NewzIntel.com

Category: Finance

  • MIL-OSI Europe: Highlights – BUDG-CONT-ECON – Presentation of Court of Auditors’ report on EFSI – 13.05 – Committee on Budgetary Control

    Source: European Parliament

    ECA Special report 07/2025 © Image used under license from Adobe Stock

    On 13 May from 15:00 to 16:30, the BUDG, CONT and ECON committees have invited Mr Lefteris Christoforou, the European Court of Auditors’ Member who led the audit team of its Special report 07/2025 on “The European Fund for Strategic Investments”.

    Launched in 2015 by the European Commission and the European Investment Bank (EIB), the European Fund for Strategic Investments (EFSI) aimed at tackling the investment shortfall within the EU after the financial crisis, by mobilising an additional €500 billion in investments by 2022 through various debt and equity instruments. The initiative was supported by a €26 billion EU budgetary guarantee and €7.5 billion in EIB resources. According to ECA’ special report the programme made significant strides in addressing the investment gap. However, it fell short of its target, with an estimated overstatement of the reported amount of €503 billion by €131 billion (26%). This presentation will provide an opportunity for the ECA to share its findings and discuss them with the BUDG, CONT and ECON Members.

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – The EU’s digital transformation programmes and the European funds that have been disbursed to achieve it – E-001032/2025(ASW)

    Source: European Parliament

    The Digital Europe Programme (DEP), the first programme entirely dedicated to the deployment of digital infrastructures and an important enabler of the European digital transition, has an overall budget of EUR 8.1 billion for funding activities in six areas: supercomputing, artificial intelligence, cybersecurity, advanced digital skills, ensuring the wide use of digital technologies across the economy and society and semiconductors.

    Due to the 50% funding rate of the programme, the same amount is being invested by Member States and beneficiaries from the programme.

    2024 saw the signature of the 500th grant under DEP. This milestone represents an overall investment of EUR 3.3 billion, with EUR 1.9 billion contributed from the DEP budget. Over EUR 1 billion has been invested in over 140 procurements and in contribution agreements.

    Through InvestEU, EUR 83.63 million have been committed to support strategic digital technologies and EUR 67 million for investments in semiconductor technologies that are expected to mobilise EUR 2.1 billion.

    The implementation of DEP is on track to achieve its objectives. A number of big initiatives have been launched: deployment of world-class supercomputers and artificial intelligence factories, launch of leading semiconductor pilot lines, European Digital Identity ( eID) pilot projects, The European Quantum Communication Infrastructure Initiative (EuroQCI), security operation centres, Destination Earth, the European Virtual Human Twins Initiative, and the network of Digital Innovation Hubs in all Member States.

    These flagship initiatives for the EU are now well recognised by the Member States and stakeholders alike, paving the way for European digital transition.

    Detailed data on the implementation of DEP, including financial data, can be found in the DIGITAL dashboard[1].

    • [1] https://dashboard.tech.ec.europa.eu/qs_digit_dashboard_mt/public/extensions/CNECT_DIGITAL_dashboard/CNECT_DIGITAL_dashboard.html

    MIL OSI Europe News –

  • MIL-OSI Europe: Highlights – BUDG-CONT-ECON – Presentation of Court of Auditors’ report on EFSI – 13.05 – NEW – Committee on Economic and Monetary Affairs

    Source: European Parliament

    ECA Special report 07/2025 © Image used under license from Adobe Stock

    On 13 May from 15:00 to 16:30, the BUDG, CONT and ECON committees have invited Mr Lefteris Christoforou, the European Court of Auditors’ Member who led the audit team of its Special report 07/2025 on “The European Fund for Strategic Investments”.

    Launched in 2015 by the European Commission and the European Investment Bank (EIB), the European Fund for Strategic Investments (EFSI) aimed at tackling the investment shortfall within the EU after the financial crisis, by mobilising an additional €500 billion in investments by 2022 through various debt and equity instruments. The initiative was supported by a €26 billion EU budgetary guarantee and €7.5 billion in EIB resources. According to ECA’ special report the programme made significant strides in addressing the investment gap. However, it fell short of its target, with an estimated overstatement of the reported amount of €503 billion by €131 billion (26%). This presentation will provide an opportunity for the ECA to share its findings and discuss them with the BUDG, CONT and ECON Members.

    MIL OSI Europe News –

  • MIL-OSI Economics: DG Okonjo-Iweala: Broad agreement on WTO reform as “central priority” for MC14

    Source: WTO

    Headline: DG Okonjo-Iweala: Broad agreement on WTO reform as “central priority” for MC14

    “We are now in the midst of one of the largest disruptions in world trade in history,” the Director-General told members.  “But we are also now less than a year away from MC14, and we must think of what we need to do to maximize our chances for success there, including tackling some of the issues thrown up by this trade crisis.”
    Against this backdrop, DG Okonjo-Iweala said, she has spent the past few weeks engaging with members to discuss what might constitute a credible roadmap to MC14, which will begin on 26 March 2026 in Yaoundé, Cameroon.
    The Director-General said members stressed the importance of MC14 sending a clear political message reaffirming the WTO’s relevance and resilience amidst ongoing global uncertainty.  There was also strong support for prioritizing WTO repositioning and reform at MC14, she noted.
    In regard to substance, many members have proposed forward-looking corrective actions to inadequacies in the WTO’s existing rulebook, together with reforms across core functions, including monitoring and transparency, negotiations, and dispute settlement, she said.
    “The present disruption is seen as a vital opportunity to address the system’s weaknesses and reposition the WTO for the future,” the Director-General said.  “We must not waste a crisis.”
    As part of this, workstreams could be established on issues such as dispute settlement reform, how to ensure the current WTO agreements remain dynamic and relevant, and looking at future trade rules so that the WTO remains responsive to evolving needs, the Director-General said. 
    She proposed a phased approach, consisting of a facilitator-led scoping exercise prior to MC14, ministerial guidance at MC14 on actionable steps for moving forward, and post-MC14 implementation within the workstreams, with the view to presenting concrete outcomes for endorsement at the 15th Ministerial Conference or earlier.
    “We must seize this reform opportunity with seriousness and urgency,” the Director-General declared. Members “need to consider not what the organization can do for us, but what we are willing to give up to reform the organization so it can survive and thrive.”
    The Director-General noted other priority areas identified for MC14, including agriculture, the “second wave” of fisheries subsidies negotiations, the e-commerce work programme and moratorium, the incorporation of the Investment Facilitation for Development Agreement and the joint initiative e-commerce agreement into the WTO framework, and development issues.
    On all these issues, a stocktaking of the progress made will take place in July, and by December members “will need to make a clear decision on which negotiating issues are mature enough to be carried forward to MC14, and which are not,” the Director-General said.  “The overarching goal in all this is to enable productive and meaningful ministerial engagement in Yaoundé.”
    Reports from negotiating chairs
    Members received updates from the chairs of the ongoing WTO negotiations on agriculture, fisheries subsidies, trade and development, the establishment of a multilateral system of notification and registration of geographical indications for wines and spirits, trade and environment, and services.
    Reporting in his capacity as Chair of the agriculture negotiations, Ambassador Ali Sarfraz Hussain (Pakistan) noted his consultations with members and the first negotiating group meeting since his appointment as Chair earlier this year.  He said there was “broad recognition” that delivering an outcome on agriculture is “critical for reinforcing the credibility of the WTO” but acknowledged that on substance, “the main positions have not shifted significantly.”
    On the way forward, the Chair said he would first give proponents space to intensify their engagement and then hold targeted meetings with both proponents and non-proponents to explore ways forward. This would be followed by open-ended meetings of the negotiating group, whenever needed, to ensure full transparency and inclusivity.  This could lead to a stocktaking event in late September or early October after which members will collectively assess the progress made and decide on the best path forward, including the nature of any possible outcomes at MC14.
    Reporting in his capacity as the Chair of the fisheries subsidies negotiations, Ambassador Einar Gunnarsson (Iceland) noted that he led a series of bilateral consultations in late March/early April to hear views on the next steps.  In light of this, the Chair said he would organize meetings over the coming weeks to exchange views on the “second wave” negotiations as well as the entry into force and implementation of the Agreement on Fisheries Subsidies, where 14 acceptances are still needed.
    In regard to the former, the Chair said four focused sessions would take place to give members the opportunity to bring a new thinking into the negotiations that could unlock the current stalemate.  Noting that an existing draft text exists which embodies “painstaking negotiation and numerous hard-fought compromises,” the Chair said: “We need not reinvent the wheel … with the right level of engagement and flexibility, meaningful progress remains within reach.”
    Reporting in her capacity as Chair of the negotiations on trade and development, Ambassador Kadra Hassan (Djibouti) noted that work is continuing through the facilitator-led processes in three areas of work: sanitary and phytosanitary measures and technical barriers to trade; technology transfer; and trade-related investment measures.  She also noted the mandate from ministers at MC13 to continue work on the application of special and differential treatment provisions under various WTO agreements.  With MC14 drawing closer, the Chair called for “further flexibility, creativity and pragmatism from all delegations” in order to achieve outcomes.
    Ambassador Alfredo Suescum (Panama), Chair of the negotiations on the multilateral register for wines and spirits, said that no new proposals have been submitted and that members’ underlying positions remain unchanged. Ambassador Eunice M. Tembo Luambia (Zambia), Chair of the negotiations on trade and environment, said that her consultations with members made clear that WTO members “have no appetite to engage in negotiations on this topic at this time.” 
    Ambassador Adamu Mohammed Abdulhamid (Nigeria), Chair of the services negotiations, said he was in the process of consulting with members on the way forward in view of the built-in mandate to improve schedules of commitments, as well as the call by ministers at MC13 to reinvigorate work. 
    General Council Chair report on informal consultations
    The Chair of the General Council, Saqer Abdullah Almoqbel (Saudi Arabia, Kingdom of), reported on his recent informal consultations with members to explore the nexus between the current economic climate and its impact on the multilateral trading system.
    The assessment is clear, the Chair said: “The situation is challenging, but our resolve must be stronger. There is a firm belief that the WTO and the rules-based multilateral trading system it embodies must remain a cornerstone of our collective response to the challenges. Indeed, many members see this as an opportunity for the WTO to reaffirm its relevance and proactively address the current situation.”
    The Chair said he was considering convening an informal information session at the level of heads of delegations. This would start with a factual presentation on the current situation by WTO economists followed by a forward-looking exchange among heads of delegations on steps the WTO could take to address these impacts, particularly for the most vulnerable economies.

    Share

    MIL OSI Economics –

  • MIL-OSI New Zealand: Pre-Budget speech to BusinessNZ

    Source: NZ Music Month takes to the streets

    Good afternoon everyone. 

    Today my intention is to put this year’s Budget in context. 

    First, I want to speak briefly about our economic recovery here at home, and why I remain confident despite international uncertainty. 

    Then I’m going to make the case for the two big priorities of Budget 2025, fiscal consolidation and economic growth: why they matter and some steps we’re taking to make them happen.

    It’s fair to say Budget 2025 arrives against a challenging international backdrop. 

    Trade tensions overseas have seen growth forecasts revised down across the world, as exporters and consumers come under sustained pressure. 

    The sharp deterioration of financial markets in early April have somewhat recovered in recent days and weeks, but markets remain volatile. 

    Experts offshore are leaning into the uncertainty. 

    The Bank of Canada even chose to publish two separate scenarios in their latest statement, instead of one single set of forecasts.

    I don’t blame them for having a bob each way. 

    For a small, open economy like New Zealand, the international environment clearly matters a lot, but I remain confident about our recovery. 

    Inflation remains anchored below 3 per cent, and interest rates continue to fall, supporting households with the cost of living and providing the foundation for a domestic economic recovery. 

    The Official Cash Rate has fallen considerably, from 5.5 to 3.5 per cent, with economists picking further cuts are on the way soon. 

    I acknowledge for households, interest rate relief will be a slow and steady process.  

    For example, according to the Reserve Bank, average interest rates on outstanding mortgages have only now fallen for just 4 months in a row, having previously risen for 37 months in a row. 

    The good news is that financial relief for households will keep rolling, with around $60 billion of mortgages set to roll-over in just the next three months. 

    In short, the trend is our friend, even if I know many families and businesses won’t be feeling that relief quite yet. 

    At the same time, an export-led recovery is now well underway in regional New Zealand. 

    Dairy prices are strong, despite global headwinds, supporting farmers to pay down debt and put more money back into rural communities. 

    Fruit exports are booming, hitting $5 billion in value in the 12 months to March, driven by a big jump in kiwifruit sales. 

    The tourism industry is also growing rapidly, with visitor numbers continuing to recover, now hitting 86 per cent of pre-COVID levels. 

    Total tourism expenditure was up 23 per cent in 2024.

    It’s not surprising then that the recovery is looking brighter in regional New Zealand, and the South Island in particular.     

    Just last week Westpac highlighted that in Otago, Canterbury, and Southland, consumer confidence and growth in retail activity is outpacing the rest of the country. 

    Our government is working hard to support that rural recovery. 

    A steady diet of pro-growth deregulation, a strong focus on RMA reform, and fresh efforts to break into new markets offshore are highlights of that agenda so far. 

    We know the difference quality trade agreements can make to our growth prospects. For example, in the 12 months since the EU FTA came into force, exports to the European Union grew by 25 per cent.

    For exporters, that’s worth an additional $1 billion. 

    Whether it’s CER, the CPTPP, the China, UK, or more recent UAE and GCC FTAs, our farmers and exporters are blessed by a latticework of trade agreements, negotiated successively by Ministers and diplomats over many years.

    Clearly India will be an important next step, and it was positive to see Minister of Trade Todd McClay announce on Monday that the first formal round of FTA negotiations kicked off this week. 

    That brings me to this year’s Budget.

    It won’t surprise you to learn that lifting New Zealand’s long run economic performance has been our primary focus in designing Budget 2025. 

    Yes, that has shaped decisions we have made on individual initiatives, some of which I’ll touch on shortly. 

    But our fiscal strategy, including our desire to return to surplus, and the wider impact on inflation, interest rates, and growth has also been front of mind. 

    You might have seen Nicola Willis announce last week that this year’s operating allowance would be smaller than previously signalled, at just $1.3 billion. 

    That will be the smallest operating allowance in a decade and ensures Treasury can still forecast a surplus within the next four years. 

    That was the right decision for several reasons. 

    First, it represents a fresh commitment to necessary fiscal consolidation. 

    In recent years, New Zealand has been living beyond its means and that has come at a significant cost. 

    Since 2017, net core Crown debt has risen by around $120 billion.

    Put another way, that’s $60,000 in additional debt for every household in New Zealand. 

    As a proportion of the economy, debt has ballooned from just 21.6 per cent of GDP in 2017, to around 43 per cent of GDP today, higher than it has been at any time since the 1990s. 

    At the same time, the cost of servicing our national debt has more than doubled, from $3.5 billion in 2017, to almost $9 billion today.

    In some areas, spending more is the right thing to do. 

    In health, education, law and order, defence, and transport my government is prioritising significant new investments. 

    Each of those areas are a priority for New Zealanders and they require more funding to deliver the quality services Kiwis expect. 

    But that comes with trade-offs.  

    Spending more on everything, as some commentators have called for, would mean larger deficits, more debt, and ultimately fewer choices in future budgets as the cost of servicing our debt grows even larger and the prospect of returning to surplus evaporates. 

    Managing and responding to critical risks is also more challenging with high levels of public debt. 

    New Zealand was well served in the Global Financial Crisis, following the Christchurch Earthquake, and during COVID because successive Ministers of Finance made difficult choices to ensure New Zealand had low levels of public debt. 

    Our responsibility is to do what we can to leave a similar inheritance for future administrations. 

    Second, a smaller allowance supports lower interest rates and stronger business activity. 

    Sadly, recent experiences have forced us to re-learn the fundamentals of economics, including the reality that if governments borrow and spend too much, interest rates are forced higher to compensate, putting pressure on family budgets and private sector activity. 

    The good news is that the converse is also true. 

    More restrained fiscal policy supports interest rates to remain low, enabling businesses to grow and families to get ahead under their own steam. 

    ANZ’s initial estimate last week was that the smaller operating allowance would support interest rates being 5-10 basis points lower than otherwise. 

    Meanwhile, Treasury has estimated that with a tighter budget package, interest rates would be up to 30 basis points lower by the end of the forecast period. 

    For a family with a mortgage, or a farmer or entrepreneur taking on debt to grow their business, that means real financial relief and more opportunity to get ahead. 

    Careful spending, low interest rates, and robust private sector growth sits at the very heart of our government’s economic strategy, as we create jobs, boost exports, lift incomes, and promote innovation and investment.

    Prudent fiscal management also supports our economic reputation offshore. 

    For a small-open economy like New Zealand that’s critical. 

    It means we can borrow more affordably when we have to, and guarantees that even in periods of global turmoil, we are a trusted destination for trade and investment. 

    Third, the smaller operating allowance was the right call because keeping our word matters.  

    Nicola Willis has been consistent in her commitment to deliver a path back to surplus and to maintain debt at prudent levels. 

    Conditions can and do change, but it is a credit to her that Budget 2025 demonstrates a return to surplus, despite a challenging global backdrop.  

    That’s the result you expect when you anchor Budget decisions in your fiscal strategy, instead of allowing the pressures of the day to drag you off course. 

    I know there are some commentators calling for larger allowances and more spending. 

    They need to be honest that those decisions will mean more debt, more deficits, and an indefinite delay to New Zealand’s return to surplus. 

    More debt and more deficits is a fiscal strategy – but for a small, internationally-exposed country like New Zealand, it’s also an incredibly risky one. 

    At the same time, just as grey clouds bring silver linings, even tight Budgets present opportunities. 

    In Budget 2025, we will be taking further steps in our long-term mission to lift economic growth and boost productivity.  

    Earlier this year, we published our Government’s Going for Growth Agenda, which outlines a range of actions we are taking to get the New Zealand economy moving and realising its vast potential.

    Each of those actions fits into one of five pillars we have identified as critical to lifting economic growth and improving New Zealanders’ standard of living:

    Developing talent,
    Encouraging innovation, science, and technology,
    Introducing competitive business settings,
    Promoting global trade and investment,
    And delivering infrastructure for growth.

    Each of those pillars will have strong representation in Budget 2025. 

    Today I want to touch on just a few of them – and some small steps we are taking to underpin our growth mission. 

    Encouraging science, innovation, and technology is one of those key pillars. 

    In January at my State of the Nation, I spoke briefly about our vision for the sector. 

    I want to see a much sharper focus on commercialisation, stronger ties to the business community, and rapid access to ideas and innovation from overseas. 

    Capital investment will be critical to our growth journey, but New Zealand won’t achieve a step-change in our living standards if we invest more but continue to lag behind the global technological frontier. 

    In Budget 2025, we will be allocating the funding we need to give effect to the changes I announced earlier this year, including the establishment of three new Public Research Organisations. 

    I also know that following a review of the Research and Development Tax Incentive that kicked off last year, the business community has been looking for some certainty on the future of the programme.

    That review was required in law, and the final report has not yet been tabled in Parliament. 

    However, I can confirm today that we are retaining the RDTI in this year’s Budget so businesses have the certainty they need to keep investing and keep going for growth.

    Promoting global trade and investment has also been a focus of my government in 2025, even before the recent bout of uncertainty offshore. 

    As I said earlier, part of that task has been to bring fresh energy to New Zealand’s proud history of achieving trade agreements offshore, with Minister of Trade Todd McClay finalising two new trade agreements in the Middle East, while we continue to work hard towards a trade agreement with India. 

    But promoting New Zealand as an attractive destination for investment, and a shelter from the global storm, has also been a personal focus of mine. 

    In March, the government hosted an Investment Summit here in Auckland, with attendees representing an estimated $6 trillion in capital, as we showcased opportunities to partner with the Crown, Iwi, and the private sector.

    We are seeing some real progress, including an outstanding deal worth around $1 billion signed by Waikato Tainui and Brookfield Asset Management to further develop the Ruakura Inland Port.

    But of course, I want to see more. 

    Yes, that means getting the structural settings right, including rewriting the Overseas Investment Act, so major investments from offshore are consented faster and more reliably. 

    But for small countries – who have to compete hard for share of mind and share of wallet – we also need a team of national champions constantly making the case for New Zealand as an outstanding place to do business. 

    In January, I announced that team would be led by Invest NZ, an entity specifically responsible for attracting investment to New Zealand, and providing the critical concierge services that have allowed other countries like Ireland and Singapore to punch above their weight. 

    I can confirm today that funding will be allocated for Invest NZ in Budget 2025, ensuring they can crack on and get the job done. 

    Modern, reliable infrastructure – and my government’s efforts to deliver more of it to communities right across the country – will also play a major role in our Going for Growth plan.

    It’s why capital expenditure, including for frontline services like health and education, will be a priority in Budget 2025. 

    As I acknowledged earlier, the operating allowance in this year’s Budget will be a little smaller than previously signalled. 

    However, total capital expenditure allocated in the Budget is a little higher than forecast at $6.8 billion – split across health, education, defence, transport, and other portfolios. 

    When that is offset by savings identified in this year’s budget, it means the net capital allowance is $4 billion, compared to $3.6 billion previously signalled in the Budget Policy Statement. 

    For businesses, that investment represents an opportunity to develop critical skills and capability, promoting growth for many years to come. 

    For Kiwis, it will mean another big investment in the quality frontline services, like health and education, they deserve. 

    The two remaining pillars, our efforts to develop talent and to promote competitive business settings, will also feature prominently in the Budget, but I won’t be making be making announcements in those areas today.

    However, as Nicola Willis confirmed last week and I can confirm again today, there will be a small number of measures in this year’s Budget designed to make it easier for businesses to invest, whether they are based here or offshore.

    If we really want to create high-paying jobs, lift incomes, and make New Zealand a hub for innovation and investment, we need to make our business environment much more attractive. 

    I’m optimistic that Budget 2025 will take some positive steps in that direction. 

    The Minister of Finance was right last week to say Budget 2025 won’t be a lolly scramble.

    It’s not that we can’t afford it, although frankly we can’t. 

    It’s not that it wouldn’t feel good, because it might, for a little while. 

    No, it’s that we have a responsibility to stay disciplined and keep our eyes on the prize. 

    So far, we’re making real progress.

    Inflation is down, interest rates are falling, exports are rising, and the economy is growing. 

    For many New Zealanders, the prospect of a growing economy and rising incomes means a real shot at getting on top of the cost of living. 

    Now is not the time to put that risk. 

    In Budget 2025 that means staying focused, getting back to surplus, and maintaining a relentless focus on economic growth. 

    But for Kiwis, it’s about more than just the dollars and cents. 

    Lower inflation means less stress and less heartbreak, as prices stop skyrocketing and families finally stop falling behind. 

    Lower interest rates means a house becomes a home, not a source of pain and frustration as mortgage repayments crush weekly budgets. 

    And more economic growth means thriving local businesses, higher wages, more jobs, and ultimately more money in your back pocket.

    It means a chance to get ahead and beat the cost of living.  

    And it means we can have confidence that our best days lie ahead.

    New Zealand is the best country on Planet Earth.

    With the right choices, I think we can make it even better. 

    Thank you.

    MIL OSI New Zealand News –

  • MIL-OSI China: Chinese vice premier meets chairman of management committee of Abu Dhabi Investment Authority

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

    Chinese vice premier meets chairman of management committee of Abu Dhabi Investment Authority

    Chinese Vice Premier He Lifeng, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Majed Al Romaithi, chairman of the Management Committee of the Abu Dhabi Investment Authority (ADIA) of the United Arab Emirates, in Beijing, capital of China, May 7, 2025. [Photo/Xinhua]

    BEIJING, May 7 — Chinese Vice Premier He Lifeng met with Majed Al Romaithi, chairman of the Management Committee of the Abu Dhabi Investment Authority (ADIA) of the United Arab Emirates, in Beijing on Wednesday.

    He, also a member of the Political Bureau of the Communist Party of China Central Committee, said that China’s economy got off to a good start this year, with solid progress in high-quality development and continued improvements in social confidence and expectations.

    China is continuing to deepen its reform comprehensively, and making efforts to promote high-level opening-up in various fields such as finance, He noted, adding that China welcomes foreign financial institutions including the ADIA and long-term investors to engage in business in China and share in its development opportunities.

    Majed said the ADIA is optimistic about China’s economic prospects and is looking forward to conducting cooperation and exchanges with China in different fields.

    Chinese Vice Premier He Lifeng, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Majed Al Romaithi, chairman of the Management Committee of the Abu Dhabi Investment Authority (ADIA) of the United Arab Emirates, in Beijing, capital of China, May 7, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI USA: Senators Coons, Curtis introduce bipartisan legislation to help small businesses bring new technologies to market

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and John Curtis (R-Utah) today introduced legislation that would help innovative small businesses commercialize their technologies. The Research Advancing to Market Production (RAMP) for Innovators Act updates the SBIR/STTR programs—often called “America’s seed fund”—to turn more technological research into market-ready products.  
    A companion bill was also introduced today in the House by Representatives Chrissy Houlahan (D-Pa.) and Troy Balderson (R-Ohio). 
    “Innovative small businesses in Delaware and across the country drive our economy further, and we need to cut red tape so that it’s easier for these businesses bring their ideas to customers faster and profit off their research,” said Senator Coons. “The bipartisan RAMP for Innovators Act makes it easier for small businesses conducting government-funded research to more easily commercialize their work, ensuring these grants will strengthen our economy for years to come.” 
    “Utah’s small businesses are the backbone of our state’s economy, representing over 99% of all companies,” said Senator Curtis. “To sustain our economic strength and preserve Utah’s exceptional quality of life, it’s crucial that we empower these businesses to succeed. By improving programs that foster innovation and commercialization, our bipartisan legislation helps entrepreneurs develop new technologies and bring them to market—strengthening our economy and our competitiveness on the world stage.”
    “As an entrepreneur myself, I know the difficulties that small businesses in our Commonwealth and country face in scaling their operations and getting their products to the shelves,” said Representative Houlahan. “Federal programs that support our small businesses need to be both more efficient and more effective in order to make the American dream a reality for small business owners. The RAMP for Innovators Act provides entrepreneurs with streamlined access to the resources, intellectual property protections, and capital they need to scale, compete, and succeed. I’m proud to lead this bipartisan, bicameral legislation to ensure that more of the amazing, innovative technologies developed by American entrepreneurs become a reality, helping our nation maintain its competitive edge.”
    “America’s strength has always come from our ability to foster innovation and empower those willing to take risks,” said Representative Balderson. “The RAMP for Innovators Act ensures that our tech entrepreneurs have the tools they need to grow, compete globally, and transform bold ideas into real products, good-paying jobs, and lasting economic growth in places like Central Ohio and across the country.”
    The RAMP for Innovators Act builds on the success of two competitive programs for developing small business innovation: the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs. Currently, federal agencies use these programs to award grants and contracts to small businesses across the country for high-tech research that helps solve Washington’s research and development needs. However, various roadblocks and administrative delays make it hard for these businesses to turn their research into commercial products. The RAMP for Innovators Act cuts red tape around the SBIR/STTR programs to help more of these innovative businesses make money off their ideas on the open market.
    Specifically, the legislation would:
    Streamline and accelerate the SBIR/STTR application and award process
    Provide agencies a fast-track option for making awards to promising small businesses
    Designate a Technology Commercialization Officer at each agency with an SBIR/STTR program
    Provide awardees with robust and flexible technical assistance
    Provide awardees with access to I-Corps training to help bring their technologies to market
    Increase clarity on SBIR/STTR commercialization performance by requiring a metrics-based assessment
    Establish a fast-track patent examination process for awardees
    Senator Coons has long championed small businesses and entrepreneurs up and down Delaware and across the country. Last week, he introduced the bipartisan Made in America Manufacturing Finance Act with Senator Joni Ernst (R-Iowa) to reshape the financial landscape for small businesses. 
    This bill has been endorsed by the Information Technology and Innovation Foundation (ITIF), the University City Science Center, BPC Action, and the Delaware Small Business Development Center.
    “ITIF supports RAMP for Innovators, the Research Advancing to Market Production for Innovators Act, which will further bolster the commercialization potential of SBIR/STTR programs through improvements such as making commercialization potential a stronger consideration in project selection, clarifying that all awardees may use a share of Phase I and II funds for commercially oriented activities, and supporting the ability of innovators to secure intellectual property rights underpinning their inventions through stronger linkages with the PTO,” said Dr. Rob Atkinson, President of ITIF.
    “The University City Science Center heartily endorses the Research Advancing to Market Production for Innovators Act introduced by Senators Coons and Curtis and Representatives Houlahan and Balderson. This legislation would codify language that has already been signed into law to ensure that commercialization is central to the goals of SBIR and STTR. The RAMP for Innovators Act fulfills the mission of the 2016 SBIR/STTR recommendations from the National Advisory Council on Innovation and Entrepreneurship (NACIE) at the Department of Commerce. I was honored to serve as a member of NACIE during this time and believe these recommendations are necessary to fulfill our commercialization needs in this country,” said Tiffany Wilson, CEO of the University City Science Center.
    “American innovation is the foundation upon which U.S. economic competitiveness is built. Commercializing more new technologies helps the United States strengthen its edge over our competitors and ensures taxpayers get a good return on their investment in research and development. BPC Action applauds Senators Coons and Curtis, and Representatives Houlahan and Balderson, for their bipartisan leadership in reintroducing the RAMP for Innovators Act,” said Michele Stockwell, President of BPC Action.
    “Delaware SBDC is pleased to endorse the new SBIR Commercialization Bill, the Research Advancing to Market Production for Innovators Act. There are significant improvements to help entrepreneurs move innovation to commercialization,” said Mike Bowman, Director of Delaware Small Business Development Center. 
    Senators Coons and Curtis are members of the Senate Small Business and Entrepreneurship Committee.  
    You can read the one-pager here.
    You can read the full text of the bill here.

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Lauren Boebert Statement on HNR Reconciliation Package

    Source: United States House of Representatives – Representative Lauren Boebert (Colorado, 3)

    WASHINGTON, DC– Congresswoman Lauren Boebert (CO-04) provided the following statement on the passage of the House Natural Resources Committee reconciliation package:

    “I was proud to vote for the House Natural Resources Committee package, which saves taxpayers $18.5 billion and gets us one step closer to passing President Trump’s One Big, Beautiful Bill. This effort aligns with President Trump’s mission of unleashing American energy by utilizing our federal lands for energy exploration, streamlining our burdensome permitting process to help Colorado’s oil & gas producers, investing in water infrastructure, and stopping the implementation of Resource Management Plans in the West that have been created by D.C. bureaucrats and placed ideology ahead of Americans.”

    Congresswoman Boebert’s remarks from the House Natural Resources reconciliation hearing can be viewed HERE.

    The language for Congresswoman Boebert’s American Energy Act was included within the HNR reconciliation package, which will generate revenue by streamlining the permitting process and prohibits malicious lawsuits from holding up energy exploration projects.

    BACKGROUND:

    As part of the House Reconciliation process, the House Natural Resources Committee was tasked with passing a budgetary package to assist in cost savings for the American taxpayer. The following background information on the package is courtesy of HNR Committee Chairman Bruce Westerman (AR-04), who highlighted the following provisions:

    • Reinstating quarterly onshore oil and gas lease sales, generating $12 billion in revenue.
    • Mandating at least 30 lease sales in the Gulf of America over the next 15 years and six in the Cook Inlet, generating billions of dollars in new revenue.
    • Returning to reasonable oil and natural gas royalty rates.
    • Requiring geothermal lease sales, generating $23 million in new revenue.
    • Resuming leasing for energy production in the National Petroleum Reserve in Alaska and the Arctic National Wildlife Refuge, generating over $1 billion in new revenue and savings.
    • Resuming coal leasing on federal lands.
    • Increasing timber sales on federal lands and requiring long-term timber contracts.
    • Rescinding various wasteful slush funds established under the Biden administration in agencies such as the National Oceanic and Atmospheric Administration, the National Park Service, and the Bureau of Land Management.
    • Investing in water infrastructure in the West.
    • Providing funding to celebrate America’s 250th anniversary, including by establishing the National Garden of American Heroes.

    MIL OSI USA News –

  • MIL-OSI Security: Napa Valley Winery Owner Pleads Guilty To Aiding And Assisting In Filing Of False Tax Return

    Source: Office of United States Attorneys

    SAN FRANCISCO – Brian Fleury, 64, of Napa County, pleaded guilty in federal court today to aiding and assisting the preparation of a false tax return for the 2016 tax year.

    According to court documents and statements made in court, Fleury and his spouse owned Napa Valley winery Metropolitan Wines, LLC and several vineyards also located in Napa Valley.  For tax years 2014 through 2018, Fleury intentionally underreported income earned by Metropolitan Wines to his income tax preparer.  Fleury directed some customers to pay for their wine by writing checks directly to Fleury instead of to Metropolitan Wines.  Fleury wrote or directed his employees to write “OTB,” for “off the books,” on some of these customers’ invoices.  Fleury kept these payments for himself and did not report this as income earned by Metropolitan Wines.  Between 2014 and 2018, Fleury underreported his and his spouse’s income by $822,450.

    Fleury also admitted that from 2007 through 2019, he failed to pay federal excise tax that was due on brandy he received, possessed, and sold.  Fleury filed annual reports with the United States Department of the Treasury, Alcohol and Tobacco Tax and Trade Bureau (TTB) that falsely stated that no wine had been removed for distilling material, no wine had been produced with the addition of wine spirits, no distilled spirits were on hand, and no spirits had been sold or received in bond.  Fleury knew these statements were false.  

    In fact, in 2007, Fleury directed that 3,983 gallons of wine be transferred to a distilled spirits plant, and later that year, the plant returned 911.33 proof gallons of brandy to Metropolitan Wines.  Fleury also admitted that he had produced 2006, 2008, and 2009 vintage brandy, and that he bottled and sold brandy from 2013 through 2018 under the name “9 Fiddy” for $350 per 375 ml bottle in regular wine bottles to conceal his sale of brandy.  

    In total, Fleury caused a tax loss to the IRS and TTB of $211,092.

    Acting United States Attorney Patrick D. Robbins, IRS Criminal Investigation (IRS-CI) Special Agent in Charge of the Oakland Field Office Linda Nguyen, IRS-CI Special Agent in Charge of the Washington, D.C. Field Office Kareem Carter, and Anthony P. Gledhill, Assistant Administrator, Field Operations for TTB made the announcement.

    Fleury pleaded guilty to one count of aiding and assisting in the preparation of a false tax return in violation of 26 U.S.C. § 7206(2), which carries a maximum sentence of three years in prison.  He is scheduled to be sentenced on Aug. 13, 2025, before Senior U.S. District Judge Maxine M. Chesney. Any sentence will be imposed by the Court only after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

    Assistant U.S. Attorney Helen L. Gilbert is prosecuting the case with the assistance of Kathy Tat. The prosecution is the result of an investigation by IRS-CI and TTB, with assistance from the Federal Bureau of Investigation.
     

    MIL Security OSI –

  • MIL-OSI New Zealand: Speech at the AML Summit 2025

    Source: NZ Music Month takes to the streets

    Good morning and a warm welcome to everyone, it’s a pleasure to be here.

    Let me start by thanking AML Solutions for giving me the opportunity to speak on the 10th anniversary of the AML Summit. 

    I know you have a busy and interesting schedule to look forward to over the next couple of days.  This year’s conference theme is aptly named “The evolution of Risk”.  I understand that the presentations will focus on supporting reporting entities to understand what best-practice compliance looks like under a reformed risk-based and flexible AML/CFT system. 

    This theme is future-focused – and touches on issues I have spent a lot of time thinking about and planning for since becoming responsible for the AML/CFT portfolio in my role as Associate Minister of Justice. 

    You will likely know that last year Cabinet approved my plans for an AML/CFT reform programme.  The objectives of legislative reform are to meet the objectives this government committed to in our coalition agreement: and that is to tackle organised crime and cut red tape.

    How can New Zealand reform AML/CFT regulation to reduce burden on industry and support a common-sense approach to compliance; while still ensuring we are well placed to tackle organised crime and protect our international reputation as a trusted place to do business? 

    How do we equip ourselves to deal with new and emerging challenges and threats in this space?  How can we harness new technologies to help us fight crime more effectively and make it easier and cheaper for businesses to defend themselves against money laundering? 

    How will we ensure that we, as a country, are doing our part in this inherently global fight – in a fractious world where the nexus of organised crime and international conflicts is growing? 

    Over the last year I have taken advice and considered many of the challenges facing the sector in detail.  Many of you in this room, or online, will have been involved in and contributed to this advice.  I am so grateful for your hard work and specialist contributions.  Your expertise is invaluable – it enables robust discussion and informed decision-making. 

    Now is the time to deliver on our coalition commitments.  The Act has now been in force for 11 years and we know the current system is not delivering as well as it could for New Zealanders, businesses, or for law enforcement. 

    This is because the laws and requirements are highly complex and not sufficiently risk based.  As a result, they can be repetitive and unnecessarily burdensome.  I have heard from many New Zealanders that the requirements are confusing, obstructive, and costly.

    Some of the examples they have given me illustrate how absurd these requirements can be. I ’ve heard from mothers who’ve told me they cannot open bank accounts for their child unless they are able to prove where their child lives. I’ve heard from elderly widows, who had relied on their husbands to take care of bills and are now unable to have a bank account in their own name because they have no written proof to say they live in their own home.  These are clear indications of how the system is failing to take a properly risk-based approach.

    Multiple reviews of the current system have also identified deficiencies that make it harder for the system to effectively deter and combat the criminal activity that we know is taking place in New Zealand. 

    At New Zealand’s latest mutual evaluation, the Financial Action Task Force (FATF) reported on several strengths in the New Zealand system but also highlighted that there is room for significant improvement. 

    I know you will be aware that compliance with international standards is incredibly important for New Zealand’s global reputation and financial standing.  We know that FATF recommendations are now tougher, and that there are still many actions from our last evaluation that we need to address.  Regulatory reform is needed to ensure we do well at our next evaluation. 

    But let’s not belabour what we already know about the deficiencies. Let’s instead focus on opportunities for the future and what we can achieve through this reform programme.  To me, reform presents a great opportunity to enhance the strengths of our system, and to address identified concerns. 

    We know, for example, that the wider Financial Crime Group do excellent work, especially relating to asset recovery.  We only need to cast our eyes to very recent news stories – I’m thinking of the announcement last September of the highly successful operation against the Comanchero gang which saw $5.8 million worth of assets restrained – to know law enforcement across the system is working hard and achieving remarkable successes through their work.  A look at the latest Police annual report shows that over $72 million of assets were restrained from organised and financial crime, and 379 money laundering investigations resulted in prosecution.

    We also know there is sound domestic cooperation and coordination on monitoring possible terrorist financing – the FATF told us so, at our latest mutual evaluation. 

    The FATF have also noted that we are known internationally for our high-quality responsiveness to cooperation requests. 

    In other words, New Zealand already does lots of things well.  Our focus is therefore on improving the AML/CFT system to enhance these strengths.  Let’s enable the system and its actors to achieve the intended outcomes: to detect and deter money laundering and terrorism financing.

    This Government is about quality regulation.  We want regulation that achieves intended outcomes, regulation that makes sense and is workable for all.  This means getting rid of unnecessary red-tape– if regulation isn’t providing the results we are after, there is no point to it. 

    In the case of the AML/CFT system, regulation needs to contribute to the fundamental purpose of the system: tackling crime.  To do that effectively, we need an agile, streamlined system that is laser focussed on real risk. 

    A truly risk-based system will better enable law enforcement to crack down on organised crime by providing the financial intelligence needed to go after criminal organisations.  A truly risk-based system is more aligned with international obligations and standards.  A truly risk-based system will provide regulatory relief for lower risk businesses and the public.

    My reform programme, therefore, will be undertaken in three parts.  The first phase is already well-advanced and will deliver immediate regulatory relief via two bills – the first, the Statutes Amendment Bill, has already been reported back from Select Committee to the House of Representatives, and is likely to come into effect in the coming months.  The second, the Anti-Money Laundering and Countering Terrorism Financing Amendment Bill, is currently before select committee. 

    The changes made through these bills include removing both address verification requirements for many customers, and relaxing enhanced customer due diligence requirements for lower-risk trusts.  This will help make it easier for mums and dads to set up bank accounts for their kids, and easier for vulnerable kiwis – including the elderly – to get access to essential financial services. 

    This first set of reforms aims to make immediate changes, to make the AML/CFT system more risk-based and ease the regulatory burden on businesses.

    These changes alone already represent the most significant regulatory relief in the history of the AML/CFT regime.  But we do not intend to stop there.

    The second phase of changes focuses on structural reforms for the regime. Cabinet has agreed that, as part of these structural reforms, we will be implementing a single AML/CFT supervisor structure within the Department of Internal Affairs.  This will replace the current three-supervisor model. 

    This move will create a more efficient, effective, and risk-based supervisory structure – one that reduces unnecessary compliance costs for lower-risk businesses and transactions, removes the need for multi-supervisor coordination efforts – thereby reducing costs – and streamlines decision-making.

    A single supervisor can be more resource responsive to the ever-changing risk environment.  A single supervisor will be better able to deliver consistent and timely guidance to support reporting entities. 

    This will help to ensure that businesses have the confidence to take a more flexible approach to implementing their AML/CFT obligations and lower the barrier to accessing financial services for low-risk customers. 

    A single supervisor with overview of the wider AML/CFT environment will also be better able to look for and realise opportunities as they arise.  For example, I’m sure we all agree that there are opportunities and benefits to be gained in the digital identity and open banking areas.  In addition, the emergence of AI could herald improved, and more cost effective, electronic Know Your Customer (eKYC) functions, risk assessments, and suspicious activity reporting.

    Everyone here will be aware that in a world of increasing demands, the AML/CFT system in New Zealand is currently underfunded.  My phase two structural reforms will also see us work towards introducing a sustainable funding model for the system. 

    The new hybrid funding model will establish an industry-levy.  I will ensure that this levy is designed in a way that distributes the costs in a risk appropriate and equitable way, so that it targets the highest risk sectors – such as large international banks – and does not place an undue burden on small businesses. 

    This hybrid funding model will provide sufficient resourcing for core regulatory functions and deliver substantial savings to the Crown.  This approach is in line with what has been done in other like-minded jurisdictions, like Australia, the United Kingdom and Canada.

    As part of the work on the funding model, a work programme and a National Strategy will be developed in partnership with industry and agreed by Cabinet to ensure that the system is focussed on industry priorities.  Any changes to the levy will also need to be informed by the AML/CFT National Strategy. 

    Now, I know that many of you in this room will have opinions and views on the approach we have taken to these structural reforms.  I look forward to engaging with you and drawing on your sector expertise as we get stuck into the detail of this change process.

    The structural changes in phase two of my reforms will result in an amendment Bill that I aim to have introduced by the middle of this year.  Officials are currently working on the details of developing and implementing the levy, but I expect that the earliest it would be in place is by 2027.

    The third phase of these reforms will deliver wider legislative changes to implement international standards outlined by the FATF.  This Bill will be introduced later in this Parliamentary term.

    Doing this international compliance work will have a natural flow on effect that improves New Zealand entities’ ability to carry on with business and sharpens our law enforcement tools.  Importantly, it includes amendments to provide further flexibility for businesses to take a more risk-based approach to their AML/CFT obligations.

    The work programme was designed to address specific areas that were identified through robust stakeholder consultation during the 2022 Statutory Review of the AML/CFT Act and further targeted engagement has been undertaken since then.

    I am aware there is room for improvement in other areas as well – and some of you may be disappointed that more statutory reforms are not currently being progressed. 

    In arriving at my current statutory reform programme, I have taken a pragmatic approach – the current fiscal environment dictates that we are smart and outcomes-focused with our reforms.  Right now, this means prioritising the changes that will give us the biggest bang for our buck in terms of regulatory relief, while ensuring compliance with international expectations and supporting law enforcement to tackle organised crime and delivering regulatory relief. 

    We need to prioritise this legislative work programme first to ensure that changes to the law are made and the system is properly set up to take a risk-based approach in time for our next mutual evaluation in 2028.  I am excited and proud that this reform programme is on track to deliver the most significant regulatory relief since the Act came into force in 2013.

    But, like you, I want to do more, if I can.  I am committed to look for opportunities to do just that, not only through reforms to legislation, but also through considering potential exemptions and regulations that will support a more risk-based AML/CFT system.

    I look forward to working with you all as we move forward with all the parts of this reform programme.  To me, the key to successfully strengthening the AML/CFT system through these reforms is collaboration and leveraging expertise in the sector. 

    I encourage you all to participate in consultation when these opportunities come up.  We need people with experience and knowledge to get involved – we need you.  I look forward to hearing your views on how we can make the laws work for you. 

    Thank you for having me today, it’s a pleasure to be here with you all.  Enjoy your time here at the conference.

    MIL OSI New Zealand News –

  • MIL-OSI USA: ICE Yuma case results in Mexican national charged with possession of child pornography while attempting to enter the US

    Source: US Immigration and Customs Enforcement

    YUMA, Ariz. – Alan Xavier Cabrera, 27, of Mexico, was arrested April 25, and charged by criminal complaint for possession of child pornography. U.S. Immigration and Customs Enforcement is investigating this case.

    According to the complaint, on April 25, Cabrera applied for entry into the United States at the port of entry in San Luis, Arizona with a B1/B2 travel visa. Based on Cabrera’s behavior, Customs and Border Protection – Office of Field Operations examined his cell phone and identified numerous suspected images of child pornography, also known as Child Sexual Abuse Material. Homeland Security Investigations special agents were subsequently contacted for response and further action.

    A conviction for possession of child pornography carries a maximum penalty of up to 20 years in prison, a $250,000 fine, or both, and a term of supervised release up to life.

    A criminal complaint is simply a method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

    The United States Attorney’s Office, District of Arizona, Phoenix, is handling the prosecution.

    MIL OSI USA News –

  • MIL-OSI USA: ICE, multiagency taskforce investigation results in 5 illegal aliens charged in human smuggling event leaving at least 3 dead

    Source: US Immigration and Customs Enforcement

    SAN DIEGO – Two complaints were filed in federal court May 6 charging five people with participating in a human smuggling event that led to the deaths of at least three migrants, including a 14-year-old Indian boy. His 10-year-old sister is still missing at sea and presumed dead; their father is in a coma and mother is also hospitalized. U.S. Immigration and Customs Enforcement– Marine Task Force, U.S. Customs and Border Protection, United States Coast Guard, San Diego Lifeguard Service and San Diego County Medical Examiner’s Office are investigating this case.

    “Human smuggling, regardless of the route, is not only illegal but extremely dangerous. Smugglers often treat people as disposable commodities, leading to tragic and sometimes deadly consequences, as we saw in this case,” said ICE Homeland Security Investigations San Diego Special Agent in Charge Shawn Gibson. “Yesterday’s heartbreaking events are a stark reminder of the urgent need to dismantle these criminal networks driven by greed. HSI along with the U.S. Border Patrol, U.S. Coast Guard, and other partners from the Marine Task Force, remains firmly committed to holding those responsible accountable for these senseless deaths.”

    According to court records, on May 5, witnesses observed an overturned panga boat at a beach in Del Mar, California. Bystanders and San Diego lifeguards participated in rescue efforts. Law enforcement officials recovered three bodies, including the boy, identified in court records as P.P.B. Four other migrants were rescued and hospitalized, including P.P.B.’s mother and father; nine others were initially unaccounted for.

    Mexican nationals Julio Cesar Zuniga Luna, 30, and Jesus Juan Rodriguez Leyva, 36, believed to be involved in the smuggling event were taken into custody at the time of the incident. They have been charged with bringing in aliens resulting in death and bringing in aliens for financial gain.

    Border Patrol agents conducting operations in Chula Vista, California identified a vehicle that had been observed at the scene of the maritime smuggling incident earlier that day. The vehicle driver fled the scene before an arrest could be made. During the investigation, Border Patrol Agents identified two other vehicles involved in the smuggling event. They were able to successfully arrest the drivers of the load vehicle, and locate eight of the nine migrants missing from the boat, except for P.P.B.’s 10-year-old sister.

    Melissa Jenelle Cota, 33, Gustavo Lara, 32 and Sergio Rojas-Fregosa, 31, – all Mexican nationals – were arrested and charged with transportation of illegal aliens. Rojas-Fregoso, was identified as an alien who had previously been deported on Dec. 19, 2023.

    “The drowning deaths of these children are a heartbreaking reminder of how little human traffickers care about the costs of their deadly business,” said U.S. Attorney Adam Gordon. “We are committed to seeking justice for these vulnerable victims, and to holding accountable any traffickers responsible for their deaths.”

    The charges and allegations contained in an indictment or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

    This case is being prosecuted by Assistant U.S. Attorneys Sean Van Demark and Edward Chang.

    MIL OSI USA News –

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

    Source: NZ Music Month takes to the streets

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

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

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

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

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

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

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

    Notes to editor: 

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

    Maitahi Village (Nelson):

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

    Maitahi Village Expert Panel: 

    Honourable Lyn Stevens KC (chair) 

    Andrew Whaley

    Glenice Paine

    Sam Flewellen

    Delmore (Auckland): 

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

    Delmore Expert Panel:

    Helen Atkins (Chair) 

    Lisa Mein

    Nigel Mark-Brown

    MIL OSI New Zealand News –

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

    US Senate News:

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

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Q1 2025 HIGHLIGHTS

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

    ________________

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

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

    OUTLOOK

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

    The Company’s 2025 guidance remains unchanged as follows:

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

    Specific priorities for 2025 remain:

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

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

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

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

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

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

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

    HEDGE POSITION

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

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

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

    CONFERENCE CALL DETAILS

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

    To register to participate via webcast please follow this link:     

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

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

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

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

    ABOUT PIERIDAE

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

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

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

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

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

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

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

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

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

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

    Abbreviations

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

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

    The MIL Network –

  • MIL-OSI USA: AG Brown co-leads states suing to stop illegal termination of federal electric vehicle infrastructure funding

    Source: Washington State News

    SEATTLE — Washington is co-leading a lawsuit to stop the Trump administration from illegally terminating billions in congressionally approved funding for electric vehicle infrastructure – including a combined $1 billion in the plaintiff states, Attorney General Nick Brown announced today. Unless the courts check the president’s overreach, Washington stands to lose over $71 million in electric vehicle infrastructure funding.

    “The president’s illegal claw-backs aren’t spending reductions – they’re cash grabs that rob taxpayers, steamroll Congress, and stifle critical economic development,” Brown said. “Washingtonians are switching to electric vehicles at one of the highest rates in the nation. They deserve safe, reliable infrastructure to get their families from Point A to B.”

    The 2021 Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law, passed by Congress appropriated $5 billion for the National Electric Vehicle Infrastructure Formula Program, or the NEVI program, to fund states’ nationwide deployment of electric vehicle charging infrastructure to improve reliability and accessibility for the public.

    On Jan. 20, President Trump mandated federal agencies pause disbursement of all funds appropriated under the IIJA and the Inflation Reduction Act, including NEVI program funding. Despite being mandated by Congress to fund the NEVI program, the Federal Highway Administration notified states in February the agency was unlawfully revoking previous state plan approvals and withholding or withdrawing NEVI program funds from the states.

    Washington is a national leader in electric vehicle use, remaining in the top five states for electric vehicle adoption for more than a decade. The electric vehicle transition is critical to the success of Washington’s plans to cut transportation-related pollution.

    Transportation is the largest source of carbon pollution in Washington. Vehicle pollution causes health problems, such as cancer and asthma, and contributes to climate change. To combat climate change and protect the health of its residents, Washington has adopted zero-emission vehicle standards that require a percentage of the vehicles sold in Washington to be zero emission, starting with the 2025 model year.

    The state also has vehicle emissions standards that require all new passenger cars, light-duty trucks, and medium-duty vehicles sold in Washington be zero emission by 2035. The state has proactively invested in EV charging infrastructure for many years, but Washington’s ability to make this transition and meet its own statutory requirements is significantly hampered by the FHWA’s indefinite withholding of the NEVI program funds Congress directed to the state.

    The lawsuit filed today by Brown and 16 other attorneys general seeks a court order against FHWA’s unlawful actions, and a restoration of the electric vehicle infrastructure funding for the states.

    Brown is co-leading this lawsuit with California and Colorado. They are joined by the attorneys general of Arizona, Delaware, the District of Columbia, Hawaii, Illinois, Maryland, Minnesota, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Wisconsin.

    A copy of the complaint is available here and a copy of the motion for a preliminary injunction is here.

    -30-

    Washington’s Attorney General serves the people and the state of Washington. As the state’s largest law firm, the Attorney General’s Office provides legal representation to every state agency, board, and commission in Washington. Additionally, the Office serves the people directly by enforcing consumer protection, civil rights, and environmental protection laws. The Office also prosecutes elder abuse, Medicaid fraud, and handles sexually violent predator cases in 38 of Washington’s 39 counties.

    Visit www.atg.wa.gov to learn more.

    Media Contact:

    Email: press@atg.wa.gov

    Phone: (360) 753-2727

    General contacts: Click here

    Media Resource Guide & Attorney General’s Office FAQ

    MIL OSI USA News –

  • MIL-OSI: Oportun Announces Continued Board Evolution

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    About Oportun

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

    Forward-Looking Statements

    This press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to our future performance and financial position, are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events, financial trends and risks and uncertainties that we believe may affect our business, financial condition and results of operations. These risks and uncertainties include those risks described in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, we disclaim any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

    Additional Information and Where to Find It

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Q1 2025 HIGHLIGHTS:

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

    OUTLOOK(4)

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

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

    FIRST QUARTER 2025 CONFERENCE CALL

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

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

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

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

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

    SELECTED FINANCIAL INFORMATION

    OPERATIONS Three months ended

    Mar. 31, 2025

    		 Three months ended

    Mar. 31, 2024

    		 Three months ended

    Dec. 31, 2024

    		 Three months ended

    Sept. 30, 2024

    		 Three months ended

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

    Mar. 31, 2025

    		 Three months ended

    Mar. 31, 2024

    		 Three months ended

    Dec. 31, 2024

    		 Three months ended

    Sept. 30, 2024

    		 Three months ended

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

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

    NON-GAAP AND OTHER FINANCIAL MEASURES

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

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

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

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

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

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

      Three months ended

     March 31, 2025

    		 Three months ended

    Dec. 31, 2024

    		 Three months ended

    Sept. 30, 2024

    		 Three months ended

    Jun. 30, 2024

    		 Three months ended

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

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

    Net Debt

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

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


    Net Debt to annualized funds flow ratio

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

    ADVISORIES

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

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

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

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

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

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

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

    Production and Product Type Information

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

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

    Dividend Advisory

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

    Abbreviations

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    HIGHLIGHTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    FINANCIAL HIGHLIGHTS

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

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

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

    With approximately 10,000 employees, over 100 restaurants and annual System Sales exceeding $700 million, Vancouver-based KRL is the leading operator and franchisor of steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steakhouses. KRL has been named the number one restaurant company to work for in Canada in the latest edition of Forbes “Canada’s Best Employers 2025” survey.

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

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

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

    The MIL Network –

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

    Source: Whish Money

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

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

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

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

    About Visa:

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

    About Whish Money:

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

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

    MIL OSI – Submitted News –

  • MIL-OSI: Sprott Inc. Announces Results of its Annual Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (“Sprott”) (NYSE/TSX: SII) announced today the results of its Annual Meeting of shareholders held on May 7, 2025 (the “Meeting”). Sprott is pleased to announce that all resolutions put forward in the Management Information Circular dated March 18, 2025 (the “Circular”) to its shareholders were approved.

    Results of the matters voted on at the Meeting are set out below.

    Election of Directors

    Sprott’s seven (7) director nominees were elected:

    Nominee Votes For (percent) Votes Withheld (percent)
    Ronald Dewhurst 94.957% 5.043%
    Graham Birch 99.529% 0.471%
    Barbara Connolly Keady 97.844% 2.156%
    Dinaz Dadyburjor 98.813% 1.187%
    Whitney George 98.876% 1.124%
    Judith O’Connell 94.926% 5.074%
    Catherine Raw 95.496% 4.504%


    Appointment of Auditors

    KPMG LLP, Chartered Accountants, was re-appointed as auditor of Sprott and the board of directors of Sprott was authorized to fix the auditors’ remuneration and terms of engagement.

            Votes For (percent): 98.600%

            Votes Withheld (percent): 1.400%

    For further details on each of the above matters, please refer to the Circular available under Sprott’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.com.

    Final voting results on all matters voted on at the Meeting will be filed on SEDAR+ at www.sedarplus.com.

    About Sprott

    Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

    Investor contact information:

    Glen Williams
    Senior Managing Partner
    Investor and Institutional Client Relations
    (416) 943-4394
    gwilliams@sprott.com

    The MIL Network –

  • MIL-OSI: Altus Group Announces Voting Results of 2025 Annual General Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (ʺAltus Group” or “the Company”) (TSX: AIF), a leading provider of commercial real estate intelligence, released today final voting results from its annual general meeting of shareholders (the “Meeting”) held virtually earlier today. A total of 39,662,907 common shares were represented at the Meeting, representing 87.84% of the 45,154,806 Common Shares of the Company as at the record date on March 26, 2025.

    Each of the nominees proposed for election as a director as listed in the Company’s Management Information Circular dated March 26, 2025, was elected by a majority of votes to serve until the next annual meeting or until a successor is elected or appointed, as detailed below:

    Name of Nominee Votes For % Votes Withheld %
    Wai-Fong Au 39,098,051 99.14 340,078 0.86
    Will Brennan 39,386,226 99.87 51,903 0.13
    Angela L. Brown 38,462,331 97.53 975,798 2.47
    Colin J. Dyer 38,200,152 96.86 1,237,977 3.14
    Michael J. Gordon 39,313,842 99.68 124,287 0.32
    James V. Hannon 39,317,393 99.69 120,736 0.31
    Anthony W. Long 38,655,371 98.02 782,758 1.98
    Raymond Mikulich 38,406,803 97.38 1,031,326 2.62
    Carolyn M. Schuetz 39,218,970 99.44 219,159 0.56
    Thomas W. Warsop, III 39,156,178 99.29 281,951 0.71
    Janet P. Woodruff 38,173,037 96.79 1,265,092 3.21

    The motion with respect to the appointment of the Company’s auditor, Ernst & Young LLP, was approved by a majority of votes. A total of 39,564,401 (99.77%) votes were cast in favour, with 89,234 (0.23%) votes withheld.

    The advisory vote on approach to executive compensation was supported by a majority of votes, with a total of 38,395,561 (97.36%) votes cast in favour, and 1,042,568 (2.64%) votes against.

    A replay of the Meeting is available through a webcast posted on Altus Group’s website, www.altusgroup.com, under the Company section.  

    About Altus Group

    Altus connects data, analytics, and expertise to deliver the intelligence necessary to drive optimal CRE performance.  The industry’s top leaders rely on our market-leading solutions and expertise to power performance and mitigate risk. Our global team of ~2,000 experts are making a lasting impact on an industry undergoing unprecedented change – helping shape the cities where we live, work, and build thriving communities. For more information about Altus (TSX: AIF) please visit www.altusgroup.com. 

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Martin Miasko 
    Sr. Director, Investor Relations and Strategy, Altus Group 
    (416) 204-5136 
    martin.miasko@altusgroup.com 

    The MIL Network –

  • MIL-OSI USA: Grassley, Hassan Lead Legislation to Aid Victims of Identity Theft

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    Download broadcast quality video HERE
    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, and Sen. Maggie Hassan (D-N.H.), a fellow Finance Committee member, reintroduced the Improving Social Security’s Service to Victims of Identity Theft Act to provide efficient help for Americans whose social security numbers have been stolen.
    “Millions of Americans suffer from identity theft each year, and Social Security numbers are a top target. Unfortunately, when a victim calls up the Social Security Administration, they can be jerked around from one contact to another, having to reexplain the situation each time. Our bill will help streamline the process by providing a victim of identity theft with a single point of contact at the agency, easing this frustrating and stressful process,” Grassley said.
    “Victims of identity theft whose Social Security numbers have been stolen shouldn’t have to deal with a cumbersome and frustrating process to get help from the Social Security Administration,” Hassan said. “This bipartisan legislation is an important way to ensure that Americans whose identities are stolen can access support through a streamlined process and a single point of contact at the Social Security Administration. This is one of the many common-sense proposals in Congress to combat waste, fraud, and abuse of taxpayer funds without making it harder for people to access their hard-earned benefits.”
    Background:
    Misuse of Social Security numbers is a large problem, and victims who are affected by identity theft face hurdles when trying to resolve issues with large, multi-office agencies such as the Social Security Administration (SSA).
    Currently, a victim may have to engage in multiple procedures and work with numerous representatives at SSA to resolve Social Security related identity-theft issues. The Grassley-Hassan Improving Social Security’s Service to Victims of Identity Theft Act provides a single, focal point of contact at SSA to provide efficient resolution of an identity-theft victim’s issues.
    Additional cosponsors include Sens. Mike Crapo (R-Idaho), Catherine Cortez Masto (D-N.V.), Bill Cassidy (R-La.), Ron Wyden (D-Ore.), Todd Young (R-Ind.), Angus King (I-Maine), Bernie Sanders (I-Vt.) and James Lankford (R-Okla.).
    The legislation has the endorsement of numerous groups, including: AARP, Social Security Works, the National Committee to Preserve Social Security and Medicare (NCPSSM) and the National Organization of Social Security Claimants’ Representatives (NOSSCR).
    Full text of the bill can be found HERE.
    Download broadcast quality video of Grassley discussing the legislation HERE.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Durbin Requests Probe Into Justice Department Use Of Aircraft For Personal Or Political Purposes

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    May 07, 2025
    Request for a GAO review comes amid public reporting of Kash Patel’s repeated travel on government aircraft that raises questions about proper reimbursement and oversight compliance
    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, today requested a review of the Department of Justice’s (DOJ) use of government-owned aircraft by senior executives, in light of concerns about compliance with federal regulations that restrict nonmission-related travel and require reimbursement for personal or political use.
    In a letter to the Government Accountability Office (GAO), Durbin began by asserting his request, writing: “I write to request that the Government Accountability Office (GAO) conduct a comprehensive review of the Department of Justice’s (DOJ) use of government-owned aircraft by senior executives.”
    Durbin continued by outlining policies and procedures for executive air travel, writing: “Multiple components within DOJ—including the Federal Bureau of Investigation (FBI), Drug Enforcement Administration (DEA), and United States Marshals Service (USMS)—own, lease, and operate a fleet of aircraft primarily to support mission-critical DOJ operations such as counterterrorism, criminal surveillance, and interdiction of illicit drug trafficking. While use of government aircraft for nonmission-related needs is generally prohibited by federal regulations, such aircraft can be made available regardless of the trip’s purpose for ‘required use travel,’ which is travel that ‘requires use of a [g]overnment aircraft to meet bona fide communications needs (e.g., 24-hour secure communications), security requirements (e.g., highly unusual circumstances that present a clear and present danger), or exceptional scheduling requirements… of an executive agency.’ The President has typically designated two executives within DOJ as ‘required use’ travelers—the Attorney General and the FBI Director—due to their need for special protective security measures and secure communications while in flight. However, federal guidance requires that such travelers reimburse the government for any travel that is for political or personal reasons.”
    Durbin then cited recent reporting that FBI Director Kash Patel’s recent travel raises compliance questions, writing: “Some of these flights appear to coincide with official business,  but it is not clear whether all travel was mission-related or personal in nature. Nonetheless, this reporting underscores the need for clarity on whether DOJ executives—including the FBI Director—are complying with applicable regulations and reimbursement requirements for nonmission-related travel and whether DOJ has sufficient internal controls to track and enforce those obligations.”
    Durbin concluded with a request to update its 2013 report into the matter, writing: “Given these developments, I request that GAO review the circumstances in which DOJ aircraft are being used to transport executives for nonmission purposes, including the costs of these flights… This review is critical to ensuring the appropriate use of taxpayer resources and maintaining public trust in DOJ’s operations and use of taxpayer dollars.”
    For a PDF of the letter to GAO, click here.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: PHILADELPHIA – Governor Shapiro, DCED Secretary Siger to Highlight $30 Million Investment in the Philadelphia Navy Yard to Create More Jobs and Build Shovel-Ready Sites for Businesses

    Source: US State of Pennsylvania

    May 08, 2025 – Philadelphia, PA

    ADVISORY – PHILADELPHIA – Governor Shapiro, DCED Secretary Siger to Highlight $30 Million Investment in the Philadelphia Navy Yard to Create More Jobs and Build Shovel-Ready Sites for Businesses

    Governor Josh Shapiro and Department of Community and Economic Development Secretary Rick Siger will join legislators and local leaders to highlight the Shapiro Administration’s $30 million investment in Philadelphia’s Navy Yard Greenway District through the first round of the PA SITES (Pennsylvania Strategic Investments to Enhance Sites) program. The PA SITES program helps to build shovel-ready industrial sites across the Commonwealth to attract businesses, investments, and good-paying jobs.

    WHO:
    Governor Josh Shapiro
    Department of Community and Economic Development Secretary Rick Siger
    Senator Nikil Saval
    Representative Morgan Cephas
    Jodie Harris, President of the Philadelphia Industrial Development Corporation
    Mark Seltzer, Managing Director of Ensemble Investments, LLC
    Mark Lynch, Business Manager and Financial Secretary of IBEW Local 98

    WHEN:
    Thursday, May 8, 2024, at 11:00 AM

    WHERE:
    Philadelphia Navy Yard
    1200 Normandy Place,
    Philadelphia, PA 19112

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News –

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

    US Senate News:

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

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

    MIL OSI USA News –

  • MIL-OSI Canada: New Alberta voice in Washington

    For two decades, Alberta has had strong representation in the United States, advocating for Albertans and building integral relationships with key U.S. legislators, decision makers and investors.

    Through these relationships, Alberta and the U.S. have built a $187.2 billion bilateral trade partnership, with the U.S. accounting for 90 per cent of Alberta’s total exports. To maintain and continue building these ties, it is essential that Alberta has a skilled and experienced representative in D.C.

    To prioritize this work, Alberta’s government has appointed the Honourable Nathan Cooper as Alberta’s official representative to the United States, based at the Alberta Washington Office in the U.S. capital.

    Mr. Cooper will draw on his decades of experience in public service, including his most recent experience as Speaker of the Legislative Assembly of Alberta, to lead this important work, focusing on attracting investment, expanding trade opportunities and maintaining the relationships needed to connect Alberta with key decision makers in the U.S.

    “Alberta has seen a lot of success in building its relationship with U.S. decision makers, and much of that success is thanks to the hard work of James Rajotte as Alberta’s Senior Representative to the U.S. In this evolving landscape, Alberta must maintain and build on our ties with U.S. officials, and Nathan Cooper is the right choice to fill this important role. I look forward to continuing to work closely with Nathan as we advocate for Albertans and for our province’s interests in Washington and across the U.S.”

    Danielle Smith, Premier

    “I’m honoured to be entrusted by Premier Danielle Smith with this critical assignment at such a pivotal time. Now more than ever, I see this as a vital opportunity to strengthen and advance Alberta’s long-standing relationship with the United States, ensuring stability and collaboration amid global uncertainty.”

    Nathan Cooper, Alberta’s senior representative to the United States

    “Having worked closely with Nathan, I’ve seen his unwavering commitment to Alberta’s interests. His ability to bring people together, coupled with his deep understanding of U.S. politics, makes him the ideal representative for Alberta in Washington. I’m confident his leadership will be invaluable as we navigate challenges ahead.”

    Nate Horner, Minister of Finance

    “As Speaker of the Assembly, Mr. Cooper is highly respected for his wisdom, integrity and ability to find common ground across parties. I cannot think of a better representative for Albertans in Washington.”

    Deron Bilous, senior vice-president, Counsel Public Affairs and former NDP Minister

    “Over the past few years, we have had the opportunity to work with Speaker Cooper on the Alberta – Wisconsin relationship and look forward to expanding that in his new role here in the United States. I am confident Nathan’s extensive American connections will serve Alberta well as we seek to maintain our strong bilateral relationship.”

    Robin Vos, Speaker of the Wisconsin state assembly

    “As both a business and community leader, I have full confidence that Nathan will be an invaluable asset to businesses on both sides of the border. Given the complexities of today’s political climate, his ability to bridge divides and foster economic collaboration will prove indispensable.”

    Bob Dhillon, president and CEO, Mainstreet Equity Corp.

    “Team Canada needs a strong Alberta in Washington, and Alberta needs strong representation for our trading interests. There might be some tough days ahead for the relationship between Canada and the United States, but I know Nathan Cooper will work hard for Albertans and a strong Canada.”

    Shannon Phillips, former NDP Minister of Environment and Protected Areas

    Since 2005, Alberta’s presence in the U.S. capital has helped advance the province’s economic objectives with U.S. decision makers. Alberta’s envoys have managed this important relationship from the Alberta Washington Office, which is collocated within the Canadian Embassy.

    Biography for Nathan Cooper

    The Honourable Nathan Cooper served as the member of the legislative assembly for Olds-Didsbury-Three Hills from May 5, 2015 to May 7, 2025.

    On May 21, 2019, he was elected by his fellow MLAs as the 14th Speaker of the Legislative Assembly of Alberta.

    Before his time as an MLA, Mr. Cooper served as chief of staff and director of legislative affairs for the Wildrose caucus and completed two terms as a councillor for the Town of Carstairs. He also brings extensive experience in cross-jurisdictional parliamentary affairs, including:

    • As the longest serving Canadian speaker he became dean of the Canadian Speaker Association in 2025.
    • Leading numerous parliamentary delegations to the United States, with a strong focus on relationship-building.
    • Serving as an international guest speaker at Commonwealth Parliamentary Association conferences in Canada and other Commonwealth nations.

    Mr. Cooper’s proven leadership, deep understanding of parliamentary systems and commitment to building meaningful partnerships make him exceptionally well-suited to advance Alberta’s interests in the United States.

    Quick facts

    • James Rajotte, Alberta’s previous Senior Representative to the U.S. has returned to Edmonton after four and a half years representing Alberta in the United States. He continues to serve as a senior advisor to Premier Smith focused on the U.S. file, working out of Premier Smith’s office in Alberta.
    • The salary for the senior representative to the U.S. is publicly disclosed annually in accordance with the Public Sector Compensation Transparency Act.
    • Alberta has maintained offices abroad for more than 50 years and currently has 17 offices in key markets like the United States, Japan, South Korea, the United Kingdom, Mexico, India, Singapore and the Middle East.

    Related information

    • Alberta’s international offices

    MIL OSI Canada News –

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

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 Highlights:

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

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

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

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

    First Quarter 2025 compared to First Quarter 2024

    Financial Highlights

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

    Dividend Declaration – Quarterly Cash Dividend

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

    Stock Buyback Program

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

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

    Non-GAAP Financial Measures

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

    First Quarter 2025 Conference Call

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

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

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

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

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

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

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

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

    About OTC Markets Group Inc.

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

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

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

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

    Investor Contact:

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

    Media Contact:

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Q1 2025 Headlines:

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

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

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

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

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

    1. See Non-IFRS measures.

    Forward Looking Statements

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

    Non-IFRS Measures

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

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

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

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

    About Topicus.com Inc.

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

    About Constellation Software Inc.

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

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

    SOURCE: TOPICUS.COM INC.

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    – Eddie Ryan, Chief Executive Officer of Kneat. 

    Q1 2025 Highlights

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

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

    Recent Business Highlights

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

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

    – Hugh Kavanagh, Chief Financial Officer of Kneat. 

    Quarterly Conference Call

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

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

    Register Here

    Supplementary and Non-IFRS Financial Measures

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

    Annual Recurring Revenue (“ARR”)

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

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

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

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

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

    About Kneat

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

    Cautionary and Forward-Looking Statements

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

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

    For further information:

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

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

    The MIL Network –