eastern Democratic Republic of Congo.

Prior to Rwanda suspending diplomatic relations, President Paul Kagame accused Belgium of continually undermining Rwanda. This deterioration in Rwanda-Belgium relations illustrates decades of the Kagame regime’s lack of trust in Brussels since the 1994 genocide. Jonathan Beloff, who has studied Rwanda’s political, security and foreign policies for nearly two decades, explains.

What is the historical relationship between Rwanda and Belgium?

Belgium is perhaps better known for having colonised the Congo. However, it also colonised present-day Rwanda and neighbouring Burundi.

Belgian forces conquered Rwanda, a former German colony, in 1916 during the first world war. They got help from nearby British forces in Uganda. The Treaty of Versailles, which brought an end to the world war, officially transferred Rwanda and Burundi to Belgium’s colonial holdings.

While Rwanda was never a significant interest for the Belgian colonial authorities compared to neighbouring Congo, Brussels nevertheless helped shape Rwandan politics, economy and society for decades.

Rwanda’s current government claims that ethnic divisions of Hutu, Tutsi and Twa only came to the foreground during Belgian colonial rule, which ended in 1962. Before German and Belgian colonisation, Rwandan officials described these communities as socio-economic groupings rather than ethnicities. It was only with the introduction of ethnic identification cards in 1933 that these groups became intractable ethnicities.

During much of its rule, Belgium used the existing political structures of kings, called Mwami, to carry out colonial policies.

While a majority of Tutsis and Hutus suffered under these policies, Belgian officials often blamed the Mwami and his courts. The Mwami was often a Tutsi based on the number of cattle he owned. This led to a growing anti-Tutsi sentiment within the majority Hutu population.

Eventually, it boiled over and led to the 1959 Hutu Revolution and the 1961 Coup of Gitarama. This anti-Tutsi sentiment established much of the political order following Rwandan independence in July 1962.

What key moments have shaped the relationship?

Prior to Rwandan independence, Belgium’s political allegiance shifted away from the mostly Tutsi Mwami and their power base to the growing Hutu movement. Under Rwanda’s Hutu leader and later first post-independence president Grégoire Kayibanda, Belgium began favouring Hutus. The community got increased education opportunities. Its leaders were given more say over post-colonial political events than the Mwami and his court.

Rwanda-Belgium relations focused on promoting the majority Hutu population, despite some discontent from conservative, mostly Tutsi, actors. With independence, Belgium played an important but diminishing role. It did not provide the financial support Kigali wanted. In response, Kigali turned to France, whose influence grew significantly under President Juvénal Habyarimana (1973-1994).

Despite their diminished state, relations between Rwanda and Belgium were still important. Belgium became the primary western nation to help provide stability in Rwanda during the waning years of the Rwandan Civil War (1990-1994), known locally as the Liberation War.

A peace deal in 1993, called the Arusha Accords, between the Rwandan Patriotic Front and the Habyarimana regime paved the way for a UN mission. However, getting western nations to send soldiers for the mission proved difficult. This was after a peacekeeping disaster in Somalia (the Battle of Mogadishu) earlier that year. As a result, Belgium ended up providing the bulk of troops for the Rwanda mission.

The assassination of Habyarimana on 6 April 1994 triggered the Genocide against the Tutsi. The UN mission’s commander sent a platoon to guard the home of prime minister Agathe Uwilingiyimana. The platoon had 10 Belgian and five Ghanaian soldiers. They were captured when Rwandan Presidential Guard officers stormed Uwilingiyimana’s home and killed her.

The Ghanaian soldiers were released relatively unharmed, while the Belgian soldiers were killed at the Camp Kigali military base. The murders were intended to provoke the UN mission’s withdrawal from Rwanda. Belgian troops departed within the genocide’s first week. This allowed Rwanda’s genocide to run uninterrupted for 100 days until the Rwandan Patriotic Front stopped it in July 1994.

Since the genocide, the ruling Rwandan Patriotic Front has had a sceptical view of Belgium. In 2000, former prime minister Guy Verhofstadt apologised for Belgium’s failure to stop the genocide and for fostering ethnic divisions during the colonial period.

Nevertheless, many Rwandan officials still believe Brussels hasn’t done enough to acknowledge its colonial record.

What’s behind the current fallout?

The current diplomatic crisis erupted because of accusations of Rwandan involvement in eastern DRC. UN experts’ reports have accused Rwanda of supporting the reanimated M23. The rebel group has captured large swathes of eastern DRC.

Belgium has been leading calls for European sanctions against Rwanda for this involvement. However, Rwanda – which denies supporting the M23 – claims that Belgium’s accusations are aimed at gaining favourable mining rights in the DRC.

Relations between the two countries have been deteriorating steadily in 2025. In February, Rwanda suspended a five-year (2024-2029) €95 million (US$102.8 million) deal. This was one of the largest aid deals between the two countries. In March, in addition to the suspension of diplomatic ties, the Rwanda Governance Board, which registers and monitors non-governmental organisations, placed restrictions on NGOs receiving financial support from Belgium.

What’s the impact of this diplomatic falling out?

Rwanda-Belgium relations have never broken down to the current level.

It is unlikely to last in the long term. Like many other donor nations, Belgium needs Rwanda as a case study for proper aid utilisation and for its contribution to African peacekeeping.

Rwanda is Africa’s most active troop-contributing country to UN missions and the fourth most active worldwide. Its primary political, security and economic allies remain the United States and the United Kingdom. While relations with these two nations are strained, they’re not at the level reached with Belgium.

Nevertheless, the current state of affairs will continue in the near future unless the M23 is defeated. The only available avenues for quick restoration of relations are if Belgium apologises for seemingly siding with the DRC over Rwanda in the conflict in eastern Congo and repeats its apology for its colonial legacy. Neither of these options seems likely in the short term.

– Rwanda and Belgium are at odds over the DRC: what’s led to the latest low point
– https://theconversation.com/rwanda-and-belgium-are-at-odds-over-the-drc-whats-led-to-the-latest-low-point-253349

MIL OSI Africa –

April 1, 2025
MIL-OSI USA: Sullivan, Peters, and Murkowski Introduce Resolution to Preserve Independent USPS
US Senate News:
Source: United States Senator for Alaska Lisa Murkowski

03.28.25

WASHINGTON—U.S. Senators Dan Sullivan (R-Alaska) and Gary Peters (D-Mich.) introduced a bipartisan resolution to support the independence and critical public service mission of the United States Postal Service, emphasizing the essential role the Postal Service has played in connecting and serving Americans, especially in rural communities. Sens. Sullivan and Peters were joined in introducing the resolution by U.S. Senators Lisa Murkowski (R-Alaska), Susan Collins (R-Maine), Maggie Hassan (D-N.H.) and Thom Tillis (R-N.C.).

“In a state as vast as ours, with many remote communities only accessible by air or water, the USPS serves as an essential government agency that keeps postal services affordable for Alaskans,” Senator Sullivan said. “The Bypass Mail program—a lifeline for Rural Alaska that I have fought for since becoming a senator—allows the USPS to fulfill its universal service obligation to deliver goods and services to even the most remote parts of our state. I will forcefully oppose any action that threatens that program. I am glad to work with my colleagues from other rural states on this resolution to oppose the privatization of the Postal Service and ensure that this critical agency remains focused on its statutory requirement to reliably deliver mail to every household, no matter how remote.”

“Federal statute has long recognized that the Postal Service’s core purpose is ‘to bind the Nation together through the personal, educational, literary, and business correspondence of the people.’ In Alaska, where most communities are unconnected by road and where internet connectivity—when available—is often unreliable or prohibitively expensive, we rely on the USPS to deliver vital basic necessities, whether that is food, medicine, election ballots, spare parts, store inventory, or subsistence supplies,” said Senator Murkowski. “I am proud to co-sponsor this resolution again to reaffirm the significance of the United States Postal Service as an independent establishment of the Federal Government and to reject its privatization.”

“For more than 250 years, the Postal Service has been a cornerstone of our nation, connecting every household and business across the country,” said Senator Peters. “Any efforts to undermine the Postal Service’s independence or privatize it would jeopardize affordable, universal mail service and harm the millions of Americans—especially veterans, small business owners, and rural communities—who rely on the Postal Service every day. This resolution reaffirms our commitment to keeping the Postal Service independent and self-sustaining, ensuring it continues to serve as a vital lifeline for all Americans.”

“The privatization of the United States Postal Service would be devastating to Alaskans not only in remote communities, but throughout the state. The Postal Service currently serves all Alaskans, regardless of where they live. It serves many areas of the state that are not profitable for other shippers. If the Postal Service is privatized, it will significantly increase shipping costs throughout the state and be devastating to Alaska’s economy. All Alaska letter carriers of the National Association of Letter Carriers stands by Senator Sullivan in his efforts to keep the Postal Service a public service to all Alaskans,” said Chris Crutchfield, Alaska State Chair for the National Association of Letter Carriers.

The full text of the resolution can be found here.

BACKGROUND

Since 1775, the United States Postal Service and its dedicated postal workforce have performed the essential government function of “providing postal services to bind the Nation together through the personal, educational, literary, and business correspondence of the people” and “rendering postal services to all communities” (39 USC 101). Across the nation today, 630,000 postal employees deliver the mail to more than 168 million residential and business customers, six days a week. The Postal Service is consistently the highest-rated government agency in nonpartisan opinion polls. It also plays a crucial role in our national security, protecting us from mail-borne threats.

In support of the Postal Service, this bipartisan resolution expresses the sense of the Senate that Congress should take all appropriate measures to ensure the Postal Service remains an independent establishment of the Federal Government and is not subject to privatization. The resolution also recognizes:
- The Postal Service is at the center of the $1.9 trillion mailing industry, which employs 7.9 million people in the United States.
- The Postal Service is a self-sustaining, independent establishment that relies on revenue derived from the sale of postal services and products, not on taxpayer funds.
- The Postal Service maintains an affordable and universal network, connecting rural, suburban, and urban communities.
- Postal Service employees, including over 73,000 military veterans, are dedicated public servants who serve as the eyes and ears of our communities.
MIL OSI USA News –
April 1, 2025
MIL-OSI Africa: Africa’s data workers are being exploited by foreign tech firms – 4 ways to protect them

Source: The Conversation – Africa – By Mohammad Amir Anwar, Senior Lecturer in African Studies and International Development, University of Edinburgh

Data workers in Africa often have a hard time. They face job insecurities – including temporary contracts, low pay, arbitrary dismissal and worker surveillance – and alarming physical and psychological health risks. The consequences of their work can include exhaustion, burnout, mental health strain, chronic stress, vertigo and weakening of eyesight.

Data work includes text prediction, image and video annotation, speech to text validation and content moderation.

The world of data work is built on labour arbitrage – exploiting the fact that workers earn less and have less protection in some countries than in others.

Large technology firms often outsource this work to the global south, including African countries like Kenya, Uganda and Madagascar, and also India and Venezuela. The result is complex production networks that are generally opaque and shrouded in secrecy.

Workers and researchers have issued many warnings about data workers’ health. Despite numerous court cases in multiple jurisdictions, nothing much has been done to address these issues either by tech companies or by regulators.

Read more: For workers in Africa, the digital economy isn’t all it’s made out to be

Still, the news of the death of a Nigerian content moderator, Ladi Anzaki Olubunmi, who was found dead in her apartment in Nairobi, Kenya on 7 March 2025, came as a shock. While the circumstances of her death are still unclear, it has renewed calls for wider systemic change. Her death has sparked condemnation from the Kenyan Union of Gig Workers, which demanded an investigation.

Since 2015, we have been studying the central role of African data workers in building and maintaining artificial intelligence (AI) systems, acting as “data janitors”. Our research found that companies rarely acknowledge the use of human workers in AI value chains, thus they remain “hidden” from the public eye. In other words, the world of AI is built on the toil of human workers most people are unaware of.

In this article, we outline key steps needed to protect these data workers in Africa. They include business process outsourcing regulations, ensuring quality rather than quantity of jobs, and providing social protection. There is also a need to name and shame companies that maltreat data workers.

Data work needs tighter regulation.

Read more: Digital labour platforms subject global South workers to ‘algorithmic insecurity’

Regulation

Business process outsourcing is the practice of procuring various processes or operations from external suppliers or vendors. Firms that do this are sometimes trying to evade local regulations (like minimum wages) and responsibility towards workers’ welfare (via sub-contracting and the use of temporary employment agencies).

This is happening in Africa as some data training firms and digital labour platforms circumvent local labour laws.

But there is more to the story.

Data work is also seen by lawmakers and practitioners as a solution to the rampant unemployment and informality across Africa. African governments have actively created regulatory environments that enable these practices to thrive, despite adverse outcomes for workers.

Nonetheless, new regulations have been proposed lately, like the Kenyan government’s Business Law (Amendment) Bill, 2024 targeting the wider business process outsourcing and IT-enabled services sector. Particularly, it makes business process outsourcing firms responsible for any claim raised by employees. It ensures some accountability for firms bringing data work to Africa.

Other governments should follow with similar measures ensuring worker rights are enforceable. Some data workers are hired on contracts as short as five days and get paid less than the local minimum wage. Firms found violating labour standards should be penalised.

In fact, there is an urgent need to create regional or continent-wide regulatory frameworks covering the business process outsourcing sector, limiting the space for firms to exploit workers.

It’s possible, however, that jobs might be lost as firms relocate to places with favourable laws, an everyday reality in the outsourcing networks.

Read more: Most call centre jobs are a dead end for South Africa’s youth

Quality, not quantity

African governments should prioritise the quality of jobs and not quantity. Policymakers should think about wider national economic development plans, particularly structural diversification and upgrading of their economies.

Historically, these strategies have resulted in success in some states, addressing social and economic issues such as unemployment, poverty and inequality.

Another option for African governments is to enhance social protection among data workers. Financing this is a serious issue, so proper taxation and compliance among workers and employers is urgently needed.

Finally, there is a role for naming and shaming firms that treat their data workers poorly. There is evidence that such efforts improve compliance and firms’ behaviour.

Read more: Digital trade protocol for Africa: why it matters, what’s in it and what’s still missing

Worker movements

African data workers have taken risks in openly speaking about their experiences. But these kinds of approaches work well when combined with collective bargaining.

Workers have historically won their labour and civil rights after long and hard-fought struggles. There is a long history of African worker movements and trade unions resisting the apartheid and colonial regimes across the continent.

While the freedom of association is enshrined in the African Charter on Human and Peoples’ Rights and most governments have legislation committed to collective bargaining, it is rarely implemented in the new outsourcing sectors, particularly data work.

It is also difficult to organise workers in the industry, because of the high churn rate. For instance, data training firms like Sama offer short-term contracts to employees, often as short as five days.

Some firms are hostile to workers’ organising activities.

But numerous data worker-led associations have emerged in Africa recently, some led by the co-authors of this article. Techworker Community Africa, African Tech Workers Rising, African Content Moderators Unions and Data Labelers Association are among them.

These initiatives are crucial to ensure workers have decent remuneration, work-life balance, adequate working hours, protection against arbitrary dismissal, safe working environments, and contributions towards their health and welfare.

Several high-profile court cases are currently being pursued by African data workers against Meta and Sama. There is precedent. In 2021. Meta was ordered by a Californian court to pay US$85 million to 10,000 content moderators.

AI-dependent tools such as ChatGPT or driverless cars would not exist without African data workers. They are tired of being “hidden”. They deserve to be treated with respect and dignity.

Mophat Okinyi, Kauna Malgwi, Sonia Kgomo and Richard Mathenge co-authored this article.

– Africa’s data workers are being exploited by foreign tech firms – 4 ways to protect them
– https://theconversation.com/africas-data-workers-are-being-exploited-by-foreign-tech-firms-4-ways-to-protect-them-252957

MIL OSI Africa –

April 1, 2025

MIL-OSI: Security National Financial Corporation Reports Financial Results For the Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

SALT LAKE CITY, March 31, 2025 (GLOBE NEWSWIRE) — Security National Financial Corporation (SNFC) (NASDAQ symbol “SNFCA”) announced financial results for the year ended December 31, 2024.

For the twelve months ended December 31, 2024, SNFC’s after-tax earnings from operations increased 83% from $14,495,000 in 2023 to $26,536,000 in 2024, on a 5% increase in revenues to $334,523,000.

Scott Quist, Chairman of the Board, President, and Chief Executive Officer of SNFC, said, “2024 marked another year of solid progress for our Company. Our Life Insurance Segment had its best operational year ever, delivering a 25% improvement over 2023 which was its previous best year ever. We believe there is much opportunity for growth as we evaluate our competitive positions, improve the value propositions for our sales force, and increase premium rates where appropriate. We have spent much effort modernizing our commission systems with increased flexibility and capability to better reward our high performing sales professionals. 2024 was our Cemetery and Mortuary Segment’s best year ever improving 5% over 2023 which was its previous best year ever. We spent much time to better organize and train our staffs to provide the best care possible in the inherently sensitive situations within which we provide service. It is instructive to note that our Utah based Cemetery and Mortuary group has received the “Best in State” award for the last 7 consecutive years, a very significant recognition of the quality services we provide. In that same vein it should be noted that as a total Security National Financial organization we have received the “Top Workplace Award” for the last 9 consecutive years, which award highlights our commitment to our employees. Our Mortgage Segment delivered a solid performance, decreasing its loss by over $11 million dollars (64%) while increasing its revenue by over 8%. The mortgage industry as a whole continues to be profit challenged, with Q4 being Production Income negative according to the Mortgage Bankers Association. Our talented management group continues to work on streamlining, rightsizing, adding quality personnel, and consolidating operations where possible, to provide consistently competitive rates and customer experience in a tough environment. Across all our Segments we have made very concerted efforts to provide all our sales forces the tools and accountability necessary to increase their incomes in this inflation-challenged economy by improving efficiency and increasing the value provided to our consumers. Lastly I will say that any year that we as a total organization improve our before tax income by over 100%, is a very good year.”

SNFC has three business segments. The following table shows the revenues and earnings before taxes for the twelve months ended December 31, 2024, as compared to 2023, for each business segment:

	Revenues						Earnings before Taxes
		2024		2023				2024			2023
Life Insurance	$	191,530,000	$	185,176,000	3.4	%	$	31,456,000		$	25,272,000		24.5	%

Cemeteries/Mortuaries	$	33,022,000	$	31,938,000	3.4	%	$	8,861,000		$	8,444,000		4.9	%

Mortgages	$	109,971,000	$	101,383,000	8.5	%	$	(6,213,000	)	$	(17,416,000	)	64.3	%

Total	$	334,523,000	$	318,497,000	5.0	%	$	34,104,000		$	16,300,000		109.2	%

Net earnings per common share was $1.11 for the twelve months ended December 31, 2024, compared to net earnings of $.61 per share for the prior year, as adjusted for the effect of annual stock dividends. Book value per common share was $14.45 as of December 31, 2024, compared to $13.44 as of December 31, 2023.

The Company has two classes of common stock outstanding, Class A and Class C. There were 23,451,432 Class A equivalent shares outstanding as of December 31, 2024.

This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Security National Financial Corporation and its business. The predictions in the statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.

If there are any questions, please contact Mr. Garrett S. Sill or Mr. Scott Quist at:

Security National Financial Corporation
P.O. Box 57250
Salt Lake City, Utah 84157
Phone (801) 264-1060
Fax (801) 265-9882

The MIL Network –

April 1, 2025

MIL-OSI Global: Africa’s data workers are being exploited by foreign tech firms – 4 ways to protect them

Source: The Conversation – Africa – By Mohammad Amir Anwar, Senior Lecturer in African Studies and International Development, University of Edinburgh

Data workers in Africa often have a hard time. They face job insecurities – including temporary contracts, low pay, arbitrary dismissal and worker surveillance – and alarming physical and psychological health risks. The consequences of their work can include exhaustion, burnout, mental health strain, chronic stress, vertigo and weakening of eyesight.

Data work includes text prediction, image and video annotation, speech to text validation and content moderation.

The world of data work is built on labour arbitrage – exploiting the fact that workers earn less and have less protection in some countries than in others.

Large technology firms often outsource this work to the global south, including African countries like Kenya, Uganda and Madagascar, and also India and Venezuela. The result is complex production networks that are generally opaque and shrouded in secrecy.

Workers and researchers have issued many warnings about data workers’ health. Despite numerous court cases in multiple jurisdictions, nothing much has been done to address these issues either by tech companies or by regulators.

Read more:
For workers in Africa, the digital economy isn’t all it’s made out to be

Still, the news of the death of a Nigerian content moderator, Ladi Anzaki Olubunmi, who was found dead in her apartment in Nairobi, Kenya on 7 March 2025, came as a shock. While the circumstances of her death are still unclear, it has renewed calls for wider systemic change. Her death has sparked condemnation from the Kenyan Union of Gig Workers, which demanded an investigation.

Since 2015, we have been studying the central role of African data workers in building and maintaining artificial intelligence (AI) systems, acting as “data janitors”. Our research found that companies rarely acknowledge the use of human workers in AI value chains, thus they remain “hidden” from the public eye. In other words, the world of AI is built on the toil of human workers most people are unaware of.

In this article, we outline key steps needed to protect these data workers in Africa. They include business process outsourcing regulations, ensuring quality rather than quantity of jobs, and providing social protection. There is also a need to name and shame companies that maltreat data workers.

Data work needs tighter regulation.

Read more:
Digital labour platforms subject global South workers to ‘algorithmic insecurity’

Regulation

Business process outsourcing is the practice of procuring various processes or operations from external suppliers or vendors. Firms that do this are sometimes trying to evade local regulations (like minimum wages) and responsibility towards workers’ welfare (via sub-contracting and the use of temporary employment agencies).

This is happening in Africa as some data training firms and digital labour platforms circumvent local labour laws.

But there is more to the story.

Data work is also seen by lawmakers and practitioners as a solution to the rampant unemployment and informality across Africa. African governments have actively created regulatory environments that enable these practices to thrive, despite adverse outcomes for workers.

Nonetheless, new regulations have been proposed lately, like the Kenyan government’s Business Law (Amendment) Bill, 2024 targeting the wider business process outsourcing and IT-enabled services sector. Particularly, it makes business process outsourcing firms responsible for any claim raised by employees. It ensures some accountability for firms bringing data work to Africa.

Other governments should follow with similar measures ensuring worker rights are enforceable. Some data workers are hired on contracts as short as five days and get paid less than the local minimum wage. Firms found violating labour standards should be penalised.

In fact, there is an urgent need to create regional or continent-wide regulatory frameworks covering the business process outsourcing sector, limiting the space for firms to exploit workers.

It’s possible, however, that jobs might be lost as firms relocate to places with favourable laws, an everyday reality in the outsourcing networks.

Read more:
Most call centre jobs are a dead end for South Africa’s youth

Quality, not quantity

African governments should prioritise the quality of jobs and not quantity. Policymakers should think about wider national economic development plans, particularly structural diversification and upgrading of their economies.

Historically, these strategies have resulted in success in some states, addressing social and economic issues such as unemployment, poverty and inequality.

Another option for African governments is to enhance social protection among data workers. Financing this is a serious issue, so proper taxation and compliance among workers and employers is urgently needed.

Finally, there is a role for naming and shaming firms that treat their data workers poorly. There is evidence that such efforts improve compliance and firms’ behaviour.

Read more:
Digital trade protocol for Africa: why it matters, what’s in it and what’s still missing

Worker movements

African data workers have taken risks in openly speaking about their experiences. But these kinds of approaches work well when combined with collective bargaining.

Workers have historically won their labour and civil rights after long and hard-fought struggles. There is a long history of African worker movements and trade unions resisting the apartheid and colonial regimes across the continent.

While the freedom of association is enshrined in the African Charter on Human and Peoples’ Rights and most governments have legislation committed to collective bargaining, it is rarely implemented in the new outsourcing sectors, particularly data work.

It is also difficult to organise workers in the industry, because of the high churn rate. For instance, data training firms like Sama offer short-term contracts to employees, often as short as five days.

Some firms are hostile to workers’ organising activities.

But numerous data worker-led associations have emerged in Africa recently, some led by the co-authors of this article. Techworker Community Africa, African Tech Workers Rising, African Content Moderators Unions and Data Labelers Association are among them.

These initiatives are crucial to ensure workers have decent remuneration, work-life balance, adequate working hours, protection against arbitrary dismissal, safe working environments, and contributions towards their health and welfare.

Several high-profile court cases are currently being pursued by African data workers against Meta and Sama. There is precedent. In 2021. Meta was ordered by a Californian court to pay US$85 million to 10,000 content moderators.

AI-dependent tools such as ChatGPT or driverless cars would not exist without African data workers. They are tired of being “hidden”. They deserve to be treated with respect and dignity.

Mophat Okinyi, Kauna Malgwi, Sonia Kgomo and Richard Mathenge co-authored this article.

Mohammad Amir Anwar receives funding from United Kingdom Research and Innovation, Royal Society of Edinburgh, and British Academy.

– ref. Africa’s data workers are being exploited by foreign tech firms – 4 ways to protect them – https://theconversation.com/africas-data-workers-are-being-exploited-by-foreign-tech-firms-4-ways-to-protect-them-252957

MIL OSI – Global Reports –

April 1, 2025
MIL-OSI USA: Hickenlooper Statement on Trump’s EO to End Collective Bargaining for Federal Workers

US Senate News:

Source: United States Senator for Colorado John Hickenlooper
WASHINGTON – Today, U.S. Senator John Hickenlooper released the following statement regarding President Trump’s Executive Order to end collective bargaining with federal labor unions across several federal agencies. The order would impact over one million federal workers, including nurses at the VA who care for veterans and public health researchers working to prevent future pandemics.
“This executive order strips a million workers of their fundamental right to fight for better working conditions.
It threatens U.S. national security, public health, and the economy by undermining workers across crucial federal agencies. It jeopardizes critical services that Americans depend on.”
Hickenlooper is a strong supporter of labor unions and has frequently joined picket lines with striking workers back in Colorado. Last Sunday, Hickenlooper spoke at a National Association of Letter Carriers rally in Denver against Trump’s proposal to privatize the U.S. Postal Service.

MIL OSI USA News –

April 1, 2025
MIL-OSI Russia: Lectures on the “star” graduating class of 1885 were held at SPbGASU

Translartion. Region: Russians Fedetion –

Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering –

Within the framework of the V National (All-Russian) scientific and practical conference with international participation “Reconstruction and restoration of architectural heritage” (RRAN-2025), a lecture block “On the 140th anniversary of the “star graduation” was held. Its initiators were Associate Professor of the Department of Urban Development of SPbGASU, PhD in Architecture Svetlana Levoshko, PhD in Philosophy, independent researcher Elena Travina and Director of the Historical and Information Center of SPbGASU Elena Klimenko.

The reason to celebrate this date is truly loud: in 1885, the Institute of Civil Engineers (IGI, now SPbGASU) graduated a galaxy of architects and engineers who became world-class professionals and made a huge contribution to the development of our country. Among them are the director of IGI, architect, statesman Vasily Kosyakov (1862-1921), civil engineer Gavriil Baranovsky (1860-1920), architect Nikolay Sokolov (1859-1906). As the researchers who spoke emphasized, new details are still being revealed in the biographies and professional activities of these outstanding individuals.

Professor of the Department of Urban Development of SPbGASU Sergey Semenov called holding such meetings a good idea, since the accumulation and preservation of information is of great value. It is no coincidence that during the Great Patriotic War, the Nazi troops primarily sought to destroy museums, libraries and educational institutions, including our university.

“Graduates who have become outstanding engineers and architects confirm the highest level of training of specialists at our university at all times. The basic knowledge base was mastered by students even with low academic performance. Thus, Mikhail Eisenstein, the father of the famous director, worked as the chief architect of Riga and built several streets, some buildings of which are recognized as cultural heritage sites. The best graduates are a good example for students,” noted Sergey Semenov.

Moderator of the lecture block Svetlana Levoshko clarified that the discussion will be about “star” graduates who have made a great contribution to the development of the industry and the country.

The Kosyakovs’ example: talent and hard work lead to success

Doctor of Art History, Academician of the Russian Academy of Arts, Professor of the Faculty of Arts of Moscow State University, graduate of the Leningrad Institute of Civil Engineering (now St. Petersburg State University of Architecture and Civil Engineering) in 1983. Sergei Savelyev initially wrote three books about Nikolai Vladimirovich Sultanov (1850–1908), Director of the Institute of Civil Engineers (1895–1903), Russian architect, civil engineer, art historian and architectural historian, restorer, teacher, and full member of the Imperial Academy of Arts.

“Vasily Antonovich Kosyakov was a student of Nikolay Vladimirovich Sultanov and a graduate of the IGI architectural and construction school, the largest in Europe at the time, comparable to German and French schools. Only thanks to such a powerful school did Kosyakov develop into a major architect and statesman: he was an elected director of the IGI and held many other posts, including a member of the economic administration of the Holy Synod. At the end of his life, he became an architect of the Imperial Court, that is, he reached heights in his professional service activities. This indicates that talented people had every opportunity for development in the Russian Empire. Vasily Kosyakov was of humble origin – his father was a master of the kitchen workshop, in other words, a cook. During his years of study at the IGI, Kosyakov wrote a petition for a scholarship and even received a certificate of poverty. In essence, a person who had neither a status nor a financial starting point, reached heights solely due to his talent and hard work. For today’s students, this is a great example,” noted Sergey Savelyev.

He added that Vasily Kosyakov is inseparable from the work of his two brothers Vladimir and Georgy. Georgy studied at the Academy of Arts, in the workshop of L. N. Benois and was an excellent artist, watercolourist, member of the society of architects and artists, artists of watercolour painting, participated in exhibitions. The ornamentation in Vasily Kosyakov’s projects appears precisely thanks to him. Their joint famous work of architecture is the Naval Cathedral in Kronstadt. Vladimir Kosyakov also studied at the IGI and was a remarkable architect and artist.

“The example of the Kosyakov brothers is relevant for today’s students: you need to do graphics, draw, despite the computer programs. Each of the brothers had a certain professional profile. Vasily could do everything: he is a universal specialist in organizing construction. Georgy is a master of watercolors, an architect and artist. Vladimir was also involved in organizing construction work, a school for foremen for construction work, that is, he worked as a foreman. The qualifications of builders at that time were at a very high level largely due to the fact that the architectural community took the training of construction workers into its own hands,” explained Sergei Savelyev.

He emphasized that the Kosyakovs’ theme is inexhaustible. In the course of the research, it is possible to discover more and more new materials, since their activity falls on the “silver age”: the heyday of Russian literature and fine arts, painting and architecture of the late 19th – early 20th centuries. And these people constituted one of the important pages of the IGI school. Many beautiful churches, public buildings, engineering structures were built. By 1917, the IGI architectural and construction school was on the rise. Today, it continues the traditions and serves as a magnificent foundation for new achievements.

Engineer Baranovsky and architect Sokolov

Elena Travina recalled that civil engineer Gavriil Vasilyevich Baranovsky (1860–1920) is known for his buildings, which became “postcard views” of St. Petersburg. His creative path began in 1881 in the building of the Construction School/Institute of Civil Engineers.

“The engineer made a decent career, having risen to the rank of actual state councilor and sitting on all sorts of commissions and committees. But what do we know about the man Gavriil Baranovsky: his family, youth, friends, hobbies? Over more than ten years of research, we managed to find photographs, documents, projects that were previously unknown and not introduced into scientific circulation. They allowed us to imagine the image of Baranovsky – a son, husband, father, friend, a man who completely devoted himself to his favorite business – architecture, but at the same time a versatile personality. His son characterized his father as a mathematician, philologist, artist, lawyer and philosopher. Without all this knowledge, Gavriil Baranovsky would not have been able to publish the magazine “Builder”, create the seven-volume “Architectural Encyclopedia of the Late 19th – Early 20th Century”, work on the legal subtleties of the Construction Code and write the philosophical treatise “World Matter and Its Derivatives. Geometric Manifestation of the Ontological Problem”, explained Elena Travina.

On July 30, 1920, his funeral service was held in the Dukhovskaya Church in the village of Kellomäki (now the village of Komarovo in the Kurortny District of St. Petersburg). In 2020, a cenotaph was erected in his memory at the local cemetery (designed by architect R. M. Dayanov).

Let us recall some of Baranovsky’s famous works: the Eliseev Brothers Trading Company building on Nevsky Prospect and the Moscow Eliseevsky store on Tverskaya (together with V. V. Voeikov and M. M. Peretyatkovich).

Doctor of Architecture, Associate Professor, Head of the Department of History of Architecture, Art and Architectural Restoration at the Southern Federal University Anna Ivanova-Ilyicheva spoke about the architect Nikolai Matveevich Sokolov (1859–1906). Sokolov worked as the chief architect of Rostov-on-Don and left behind a rich architectural heritage.

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

MIL OSI Russia News –

April 1, 2025
MIL-OSI United Kingdom: World Tuberculosis (TB) Day: Minister West’s speech

Source: United Kingdom – Executive Government & Departments 3

Speech

World Tuberculosis (TB) Day: Minister West’s speech

To mark World TB Day, Minister for the Indo-Pacific, Catherine West, spoke at a reception hosted by the All-Party Parliamentary Group (APPG) on Global TB.

I wanted to thank everybody in this room for their efforts to fight this terrible disease, from finding and treating patients, to working on the new drugs and methods we need to combat TB.

We know it will take strong and united efforts to stamp out this age-old disease – so thank you for the important roles you play.

Now, I’ll begin by addressing the elephant in the room – the fact that the government will be lowering its spend on international development.

At this time of profound change, with conflicts overseas undermining security and prosperity at home, the Prime Minister had to make this very difficult decision. He was clear this was not an announcement he wanted make.

We are all proud of Britain’s record on development around the world, including when it comes to fighting TB.

Our support to the TB Alliance has led to game-changing research and development with new and better treatments being rolled out around the world – including within our own NHS.

Our support to brilliant organisations like MedAccess, Unitaid and the Clinton Health Access Initiative has driven down prices and improved access to critical drugs and diagnostics. All increasing the impact of our substantial investment in the Global Fund.

As the Prime Minister said, we will do all we can to move towards rebuilding our capacity when it comes to development.

And we remain determined to help the most vulnerable people.

As Minister for the Indo-Pacific region, I am painfully aware of the devastation that TB continues to wreak, particularly in the poorest communities.

This is one of the reasons why I am so committed to supporting the Global Fund, which provides more than three-quarters of all international funding to combat TB.

This is making a real impact – deaths have fallen by 40 per cent over the past two decades in countries where the Global Fund invests.

The UK is proud to be a founding and significant donor. And we are very glad that later this year we will co-host the Global Fund’s eighth replenishment together with South Africa. That joint convening role we’re looking forward to playing very much.

Deputy High Commissioner, I am delighted that our countries are working together on this as the firmest of friends and partners on the international stage.

I know our teams will be collaborating closely behind the scenes to make the replenishment the biggest possible success.

And we want to work with all the people in this room. Everyone here has an important part to play in the fight against TB.

We know the stakes are high – we have to make this moment count.

Because the world is off-track when it comes to our goal of ending TB by the end of this decade. There is still time however, to make significant progress.

We are making big steps forward in finding the tools we need to prevent, diagnose and treat this disease. But we need much greater political will from countries with the ability to finance their own fight.

And we need a successful Global Fund replenishment to support those who need it most. There is a huge amount we can do by 2029 and we must continue to press our efforts to reduce new cases of TB by more than a quarter and deaths by more than a half, while finding and treating nearly 20 per cent more TB patients.

So, together with South Africa we will use our convening power to galvanise global efforts in this pivotal year.

I hope that by the time the world marks the next TB Day, we will have further progress to celebrate.

Thank you.

Updates to this page

Published 25 March 2025

MIL OSI United Kingdom –

April 1, 2025
MIL-OSI: Annual information for 2024
Source: GlobeNewswire (MIL-OSI)

We are providing the Annual information for 2024 which consists of the audited the separate financial statements of Šiaulių Bankas AB (“the Bank”), the consolidated financial statements of Šiaulių Bankas AB and its subsidiaries (“the Group”), Independent Auditor’s Report and the Consolidated Management Report.

Additional information:

Tomas Varenbergas

Head of Investment Management Division

tomas.varenbergas@sb.lt

Attachments
- Independent Auditors Report EN
- absiauliubankas-2024-12-31-en (3)
The MIL Network –
April 1, 2025
MIL-OSI: Inbank appoints Erkki Raasuke as Chairman of the Supervisory Board

Source: GlobeNewswire (MIL-OSI)

Today, on 31 March 2025, the Supervisory Board of AS Inbank appointed Erkki Raasuke, an existing Supervisory Board Member, as Chairman of the Supervisory Board for a three-year term, effective 1 April 2025.

Additionally, at the Annual General Meeting held today, Isabel Margaret Anne Faragalli and Sergei Anikin were elected to the Supervisory Board for a three-year term, effective 1 April 2025.

According to Jan Andresoo, the former Chairman of the Inbank Supervisory Board, the appointment of two new independent members and a new Chairman marks a significant step toward a more diverse and independently governed Supervisory Board, which is essential for Inbank’s journey to becoming a public company.

“With Erkki Raasuke leading our Supervisory Board, Inbank gains outstanding expertise in corporate governance, backed by decades of executive experience in banking. His strategic mindset and strong work ethic will be invaluable as we navigate the next phase of our development, and I look forward to working with him,” said Jan Andresoo.

“My professional collaboration with founders Priit and Jan dates back over 20 years. Ever since, I have admired their strategic acumen, entrepreneurial spirit, and strong execution capabilities. Building on these qualities, they have successfully developed a dynamic and agile international business with a strong culture and a highly dedicated team. I am honored to be part of this team and contribute my knowledge and expertise in supporting its continued success. As Chairman, I will focus on steering a high-value, strategically engaged Supervisory Board while actively overseeing risk and audit matters to further strengthen Inbank’s governance and resilience,” said Erkki Raasuke.

Jan Andresoo will remain a Member of the Supervisory Board and take on a hands-on leadership role in shaping Inbank’s new products and channels strategy, supporting the company’s transition into a platform business ahead of its IPO journey.

“Inbank remains a founder-led company, with CEO Priit Põldoja and I actively engaged in building and steering the company toward future growth. My focus will be on ensuring that Inbank continues to innovate and deliver value to our merchant partners and customers,” said Jan Andresoo.

Isabel Faragalli and Sergei Anikin do not hold Inbank shares.

The Inbank Supervisory Board will consist of seven members, including Erkki Raasuke, Jan Andresoo, Roberto de Silvestri, Triinu Bucheton, Raino Paron, and the newly elected members Isabel Faragalli, and Sergei Anikin.

Erkki Raasuke is a seasoned financial executive, non-executive board member, and strategic advisor with extensive experience in banking and corporate governance. From 1994 to 2011, Erkki worked at Hansapank and later Swedbank, holding various senior leadership roles, including CFO and Chairman of the Board. Between 2012 and 2013, he advised the Ministry of Economic Affairs and Communications, focusing on state-owned enterprise governance. He later served as Managing Director of LHV Group (2013-2016), CEO of Luminor Bank (2016–2020) and as CFO at Skeleton Technologies (2021–2024).

Currently, Erkki serves as Chairman of the Supervisory Board at the Estonian Business and Innovation Agency (EIS) and has been a Supervisory Board Member at Enefit Green since 2021. He joined the Inbank Supervisory Board in 2023.

Jan Andresoo co-founded Inbank in 2010 and served as its CEO until 2021, with a primary focus on product strategy. Since 2021, he has chaired Inbank’s Supervisory Board. In addition to his role at Inbank, Jan co-founded Paywerk, a cross-border BNPL e-commerce platform, in 2021, which was acquired by Swedbank in 2024. Between 2006 and 2010, he held various executive positions at Swedbank Leasing. He has also been actively involved in the launch and scale-up of Coop Finants, Veriff, and PSP Maksekeskus.

Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 6,000 merchants, Inbank has 872,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.

Additional information:
Styv Solovjov
AS Inbank
Head of Investor Relations
+372 5645 9738
styv.solovjov@inbank.ee

The MIL Network –

April 1, 2025
MIL-OSI Europe: The ESAs call for vigilance amid rising geopolitical and cyber risks

Source: European Banking Authority

The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published their Spring 2025 Joint Committee update on risks and vulnerabilities in the EU financial system, which focuses on the challenges linked to geopolitical tensions and cyber risks.

The ESAs warn that growing geopolitical tensions and rising cyber risks present significant challenges to financial stability. These include trade disputes, rapidly shifting policies, ongoing international conflicts and the prospect of economic fragmentation which are reshaping global markets, requiring heightened vigilance and adaptability from supervisors and financial entities alike.

Financial institutions must navigate growing uncertainties, including exposure to international markets, liquidity risks and the evolving role of artificial intelligence (AI). Ensuring resilience in the face of these developments is crucial.

The ESAs, therefore, emphasise the need for proactive risk management, stronger cyber resilience and a close monitoring of global financial linkages. As financial markets continue to evolve, international cooperation and regulatory preparedness will be key to maintaining stability. Against a background of high geopolitical risks, the ESAs recommend that supervisors and financial entities prepare for continued market volatility, consider the potential materialisation of liquidity risks and stand ready to adapt to adverse developments, including by provisioning adequately.

To better manage cyber and digitalisationrisks, supervisors and financial institutions should continue to strive for robust data governance, critically assess AI solutions and their compliance with the AI Act, and support the timely implementation of the Digital Operational Resilience Act’s provisions.

Background

This Spring 2025 Joint Committee update on Risks and Vulnerabilities was presented at the meeting of the Financial Stability Table of the EU’s Economic and Financial Committee (FST-EFC) on 27-28 March 2025 as input from the ESAs.

MIL OSI Europe News –

April 1, 2025
MIL-OSI Europe: NRRP steering committee meeting held at Palazzo Chigi on implementation progress report

Source: Government of Italy (English)

A steering committee meeting for the National Recovery and Resilience Plan (NRRP) was held at Palazzo Chigi this morning, chaired by the Minister for European Affairs, the NRRP and Cohesion Policy, Tommaso Foti. The meeting, attended by all Ministers and Undersecretaries of State involved as well as by representatives from ANCI [National Association of Italian Municipalities], UPI [Union of Italian Provinces] and the Conference of Regions and Autonomous Provinces, approved the sixth NRRP implementation progress report for its subsequent submission to Parliament. Minister Foti outlined the work carried out by the Government in the second half of 2024 to achieve all the planned objectives, allowing Italy to receive payment for the fifth instalment worth EUR 11 billion and for the sixth instalment worth EUR 8.7 billion, as well as to request payment for the seventh instalment, worth EUR 18.3 billion, which is linked to the achievement of 32 targets and 35 milestones.

“This sixth report to Parliament on the progress of the National Recovery and Resilience Plan confirms Italy’s leading position in Europe in terms of implementation, the number of goals achieved, total resources obtained and the number of payment requests formalized and received”, President of the Council of Ministers Giorgia Meloni writes in her foreword to the report. “The Government, the Administrations concerned, Prefectures and all implementing bodies will continue to work, with perseverance and determination, to complete all the investments and reforms. We will do so with the same rigor, passion and selfless approach that have enabled us to become a model in Europe in NRRP implementation. We still have a lot of work to do, but we are proud of the results achieved so far, and they are spurring us on to do even better, in the interest of Italy and Italians”, she added.

During the steering committee meeting, the main legislative measures that have been adopted to support the NRRP’s implementation were also highlighted, details of which are provided in the report. In particular, reference was made to Decree Law no. 19/2024, which led implementing bodies to update data on the ‘ReGiS’ IT platform, strengthened governance of anti-fraud measures and made over a hundred coordination committees within Prefectures fully operational, making connections between the NRRP task force, the NRRP steering committee, central government authorities and implementing bodies more effective, to ensure any critical issues with completing the projects are resolved. Decree Law no. 113/2024 was also outlined, which allows for an acceleration in transfers of financial resources, up to 90%, in order to meet the liquidity needs expressed by ANCI [National Association of Italian Municipalities] and the implementing bodies themselves during meetings of the aforementioned coordination committees. The report to Parliament also highlights that, of the EUR 145.3 billion in NRRP resources that can be assigned to specific areas, the Meloni Government has allocated EUR 59.3 billion to the Mezzogiorno, equal to 40.8% of the total of measures for specific areas.

MIL OSI Europe News –

April 1, 2025

MIL-OSI: WISeSat.Space Creates WISeSat España SA Subsidiary to Lead European Space Projects from Andalusia and Build a 100% “Made in Europe” Solution Aligned With the IRIS² Strategy

Source: GlobeNewswire (MIL-OSI)

WISeSat.Space Creates WISeSat España SA Subsidiary to Lead European Space Projects from Andalusia and Build a 100% “Made in Europe” Solution Aligned With the IRIS² Strategy

Madrid / Geneva / La Línea, Cadiz – March 31, 2025 – WISeSat.Space, a pioneer in secure satellite connectivity solutions and part of the WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, today announces the creation of its new subsidiary WISeSat España, headquartered in La Línea de la Concepción (Cádiz, Andalusia). This strategic decision represents a decisive step toward the consolidation of a fully European industrial and technological ecosystem in the space and quantum domains, in line with the digital sovereignty priorities defined by the European Union.

The choice of La Línea de la Concepción as the official headquarters of WISeSat España is no coincidence. This Andalusian city, located at a geostrategic point between Europe and Africa, is positioning itself as an emerging hub for technological innovation, thanks to its institutional will, international openness, and proximity to key logistical infrastructures.

Establishing WISeSat in La Línea makes the company a founding pillar of the project LL4GIR.COM, an ambitious public-private initiative aimed at creating a Center for the Fourth Industrial Revolution in southern Europe. This center will promote high-impact projects in artificial intelligence, quantum computing, blockchain, IoT, and space connectivity, transforming the region into a global benchmark for resilience, sustainability, and economic progress.

A 100% “Made in Europe” solution

The launch of WISeSat España aims to build a 100% European space value chain, combining technological sovereignty, security, sustainability, and autonomous access to space. The proposal is fully aligned with the principles of the IRIS² program (Infrastructure for Resilience, Interconnectivity and Security by Satellite), promoted by the European Commission to establish a satellite constellation ensuring secure connectivity across the continent.

The WISeSat España roadmap includes:

Manufacturing secure nanosatellites in collaboration with the Spanish company FOSSA Systems, where WISeKey is an investor, specializing in IoT and low Earth orbit communications solutions.
Launching satellites in partnership with PLD Space, a leading Spanish company in reusable rockets. The first launch is scheduled for early 2026, marking a milestone for European autonomy in space access.
Developing post-quantum processors in cooperation with QuantixS (Murcia) and SEALSQ (France) to ensure ultra-secure communications in the era of quantum computing.
Already operational, the installation of a satellite antenna in La Línea’s City Hall building, enabling direct connection with WISeSat satellites currently in orbit and serving as a local operations hub.
Incorporating WISeTalkie radio communication technology, developed by WISeKey and its partner Global Radio System (GRS), which ensures highly secure radio communications using advanced encryption, authentication protocols, and resistance to interference or unauthorized access. This innovation strengthens the security architecture of the WISeSat ecosystem at both space and ground levels.

A new paradigm of decentralized innovation

The model proposed by WISeSat España breaks with traditional centralized structures. Its vision is to create a decentralized network of European technological nodes, collaborating under principles of transparency, interoperability, resilience, and sovereign control. The La Línea node will serve as the secure space gateway for European institutions, companies, and citizens.

“At WISeSat, we firmly believe that Europe needs its own secure and resilient infrastructure to avoid dependence on external players in critical areas such as space or cybersecurity. With WISeSat España and our partnerships with FOSSA Systems, PLD Space, QuantixS, and SEALSQ, we demonstrate that a 100% European model is not only possible but necessary,” said Carlos Creus Moreira, Founder and CEO of WISeKey.

The January satellite, currently in orbit:
https://wisesat.wisekey.com/?tags=WISeSat
This launch builds on the previous success of WISeSat in collaboration with FOSSA Systems, which achieved the launch of 17 picosatellites to test the resilience and performance of its core technologies. These tests laid the foundation for the current generation of satellites, which, starting in June, will be equipped with more robust security protocols and post-quantum cryptographic infrastructure developed by SEALSQ.

WISeSat also announced a new strategic partnership with Skyroot Aerospace in India. This collaboration will diversify launch operations by enabling satellites to be deployed on alternative orbital trajectories, optimizing constellation coverage and efficiency. The alliance also includes the possibility of manufacturing satellites on Indian soil, to local specifications, further strengthening WISeSat’s global production and launch capabilities.

By the end of 2025, WISeSat satellites will be able to carry out transactions in SEALCOIN tokens with each other and with connected objects on Earth, forming a secure, autonomous mesh network for machine-to-machine (M2M) transactions. This innovation will create a financial and data exchange infrastructure in space, where connected machines will be digitally certified through a “Know Your Object” (KYO) protocol. The KYO process integrates Wecan technology and WISeKey’s WISeID platform, ensuring reliable identity and accountability throughout the ecosystem.

Each WISeSat satellite is built with:

Post-quantum cryptographic chips from SEALSQ
WISeKey Root of Trust and digital identity infrastructure (WISeID)
Hedera’s Distributed Ledger Technology (DLT) for decentralized, tamper-proof data integrity

This technological foundation positions WISeSat as a global leader in secure satellite-based IoT infrastructure.

Invitation to Collaborate

WISeSat España invites governments, universities, R&D centers, investors, and technology companies to join this transformative vision. The goal is to build together a new paradigm of smart economic development by integrating emerging technologies, specialized training, high-quality employment, and international cooperation.

About WISeSat.Space
WISeSat.Space AG is pioneering a transformative approach to IoT connectivity and climate change monitoring through its innovative satellite constellation. By providing cost-effective, secure, and global IoT connectivity, WISeSat is enabling a wide range of applications that support environmental monitoring, disaster management, and sustainable practices. The integration of satellite data with advanced climate models holds great promise for enhancing our understanding of climate change and developing effective strategies to combat its impacts. As the world continues to grapple with the challenges of climate change, initiatives like WISeSat’s IoT satellite constellation are essential for creating a more resilient and sustainable future.

About WISeKey

WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

Disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

Press and Investor Contacts

WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com
media@wisekey.com

WISeKey Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611
lcati@equityny.com

The MIL Network –

April 1, 2025

MIL-OSI: Resolutions of the Ordinary General Meeting of Shareholders

Source: GlobeNewswire (MIL-OSI)

Resolutions of the Ordinary General Meeting of Shareholders

Actions taken and resolutions made according to agenda issues of the Ordinary General Meeting of Shareholders on 31 March 2025:

Presentation of the consolidated management report of Šiaulių bankas AB for 2024.

The consolidated management report was introduced (enclosed).

Presentation of the conclusion of the independent auditor of Šiaulių bankas AB and the conclusion of the assurance of sustainability reporting.

The conclusion of the independent auditor and the conclusion of the assurance of sustainability reporting were introduced (enclosed).

Comments and proposals of Šiaulių bankas AB Supervisory Council.

The comments and proposals of the Bank’s Supervisory Council were announced.

Selection of the audit company to provide sustainability reporting assurance services for the period 2024-2025 and determination of payment terms.

Resolved:

1) To elect UAB “KPMG Baltics” as the audit company to provide sustainability reporting assurance services for Šiaulių bankas AB and the group for the years 2024 and 2025.

2) To determine the price for the sustainability reporting assurance services of Šiaulių bankas AB and the group for the years 2024-2025 at EUR 145 500 (excluding VAT).

Approval of the set of audited financial statements of Šiaulių bankas AB and the group for 2024.

The set of financial statements for 2024 has been approved (enclosed).

6. Allocation of Šiaulių bankas AB profit for 2024.

The allocation of Šiaulių bankas AB profit has been approved (enclosed).

According to approved profit allocation EUR 0.061 dividends per one ordinary registered EUR 0.29 nominal value share will be paid. Record date is 14 April 2025.

7. Determination of the procedure for the acquisition of Šiaulių bankas AB own shares.

1) Resolved to acquire Bank own shares under the following conditions:

the purpose of acquisition of own shares is to reduce the authorized capital of the Bank by cancelling the shares purchased by the Bank; and / or to grant to the employees of the Bank, as well as it’s Group under the approved variable renumeration and payment programmes;
maximal acquisition price per share – 20% higher than the market price of the Bank’s shares on the Nasdaq Vilnius Stock Exchange, when the Management Board makes a decision on the purchase of its own shares;
minimum purchase price of the shares – 10% lower than the market price of the Bank’s shares on the Nasdaq Vilnius Stock Exchange when the Bank’s Management Board decides to buy back its own shares;
the time limit for the Bank to acquire its own shares – 18 months from the date of adoption of this decision;
maximal number of shares to be acquired – no more than 7 000 000 shares;
the procedure for sale of own shares and the minimum selling price – the purchased shares are not planned to be sold and therefore the minimum selling price and the selling procedure for the shares are not determined;

vii. to delegate the Management Board of the Bank, in accordance with the provisions of this resolution and the requirements of the Law on Companies of the Republic of Lithuania, the requirements of the Law on Banks of the Republic of Lithuania and other legal acts, as well as, when required with the permission of the supervisory authorities, to make specific decisions regarding the purchase of the Bank’s own shares, to organize buyback of own shares, determine the method and procedure for buying back shares, the time, exact number and price of shares to be acquired, as well as perform other actions related to the purchase and sale of own shares.To establish that after adopting this resolution the resolution of the General Meeting of Shareholders of 29 March 2024 regarding acquisition of the Bank’s own shares shall expire.

2) To establish that after adopting this resolution the resolution of the General Meeting of Shareholders of 29 March 2024 regarding acquisition of the Bank’s own shares shall expire.

8. Approval of the new version of the Articles of Association of Šiaulių bankas AB.

The Article of Association of Šiaulių bankas AB was approved (enclosed).

Approval of the reduction of the authorised capital of Šiaulių bankas AB and the amendment of the Articles of Association.

Resolved:

1) To reduce the authorised capital of Šiaulių bankas AB from EUR 192 269 027,34 to EUR 189 195 680,13 by annulling 10 597 749 ordinary registered uncertificated shares of Šiaulių bankas AB with a nominal value of EUR 0,29 each. The total value of the shares to be cancelled is EUR 3 073 347,21. The purpose of the reduction of the authorised capital is to annul the shares acquired by Šiaulių bankas AB.

2) To amend Clause 3.4 of the Articles of Association of Šiaulių bankas AB and to approve the new draft of the Articles of Association: “3.4. The authorized capital of the Bank shall be the total amount of the par values of all registered shares. The authorized capital of the Bank shall amount to EUR 189 195 680.13. The authorized capital of the Bank shall be divided into 652 398 897 ordinary registered shares. The par value of one share shall be EUR 0.29”

3) To authorise the CEO of Šiaulių bankas AB or another person duly authorised by him to sign the new version of the Articles of Association and to arrange for the registration of the amended Articles of Association in accordance with the procedure established by law after obtaining the supervisory authority’s permission to register the amendment to the Articles of Association relating to the reduction of the authorised capital (enclosed).

10. Approval of the updated Remuneration Policy of Šiaulių bankas AB.

The Remuneration Policy of Šiaulių bankas AB was approved (enclosed).

11. Approval of the updated Rules for Granting Shares of Šiaulių bankas AB.

The Rules for Granting Shares of Šiaulių bankas AB was approved (enclosed).

Election of the member of Šiaulių bankas AB Supervisory Council.

Resolved:

1) To elect John Michael Denhof as a member of the Supervisory Council of Šiaulių bankas AB until the end of the tenure of the current Supervisory Council.

2) To determine that the elected person will take up his position as a member of the Supervisory Council of Šiaulių bankas AB only after receiving the permission of the supervisory authority.

Additional information:
Tomas Varenbergas
Head of the Investment Management Division
Email: tomas.varenbergas@sb.lt

Attachments

The MIL Network –

April 1, 2025

MIL-OSI: SEER LAUNCHES CARBON FOCUSED DIVISION TO PRODUCE LICENSED BIOCHAR, MONETIZE AND TOKENIZE ASSETS AND CARBON CREDITS AND DEVELOP TURBINE BLADE TREATMENT TECHNOLOGY
Source: GlobeNewswire (MIL-OSI)

SEER Engages First Block AI to Assist in its Carbon Division Launch and Funding as well as Develop and Create SEER Security and Utility Tokens Backed by Assets and Fully-Insured Biochar Carbon Credits

Broomfield, CO, March 31, 2025 (GLOBE NEWSWIRE) — Strategic Environmental & Energy Resources, Inc. (SEER) (OTCQB: SENR), forms SEER Carbon Corp. as the entity to spearhead efforts to produce in-house biochar utilizing a patented technology under license from Biochar Now (www.biocharnnow.com) and create high-integrity, fully-insured carbon credits. SEER will transfer certain assets to SEER Carbon Corp. and then raise equity and growth capital through the sale of SEER Carbon security tokens. Additionally, SEER will offer for sale utility tokens backed by the carbon credits generated from the production of its biochar. Biochar carbon credits are among the most valuable credits worldwide and the Company will utilize these credits to back a specialized utility token, which will be sold internationally to targeted industries, including the golf and airline sectors.

Biochar Market Generally www.gosupercritical.com
- Biochar has emerged as the most accessible and scalable permanent carbon dioxide removal (CDR) solution currently available, with one of the highest valued concomitant carbon credits presently valued at ~US$176 per credit (3/27/25) and recently traded above US$200 (www.ecoengineers.us)
- It accounts for nearly 50% of engineered CDR solutions listed on most global marketplaces.
Market Growth and Quality Concerns
- The biochar market is expected to experience rapid growth, with a projected 30x increase in credits produced by 2028.
- By 2026, only 42% (1.2 MT) of the projected 2.86 MT biochar capacity is expected to meet industry vetting criteria, with the remaining 58% failing due to issues like lack of additionality, poor monitoring, reporting, and verification (MRV), and permanence concerns.
- The concentration of low-quality growth raises concerns about the future quality of biochar credits, highlighting the need for a market-wide shift toward producing high-quality credits.
SEER’s High-Quality Biochar, Insured Smart Carbon Credits & Utility Token with Unquestionable Environmental Benefits

SEER, along with its partners, has addressed and resolved concerns in the biochar market. A significant benefit of SEER’s initiative is the production of the highest-quality biochar available globally, as well as the generation of audited, fully-insured carbon credits that can be traded using smart contracts with blockchain verification. This will result in verifiable carbon offsets that ensure recognition and rewards for the environmental benefits of SEER’s various biochar applications. The manufacture of this carbon-rich biochar will generate high-value carbon credits, as well as significant revenue and value for both SEER and its project partners. The Company’s decarbonization and monetization initiatives reflect both government and private sector commitment to reducing carbon emissions while providing significant financial incentives for continued environmental stewardship.

“At the core of this launch will be the production of high-quality biochar at a 60-kiln facility we will build in Texas,” said John Combs, CEO of SEER. “We have selected real estate in the heart of Texas lumber country and have already received an air permit from the TCEQ, which will be transferred to the designated location. The launch of this new division is perfectly in line with SEER’s original corporate mission: to make environmental stewardship and compliance profitable. We will create high-value carbon credits and incorporate a utility token and a 45Q tax program to better achieve our corporate objectives. This new strategy will create additional revenue streams for SEER while adding incremental value for our customers,” Combs continued. “By leveraging the expertise of our existing partners, such as DevvStream (www.devvstream.com ), and bringing on new industry leaders and innovators like First Block AI (www.firstblock.ai), SEER can develop one-of-a-kind environmental solution offerings and enter into the emerging global markets of carbon credits and tokens. We have already commenced initial marketing efforts to possible offtake companies operating in the golf and airline industries,” Combs added.

“First Block is extremely excited to join forces with SEER and Biochar Now,” said Daniel Cannon, CEO of First Block. “The timing for this collaboration is perfect. With increasing international and domestic financial and political tailwinds, the opportunity couldn’t be better to tokenize and monetize SEER’s existing technologies and its new biochar production. First Block will create an entire program to maximize the value of SEER’s product offerings and the creation of its high-value, insured carbon credits,” said Cannon. “There will also be real-time, smart contract verification through SEER’s blockchain-enabled system developed by First Block. This system will be decentralized, immutable, and tamper-proof; meaning once SEER issues a carbon credit, it cannot be altered or falsified. This creates a permanent record of each credit that all stakeholders can trust. Every SEER carbon credit will be permanently recorded on blockchain, providing any customer with an undisputed record of their carbon offsets and environmental compliance,” explained Cannon.

“We have been producing the highest-quality biochar available for over ten years and we have now developed the most secure and valuable carbon credit to go along with it,” said James Gaspard, CEO of Biochar Now. “A Carbon Credit is a tradable certificate representing the right to emit, or offset, one metric ton of carbon dioxide. SEER will generate several carbon credits for every metric ton of our biochar produced under our license, utilizing our patented biochar production technology. SEER will also benefit from Biochar Now’s success in creating a fully insured carbon credit, backed by major financial institutions. Our insurance program ensures the authenticity, permanence, and exclusivity of the verified carbon credits. The insurance program also provides coverage against devaluation, degradation, or invalidation of our verified biochar carbon credit for the life of the carbon credit. Our patented process and insurance essentially eliminate risk and assure the buyer of the authenticity and value of each carbon credit SEER will produce while utilizing our patented biochar production technology at their Texas facility,” said Gaspard.

“It has taken time, but we feel that we have assembled a remarkable team of synergistic companies and highly experienced executives to accomplish our near and mid-term objectives of increasing and diversifying SEER’s revenue with new product lines, expanding our market reach and adding demonstrable value to our technologies for the benefit of our customers and shareholders,” concluded Combs.

________________________________

About Strategic Environmental & Energy Resources, Inc.
Strategic Environmental & Energy Resources, Inc. (SEER) (OTCQB: SENR), identifies, secures, and commercializes patented and proprietary environmental clean technologies in several multibillion-dollar sectors (including oil & gas, renewable fuels, and all types of waste management, both solid and gaseous) for the purpose of either destroying/minimizing hazardous waste streams more safely and at lower cost than any competitive alternative, and/or processing the waste for use as a renewable fuel for the benefit of the customers and the environment. SEER has two wholly-owned operating subsidiaries: MV Technologies, LLC and SEER Environmental Materials, LLC; and two majority-owned subsidiaries: Paragon Waste Solutions, LLC; and PelleChar, LLC. For more information about the Company visit: www.seer-corp.com.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of various provisions of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, commonly identified by such terms as “believes,” “looking ahead,” “anticipates,” “estimates,” and other terms with similar meaning. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Such forward-looking statements should not be construed as fact. Statements in this press release regarding future performance or fiscal projections, the cost effectiveness, impact and ability of the Company’s products to handle the future needs of customers are forward-looking statements. The information contained in such statements is beyond the ability of the Company to control, and in many cases the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.

Contact Information:

ir@seer-corp.com

The MIL Network –
April 1, 2025
MIL-OSI: ServiceTrade Receives Bell Seal for Workplace Mental Health for Second Consecutive Year

Source: GlobeNewswire (MIL-OSI)

DURHAM, N.C., March 31, 2025 (GLOBE NEWSWIRE) — ServiceTrade, a leading software platform designed to optimize commercial service business operations for growth and profit, is thrilled to announce its recognition as a recipient of the 2025 Bell Seal for Workplace Mental Health by Mental Health America (MHA). This marks the second consecutive year the company has earned this honor. This prestigious award underscores ServiceTrade’s deep commitment to prioritizing employee well-being and fostering a mentally healthy work environment. This philosophy extends beyond its own team to the broader commercial service contracting industry.

ServiceTrade earned the Bell Seal at the Platinum level, joining a distinguished group of organizations dedicated to promoting mental health in the workplace. Since its inception in 2019, the Bell Seal has recognized hundreds of companies across a wide range of industries—including healthcare, government, nonprofit, and financial services—that have worked to improve their workplace cultures, policies, and practices based on employee feedback, benefiting millions of workers across the country.

A People-First Culture to Drive Industry Change

ServiceTrade’s focus on well-being stems from the company’s mission to support commercial contractors facing a growing shortage of skilled technicians. The ongoing skills gap presents a significant challenge for commercial mechanical, fire, and life safety contractors who rely on highly trained technicians. ServiceTrade’s software helps contractors streamline operations and create a supportive, technology-enabled work environment that helps retain their most valuable asset—their technicians.

“We understand that the success of our customers depends on the well-being and retention of their technicians,” said Amy Robertson, Chief People Officer of ServiceTrade. “By creating a positive, mentally healthy work environment at ServiceTrade, we’re investing in our team’s well-being and setting a standard for the contractors we serve. The Bell Seal reinforces a healthy workplace philosophy that provides work-life balance and opportunities to meet professional objectives and participate in collaborative teams, resulting in a thriving workforce. These values benefit not only ServiceTrade but also our customers and partners.”

ServiceTrade has surpassed the rigorous evaluation criteria set by Mental Health America in key areas to earn the Platinum level Bell Seal for Workplace Mental Health. It has demonstrated excellence in workplace culture, mental health benefits, caring beyond compliance, and holistic wellness at work. ServiceTrade’s strategic focus on promoting employees’ well-being, fostering supportive management, implementing fair personnel procedures, and supporting professional development was instrumental in achieving this recognition.

Want to learn more about the ServiceTrade culture? Visit the links below:

About ServiceTrade

ServiceTrade, Inc. is a software platform for commercial mechanical, fire, and life safety contractors. During a chronic skilled labor shortage, ServiceTrade helps commercial contractors increase profit by improving service and project operations, increasing technician productivity, selling more service agreements, and growing customer loyalty. Located in Durham, North Carolina, ServiceTrade was founded in 2012 to automate and streamline the commercial mechanical and fire protection industry and has grown to have more than 1,300 customers. More than 10% of the commercial or industrial buildings in the United States are serviced by contractors using ServiceTrade. Learn more at www.servicetrade.com.

Media Contact:
Media@KTCMarketingandPR.com

The MIL Network –

April 1, 2025

MIL-OSI: High Arctic Announces 2024 Fourth Quarter and Year End Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

CALGARY, Alberta, March 31, 2025 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ fourth quarter and year-end results today. The audited consolidated financial statements, management discussion & analysis (“MD&A”), and annual information form for the year ended December 31, 2024 will be available on SEDAR at www.sedar.com, and on High Arctic’s website at www.haes.ca. All amounts are denominated in Canadian dollars (“CAD”), unless otherwise indicated.

Mike Maguire, Interim Chief Executive Officer commented:

“With 2024 complete High Arctic has effectively been reset and is now a Canadian focused platform characterized by minimal debt, investment holdings, and an established and viable high margin rental business.

Our rental business footprint, while still small in scale, was bolstered by the Delta Acquisition completed in late 2023, an acquisition that is indicative of the type and structure of accretive investments High Arctic looks to pursue going forward.

The Board of Directors is currently undergoing a process to recruit and appoint a new Chief Executive Officer to augment and lead High Arctic’s vision and strategic plan which is to grow its equipment rentals business and position itself to benefit from upstream energy service activity levels in the western Canadian oil and gas industry.”

In the following discussion, the three months ended December 31, 2024 may be referred to as the “Quarter” or “Q4 2024”, and similarly the year ended December 31, 2023 may be referred to as “YTD 2023”. The comparative three months ended December 31, 2023 may be referred to as “Q4 2023” and similarly the year ended December 31, 2022 may be referred to as “YTD 2022”. References to other quarters may be presented as “QX 20XX” with X being the quarter/year to which the commentary relates.

2024 Highlights

Successful integration of Delta Rental Services.
Completed the reorganization of High Arctic including the return of $37.8 million to shareholders.
Maintained operational excellence and safety as evidenced by the continuation of recordable incident free work.
Exited Q4 with net positive working capital of $2.7 million, including $3.1 million of cash.

2025 Strategic Objectives

With the corporate restructuring and spinoff of the PNG business complete, the Corporation’s 2025 strategic objectives include:

Relentless focus on safety excellence and quality service delivery;
Grow the core businesses through selective and opportunistic investments;
Actively manage direct operating costs and general and administrative costs;
Steward capital to preserve balance sheet strength and financial flexibility; and
Execute on accretive acquisitions in Canada to drive shareholder value and optimize available tax loss carry-forwards.

2024 Strategic Objectives

At the beginning of 2024, High Arctic established a set of strategic priorities. Our priorities and highlights of objectives met include:

Continued relentless focus on safety excellence and quality service delivery.
- High Arctic’s Canadian business completed 2024 without any recordable incidents, contributing to the Corporation’s second calendar year running with a zero Total Recordable Incident Frequency Rate (“TRIF”) rate.
- High Arctic extended its recordable incident free activity in PNG, with 7 years and 353 days of continuous recordable incident free work conducted to the date of the spin-out, representing over 4 million work hours.
The creation of appropriate capital and corporate structures for the current businesses, providing the opportunity to consider transactions which would create value for the Corporation’s shareholders.
- The Arrangement was overwhelmingly supported by shareholders and resulted in separate public companies each focused upon their area of expertise.
A return of significant capital and spin out of the PNG Business to shareholders.
- The Arrangement resulted in separate public companies while also delivering a tax efficient return of capital totaling $37.8 million to shareholders.
- The Corporation retained its position on the main TSX (TSX: HWO); with High Arctic Overseas Holdings Corp. being listed on the TSX Venture Exchange (TSXV: HOH).
Grow the core businesses through selective and opportunistic investments.
- The Corporation focused on the very successful integration and rebranding of its rentals business in 2024, following its acquisition and amalgamation of the Delta Acquisition at the end of 2023.
- The middle of the year was dedicated to the business of the Arrangement and the resulting transitionary work, however later in the year, the Corporation commenced the examination of selective investment opportunities, with this work continuing into 2025.
Capital stewardship that preserves balance sheet strength and financial flexibility.
- The Delta acquisition has provided incremental free cash flow and operational synergies.
- The Corporation currently maintains low debt levels and associated leverage ratios.
- Exited 2024 with a working capital ratio of 1.6:1
Building up the Canadian business with acquisitions that allow the Corporation to optimize its available tax loss carry-forwards.
- The Delta acquisition creates a blueprint for accretive acquisitions that position the Corporation to improve its ability to utilize its significant tax loss carry-forwards.
- The Corporation, under the stewardship of the Board, continues its strategic review of potential acquisition targets with strong underlying intrinsic value and that will be accretive for shareholders.

RESULTS OVERVIEW
The following is a summary of select financial information of the Corporation:

	Three months ended Dec 31,				Year ended Dec 31,
(thousands of Canadian Dollars, except per share amounts)	2024		2023		2024		2023
Operating results from continuing operations:
Revenue – continuing operations	2,443		1,037		10,470		3,384
Net loss – continuing operations	(715	)	219		(2,117	)	(989	)
Per share (basic & diluted)	(0.06	)	0.02		(0.17	)	(0.08	)
Oilfield services operating margin – continuing operations	1,143		664		5,207		2,058
Oilfield services operating margin as a % of revenue	46.8	%	64.0	%	49.7	%	60.8	%
EBITDA – continuing operations	178		(918	)	(527	)	(2,311	)
Adjusted EBITDA – continuing operations	133		(672	)	795		(2,703	)
Operating loss – continuing operations	(533	)	(1,408	)	(2,965	)	(5,163	)
Cash flow from continuing operations:
Cash flow from (used in) continuing operating activities	226		(874	)	184		(515	)
Per share (basic & diluted)	0.02		(0.07	)	0.01		(0.04	)
Funds flow from (used in) continuing operating activities	530		(335	)	484		(1,292	)
Per share (basic & diluted)	0.04		(0.03	)	0.04		(0.11	)
2024 return of capital / 2023 dividends	–		–		37,842		2,190

	As at December 31
(thousands of Canadian Dollars, except per share amounts)	2024	2023	2022
Financial position:
Working capital	2,692	62,985	59,461
Cash and cash equivalents	3,123	50,331	19,559
Total assets	30,867	123,137	133,957
Long-term debt	3,178	3,352	4,028
Shareholders’ equity	21,105	99,332	115,231
Per share (basic)	1.70	8.09	9.47
Common shares outstanding	12,448,166	12,280,568	12,172,958

Fourth Quarter 2024 Summary

Revenue from continuing operations increased 136% to $2,443 in the quarter compared to $1,037 in Q4 2023. The increase in revenue is primarily attributable to the Delta Acquisition in late Q4 2023.
Oilfield services operating margin from continuing operations was $1,143 in the current year quarter compared to $664 in the prior year quarter, an increase of $479 or 72%, driven by the Delta Acquisition as noted above.
EBITDA from continuing operations was $178 in the current year quarter compared to EBITDA loss of $918 in the prior year quarter. EBITDA from continuing operations benefitted from the acquisition of Delta Rental Services Ltd. (“Delta”) or (the “Delta Acquisition”) in late 2023.
Operating loss from continuing operations of $553 in the quarter compared to $1,408 in Q4 2023. The decrease in operating loss is attributable to higher oilfield services operating margin and reduced general and administrative costs, offset in part, by an increase in depreciation and amortization expenses. The improvements in operating loss from continuing operations is directly related to the Delta Acquisition.
Net loss from continuing operations was $715 in Q4 2024 compared to net income from continuing operations of $219 in Q4 2023. Net loss from continuing operations was impacted by the same items impacting operating loss (as above) with a substantial contribution from the Delta Acquisition combined with reduced interest income, net higher non-cash accretion on contingent payments and notes receivable, fair value related adjustments, reduced income from equity accounted investment in Team Snubbing, and the positive change in foreign exchanges loss in Q4 2023 to gain in Q4 2024.

Annual 2024 Summary:

Revenue from continuing operations increased 209% to $10,470 compared to revenue of $3,384 achieved in 2023. Consistent with the summary of the fourth quarter results, the increase in revenue is primarily attributable to the Delta Acquisition in late Q4 2023.
Oilfield services operating margin from continuing operations was $5,207 in the current year quarter compared to $2,058 in the prior year quarter, an increase of $3,149 or 153%, driven by the Delta Acquisition as noted above.
EBITDA loss from continuing operations was $527 in the current year compared to EBITDA loss of $2,311 in the prior year. EBITDA from continuing operations benefitted from the Delta Acquisition.
Operating loss from continuing operations improved to $2,965 in the year compared to $5,163 in 2023. The decrease in operating loss is attributable to higher oilfield services operating margin, offset in part, by an increase in depreciation and amortization expenses. The improvements in operating loss from continuing operations was directly related to the Delta Acquisition.
Net loss from continuing operations was $2,117 compared to $989 in FY 2023. The net loss, despite an improvement of $2,198 in operating income, is primarily due to the 2023 $615 gain on sale of the nitrogen business, a 2023 $915 deferred income tax recovery, $729 lower interest income from cash on guaranteed investment certificates (“GICs”) and term deposits in 2024 with the July 2024 distributed return of capital to shareholders, $1,493 lower equity investment income from Team Snubbing, and the net impact of higher non-cash accretion related expenses.
Production Service’s 42% equity investment share of Team Snubbing Services Inc. net loss was $690 for the year ended December 31, 2024, compared to net income of $803 in the comparative period in 2023. Weak international operating results in 2024 combined with costs incurred to restructure the international business in Alaska dragged down Team Snubbing’s results while the Canadian business performed in line with 2023.
Cash from operating activities from continuing operations was $184 for the year, an improvement of $699 as compared to the prior year use of $515, driven by strong operational performance from the Delta Acquisition, partially offset by the significant additional general and administrative expenses incurred in 2024 due to the Arrangement.

Rental services segment

	Three months ended Dec 31,				Years ended Dec 31,
(thousands of Canadian Dollars, unless otherwise noted)	2024		2023		2024		2023
Revenue – continuing operations	2,443		1,037		10,470		3,384
Oilfield services expense – continuing operations	(1,300	)	(373	)	(5,263	)	(1,326	)
Oilfield services operating margin⁽¹⁾	1,143		664		5,207		2,508
*Operating margin (%)*	46.8	%	64.0	%	49.7	%	60.8	%

The Rental Services segment consists of High Arctic’s oilfield rental equipment in Canada, centred upon pressure control equipment and equipment supporting the high-pressure stimulation of oil and gas wells in the WCSB.

The increase in revenue for the three and twelve month periods ended December 31, 2024, versus the comparable periods in 2023 is a direct result of the contribution from the Delta business that was acquired in late 2023. Specifically, Q4 2024 revenues increased by $1,406 or 136% compared to Q3 2023, with annual 2024 revenues increasing by $7,086 or 209% when compared to annual 2023. Operating margins of 46.8% and 49.7% for the three and twelve months ended December 31, 2024, respectively, are approximately 17 percent and 11 percent lower (on a gross basis) than the comparable periods in 2023, respectively. The reduction in operating margins is primarily a result of the Delta Acquisition, as Delta utilizes a combination of owned and third-party rental equipment in its operations, with third-party rental equipment resulting in higher operating expenses.

Production Services segment
The Production Services segment operations consist of High Arctic’s idled snubbing units in Colorado, U.S., and its equity investments in the Seh’ Chene Partnership and Team Snubbing Services Inc. in Canada. Though the Seh’ Chene Partnership has experienced limited business activity since the 2022 Canadian sales transactions, the partnership is still active and the Corporation together with its partner will look to reposition its customer offerings and explore other avenues for business activity.

Team Snubbing Services Inc.
High Arctic accounts for the results of its 42% equity interest in Team Snubbing using the equity method of accounting, with Team Snubbing’s net earnings recorded as income from equity investments in the respective reporting period. As reported in the Corporation’s 2024 Financial Statements (Note 12), Team Snubbing achieved gross revenues of $26,064 for 2024 versus gross revenues of $21,252 for the comparative period in 2023. This increase in revenues is primarily a result of the consolidation of the results of Team Snubbing International Inc. (“Team International”) for the first time following Team Snubbing’s April 1, 2024, acquisition of control of Team International.

Team International’s operations experienced lower than anticipated activity levels in the Alaskan market in both Q4 2024, and for the year 2024. In addition, during Q2 2024, Team International incurred additional costs for restructuring management and operational teams. The restructuring initiative consolidated Team International’s workforce, “right sizing” it to the needs of the overall customer base and aligning the service delivery with Team Snubbing’s successful Canadian model. Team Snubbing’s domestic Canadian operations experienced similar activity levels in both Q4 2024 and year-to-date 2024, when compared to the same periods of 2023.

High Arctic’s proportionate share of Team Snubbing’s net loss for 2024 was $690 compared to an income inclusion of $803 for the comparable period in 2023, representing a decrease in income from equity investment of $1,493. This year-over-year decline in income from equity investment realized in 2024 was primarily due to the results of Team International.

Liquidity and capital resources

	Three months ended Dec 31,				Years ended Dec 31,
(thousands of Canadian Dollars)	2024		2023		2024		2023
Cash provided by (used in) continued operations:
Operating activities	226		(874	)	184		(515	)
Investing activities	(310	)	(3,160	)	(997	)	25,638
Financing activities	(430	)	45		(38,659	)	(2,967	)
Effect of exchange rate changes on cash	(469	)	(745	)	717		(720	)
Increase (decrease) in cash from continuing operations	(983	)	(4,734	)	(38,755	)	21,436

(thousands of Canadian Dollars, unless otherwise noted)	As at Dec 31, 2024		As at Dec 31, 2023
Current assets	7,221		79,438
Working capital⁽¹⁾	2,692		62,985
Working capital ratio⁽¹⁾	1.6:1		4.8:1
Cash and cash equivalents	3,123		50,331
Net cash⁽¹⁾	(230	)	46,804

Operating Activities
In Q4 2024, cash from operating activities from continuing operations was $226, as compared with an outflow of $874 from operating activities from continuing operations in Q4 2023. Funds from operating activities from continuing operations totaled $530 in the quarter versus funds used of $335 for Q4 2023 (see “Non-IFRS Measures”). In Q4 2024, changes in non-cash operating working capital from continuing operations totaled an outflow of $304 compared to an outflow of $539 in Q4 2023.

For the year ended 2024, cash from operating activities from continuing operations was $184 as compared to a use of cash of $515 of cash from operating activities from continuing operations in 2023. Funds from operating activities from continuing operations totaled $484 for the year ended 2024, versus a use of funds of $1,292 for 2023.

Changes in cash from operating activities from continuing operations and funds from operating activities from continuing operations for both the three and twelve months ended December 31, 2024, when compared to the same periods in 2023, were largely the result of the positive impact on the business from the Delta Acquisition. In addition, operating related cash flows in the fourth quarter of 2024 benefitted from reduced G&A costs associated with the Arrangement transaction which was completed in the third quarter of 2024.

Investing Activities
During the fourth quarter, the Corporation’s net cash used in investing activities from continuing operations totaled $310 compared to $3,160 for the prior year comparative quarter. For the year ended 2024, net cash used in investing activities from continuing operations totaled $997 compared to an inflow of $25,638 in the prior year. For the fourth quarter of 2024 and YTD 2024, the majority of expenditures incurred related to sustaining and growth capital for the Rental Services Segment combined with investments in information technology and systems required to support the Corporation upon completion of the Arrangement transaction. YTD 2023 investing activities were impacted by proceeds received on the sale of assets (net of costs) of $29,569, offset in part by the Delta Acquisition in Q4 2023 for $3,430.

Financing Activities
During the fourth quarter, the Corporation’s net cash used in financing activities from continuing operations was $430 compared to an inflow of $45 in the prior year comparative quarter. For the year ended 2024, net cash used in financing activities from continuing operations was $38,659 compared to $2,967 in the prior year. Cash flow from financing activities for the year ended 2024 was impacted by a one-time $37,842 distribution to shareholders in accordance with the completion of the Arrangement transaction. Excluding the impact of the one-time distribution, cash flows related to finance activities were impacted by the normal course receipts and payments on the Corporation’s existing note receivables, lease liabilities and long-term debt.

Working Capital
As at December 31, 2024, the Corporation’s working capital balance was $2,692 compared to $62,985 as at December 31, 2023. The change in working capital is largely due to the spinout of the Corporation’s PNG business combined with the $37,842 return of capital distribution paid during 2024, both of which were completed in connection with the Arrangement transaction.

Long-term Debt

(thousands of Canadian Dollars)	As at Dec 31, 2024	As at Dec 31, 2023
Current	175	175
Non current	3,178	3,352
Total	3,353	3,527

The Corporation has mortgage financing secured by lands and buildings owned by High Arctic located within Alberta, Canada. The mortgage has a remaining initial term of under two years with a fixed interest rate of 4.30% with payments occurring monthly. The mortgage financing contains certain non-financial covenants requiring lenders’ consent including changes to the underlying business. As at December 31, 2024, the Corporation was compliant with all covenants associated with the mortgage financing.

2025 Earn-Out Shares issued pursuant to the 2023 share purchase agreement with Delta Rental Services Ltd.
Subsequent to December 31, 2024, the Corporation issued 248,793 shares as part of the settlement of the first-year contingent consideration payable pursuant to the Acquisition of Delta Rental Services Ltd.

Outlook
As a result of the successful execution of the Arrangement and corporate reorganization during 2024, High Arctic has transformed itself. After a decade of significant cash flow generation and cash dividends and distribution to shareholders in excess of $105 million, bold measures were taken to adjust for the decade ahead. The 2024 Arrangement provided shareholders with a separate investment holding and future flexibility through a new publicly traded entity containing the former PNG business (TSXV: HOH) plus a tax efficient cash distribution in the form of a $37.8 million return of capital. It also provided shareholders with a continuing investment in a refined, Canadian focused, and reset High Arctic publicly traded entity.

High Arctic’s Canadian platform is characterized by minimal debt and its continuing operations now consist of:

A western Canadian high-margin equipment rental business – centred on pressure ‎control and well stimulation;
A minority 42% interest in Canada’s largest oilfield snubbing services business, Team Snubbing; and
Two industrial properties, located in Clairmont and Whitecourt, Alberta.

High Arctic anticipates that its Rental Services segment will continue to generate funds flow from operations commensurate with oil and gas well completion fundamentals in western Canada. The rental business footprint, while still small in scale, was bolstered by the 2023 Delta Acquisition. This acquisition is indicative of the type and structure of accretive investment High Arctic will look to pursue going forward. For 2025, the Rental Services segment is expected to be at a stage whereby operating cash flow covers Corporate segment costs and yields modest funds for organic growth.

High Arctic is at the early stages of a new chapter in its corporate history. The 2024 transformational developments provide a clean platform to enable a new strategic direction. The Board of Directors is currently undergoing a process to recruit and appoint a new Chief Executive Officer to augment and lead High Arctic’s vision and strategic plan. High Arctic’s current intent is to grow its equipment rentals business and position itself to benefit from upstream energy service activity levels in the western Canadian oil and gas industry. Complementary new service lines with high margin, low headcount and low fixed costs, are also being considered.

In summary for 2025, the Corporation expects to continue to execute on the initial phases of its strategic business plan, with progress to date being evidenced by selective capital expenditure investments in its rental business throughout 2024. High Arctic continues to assess acquisition targets that are both complimentary and new to existing customer offerings. Potential benefits of an acquisition for High Arctic include enhancing the scope and scale of its operations; the ability to provide a broader customer service offering; and formalizing/augmenting the leadership team for the Corporation.

Execution of the strategic plan remains opportunistic and is ongoing. The timing and ability to execute on certain underlying objectives, however, has become challenging due to recent divisive global geopolitical developments and resulting global economic uncertainties. These developments include changes and potential changes in global trade policies and tariffs, threats of additional or retaliatory tariffs, and policy shifts as a result of new government leadership in many jurisdictions around the world. The federal election in Canada, set for April 28, 2025, may have a significant impact on long term investment in Canada’s energy industry.

Western Canadian oil and gas activity levels, despite volatility in underlying commodity prices, have benefited from resurgent Canadian upstream activity to meet, and then sustain, growing oil and natural gas export infrastructure capacity. This includes tidewater access off the west coast of Canada through the 2024 Trans Mountain pipeline expansion, expected 2025 LNG Canada pipeline commencement, and land pipeline expansion to the United States through completed projects such as the Line 3 expansion.

NON – IFRS MEASURES
This press release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies High Arctic uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Long-term financial liabilities. These do not have standardized meanings.

These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s MD&A, which is available online at www.sedar.com and through High Arctic’s website at www.haes.ca.

FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this press release.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this press release include, among others, statements pertaining to the following: general economic and business conditions, which will include, among other things, the outlook for the energy industry inclusive of commodity prices, producer activity levels and general energy supply and demand fundamentals that may impact the energy industry as a whole; the impact (if any) of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute its 2025 strategic objectives; fluctuations in interest rates and commodity prices; expectations regarding the Corporation’s ability to manage its liquidity risk; raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; the Corporation’s ability to seek and execute accretive acquisitions including the timing thereof and the potential operational and financial benefits; the ability to recruit and retain executive officers and other key personnel; management of general and administrative costs; the maintenance of a strong balance sheet and related financial flexibility; the performance of the Corporation’s investment in Team Snubbing; operational and financial performance of the Corporation’s Canadian rental equipment in 2025; scaling the Canadian business, execution on one or more corporate transactions; and estimated credit risks.

With respect to forward-looking statements contained in this press release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; obtain equity and debt financing on satisfactory terms and manage its liquidity risk.

The Corporation’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth above and elsewhere in this press release, along with the risk factors set out in the most recent Annual Information Form filed on SEDAR+ at www.sedarplus.ca.

The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this press release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

About High Arctic Energy Services
High Arctic is an energy services provider. High Arctic provides pressure control equipment and equipment supporting the high-pressure stimulation of oil and gas wells and other oilfield equipment ‎on a rental basis to exploration and production companies, from its bases in Whitecourt and Red Deer, Alberta‎.

For further information contact:

Lonn Bate
Chief Financial Officer
P: 587-318-2218
P: +1 (800) 688 7143

High Arctic Energy Services Inc.
Suite 2350, 330 – 5^th Ave SW
Calgary, Alberta, Canada T2P 0L4
website: www.haes.ca
Email: info@haes.ca

The MIL Network –

April 1, 2025

MIL-OSI: A Survey by Spruce Reveals Social Media’s Growing Influence on Gen Z’s Financial Decisions, Highlighting a Generational Divide in Learning about Money
Source: GlobeNewswire (MIL-OSI)

KANSAS CITY, Mo., March 31, 2025 (GLOBE NEWSWIRE) — Designated as National Financial Literacy Month, April is intended to raise awareness about the importance of financial education and to encourage healthy financial habits. Yet, a survey conducted by Spruce, the mobile banking app built by H&R Block¹^{, 2}, reveals many may be relying on platforms where virality is valued over validity. The findings underscore the growing role of digital content in shaping financial habits and the pressing need for reliable, accessible financial education in today’s technology-driven landscape.

The survey highlights a generational shift in financial education, with younger consumers, particularly Gen Z, increasingly turning to social media for financial tips and education, while older generations more heavily rely on traditional sources like family and banking institutions. The survey also revealed the impact of social media on their financial choices and their confidence in managing money. Despite the digital media shift, financial tools and apps remain essential across all generations.

“With nearly 70% of Gen Z influenced by financial trends on social media, it’s clear they are open to improving their financial knowledge, but it’s also imperative they have the capacity to discern fact from fiction, which is obviously difficult,” said John Thompson, Vice President, Spruce. “This Financial Literacy Month, we want to empower individuals to take control of their finances by offering a safe and accessible space to manage their money with Spruce as they learn, plan, and build a secure financial future.”

Financial Education Pivots from Tradition to Trends

The survey data paints a clear picture: traditional sources of financial education are being supplemented—and in some cases, supplanted—by newer sources, often on platforms where the origin or the validity of the guidance may not be clear.

Parents and banking institutions remain the most common sources of financial education. While the landscape is evolving, key findings highlight a critical gap in formal education:
- 31% of respondents cite family members as the main source for financial guidance
- 29% of respondents turn first to banks
- only 13% of respondents reported learning about personal finance in school, highlighting a critical gap in financial literacy programs.
Social media, however, has become an increasingly popular source of financial information, particularly among younger generations, with 16% of all respondents looking to social media for financial education.
- Gen Z leads the charge as 33% note that they look to social media for financial education
- Millennials follow closely behind at 23%
Viral Tips on Social Sway Financial Behaviors

The survey also explored the impact of social media trends on financial behavior, examining the influence of viral concepts, which includes ideas like soft saving, loud budgeting, cash stuffing, and doom spending on consumer choices.

These viral trends have proven to play a significant role in shaping financial behaviors, with 37% of respondents admitting they have been swayed by social media and tried a finance trend they discovered online.
- The influence of these trends varies dramatically across generations, with Gen Z impacted the most at 68%
- 51% of Millennials and 27% of Gen X cite being inspired to try social media finance trends
- While not as likely as other generations, 12% of Boomers still noted being influenced to partake in a financial trend
Among the platforms driving this shift, TikTok (39%) and Instagram (34%) are the most popular sources of financial information for Gen Z, followed by Facebook (23%) and even podcasts (17%). These findings highlight the growing impact of digital content on personal finance decisions, particularly among younger generations.

Digital Tools Bolster Financial Management

Online financial tools and apps have become essential for money management, with Millennials and Gen Z being the most likely to utilize them for everyday matters such as keeping track of a budget, planning for the future or establishing savings. Credit score monitoring emerged as the most common use case among respondents (38%). Budgeting was cited as a key priority, with 29% of respondents using financial tools or apps to track their expenses.

However, reliance on digital financial tools extends beyond convenience—confidence in making major financial decisions is bolstered by the use of online tools or apps. From our findings, 66% of Gen Z share that they are not confident or only somewhat confident in making large decisions without digital assistance. These findings highlight the increasing role of technology in empowering individuals across all generations to manage their finances with greater confidence and ease. Furthermore, many of the traditional rules-of-thumb for financial management are becoming out of reach, and tools to support decision-making become even more critical when thinking through more nuanced choices in a more complicated financial world.

With 70% of American households working to become “financially healthy,”³ selecting the right resources that promote sound financial practices is essential. According to John Thompson for many people this can start with selecting a mobile banking solution with no sign-up fees, no minimum balance requirements, and no monthly fees, while also offering features, such as the Watchlist budget tracker and multiple saving goals, that can aid in financial planning and management.

“We purposefully designed Spruce to remove barriers to accessing useful banking tools, such as the ability to customize saving goals, earn high-yield interest and provide access to innovative tools and features that can help improve financial wellness such as the ability to set spending guardrails, jumpstart savings with a tax refund allocation, and view credit score insights⁴ at any time,” said Thompson. “By opting into savings with 3.50% APY,⁵ you can build your savings faster than at the national average rate⁶.”

To learn more about Spruce’s saving, budgeting, spending, and other financial-planning features, and how you can make your money go further, visit sprucemoney.com. To take advantage of the many secure and innovative tools offered through Spruce, sign up here. To get access to financial articles vetted by experts, head over to sprucemoney.com/resource-center/news/.

¹Spruce fintech platform is built by H&R Block, which is not a bank. Spruce℠ Spending and Savings Accounts established at, and debit card issued by, Pathward^®, N.A., Member FDIC, pursuant to license by Mastercard^®. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

²Research conducted with Morning Consult via online research on the omnibus fielded in March 2025 among a national sample of 2,200 adults. All data are weighted to their respective representative sample on age, ethnicity/race, education, and region based on in-market available data (such as the U.S. Census). Results from the full survey have a margin of error of +/- 2 percentage points.

³Research conducted by the Financial Health Network: Financial Health Pulse® 2024 U.S. Trends Report.

⁴Credit score is FICO® Score 8 based on Experian data. Your lender or insurer may use a different FICO Score than FICO Score 8, or another type of credit score altogether. FICO® is a trademark of Fair Isaac Corporation. This is a separate service from your Spruce Spending and Savings accounts, provided by Pathward^®, N.A., Member FDIC.

⁵The Annual Percentage Yield (APY) is accurate as of 04/02/2025. This rate is variable and can change without notice. Fees may reduce earnings. To start earning interest on your Spruce Savings Account, simply opt in through the Spruce app or at sprucemoney.com.

⁶Based on FDIC average national savings rate as of 04/02/2025.

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

About Spruce
Spruce helps you stay in control of your money through spending and savings accounts backed by technology that provides budgeting tools, automatic saving options, and financial insights that help you be good with money. To learn more, see sprucemoney.com/features.

About Pathward^®
Pathward^®, N.A., a national bank, is a subsidiary of Pathward Financial, Inc. (Nasdaq: CASH). Pathward is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion. Pathward strives to increase financial availability, choice and opportunity across our Partner Solutions and Commercial Finance business lines. The strategic business lines provide support to individuals and businesses. Learn more at Pathward.com.

The MIL Network –
April 1, 2025
MIL-OSI: Disrupting Tradition, AIXOR Launches Genesis AI Pro 5.0 to Lead the Intelligent Trading Revolution

Source: GlobeNewswire (MIL-OSI)

New York, NY, March 31, 2025 (GLOBE NEWSWIRE) — In response to the growing trend of intelligent digital asset trading worldwide, AIXOR Exchange has officially stepped onto the international stage with its top-tier security system, advanced technological architecture, and the new AI trading system Genesis AI Pro 5.0, promising a more efficient, secure, and intelligent trading experience for global investors.

AIXOR: A New Generation of Intelligent Exchanges Redefining Digital Asset Trading
As a leading cryptocurrency trading platform, AIXOR is committed to becoming the most trusted global digital asset trading center with its core philosophy of “Security, Professionalism, Intelligence.” The exchange not only offers a variety of investment options such as spot trading, contracts, ETFs, and leverage trading but also leverages AI technology to give investors an edge in the new era of digital finance.

AIXOR’s core advantages include:
– op-tier Security Protection, Asset Safety Guaranteed
AIXOR employs military-grade security systems, integrating multi-signature authentication, cold and hot wallet separation, and AI risk control systems. It strictly adheres to KYC (Know Your Customer) and AML (Anti-Money Laundering) regulatory standards to ensure the safety of user assets and transactions.
– Lightning-Fast Trading Experience, Millisecond Execution
With a super-fast matching engine, AIXOR handles millions of concurrent orders and achieves transaction execution speeds in milliseconds, guaranteeing precise order execution even under extreme market conditions to avoid slippage.
– Diverse Trading Products to Meet Various Needs
The platform supports multiple trading modes such as spot, contracts, leverage, ETFs, liquidity mining, and staking, covering mainstream crypto assets such as BTC, ETH, SOL, XRP, among others, and continually expands to offer new investment products, providing users with diverse asset allocation choices.
– Global Compliance Qualifications, Trustworthy
AIXOR holds multiple financial licenses in various countries, including the US MSB (Number: 31000292188716) and SEC certification, rigorously complying with international regulatory requirements to ensure transparency, safety, and legality in trading.

Genesis AI Pro 5.0: Breaking Traditional Trading Strategies with AI-Driven Intelligent Investment
The core technological advantage of AIXOR Exchange is embodied in its brand-new AI trading system—Genesis AI Pro 5.0. As an industry-leading AI-driven trading technology, Genesis AI Pro 5.0 features three core breakthroughs:
– Adaptive to Market Changes, Smartly Optimizing Trading Strategies
Unlike traditional trading systems with fixed rules, Genesis AI Pro 5.0 can dynamically learn market trends and automatically optimize trading strategies, managing to maintain robust performance even in highly volatile market environments, helping investors reduce risks and enhance returns.
– Cross-Market Compatibility, More Flexible Asset Allocation
Genesis AI Pro 5.0 is not only applicable to the cryptocurrency market, but it also spans multiple markets including stocks, forex, and futures, allowing investors to achieve dynamic allocation across various asset classes through the system, maximizing capital efficiency.
– Millisecond Trading Execution, Accurately Catching Market Opportunities
Based on big data analysis and AI smart decision-making, Genesis AI Pro 5.0 completes market scanning, risk assessment, and trade execution in milliseconds, helping users lock in the best trading opportunities at the first moment of market changes.

AIXOR, Leading a New Era of Cryptocurrency Trading
The inception of AIXOR Exchange is not only a significant breakthrough in the global digital asset trading market but also a model for the integration of AI technology and blockchain finance. Moving forward, AIXOR will continue to promote intelligent trading, providing global users with a more efficient, secure, and transparent investment environment.

Join AIXOR now and embark on a new era of intelligent trading!

About AIXOR
AIXOR is a global leading digital asset exchange dedicated to providing a secure, efficient, and intelligent trading environment through AI technology and blockchain innovation. The platform covers a variety of investment products including spot trading, contracts, ETFs, and leverage trading, and holds global compliance licenses to offer professional digital asset trading services to investors worldwide.

Media Contact
Company Name: AIXOR
Website: https://altafs.com
Contact: Jimmy anne
Email: server(at)altafs.com

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

The MIL Network –

April 1, 2025
MIL-OSI: RateUniversity Hosts Free First-Time Homebuyer Education Event in Boston
Source: GlobeNewswire (MIL-OSI)

BOSTON, March 31, 2025 (GLOBE NEWSWIRE) — Rate, a leader in fintech mortgage solutions, reinforces its dedication to expanding homeownership access by hosting RateUniversity Boston, a free first-time homebuyer education event on Saturday, April 26, 2025, from 10 AM to 1 PM at Roxbury Community College, Building 3.

Visit Rate.com to Register Today

RateUniversity is more than just a financial literacy event—it’s a unique, interactive experience designed to bridge the financial knowledge gap that affects adults from all backgrounds. While many financial workshops focus on underserved communities, RateUniversity recognizes that a lack of financial education is a widespread issue, even among college graduates and working professionals. The program is structured to provide practical, strategic knowledge about credit, mortgages, and financial tools that empower individuals to build wealth through homeownership.

“RateUniversity is not just another financial workshop. It’s about filling the massive knowledge gap for so many adults, regardless of their background or education level,” said Shant Banosian, President of Rate Mortgage. “Most people graduate high school, college, and even advanced degree programs. But, they never learn how credit works, how to leverage a mortgage, or how financial products can be a tool for building wealth. That’s a huge problem. RateUniversity is designed to change that by making financial education accessible, engaging, and directly applicable to people’s lives. We want to give people the knowledge they need to make informed decisions, take control of their financial future, and ultimately, build generational wealth.”

Originally launched in Chicago, RateUniversity continues to expand into new cities, bringing financial education to diverse communities in an engaging, culturally relevant, and interactive format. Attendees of the Boston event will participate in bilingual workshops in English and Spanish, covering essential financial topics such as building credit, understanding mortgage options, and accessing specialized affordable lending programs. Bilingual loan officers will be available for one-on-one consultations, answering questions and assisting with pre-approvals.

RateUniversity attendees can expect:
- Free educational workshops in English and Spanish
- One-on-one consultations with bilingual loan officers
- Expert guidance on homebuying programs and financial planning
- Access to nonprofit resources focused on homebuyer assistance and grants
- Networking opportunities with real estate professionals and community partners
- Complimentary food and refreshments
In addition, attendees who complete the program and proceed with a home purchase will be eligible for a $500 closing cost credit.

“At Rate, we are committed to making financial wellness an integral part of homeownership,” said Arlyn Kalinski, SVP of Fair & Equitable Lending Strategies for Rate. “RateUniversity isn’t just about learning the basics of credit and mortgage lending—it’s about empowering people with the tools and strategies they need to build a stronger financial future. By delivering expert guidance in multiple languages and partnering with community organizations, we’re creating real opportunities for more families to achieve homeownership.”

Media Availability

The Rate team will be available for media interviews. Please contact press@rate.com for direct coordination.

For more information or to register for RateUniversity, visit rate.com/rateuniversity.

About Rate

Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service.

Honors and awards include Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine’s Lender of the Year for seven consecutive years; and Chicago Tribune’s Top Workplaces list for seven straight years.

Visit rate.com for more information.

Media Contact

press@rate.com

The MIL Network –
April 1, 2025
MIL-OSI: BayFirst Announces First Quarter 2025 Conference Call and Webcast

Source: GlobeNewswire (MIL-OSI)

ST. PETERSBURG, Fla., March 31, 2025 (GLOBE NEWSWIRE) — BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today announced that it will report its first quarter results after the market close on Thursday, April 24, 2025. Management will host a conference call on Friday, April 25, 2025, at 9:00 a.m. ET to discuss the results. The call will also be broadcast live via the internet.

Interested investors may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com. Investment professionals are invited to dial (800) 549-8228 to participate in the call using Conference ID 90275. A replay of the call will be available for one year at www.bayfirstfinancial.com.

About BayFirst Financial Corp.

BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida which commenced operations on September 1, 2000. Its primary source of income is derived from its wholly owned subsidiary, BayFirst National Bank, a national banking association which commenced business operations on February 12, 1999. The Bank currently operates twelve full-service banking offices throughout the Tampa Bay-Sarasota region and offers a broad range of commercial and consumer banking services to businesses and individuals. It was named the best bank in Florida in 2024, according to Forbes and was the 9th largest SBA 7(a) lender by number of units originated and 16th largest by dollar volume nationwide through the SBA’s quarter ended December 31, 2024. As of December 31, 2024, BayFirst Financial Corp. had $1.29 billion in total assets.

Forward-Looking Statements

In addition to the historical information contained herein, this presentation includes “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, the effects of health crises, global military hostilities, weather events, or climate change, including their effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with them; the ability of the Company to implement its strategy and expand its banking operations; changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; risks related to mergers and acquisitions; changes in benchmark interest rates used to price loans and deposits, changes in tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the SEC, including, but not limited to those “Risk Factors” described in our most recent Form 10-K and Form 10-Q. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.

Contacts:

Thomas G. Zernick Scott J. McKim

Chief Executive Officer Chief Financial Officer

727.399.5680 727.521.7085

The MIL Network –

April 1, 2025
MIL-OSI: Incorta Named a Workday Innovation Partner
Source: GlobeNewswire (MIL-OSI)

FOSTER CITY, Calif., March 31, 2025 (GLOBE NEWSWIRE) — Incorta, the pioneering open data delivery platform, today announced it has been named a Workday Innovation Partner. The expanded partnership helps organizations streamline and accelerate enterprise data accessibility.

“Expanding our partnership with Workday is a testament to Incorta’s relentless focus on innovation and value delivery,” said Osama Elkady, CEO of Incorta. “Together, we unlock the full potential of enterprise data, empowering customers to make precise, data-driven decisions with unprecedented speed and confidence.”

Transforming Data Accessibility with Workday Adaptive Planning

Since becoming a Workday partner in May 2024, Incorta and Workday have been redefining how enterprise data is accessed and utilized. Together, they’re streamlining data delivery and empowering businesses to make faster, more informed decisions. By dramatically reducing the time and effort required to prepare complex enterprise data for analysis, Incorta and Workday are setting a new standard for data-driven planning and forecasting.

Incorta’s unique Direct Data Mapping technology enables Workday Adaptive Planning customers to access the most timely, complete enterprise data – across finance, operations and supply chain – while significantly reducing the need for traditional data engineering and transformation efforts that often consume excessive time, money and resources. By eliminating complex ETL pipelines, this integration seamlessly extracts subledger-level detail from a variety of operational systems—including ERP, CRM, HCM, MSE and more—ensuring finance and operations teams have real-time, comprehensive insights for planning and decision-making.

Incorta’s Integration with Workday Adaptive Planning Provides Organizations with:
- Workday-Certified Integrations: Facilitates access to enterprise-wide data from seven ERP providers, providing trusted and reliable connectivity.
- Granular Data Extraction: Unlocks detailed, transaction-level data from complex systems of record, closing data gaps and enhancing visibility.
- Accelerated Data Readiness: Eliminates the need for custom scripts and manual data prep, reducing setup time and accelerating time-to-insight.
- Available on Workday Marketplace: Easily discover and deploy Incorta’s analytic-ready data solutions on Workday Marketplace with confidence.
For more information, visit Incorta’s page on Workday Marketplace.

About Incorta

Incorta is the first and only unified data analytics platform that enables real-time analysis of live, detailed data across all systems of record—without the need for complex ETL processes. By enabling direct analysis on raw, source-identical data, Incorta provides faster, more accurate insights while removing barriers to exploration. With intuitive low-code/no-code tools, AI-powered querying through Nexus, and prebuilt business data applications, enterprise teams can quickly surface insights, break down technical roadblocks, and make smarter decisions without heavy engineering effort. For more information, please visit www.incorta.com.

Media Relations Contact:

Elizabeth Byington

incorta@sparkpr.com

The MIL Network –
April 1, 2025
MIL-OSI: insightsoftware Drives Global Expansion of JustPerform, a Financial Planning, Forecasting, and Closing Companion
Source: GlobeNewswire (MIL-OSI)

RALEIGH, N.C., March 31, 2025 (GLOBE NEWSWIRE) — insightsoftware, the most comprehensive provider of solutions for the Office of the CFO, today announced the global expansion of JustPerform, an all-in-one financial planning, forecasting, and close companion. The financial performance platform is now available in APAC, North America, the UK, and Ireland.

Finance teams often struggle with the complexity of implementing and maintaining traditional systems, hindering their ability to plan, close, and report effectively. JustPerform addresses this with an all-in-one solution enabling effortless collaboration on plans, faster closes, accurate reporting, and confident decision-making without IT reliance. Featuring an intuitive, Excel-like interface and step-by-step guidance, the platform simplifies even the most complex tasks. Users can master processes in under five minutes and establish consistent workflows for reliable, repeatable results.

“Growing expectations for finance to serve as a strategic business partner fuel demands among finance professionals for a unified approach to planning, forecasting, and closing,” said Monica Boydston, General Manager, EPM & Controllership at insightsoftware. “JustPerform’s intuitive interface enables finance teams to hit the ground running. Finance-driven ownership empowers teams to streamline processes and focus on delivering strategic insights that drive business impact.”

Key Capabilities Include:
- All-in-One Simplicity and Cloud Scalability: JustPerform connects planning, close, consolidation and reporting. Whether an organization deploys on the public or private cloud, it handles unlimited data volumes, dimensions, and metrics, letting models grow in size and complexity without slowing down.
- Simplified Processes: Pick up any process in under five minutes. Even the most complex tasks feel simple with an Excel-like interface and step-by-step guidance.
- Direct Integration and Excel-Friendly Transition: Native connectors link to over 80 systems, including SAP, Oracle, and Microsoft Dynamics, without delays or extra steps. With an Excel-like interface and modern Microsoft 365 connector, it makes moving from spreadsheets to JustPerform seamless.
- Real-Time Planning: Live data updates keep financial and operational planning connected across teams. Members stay in sync, making decisions faster and smarter, without missing a step.
“JustPerform successfully addresses the key requirements of the planning, forecasting, and reporting market with its unified, cloud-native platform designed around the needs of finance professionals,” said Craig Schiff, President and CEO of BPM Partners. “Many finance teams struggle with patching together siloed systems and legacy products. JustPerform delivers a truly modern and connected experience. Its human-centered design simplifies complex processes, ensuring accessibility and adaptability. The platform easily scales as user count and data volume grow over time, combining usability and precision—essential traits for financial professionals seeking both efficiency and flexibility.”

Discover how JustPerform provides 60%-time savings in data transformation, a 50% reduction in manual close cycles, 40% faster budget preparation, and twice the return on investment. Join the “Financial Performance, for the Way You Work” webinar on April 10, 2025, at 10 am ET, to learn more about how this finance companion helps organizations hit the ground running. Register here.

About insightsoftware
insightsoftware is a global provider of comprehensive solutions for the Office of the CFO. We believe an actionable business strategy begins and ends with accessible financial data. With solutions across financial planning and analysis (FP&A), accounting, and operations, we transform how teams operate, empowering leaders to make timely and informed decisions. With data at the heart of everything we do, insightsoftware enables automated processes, delivers trusted insights, boosts predictability, and increases productivity. Learn more at insightsoftware.com.

Media Contacts
Inkhouse for insightsoftware
insightsoftware@inkhouse.com

Daniel Tummeley
Corporate Communications Manager
PR@insightsoftware.com

The MIL Network –
April 1, 2025
MIL-OSI: Energy Income Fund Announces Board Changes at its Manager, Artemis Investment Management Limited

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — The Energy Income Fund (TSX: ENI.UN) (the “Fund”) announced today that Artemis Investment Management Limited (“Artemis”), the Fund’s trustee and manager, has implemented changes to its board of directors. Effective March 31, 2025, Gavin Swartzman, a long-standing director of Artemis, has retired from the board.

Artemis extends its sincere appreciation to Mr. Swartzman for his dedicated service and valuable contributions throughout his tenure. His leadership and guidance have been instrumental in supporting Artemis’s oversight and management of the Fund.

Concurrently, Artemis has appointed Dani Shields as a director of Artemis, effective March 31, 2025. Ms. Shields, currently serving as Senior Vice President and General Counsel of Peerage Capital, an Artemis-affiliated company, brings extensive experience in mergers and acquisitions, private equity, employment law, real estate portfolio management, and financial transactions.

Artemis is pleased to welcome Ms. Shields to its board of directors.

For further information, please contact Artemis Investment Management Limited’s investor relations at (416) 934-7455, email info@artemisfunds.ca, or visit www.artemisfunds.ca.

The MIL Network –

April 1, 2025
MIL-OSI: Citadel Income Fund Announces Board Changes at its Manager, Artemis Investment Management Limited

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — The Citadel Income Fund (TSX: CTF.UN) (the “Fund”) announced today that Artemis Investment Management Limited (“Artemis”), the Fund’s trustee and manager, has implemented changes to its board of directors. Effective March 31, 2025, Gavin Swartzman, a long-standing director of Artemis, has retired from the board.

Artemis extends its sincere appreciation to Mr. Swartzman for his dedicated service and valuable contributions throughout his tenure. His leadership and guidance have been instrumental in supporting Artemis’s oversight and management of the Fund.

Concurrently, Artemis has appointed Dani Shields as a director of Artemis, effective March 31, 2025. Ms. Shields, currently serving as Senior Vice President and General Counsel of Peerage Capital, an Artemis-affiliated company, brings extensive experience in mergers and acquisitions, private equity, employment law, real estate portfolio management, and financial transactions.

Artemis is pleased to welcome Ms. Shields to its board of directors.

For further information, please contact Artemis Investment Management Limited’s investor relations at (416) 934-7455, email info@artemisfunds.ca, or visit www.artemisfunds.ca.

The MIL Network –

April 1, 2025
MIL-OSI USA: An Interview with Foreign Law Intern at the Law Library of Congress, Yuri Rattanaboonsen

Source: US Global Legal Monitor

Today’s blog post is an interview with a foreign law intern at the Law Library of Congress, Panicha Rattanaboonsen. She works with foreign law specialist Sayuri Umeda in the Global Legal Research Directorate.

Describe your background.

My name is Panicha Rattanaboonsen, also known as Yuri. I am originally from Thailand and come from an overseas Chinese family. I moved to Bangkok during high school, where I attended Triam Udom Suksa School. I am fluent in Thai and English and have basic proficiency in Mandarin and Lao.

What is your academic/professional history?

Currently, I am an LL.M. candidate in the Environmental and Energy Law program at Georgetown University Law Center. Before pursuing my graduate studies, I had experience in the public sector at the national level in Thailand, contributing to policies and measures addressing greenhouse gas emissions and promoting energy innovation. I also worked as a legal analyst and adviser, focusing on renewable energy projects and energy policy.

My professional background includes my role as a business tax associate, where I provided strategic tax advisory services to international clients, and my internship in the legal department of a big consulting firm, as well as my experience in arbitration and mediation at the Thai Arbitration Center, where I gained expertise in resolving complex domestic and international disputes.

How do you describe your job to other people?

I am a foreign law intern at the Global Legal Research Directorate of the Law Library of Congress. I conduct legal research and analysis on Thailand’s legal framework, including monitoring global legal articles and assessing Thai laws and regulations updates. Additionally, I have contributed to legal reports that will be published by the Law Library, such as Thailand: Civic Space Legal Framework, which examines legal policies affecting civic engagement and is set to be published at a later date.

Why did you want to work at the Library of Congress?

The Library of Congress houses one of the world’s most extensive and valuable collections of legal resources. Contributing to the development of reports and articles that serve organizations, scholars, and policymakers is a unique and meaningful opportunity. Moreover, working on the legislative research for Congress provides me with invaluable life experience.

What is the most interesting fact that you’ve learned about the Library?

I was fascinated to learn that the Law Library of Congress holds one of the world’s largest collections of legal materials. I was particularly intrigued to discover that Thai legal books and collections are also preserved there.

What’s something that most of your co-workers don’t know about you?

Beyond my work in law and policy, I am also interested in finance and investment. I am currently pursuing a Chartered Financial Analyst (CFA) certification.

Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

MIL OSI USA News –

April 1, 2025
MIL-OSI: Hampton Financial Corporation Announces The Completion of A Non-Brokered Private Placement of Debentures

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV:HFC) is pleased to announce the closing of a non-brokered private placement of debentures (the “Debentures”) in the principal amount of $1,267,000.

The Debentures will mature five (5) years and one day after the issue date (the “Maturity Date”) and will bear interest at the rate of 10.5% per annum, payable quarterly in arrears on the last day of March, June, September and December in each year until the Maturity Date. The first interest payment will be made at the end of the first calendar quarter following the closing date (the “Initial Interest Payment Date”) and will consist of interest accrued from and including the closing date to the Initial Interest Payment Date. Interest will be payable in cash only and will cease to accrue on the Maturity Date.

Proceeds of the offering will be used for working capital and general corporate purposes.

About Hampton Financial Corporation

Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments.

Through its wholly-owned subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company, through HSL, provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad and HSL’s Corporate Finance Group provides early stage, growing companies the capital, they need to create value for investors. HSL continues to develop its Wealth Management, Advisory Team and Principal-Agent programs which offers to the industry’s most experienced wealth managers a unique and flexible operating platform that provides additional freedom, financial support, and tax effectiveness as they build and manage their professional practice.

Through its wholly-owned subsidiary, Oxygen Working Capital (“OWC”) the company offers factoring and other commercial financing services to clients across Canada.

For more information, please contact:

Olga Juravlev
Chief Financial Officer
Hampton Financial Corporation
(416) 862-8701

Or

Peter M. Deeb
Executive Chairman & CEO
Hampton Financial Corporation
(416) 862-8651

The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

Forward-Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements“) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

The MIL Network –

April 1, 2025
MIL-OSI: Global Assets Launches AI Intelligent Trading System to Create a Safe and Efficient Global Trading Platform

Source: GlobeNewswire (MIL-OSI)

New York, NY, March 31, 2025 (GLOBE NEWSWIRE) — Recently, the renowned integrated trading platform Global Assets officially launched its new AI intelligent trading system, aiming to enhance global trading efficiency through technological innovation, optimize user experience, and contribute to the creation of a secure and efficient global trading platform. The introduction of this new system marks a significant step for Global Assets in the field of smart finance and further solidifies its leading position in the global market.

Technology-Driven, Opening a New Chapter in Intelligent Trading

As digitization and intelligence penetrate deeper, the demand for technology in the trading market is ever-increasing. The AI intelligent trading system launched by Global Assets integrates cutting-edge technologies such as big data analysis, machine learning, and blockchain, aiming to provide users with intelligent and automated trading services that reduce the uncertainties brought about by human factors.

Intelligent Market Analysis: The system can automatically process and analyze vast amounts of market data, helping users make more informed trading decisions.

Millisecond Trading Execution: Utilizing advanced algorithms to enhance transaction speed and efficiency, ensuring precise timing in trades.

Optimized Risk Control: The intelligent system dynamically adjusts strategies to mitigate the adverse impact of market fluctuations on trading.

The release of this intelligent system allows both novice and professional traders to participate in the market more easily through advanced technology, enhancing their trading experience.

Diverse Trading Ecosystem to Meet Global User Needs

As an international integrated trading platform, Global Assets provides users with a one-stop trading solution by covering a variety of asset classes. Whether it’s digital assets, stocks, commodities, or other financial products, users can easily manage and configure everything on a single platform.

Digital Asset Trading: Supports various mainstream digital currencies, helping users keep pace with the development of blockchain technology.

Commodities and Stock Market Access: Covers popular commodities such as gold and crude oil, as well as major global stock markets, meeting diverse investment needs.
This diversified trading ecosystem not only enhances market liquidity but also provides global users with more investment opportunities and flexibility.

Empowering Asset Management Efficiency with Blockchain Technology

To further optimize user asset liquidity, Global Assets actively explores the application of blockchain technology in finance. Through smart contract technology, the platform has achieved comprehensive improvements in asset safety, transparency, and liquidity.

Smart Contract-Driven: The trading process is transparent and traceable, avoiding the intermediary risks seen in traditional finance.

Rapid Approval and Low Costs: Compared to traditional financial services, blockchain technology greatly reduces transaction costs and shortens processing times.
This technological innovation not only brings users higher capital efficiency but also sets a new benchmark for the digital development of financial markets.

A Trusted Global Trading Platform

In terms of security and compliance, Global Assets always adheres to industry high standards to ensure the safety of user funds and information. The platform employs bank-level encryption technology, combined with multiple identity verifications and real-time risk monitoring, to ensure a stable and reliable trading environment. Additionally, Global Assets boasts a global user service network, providing 24/7 customer support, dedicated to delivering a convenient and worry-free trading experience to every user.

Driving the Future of Smart Finance

Global Assets’ AI intelligent trading system not only showcases the platform’s strength in technological innovation but also demonstrates its foresight in the intelligent development of global financial markets. In the future, Global Assets will continue to delve into the smart finance sector, providing users with more valuable trading services and contributing to the sustainable development of the global trading market.

Media Contact
Company Name: Global Assets
Website: https://global-assets.com
Email: service(at)global-assets.com
Contact: Markus Johann Fischer

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

The MIL Network –

April 1, 2025
MIL-OSI: AMD Completes Acquisition of ZT Systems

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., March 31, 2025 (GLOBE NEWSWIRE) — AMD (NASDAQ: AMD) today announced the completion of its acquisition of ZT Systems, a leading provider of AI and general-purpose compute infrastructure for the world’s largest hyperscale providers. The acquisition will enable a new class of end-to-end AI solutions based on the combination of AMD CPU, GPU and networking silicon, open-source AMD ROCm™ software and rack-scale systems capabilities. It will also accelerate the design and deployment of AMD-powered AI infrastructure at scale optimized for the cloud.

AMD expects the transaction to be accretive on a non-GAAP basis by the end of 2025. The world-class design teams will join the AMD Data Center Solutions business unit led by AMD Executive Vice President Forrest Norrod. AMD is actively engaged with multiple potential strategic partners to acquire ZT Systems’ industry-leading U.S.-based data center infrastructure manufacturing business in 2025.

“With the rapid pace of innovation in AI, reducing the end-to-end design and deployment time of cluster-level data center AI systems will be a significant competitive advantage for our customers,” said Forrest Norrod, executive vice president and general manager, Data Center Solutions business unit at AMD. “Acquiring ZT Systems is a significant milestone in our AI strategy to deliver leadership training and inferencing solutions that are optimized for our customers’ unique environment, ready-to-deploy at scale, and based on our open ecosystem approach that combines open-source software, industry standard networking technologies and now ZT Systems’ leadership systems design and customer enablement expertise. We welcome Frank Zhang, Doug Huang and the talented ZT Systems team to AMD, where together we will offer customers both choice and speed to market, allowing them to invest in key areas where they choose to differentiate their AI offerings.”

Former ZT Systems Founder and CEO Frank Zhang joins AMD as senior vice president of ZT Manufacturing, reporting to Forrest Norrod, where he will help lead the divestiture of the manufacturing business. Former ZT Systems President Doug Huang joins AMD as senior vice president of Data Center Platform Engineering, also reporting to Forrest Norrod. In this role, he will lead design and customer enablement teams, working closely with the AMD Data Center Solutions business unit and AI Group to accelerate time-to-market for data center AI solutions.

About AMD

For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

Cautionary Statement

The statements in this press release include forward-looking statements concerning Advanced Micro Devices, Inc. (AMD), ZT Systems, the proposed sale of ZT Systems’ manufacturing business and other matters. Forward-looking statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date they are made or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will be achieved or will occur. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “pro forma,” “estimates,” “anticipates,” “designed,” or the negative of these words and phrases, other variations of these words and phrases or comparable terminology. The forward-looking statements in this press release relate to, among other things, data center AI accelerator opportunity, the integration of the businesses, sale of ZT Systems’ manufacturing business, and the expected benefits, accretion, synergies and growth to result therefrom. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. These risks include, among other things: risks that the businesses will not be integrated successfully, the ability of AMD to sell ZT Systems’ manufacturing business on a timely basis or at all, or that AMD will not realize expected benefits, cost savings, accretion, synergies and/or growth, or that such benefits may take longer to realize than expected; the risk that disruptions from the transaction will harm business plans and operations; risks relating to unanticipated costs of integration and sale of ZT Systems’ manufacturing business; significant transaction, integration and separation costs, or difficulties and/or unknown or inestimable liabilities in connection with the transaction or sale of ZT Systems’ manufacturing business; restrictions during the pendency of the transaction that may impact the ability to pursue certain business opportunities or strategic transactions; the potential impact of the consummation of the transaction or sale of ZT Systems’ manufacturing business on AMD’s relationships with suppliers, customers, employees and regulators; and demand for AMD’s products. For a discussion of factors that could cause actual results to differ materially from those contemplated by forward-looking statements, see the section captioned “Risk Factors” in AMD’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. AMD does not assume, and hereby disclaims, any obligation to update forward-looking statements, except as may be required by law.

Contact:
Brandi Martina
AMD Communications
(512) 705-1720
Brandi.Martina@amd.com

Liz Stine
AMD Investor Relations
(720) 652-3965
Liz.Stine@amd.com

The MIL Network –

April 1, 2025

Contacts:
Thomas G. Zernick	Scott J. McKim
Chief Executive Officer	Chief Financial Officer
727.399.5680	727.521.7085

Category: Economy

What is the historical relationship between Rwanda and Belgium?

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What is the historical relationship between Rwanda and Belgium?

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What’s behind the current fallout?

What’s the impact of this diplomatic falling out?

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