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  • MIL-OSI: 2024 Earnings Report

    Source: GlobeNewswire (MIL-OSI)

    Continued recovery of margins and strong improvement in cash generation

    Relevance of the selectivity strategy implemented in 2024, prioritizing margins

    • Another year of strong improvement in adjusted EBITDA margin: 7.5% in 2024, up 40 basis points compared to 2023
    • Slight increase in adjusted EBITDA to €75.1 million, despite the 5.8% decrease in revenue
    • Gradual recovery in net income, group share: -€15.8 million in 2024, compared with -€22.7 million in 2023
    • Net income, group share adjusted for amortization of customer relationships: -€6.0 million, compared with -€12.9 million in 2023

    Sustained momentum for the Group’s profitable growth drivers

    • Confirmation of Germany’s strong potential: +33.6% growth, accretive adjusted EBITDA margin for the Group
    • Expansion of the Energy business: +28.5% growth, including +52.0% in France, driven by accelerated development in solar

    Strong improvement in cash generation, solid financial position

    • Net free cash flow: €5.9 million, compared with -€17.0 million in 2023
    • Net bank debt: €0.8 million at the end of 2024
    • Bank debt successfully refinanced in November 2024 for €120 million

    On track to meet 2026 targets

    • Tripling of revenue in Germany compared to 2023
    • Tripling of revenue in Energy in France compared to 2023
    • Adjusted EBITDA margin above 10% in the Group’s three main geographies: Benelux, France and Germany

    Today, Solutions30 SE is announcing its consolidated earnings for the year ended December 31, 2024, prepared in accordance with IFRS. Solutions30’s 2024 consolidated financial statements as approved by the Management Board were examined by the Supervisory Board on March 31, 2025. The auditors, PKF Audit & Conseil, have completed their audit of the consolidated financial statements for the year ended December 31, 2024. The audit report relating to the certification of these statements as well as the Group’s consolidated financial statements for 2024 are available on the Solutions30 website (www.solutions30.com) under the “Investor Relations” section.

    Gianbeppi Fortis, Chief Executive Officer of Solutions30, stated: “In 2024, we made the strategic choice to prioritize margin improvement over revenue growth, adopting a more selective approach in certain mature markets. This choice has paid off as, this year, we were once again able to significantly improve our margins and we even achieved a slight increase in our adjusted EBITDA, despite a decline in revenue. The German market, where we are now firmly established, has confirmed its strong potential. Increased infrastructure investment in Germany should further expand the range of opportunities available to us. Energy services also confirmed their status as a solid growth driver, particularly in France, where they accounted for almost 30% of our Q4 revenue, with excellent prospects, especially in renewable energy.
    Following significant transformations in 2024, both in our organization and in our business portfolio, we are entering 2025 on a solid footing, with renewed confidence in the Group’s fundamentals. We have set a clear path for 2026, which we presented at our Capital Markets Day last September: tripling our revenue in Germany and in energy services in France, and achieving an adjusted EBITDA margin above 10% in our three main geographies. We are well on track to meet these ambitions.”

    Key figures – Consolidated data
    In millions of euros 2024 2023 Change
    Revenue 996.0 1,057.0 (5.8)%
    Adjusted EBITDA 75.1 74.6 0.7%
    As a % of revenue (EBITDA margin) 7.5% 7.1%  
    Adjusted EBIT 28.4 22.6 25.6%
    As a % of revenue 2.9% 2.1%  
    Operating income 0.6 (2.7) n.a.
    As a % of revenue 0.1% (0.3)%  
    Net income, group share (15.8) (22.7) n.a.
    Adjusted net income, group share * (6.0) (12.9) n.a.
    Free cash flow 40.2 13.4  
    Free cash flow net 5.9 (17.0)  
           
    Financial position figures
    In millions of euros    		 31.12.2024 31.12.2023 Change
    Equity 108.1 124.6 (16.5)
    Net debt 73.8 78.4 (4.7)
    Net bank debt 0.8 (5.7) 6.5

    * Adjusted for amortization of customer relationships (group share) net of the associated tax impact – charge relating to past acquisitions, purely accounting in nature, with no cash impact, and unrelated to tangible assets.

    Solutions30’s consolidated revenue for 2024 amounted to €996.0 million, down -5.8% compared to 2023. This includes an organic contraction of -6.4%, a +0.2% impact from acquisitions, and a +0.4% favorable exchange rate effect. It reflects the Group’s strategic orientations, aimed at giving greater priority to margins over revenue growth, in a context where it is currently operating in markets and business segments at different stages of maturity. Solutions30 chose to scale down its exposure to the telecommunications sector notably in France and in Spain, where certain contracts no longer met its profitability requirements. At the same time, the Group accelerated its development in its profitable growth drivers in Germany and in energy services.

    Adjusted EBITDA amounted to €75.1 million, up +0.7% on 2023, despite lower revenue, reflecting a further increase in adjusted EBITDA margin to 7.5% from 7.1% in 2023 (+40 basis points). This performance reflects the relevance of the selective strategy implemented by the Group in 2024.

    Free cash flow reached €40.2 million, a clear €26.8 million improvement compared to 2023 (€13.4 million). This reflects a favorable trend in working capital, in a context where Solutions30 is increasingly and continuously focusing on profitability and cash generation. Net free cash flow, after repayment of lease liabilities and interest paid on these liabilities, turned positive in 2024, at €5.9 million, compared with a negative -€17.0 million in 2023.

    As a result, the Group’s financial position remains very solid, with a cash position net of bank debt close to breakeven at the end of 2024 (-€0.8 million). In addition, all financing needs are fully covered by the successful refinancing of the Group’s bank debt in November 2024, for a total amount of €120 million.

    Analysis by geographical segment

      2024 2023 Change
    Benelux      
    Revenue 371.6 381.6 (2.6)%
    Adjusted EBITDA 37.1 43.6 (14.9)%
    Adjusted EBITDA margin % 10.0% 11.4% (140 bps)
    France      
    Revenue 360.8 403.3 (10.5)%
    Adjusted EBITDA 34.1 35.5 (3.9)%
    Adjusted EBITDA margin % 9.5% 8.8% +70bp
    Other Countries      
    Revenue 263.6 272.1 (3.1)%
    Adjusted EBITDA 16.3 5.5 +196.4%
    Adjusted EBITDA margin % 6.2% 2.0% ‘+420bp
    HQ* (12.4) (10.0) 24%
    Revenue 996.0 1,057.0 (5.8)%
    Adjusted EBITDA 75.1 74.6 +0.7%
    Adjusted EBITDA margin % 7.5% 7.1% +40 bps

       * Costs related to the Group’s centralized functions

    Benelux

    In the Benelux, the Group’s leading geography in terms of revenue, revenue amounted to €371.6 million in 2024, down slightly by -2.6% (-2.8% organic) from a very high comparison basis (+72% in 2023). This decline is due to the Connectivity business (2024 revenue of €282.2 million, down -7.2%), as the fiber-optic roll-out in Belgium has been slowed by negotiations between service providers aimed at streamlining their roll-out operations nationwide. In addition, the merger between Proximus and Fiberklaar is prompting the adaptation of the Group’s operational processes.

    Energy revenue reached €64.8 million, up +11.6%, driven by the roll-out of smart meters and strong momentum in energy transition support services, notably with the entry into production of the contract to modernize over 1,000 km of low-voltage electricity network in Flanders. In addition, the acquisition of Xperal in September 2024 opens up new prospects in the solar sector in Benelux.

    Lastly, Technology activities maintained their strong momentum, with revenue up by +27.6% to €24.5 million, driven notably by the launch of a new IT support contract in the fourth quarter.

    The Benelux’s adjusted EBITDA margin remained in double-digit territory throughout the year at 10.0%, demonstrating the Group’s ability to effectively adapt its processes and organization to the temporary slowdown in the Connectivity business. Adjusted EBITDA thus amounted to €37.1 million in 2024.

    France

    In France, revenue amounted to €360.8 million, down -10.5% (-11.0% organic). Revenue from the Connectivity business contracted by -26.9% to €208.8 million, reflecting the selective measures implemented since the second quarter to improve margins. This has led the Group to significantly reduce its exposure to certain contracts that were no longer meeting its profitability requirements, with an impact compounded by the slow-down in the fiber roll-out market since the beginning of the year.

    In 2024, Solutions30 successfully continued to expand its Energy business, achieving sustained growth of +52.0% to reach revenue of €78.4 million, or 22% of the total (almost 30% in the fourth quarter). In the photovoltaic sector, the Group benefits from a highly dynamic market and a leading position. The Energy business thus represents a strategic diversification lever for the Group in France, with the ambition of reaching €150 million in revenue from this segment by 2026.

    In the Technology business, revenue amounted to €73.6 million, up +11%, driven by a surge in activity linked to the 2024 Olympics and continued momentum in IT support services.

    France’s adjusted EBITDA margin stood at 9.5%, up 70 basis points compared to 2023. This increase results from the increased selectivity strategy implemented in the Connectivity business, which prioritizes margin improvement over revenue growth. It also reflects the ramp-up of the Energy business and the associated scale effects, as well as ongoing efforts to streamline the organization and central functions.

    Other Countries

    In Other Countries, revenue amounted to €263.6 million, down -3.1%. This trend includes an organic contraction of -4.5% partially offset by a positive currency effect of +1.4%, reflecting the appreciation of the zloty and the pound sterling against the euro during the period.

    With revenue up +33.6% to €84.4 million, Germany confirms in 2024 its status as a powerful growth driver and the Group’s future third pillar in Europe, alongside Benelux and France. Leveraging strong relationships with Germany’s six main telecom service providers, Solutions30 is successfully replicating its business model in this market whose exceptional potential continues to materialize, supported by the accelerated roll-out of fiber networks, and strong future investment momentum in infrastructure in general.

    In Poland, strong growth continues, reaching +18.0% in 2024. In Italy, the agreement reached with the main telecom client has effectively eliminated the associated risk, allowed business to return to normal as of the third quarter, with progressively improving economic conditions expected over the first half of 2025. Revenue was down -16.0% for the year, but returned to growth in the fourth quarter. In Spain, where revenue contracted by -34.2%, the Group has considerably reduced its exposure to the mature telecoms market, and is restructuring its Connectivity business while refocusing on the Energy and Technology businesses. Finally, in the United Kingdom, revenue was down -23.3%, reflecting increased selectivity and a refocusing on the fiber and energy services markets.

    Adjusted EBITDA in Other Countries stood at €16.3 million, three times its 2023 level (€5.5 million). The adjusted EBITDA margin was 6.2%, compared with 2.0% in 2023. This significant improvement reflects Germany’s solid performance. It also results from the return to breakeven in Italy, after the losses recorded in 2023, as well as the initial progress made in the United Kingdom.

    Consolidated earnings

    On the basis of adjusted EBITDA of €75.1 million for 2024, after accounting for depreciation and operational of €14.9 million (compared to €22.8 million in 2023), and after amortization of the right-of-use assets (IFRS 16) amounting to €31.8 million (€29.2 million in 2023), the Group’s adjusted EBIT stood at €28.4 million, up +25.6% compared to 2023, representing 2.9% of full-year revenue (2.1% in 2023).

    Operating income returned to positive territory in 2024, reaching €0.6 million, compared with a loss of -€2.7 million in 2023. It includes:

    • €13.4 million in net non-current operating expenses. These expenses mainly include restructuring costs, reflecting the measures taken by the Group to support the selective downsizing in certain markets and to optimize its organizational structure accordingly, particularly in Spain, the United Kingdom, and France.
    • €14.5 million in amortization of customer relationships, stable compared to 2023. This charge, relating to past acquisitions, is purely accounting in nature, with no impact on cash flow, and does not relate to tangible assets.

    Net financial income was -€14.7 million, compared with -€13.1 million in 2023. It includes a bank interest charge of -€7.2 million, compared with -€5.4 million in 2023, mainly reflecting a higher average drawdown in 2024, and interest on leases (IFRS 16) of -€3.2 million (-€1.7 million in 2023). It also includes, in 2024, non-cash income of €1.1 million, linked to the downward adjustment of earn-out liabilities from past acquisitions (compared with a -€0.8 million charge in 2023).

    After accounting for a net tax expense of -€1.4 million, the Group’s share of So-Tec’s income (equity-accounted) for €0.4 million, and deducting minority interests of €0.7 million, Net income group share amounted to -€15.8 million, a considerable improvement compared to 2023 (-€22.7 million). Adjusted for the amortization of customer relationships net of the related tax impact, Adjusted net income Group share – which strictly reflects the Group’s operating performance – amounted to -€6.0 million, compared with -€12.9 million in 2023.

    Cash flow

    The Group’s 2024 operating cash flow was €56.6 million. The change in working capital, restated for non-cash items, represents an inflow of €1.6 million, compared with an outflow of -€26.2 million in 2023. In addition to the impact from the decrease in revenue, this sharp improvement reflects the Group’s evolving business profile, as well as the enhanced focus on cash generation, with favorable trends in average customer payment terms and advance payment flows. The change in working capital includes a significant reduction in factoring of -€40.5 million, due to a lower volume of receivables in France as a result of the aforementioned decrease in activity, as well as favorable payment terms in Germany. As a result, net cash flow from operating activities rose sharply in 2024, to €58.2 million, compared to €34.1 million in 2023.

    Net investments amounted to €18.0 million, or -1.8% of revenue, in line with their normative levels of around 2%, and were mainly related to information systems and technical equipment. In particular, Solutions30 relies on its proprietary IT platform, Smartfix, as a strategic tool to efficiently manage its large-scale operations. This platform accounts for the bulk of the Group’s annual investments.

    Overall, free cash flow amounted to €40.2 million in 2024, a significant improvement over 2023 (€13.4 million). After repayment of lease liabilities and related interest (IFRS 16), amounting to -€34.3 million, net free cash flow turned positive in 2024, at €5.9 million, compared with -€17.0 million in 2023.

    Taking into account -€3.5 million in earn-outs paid on past acquisitions, -€0.1 million in acquisitions made during the period, -€6.9 million in interest paid, -€14.3 million in net reimbursements of loans, -€1.9 million in debt issuance costs and the -€1.1 million impact of exchange rate fluctuations, the change in cash position was -€22.0 million.

    Financial position

    Solutions30 maintains a solid financial position, combining strong liquidity with a net financial debt of almost zero. At December 31, 2024, the Group’s gross cash position stood at €96.3 million, compared with €118.2 million at the end of December 2023. Gross bank debt amounted to €97.0 million, compared with €112.5 million at December 31, 2023, due to the repayment of loans during the year. As a result, the Group’s net bank debt was nearly breakeven, at €0.8 million at December 31, 2024, compared with a net cash position of €5.7 million at December 31, 2023.

    This financial position is all the more solid given the significant reduction in receivables sold under the Group’s non-recourse factoring program, which amounted to €69 million as of December 31, 2024, compared to €109 million as of December 31, 2023. Factoring can finance working capital from recurring activities that have fully developed, at a very modest cost. This program, combined with a solid financial position, provides Solutions30 with the resources it needs to finance its growth strategy.

    Including €68.8 million in lease liabilities (IFRS 16) and €4.1 million in potential financial debt linked to future earnouts and put options, the Group’s total net debt stood at €73.8 million at December 31, 2024, down slightly from €78.4 million at December 31, 2023.

    In November 2024, Solutions30 completed the refinancing of its entire bank debt, for a total amount of €120 million, including an effective loan of €83 million and a loan commitment of €37 million to finance growth. This new facility, arranged with a syndicate of eight core relationship banks, strengthens the Group’s financial base and provides it with the resources needed to support its continued expansion, particularly in the energy sector. With a 7-year maturity, it also extends the debt maturity profile while maintaining a cost comparable to that of the previous debt.

    Outlook

    Following a year in which Solutions30’s selective strategy proved effective, the Group intends to continue prioritizing margins over volumes in its most mature markets, while allocating more resources to segments offering the strongest prospects for profitable growth, particularly in Germany and in energy services.

    Confident in its positioning and ability to seize the numerous opportunities within its markets, the Group is fully committed to achieving its 2026 objectives, as presented at the Capital Markets Day held on September 26, 2024. These include achieving an adjusted EBITDA margin in excess of 10% in each of its three main geographies: Benelux, France, and Germany.

    In the Benelux, the Group is confident it will be able to capitalize on its leading market position and return to growth during 2025.

    In France, Energy Solutions revenue is set to triple compared with 2023, reaching €150 million in 2026. For Connectivity Solutions, the Group is focused on stabilizing its activity levels while applying strict contract selectivity.

    In Germany, Solutions30 is targeting a first milestone in 2026, with revenue ranging between €150 million and €200 million. Germany should continue to grow faster than the rest of the Group, ultimately becoming one of its largest contributors. In the longer term, the country is set to benefit from strong investment momentum in infrastructure, which should translate into numerous growth opportunities for Solutions30, not only in fiber optics, but also in Energy (smart grids, solar power, energy storage, electric vehicle charging infrastructure, smart meters) and Technology (rail network signaling, Internet of Things) businesses.

    In the rest of Europe, Solutions30 has adopted a portfolio management approach, aiming at sustaining Poland’s profitable growth, further improving performance in the UK, and either restoring margin in Italy and Spain by 2026 or initiating a strategic review in these two countries.

    Webcast for Investors and Analysts

    Date: Monday, March 31, 2025
    6:30 PM (CET) – 5:30 PM (GMT)

    Speakers:
    Gianbeppi Fortis, Chief Executive Officer
    Amaury Boilot, Group General Secretary

    Connection details:

    Webcast in French or English : https://channel.royalcast.com/solutions30-fr/#!/solutions30-fr/20250331_1

    Upcoming Events

    2025 Q1 Revenue Report – April 29, 2025 (after market close)
    TPICAP Conference – Paris – May 15, 2025
    Annual General Meeting – June 17, 2025
    Portzamparc Mid & Small Caps Conference –  June 19, 2025
    2025 Half-year Results – September 17, 2025 (after market close)
    2025 Q3 Revenue Report – November 5, 2025 (after market close)        

    About Solutions30 SE

    Solutions30’s mission is to make the technological developments that are transforming our daily lives accessible to everyone, individuals and businesses alike, especially with regard to the digital transformation and the energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1800 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland. The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30). Indices : CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Croissance.
    Visit our website to learn more: www.solutions30.com

    Contact

    Individual Shareholders:
    actionnaires@solutions30.com – Tel: +33 1 86 86 00 63

    Analysts/Investors:
    investor.relations@solutions30.com

    Press – Image 7 :
    Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.fr

    The Group uses financial indicators not defined by IFRS:

    • Profitability indicators and their components are key operational performance indicators used by the Group to monitor and evaluate its overall operating earnings and earnings by country.
    • Cash flow indicators are used by the Group to implement its investment and resource allocation strategy.

    The non-IFRS financial indicators used are calculated as follows:

    Organic growth includes the organic growth of acquired companies after they are acquired, which Solutions30 assumes they would not have experienced had they remained independent. In 2024, the Group’s organic growth included only the internal growth of its long-standing subsidiaries.

    Adjusted EBITDA is the “operating margin” as reported in the Group’s financial statements.

    Free cash flow corresponds to the net cash flow from operating activities minus the acquisitions of intangible assets and property, plant and equipment net of disposals.

    Calculation of free cash flow:

    In millions of euros 31.12.2024 31.12.2023
    Net cash flow from operating activities         58.2                 34.1        
    Acquisition of fixed assets, net         (18.6)         (21.4)
    Disposal of non-current assets after tax         0.7                 0.7        
    Free cash flow         40.2                 13.4        

    Net free cash flow corresponds to free cash flow less “Repayment of lease liabilities” and “Interest paid on lease liabilities” as shown in the Group’s consolidated statement of cash flows.

    Calculation of net free cash flow:

    In millions of euros 31.12.2024 31.12.2023
    Free cash flow         40.2                 13.4        
    Repayment of lease liabilities         (31.1)         (28.7)
    Interest paid on lease liabilities         (3.2)         (1.7)
    Free cash flow net         5.9                 (17.0)

    Cash net of bank debt corresponds to “Cash and cash equivalents” as it appears in the Group’s financial statements from which is deducted “Loans from credit institutions, long-term” and “Short-term loans from credit institutions, lines of credit, and bank overdrafts” as they appear in note 10.2 of the Group’s annual financial statements.

    Adjusted EBIT corresponds to operating income as shown in the Group’s financial statements, to which “Customer relationship amortization” and “Other non-current operating expenses” are added and from which “Other non-current operating income” is deducted.

    Reconciliation between operating income and adjusted EBIT:

    In millions of euros 31.12.2024 31.12.2023
    Operating income         0.6                 (2.7)        
    Customer relationship amortization         14.5                 14.4        
    Other non-current operating income         (2.2)                 (0.4)        
    Other non-current operating expenses         15.5                 11.4        
    Adjusted EBIT         28.4                 22.6        
    As a % of revenue         2.9        %         2.1        %

    The adjusted group share of net income corresponds to the “Net income, group share” as shown in the group financial statements, to which is added “Amortization of customer relationships, group share” and from which is deducted the “Tax impact on amortization of customer relationships, group share.”

    In millions of euros 31.12.2024 31.12.2023
    Net income, group share         (15.8)         (22.7)
    Amortization of customer relationships, group share         13.2                 13.1        
    Tax impact on amortization of customer relationships, group share         (3.4)         (3.3)
    Adjusted group share of net income         (6.0)         (12.9)

    Net debt corresponds to “Debt, long-term,” “Debt, short-term,” and long- and short-term “Lease liabilities” as they appear in the Group’s financial statements from which “Cash and cash equivalents” as they appear in the Group’s financial statements are deducted.

    Net debt/EBITDA ratio corresponds to “net debt” divided by annualized EBITDA.

    Net debt-to-equity ratio corresponds to “net debt” divided by equity.

    Net debt:

    In millions of euros 31.12.2024 31.12.2023
    Bank debt         97.0                 112.5        
    Lease liabilities         68.8                 76.4        
    Future liabilities from earnouts and put options         4.1                 7.7        
    Cash and cash equivalents         (96.3)                 (118.2)        
    Net debt         73.8                 78.4        
         
    Operating margin (Adjusted EBITDA)         75.1                 74.6        
    Net debt ratio 0.98 1.05
         
    Equity         108.1                 124.6        
    % of net debt         68.2        %         62.9        %

    Net bank debt corresponds to “Long-term loans from credit institutions” and “Short-term loans from credit institutions, lines of credit, and bank overdrafts” as they appear in note 10.2 of the Group’s annual financial statements from which are deducted “Cash and cash equivalents” as they appear in the Group’s financial statements.

    Net bank debt:

    In millions of euros 31.12.2024 31.12.2023
    Loans from credit institutions, long-term         74.3                 75.6        
    Short-term loans from credit institutions and lines of credit         22.7                 37.0        
    Gross bank debt         97.0                 112.6        
    Cash and cash equivalents         (96.3)         (118.2)
    Net bank debt         0.8                 (5.7)
    Cash net of bank debt         (0.8)         5.7        

    Gross bank debt corresponds to “Loans from credit institutions, long-term” and “Short-term loans from credit institutions, lines of credit, and bank overdrafts” as they appear in note 10.2 of the Group’s annual financial statements.

    Working capital corresponds to “current assets” as reported in the Group’s financial statements (excluding “Cash and cash equivalents” and “Derivative financial instruments”) less “current liabilities” (excluding “Debt, short-term,” “Current provisions,” and “Lease liabilities”).

    Working capital:

    In millions of euros 31.12.2024 31.12.2023
    Inventory and work in progress         24.7                 25.7        
    Trade receivables and related accounts         219.5                 211.6        
    Current contract assets         0.9                 1.0        
    Other receivables         79.1                 66.5        
    Prepaid expenses         6.1                 3.1        
         
              (171.7)         (200.1)
    Trade payables         (143.4)         (120.8)
    Tax and social security liabilities         (21.0)         (15.0)
    Other current liabilities         (56.8)         (18.9)
    Working capital         (62.6)         (46.9)
         
    Change in working capital         (15.6)         17.7        
    Non-monetary items         14.0                 8.5        
    Change in working capital adjusted for non-monetary items         (1.6)         26.2        
         

    Net investments correspond to the sum of the lines “Acquisition of current assets,”
    “Acquisition of non-current financial assets,” and “Disposal of non-current assets after tax” as they appear in the consolidated statement of cash flows.
    Net investments:

    In millions of euros 31.12.2024 31.12.2023
    Acquisition of non-current assets         (18.2)         (21.6)
    Acquisition of non-current financial assets         (0.4)         0.2        
    Disposal of non-current assets after tax         0.7                 0.7        
    Net investments         (17.9)         (20.7)

    Operating costs correspond to costs incurred for the Group’s operations, included in the “operating margin” (excluding structural costs).

    Structural costs correspond to costs incurred by the Group’s head office functions in various countries, included in the “operating margin” (excluding operating costs).

    Expenses related to the Group’s centralized functions refer to costs incurred by the parent company’s headquarters functions and are included in the “operating margin.”

    Attachment

    The MIL Network –

  • MIL-OSI: Publication of the 2024 annual report

    Source: GlobeNewswire (MIL-OSI)

    Solutions 30 SE has made available to the public and filed with the Autorité des Marchés Financiers (AMF), as well as with the Commission de Surveillance du Secteur Financier (CSSF), its annual financial report as at 31 December 2024. The report is available on the Solutions30 website (www.solutions30.com), in the Investors’ Area, under Publications / Financial Reports.

    Attachments

    The MIL Network –

  • MIL-OSI: Momentum launches new DEX on Sui with major trading competition

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, March 31, 2025 (GLOBE NEWSWIRE) — Momentum has emerged from stealth mode to launch the world’s first ve(3,3) decentralized exchange (DEX) combined with a token launch platform on the Sui blockchain.

    Inspired by the success of Aerodrome and purpose-built to turbocharge the growth of Sui, Momentum’s ve(3,3) DEX will leverage the $500M total value locked (TVL) in Momentum’s multi-signature liquidity layer to drive the next wave of DeFi innovation and user adoption. Trading is now live on https://app.mmt.finance/, with greater volume and liquidity set to coincide with the launch of an upcoming LFG Ramp-Up Liquidity Phase and WAGMI Trading Competition. (details below).

    Unlike traditional DEX models that prioritize liquidity providers, the ve(3,3) tokenomics model ensures perfect alignment among all stakeholders – liquidity providers, traders, and protocols – by structuring incentives so that 100% of emissions, trading fees, and rewards flow directly to Momentum users creating a flywheel effect.

    “We believe Sui is now entering a hyperbolic growth phase driven by BTCFi,” says Momentum CEO and co-founder ChefWEN (@ChefMMT_X), a founding engineer of Meta’s Libra project. “Momentum is excited to kick off the new phase of DeFi on Sui. Traders and liquidity providers will soon gain access to the lowest fees and highest APRs, powered by the ve(3,3) liquidity model.”

    The ve(3,3) system was created to align incentives so that all participants benefit:

    • Protocols boost liquidity and optimize APR by offering token incentives
    • Voters receive 100% of trading fees and bribes
    • Liquidity providers earn 100% of MMT emissions
    • Traders enjoy lower trading fees and reduced slippage

    Positioned as a cornerstone Sui ecosystem public good, Momentum’s launch of the ve(3,3) DEX will make on-chain trading more accessible to traders, retail investors, and institutions seeking deeper liquidity, less slippage and lower fees for superior user experience.

    Sui’s on-chain TVL has soared to over $2.08 billion between December 1, 2023, and January 5, 2025 — reflecting an impressive 1,261% growth in just 13 months. This explosive momentum is supported by a growing ecosystem of stablecoin integrations, including Agora USD (AUSD), First Digital USD (FDUSD), and Ondo Finance (USDY). Notably, Momentum is responsible for minting 100% of the supply for these stablecoins on the Sui blockchain, positioning it as a key infrastructure player. As DeFi on Sui accelerates, Momentum is poised to lead the next wave of adoption and liquidity expansion across the ecosystem.

    To accelerate the DEX debut, the LFG Ramp-Up Liquidity Phase launches on 31 Mar with a target of $50M TVL, followed by a 12 weeks WAGMI Trading Competition. Backed by key liquidity providers from Momentum’s investor networks, as well as protocols integrated with Momentum’s multi-sig solutions, the competition will reward early adopters with veMMT based on trading volume and liquidity provisioning ahead of the Token Generation Event (TGE).

    Over the past two years, Momentum has forged deep ties with Sui ecosystem partners, collaborating with the Sui Foundation, Agora Finance, AlphaFi, Bluefin, Bucket Protocol, Cetus Protocol, First Digital, Navi Protocol, Ondo Finance, Scallop, SpringSui, Suilend, Turbos Finance, Volo and more.

    In a recent strategic funding round led by Varys Capital, Momentum received support from well known institutional investors bringing the total raise to $10M, among them Coinbase Ventures, Circle Ventures, Sui Foundation, Aptos Foundation, Gate Ventures, Amber Group, Selini Capital, Jump, Arcanum Capital, WAGMI Ventures, DeWhales, MonkeVentures and Mysten Labs’ cofounder Adeniyi Abiodun.

    “The Sui ecosystem is at an inflection point, and we see Momentum as a key player in pushing its adoption forward,” said Darius Askaripour, Managing Partner at Varys Capital. “Their work is building the foundation for transparent liquidity mechanisms, allowing markets to be more accessible and fluid, and we’re thrilled to support them in this journey.”

    Varys Capital’s latest fund is backed by MBS Global, the family office for H.H. Sheikh Nayef Bin Eid Al Thani of Qatar’s ruling royal family, and Aquanow Ventures, Canada’s most prominent digital integration provider.

    About Momentum

    Momentum is the leading Move Central Liquidity Engine with solutions including Multi-Sig Treasury Management, Token Vesting, and Liquidity Provisioning. With over 35,000 active wallets, $500M in Total Value Locked (TVL), and $1.8B in Transaction Volume, Momentum is set to redefine the landscape with the launch of the first Move ve(3,3) DEX. Momentum was co-founded by ChefWEN (@ChefMMT_X), one of the founding engineers contributing to the Libra project at Meta.

    About Sui

    Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the ground up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing user-friendly experiences.

    For more information about Sui, please visit https://sui.io.

    For more information about Momentum, visit: Website | X | Linkedin | Telegram

    For media inquiries, please contact: team@mmt.finace and media@sui.io.

    Disclaimer: This press release is provided by Momentum. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2395ab7f-3801-4ed8-95ee-a72bda67d298

    The MIL Network –

  • MIL-OSI: COFACE SA: Disclosure of trading in own shares (excluding the liquidity agreement) made on March 24, 2025 to March 28, 2025

    Source: GlobeNewswire (MIL-OSI)

    COFACE SA: Disclosure of trading in own shares (excluding the liquidity agreement) made on March 24, 2025 to March 28, 2025

    Paris, 31 March 2025 – 17.45

    Pursuant to Regulation (EU) No 596/2014 of 16 April 2014 on market abuse1

    The main features of the 2024-2025 Share Buyback Program have been published on the Company’s website (http://www.coface.com/Investors/Disclosure-requirements, under “Own share transactions”) and are also described in the 2023 Universal Registration Document.

    Trading session
    of (Date)    		 Number
    of shares    		 Weighted
    average price    		 Gross amount MIC Code Purpose
    of buyback
    24/03/2025 9,000 17,7382 € 159 644 € XPAR LTIP
    25/03/2025 9,000 17,7627 € 159 864 € XPAR LTIP
    26/03/2025 9,000 17,9450 € 161 505 € XPAR LTIP
    27/03/2025 9,000 17,7907 € 160 116 € XPAR LTIP
    28/03/2025 9,000 17,7977 € 160 179 € XPAR LTIP
    Total 24/03/2025 – 28/03/2025 45 000 17,8068 € 801 308 €   LTIP

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    Q1-2025 results: 5 May 2025 (after market close)
    Annual General Shareholders’ Meeting: 14 May 2025
    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is listed in Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    1 Also in pursuant to Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (and updates); Article L.225-209 and seq. of the French Commercial Code; Article L.221-3, Article L.241-1 and seq. of the General Regulation of the French Market Authority (AMF); AMF Recommendation DOC-2017-04 Guide for issuers on their own shares transactions and for stabilization measures.

    Attachment

    The MIL Network –

  • MIL-OSI Security: Former Fifth-Grade Teacher at San Gabriel Valley School Sentenced to Four Years in Federal Prison for Possession of Child Pornography

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    RIVERSIDE, California – A former elementary school teacher who worked at a school district in the San Gabriel Valley was sentenced today to 48 months in federal prison for possessing more than 400 videos containing child sexual abuse material (CSAM).

    Steven Pilar, 47, of Las Vegas, was sentenced by United States District Judge Sunshine S. Sykes, who also ordered him to pay $115,000 in restitution.

    Pilar pleaded guilty in December 2024 to one count of possession of child pornography. He has been in federal custody since August 2024.

    In February and April of 2020, Pilar used his computer and a peer-to-peer file-sharing program called BitTorrent to download videos and images containing CSAM via the internet. Specifically, Pilar – at his then-home in Victorville – knowingly received and downloaded approximately 444 videos containing CSAM, and knowingly possessed the videos for a time before deleting them. 

    At the time of download and possession, Pilar knew these videos and images contained visual depictions of actual children engaging in sexually explicit conduct. 

    Many of the videos and images that Pilar knowingly downloaded involved a pre-pubescent minor and a minor who had not attained 12 years of age, sadistic and masochistic conduct, and sexual abuse and exploitation of an infant and toddler.

    Pilar was employed as a fifth-grade teacher working in the Hacienda La Puente Unified School District at the time of the offense. He no longer works at the school.

    In April 2020, Pilar was arrested on state charges, which were later dropped so a federal case could be pursued.

    “His actions caused direct and significant harm to the victims in this case, and his offense is aggravated by fact that he was teaching young children at the time,” prosecutors argued in a sentencing memorandum. “In fact, when [Pilar] downloaded and viewed the CSAM, he took part of a perpetual re-victimization of the victims.”

    The FBI and the San Bernardino County Sheriff’s Department investigated this matter.

    Assistant United States Attorney Joshua J. Lee of the General Crimes Section prosecuted this case.

    MIL Security OSI –

  • MIL-OSI: WithSecure Corporation: SHARE REPURCHASE 31.3.2025

    Source: GlobeNewswire (MIL-OSI)

    WithSecure Corporation, STOCK EXCHANGE RELEASE, 31 March 2025 at 6.30 PM (EET)
           
           
    WithSecure Corporation: SHARE REPURCHASE 31.3.2025  
           
    In the Helsinki Stock Exchange      
           
    Trade date           31.3.2025    
    Bourse trade         Buy    
    Share                  WITH    
    Amount             10 000 Shares  
    Average price/ share    0,9197 EUR  
    Total cost            9 197,00 EUR  
           
           
    WithSecure Corporation now holds a total of 296 890 shares  
    including the shares repurchased on 31.3.2025    
           
    The share buybacks are executed in compliance with Regulation   
    No. 596/2014 of the European Parliament and Council (MAR) Article 5
    and the Commission Delegated Regulation (EU) 2016/1052.  
           
           
    On behalf of Withsecure Corporation    
           
    Nordea Bank Oyj      
           
    Janne Sarvikivi           Sami Huttunen    
           
           
    Contact information:      
    Laura Viita      
    Vice President Controlling, Investor relations and Sustainability
    WithSecure Corporation      
    Tel. +358 50 4871044      
    Investor-relations@withsecure.com      

    Attachment

    The MIL Network –

  • MIL-OSI Security: Lower Ship Harbour — RCMP seeking information about hate motivated crime in Lower Ship Harbour

    Source: Royal Canadian Mounted Police

    RCMP Halifax Regional Detachment is investigating hate motived crime that occurred at a property in Lower Ship Harbour.

    On March 25, at approximately 11:10 a.m., RCMP Halifax Regional Detachment received a report of mischief at a residential property on West Ship Harbour Rd. RCMP officers learned that a Pride flag and an Every Child Matters flag located at the end of a driveway had been vandalized sometime the previous day.

    The mischief is considered to have been motivated by hate based on race, national or ethnic origin, sexual orientation, gender identity and expression.

    Investigators are asking for the public’s assistance to identify a person of interest who has grey hair and was wearing a black jacket, black pants and grey shoes at the time of the incident.

    The RCMP takes incidents of hate with the utmost seriousness and condemns these criminal acts.

    The investigation is ongoing. Anyone with information about this incident, or who can identify the person of interest, is asked to contact police at 902-490-5020. To remain anonymous, call Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    File #: 25-40728

    MIL Security OSI –

  • MIL-OSI Security: Twenty-Three Lubbock-Area Defendants Charged in Methamphetamine and Fentanyl Trafficking Cases

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    Twenty-three alleged methamphetamine and fentanyl traffickers in Lubbock, Texas, have been federally charged with drug crimes, announced Acting U.S. Attorney for the Northern District of Texas Chad E. Meacham.

    The defendants, charged in nine indictments, were apprehended on Wednesday, March 26th.  Initial appearances began today before U.S. Magistrate Judge Amanda ‘Amy’ R. Burch.

    This investigation began in March 2023.  Over the course of the investigation, law enforcement seized over 43 kilograms of methamphetamine, 285.4 grams of fentanyl (approx. 1,902 pills), 335.5 grams of cocaine, 2,296.7 grams of marijuana, and six firearms.  The 285.4 grams of seized fentanyl equals potentially 21,662 lethal doses of fentanyl.

    Those charged in the indictments include:

    •    Vida Tamor Overstreet, 49, charged with conspiracy to distribute methamphetamine, unlawful use of communication facility, distribution of methamphetamine

    •    Patrick Wayne Frazier aka Pat Pat, 38, charged with conspiracy to distribute methamphetamine, distribution of methamphetamine

    •    Juantay Dewayne Frazier aka Broadway, 39, charged with conspiracy to distribute methamphetamine, unlawful use of communication facility, possession with intent to distribute methamphetamine

    •    David Wayne Frazier aka Dinky, 39, charged with conspiracy to distribute methamphetamine, unlawful use of communication facility, possession with intent to distribute methamphetamine

    •    Santiago Daniel Baltazar aka Chago, 26, charged with conspiracy to distribute methamphetamine and fentanyl, distribution of fentanyl, possession with intent to distribute fentanyl

    •    Walter Wood, 36, charged with conspiracy to distribute methamphetamine and fentanyl, possession with intent to distribute fentanyl

    •    Santos Moncada aka Tos, 28, charged with conspiracy to distribute methamphetamine, distribution of methamphetamine

    •    Jessie Franco, 41, charged with conspiracy to distribute methamphetamine, distribution of methamphetamine, possession with intent to distribute methamphetamine

    •    Shondra Christine Walker, 40, charged with conspiracy to distribute methamphetamine, possession with intent to distribute methamphetamine

    •    Orian Emanuel Garcia, 35, charged with conspiracy to distribute methamphetamine, possession with intent to distribute methamphetamine

    •    Rudolfo Luna aka Roy Luna, 43, charged with conspiracy to distribute methamphetamine, distribution of methamphetamine

    •    Adam Lee Arredondo, 37, charged with conspiracy to distribute methamphetamine, possession with intent to distribute methamphetamine

    •    Justin Lee Dominguez, 37, charged with conspiracy to distribute methamphetamine, distribution of methamphetamine

    •    Anthony James Lockett, 44, charged with conspiracy to distribute methamphetamine and fentanyl, distribution of fentanyl, distribution of     methamphetamine

    •    Rita Adelita Castillo, 44, charged with conspiracy to distribute methamphetamine, distribution of methamphetamine

    •    Paul Wayne Frazier, 38, charged with conspiracy to distribute methamphetamine, possession with intent to distribute methamphetamine

    •    Charles Andre Sykes, 41, charged with conspiracy to distribute methamphetamine, possession with intent to distribute methamphetamine

    •    Heather Jane Whitehead, 40, charged with conspiracy to distribute methamphetamine, possession with intent to distribute methamphetamine

    •    Henry Tienda, Jr., 35, charged with conspiracy to distribute methamphetamine, possession with intent to distribute methamphetamine

    •    Gary Dewayne Bolton aka Bay Bay, 36, charged with distribution of fentanyl

    •    Arhmad Rashad Fountain aka Ra Ra, 47, charged with distribution of methamphetamine

    •    Rubith Diaz Rodriguez, age 24, charged with conspiracy to distribute methamphetamine, possession with intent to distribute methamphetamine

    •    Tyler Kristian Piseno, 37, charged with distribution of fentanyl.

    “Cooperation of local, state and federal law enforcement led to success in disrupting a drug trafficking organization,” said Dallas FBI Special Agent in Charge R. Joseph Rothrock. “These arrests will have a considerable impact on the distribution of methamphetamine in the greater-Lubbock area, and law enforcement will continue work together to ensure the safety and security of our communities.”

    “This operation sends a clear message that we will not tolerate the flow of illegal drugs into our neighborhoods,” said Eduardo A. Chavez, Special Agent in Charge of the DEA.  “By working together at every level of law enforcement, we are leveraging all available resources to destroy these criminal networks and commit to safeguard our communities from drug trafficking and violent crime.”

    An indictment is merely an allegation of criminal conduct, not evidence.  All defendants are presumed innocent until proven guilty in a court of law.

    If convicted, some of the defendants face up to life in federal prison.

    Acting U.S. Attorney Chad E. Meacham praised the joint efforts of all law enforcement agencies involved in the case, including the Federal Bureau of Investigation’s Dallas Field Office – Lubbock Resident Agency, the Texas Department of Public Safety, the Drug Enforcement Administration’s Dallas Field Office – Lubbock Resident Office, the Caprock HIDTA (High Intensity Drug Trafficking Area) Task Force, the U.S. Marshals Service, Homeland Security Investigations, the Lubbock Police Department, the Lubbock County Sheriff’s Office, the Texas Anti-Gang Center, the Levelland Police Department, and the Hockley County Sheriff’s Office.  The cases are being prosecuted by the West Texas Branch of the U.S. Attorney’s Office for the Northern District of Texas.

    This prosecution stems from an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation.  OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transitional criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks. Additional information about the OCDETF program can be found at https://www.justice.gov/OCDETF.  

    This investigation is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime.  Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs).
     

    MIL Security OSI –

  • MIL-OSI Security: Euless Man Sentenced to Federal Prison for Transporting Illegal Aliens in Tractor Trailer Tank

    Source: Office of United States Attorneys

    DEL RIO, Texas – A Euless man was sentenced in a federal court in Del Rio to 72 months in prison for his role in an alien smuggling operation.

    According to court documents, Oland Maurice McKenzie, 43, was the driver of an 18-wheeler tractor trailer truck that was stopped on June 29, 2023, as it was transporting 18 illegal aliens in metal grain hopper trailer. A Maverick County Sheriff’s deputy initiated the traffic stop when McKenzie failed to utilize a turn signal as he entered a parking lot. The deputy learned McKenzie did not have a commercial driver’s license required to drive the tractor trailer.

    During the traffic stop, U.S. Border Patrol agents arrived and initiated a canine inspection, which led to the discovery of 18 individuals inside the pneumatic tank trailer, which was a completely enclosed metal cylinder, commonly used to transport powdered concrete or sand.

    McKenzie was arrested and charged in a criminal complaint. He was eventually indicted by a grand jury for one count of conspiracy to transport illegal aliens placing lives in jeopardy and one count of illegal alien transportation placing lives in jeopardy. He was found guilty of both counts on May 1, 2024 by jury verdict.

    “The disruption by law enforcement on the front end of this event absolutely saved lives,” said Acting U.S. Attorney Margaret Leachman for the Western District of Texas. “The tractor trailer was loaded with human cargo and bound for San Antonio out of Eagle Pass. Fortunately, there were no injuries beyond heat exhaustion but, if not for our law enforcement partners, this event could have ended much worse—potentially resulting in death.”

    “This conviction highlights the severity of human smuggling and the critical need to enforce U.S. immigration and border security laws,” said ICE Homeland Security Investigations Special Agent in Charge for San Antonio, Craig Larrabee. “ICE and HSI will continue to target those who engage in these unlawful activities, which pose significant risks to public safety.”

    HSI and the U.S. Border Patrol investigated the case.

    Assistant U.S. Attorney Brett Miner prosecuted the case.

    ###

    MIL Security OSI –

  • MIL-OSI USA News: ONDCP Recognizes Law Enforcement’s Work to Stop Drug Traffickers

    Source: The White House

    class=”wp-block-heading has-text-align-center”>National High Intensity Drug Trafficking Areas Awards Ceremony Recognizes Excellence Across 14 Key Categories

    Washington, D.C.—Last night, the White House Office of National Drug Control Policy (ONDCP) recognized individuals and initiatives of the High Intensity Drug Trafficking Areas (HIDTA) Program at the 2025 National HIDTA Awards Ceremony for their critical work to combat the national security threat posed by drug traffickers, including those who traffic deadly illicit fentanyl in the United States, killing tens of thousands of Americans each year.  

    The Trump Administration is taking the fight to the cartels and drug traffickers in order to save American lives. The HIDTA Program plays a key role in disrupting and dismantling drug trafficking organizations and provides assistance to federal, state, local, Tribal, and territorial law enforcement agencies operating in areas determined to be critical drug trafficking regions across all 50 states. Last year, the 33 HIDTAs seized 4.1 million pounds of fentanyl and other drugs and denied drug traffickers $17.7 billion in illicit profits. For every dollar invested in the HIDTA Program, the American people get $68.07 in benefits, making HIDTA an effective and efficient use of taxpayers’ money, and an important tool in the nation’s effort to stop drug traffickers and save American lives.  

    The following awards were presented March 27 to individuals and initiatives of the HIDTA Program for their efforts to reduce the supply and trafficking of dangerous drugs in communities across the country: 

    INVESTIGATIVE COLLABORATION

    Chicago HIDTA, Chicago HIDTA Counternarcotics and Cryptocurrency Task Force

    Created to identify, disrupt, and dismantle transnational criminal organizations (TCOs), the Chicago HIDTA Counternarcotics and Cryptocurrency Task Force (CNCTF) targeted one of the largest, fastest-growing dark net markets in the world – Nemesis Market. This marketplace facilitated drug trafficking, fraud, hacking, and other illicit activities responsible for more than $20 million in illicit transactions to more than 150,000 registered users around the world. Led by DEA and comprising an array of federal and local partners, CNCTF undertook Operation Keyboard Warrior, which received designation by the Organized Crime Drug Enforcement Task Forces (OCDETF). In March 2024, CNCTF, working with the Federal Bureau of Investigation (FBI) and the German Bundescriminalamt, disrupted Nemesis Market by executing simultaneous, multinational search and seizure warrants on critical technological infrastructure. The warrants resulted in nearly $1 million in frozen and seized cryptocurrency-related assets, twelve computer servers, various electronic devices, and terabytes of data containing financial records and personal information of more than 1,000 vendors trafficking in drugs and engaging in fraud, hacking, and forgeries on the marketplace. CNCTF leveraged this information to effect arrests and warrants in eight U.S. federal districts, and provided investigative leads to foreign law enforcement counterparts in multiple countries using international treaty-based disclosure agreements that were novel to cyber cases.

    PROSECUTION

    South Florida HIDTA, Assistant U.S. Attorneys Kevin Gerarde and Sean McLaughlin

    With the support of the South Florida HIDTA and assistance from the Drug Enforcement Administration (DEA), Assistant United States Attorneys (AUSAs) Kevin Gerarde and Sean McLaughlin secured a jury verdict against the Premier of the British Virgin Islands (BVI) for drug trafficking. Andrew Fahie, who was elected as the Premier in 2019, was accused of assisting the Sinaloa Cartel in transporting loads of cocaine weighing three metric tons from the coast of Colombia through the BVI en route to the United States for distribution. In exchange for his assistance, Fahie allegedly received a 12 percent cut of the proceeds when the cocaine was sold in the United States. After an extensive undercover operation conducted with the United Kingdom’s National Crime Agency and the Royal Virgin Islands Police Force, DEA arrested Fahie. In prosecuting Fahie, AUSAs Gerarde and McLaughlin overcame a variety of evidentiary challenges, including United Kingdom and BVI foreign law determinations regarding the applicability of U.S. money laundering statutes. On February 8, 2024, the jury returned a verdict finding Fahie guilty on all counts, and he was subsequently sentenced to 135 months imprisonment.

    PUBLIC HEALTH/PUBLIC SAFETY COLLABORATION

    Texoma HIDTA, Caprock Drug Initiative

    The Texoma HIDTA’s Caprock Initiative launched a program at the behest of local officials to address alarming increases in fentanyl overdoses in and around Lubbock, Texas. Since its inception, the program has reached nearly 26 thousand individuals from all walks of life. Undertaken with substantial support from the United States Attorney’s Office, the Texas Anti-Gang Center, and the Lubbock County District Attorney’s Office, the program has become the most requested fentanyl awareness presentation in the South Plains region. It has been presented to numerous local schools, including to the Texas Tech football team. The program provides candid, factual information from people in recovery, overdose survivors, and families of overdose victims. It is credited with raising public awareness and contributing to a reduction in overdoses in the region.

    HIDTA SUPPORT

    Atlanta Carolinas HIDTA, Lydia Sheffield

    Lydia Sheffield has served the Atlanta Carolinas HIDTA for two decades, providing continuity with her outstanding support to three executive directors. In addition to her myriad duties as the Executive Assistant, Ms. Sheffield is the primary Performance Management Process (PMP) Coordinator for the HIDTA, and has established herself as an expert user of PMP. In that role, she has generously provided training to PMP users from multiple other regional HIDTAs at the behest of the National HIDTA Assistance Center and to National HIDTA Program staff. Ms. Sheffield has drawn upon her own background and experience as a skilled trainer to develop curriculum materials to support trainings to both peer PMP coordinators and initiative commanders across the United States.

    INVESTIGATION INVOLVING INNOVATIVE APPROACHES

    Gulf Coast HIDTA, Mobile Baldwin Major Investigations Team

    In 2023, the Mobile Baldwin Major Investigations Team (MBMIT) began investigating a deactivated DEA confidential source who was coordinating large shipments of methamphetamine, fentanyl, and cocaine from Texas and Georgia into the Mobile, Alabama area. Because the former source was familiar with law enforcement communication and investigative techniques and was still being used by local law enforcement agencies, the source was emboldened to conduct illicit drug-related transactions via an end-to-end encrypted phone app. MBMIT agents successfully executed a search warrant to clone the source’s phone and initiated real-time Title III intercepts of the encrypted app. This was the first time an end-to-end encryption application was successfully intercepted in the New Orleans Division and only the third time this type of intercept had been conducted worldwide within DEA. The success of this investigative technique enabled 120 electronic and voice Title III intercepts resulting in 24 state and federal arrests, the seizure of 19 kilograms of cocaine and 20 kilograms of methamphetamine, and the seizure of over $500,000 in cash, jewelry, and vehicles. Additionally, these intercepts lead to the identification and follow-on investigation of regional drug traffickers in the United States with links to multiple Mexican TCOs.

    INTELLIGENCE AND INFORMATION SHARING

    Nevada HIDTA, Investigative Research Assistant Phillip Scichilone

    In early 2024, the Nevada Highway Patrol received a tip regarding a suspicious trucking company suspected of transporting illicit drugs from northern Nevada across the county, and subsequently passed the tip to Investigative Research Assistant Phillip Scichilone. Mr. Scichilone provided Northern Nevada Interdiction Task Force members with key intelligence related to the travel patterns of the vehicle involved, suspicious financial activity of the trucking company, and identification of the suspected owner and driver of the vehicle. The task force used this information to interdict the vehicle involved, resulting in the seizure of approximately $1 million and the identification of the driver and passenger, who were suspected of being linked to a known terrorist organization. After conducting follow-up analysis linking the suspects to out-of-state DEA and FBI investigations, Mr. Scichilone connected representatives of both agencies to deconflict and share information and then worked with both agencies to pass on key intelligence information.

    INTERDICTION

    New England HIDTA, Greater Boston HIDTA Task Force

    The Greater Boston HIDTA Task Force, co-led by the FBI and Homeland Security Investigations (HSI), initiated an investigation targeting a California-based drug trafficking organization (DTO) involved in large-scale illicit drug smuggling, distribution, and transportation from the Southwest Border to destinations throughout the United States and Canada. The initial phase of this ongoing investigation resulted in the disruption of a large-scale criminal enterprise with two arrests and the interdiction of 32 kilograms of methamphetamine and 490 kilograms of cocaine from a tractor trailer that traveled cross country to meet with undercover law enforcement agents in Massachusetts. The Massachusetts State Police have claimed this to be the largest seizure of narcotics from a tractor trailer in New England history, and the ongoing investigation has wide-ranging impact on DTO operations in the United States, Mexico, and Canada.

    INVESTIGATION INVOLVING A VIOLENT ORGANIZATION

    Texoma HIDTA, ATF Oklahoma City Violent Crime Initiative

    The ATF Oklahoma City Violent Crime Initiative led interagency Operation Sonic Boom that used information from the National Integrated Ballistic Information Network (NIBIN) to overlay maps of Oklahoma City with shooting incidents to identify critical, high gun violence areas to deploy additional resources. In a 60-day operation, ATF Confidential Sources and Undercover Agents conducted 117 undercover firearm purchases that led to the indictment of 64 defendants and the seizure of 110 firearms, 83 machinegun conversion devices (MCDs), 53 kilograms of methamphetamine, 5 kilograms of cocaine, and more than 1.5 kilograms of fentanyl tablets. Highlighting the critical links between the undercover operations in this case and the ongoing violent crime investigations in Oklahoma City, twelve of the firearms purchased by undercover agents had confirmed links in NIBIN to open shooting and homicide cases by violent criminal gangs in the greater Oklahoma City area. From a HIDTA perspective, the case was also a statistical success, with investigators identifying eight separate Drug Trafficking or Money Laundering Organizations and disrupting six of them during the course of the operation. 

    COMMUNITY IMPACT INVESTIGATION

    Northwest HIDTA, DEA Bellingham Regional HIDTA Task Force

    Over the past year, the DEA Bellingham Regional HIDTA Task Force (BRHTF) initiated an investigation that resulted in a substantial impact concerning public safety and health on the greater Lummi Nation Tribal Lands. Over a one-year period, BRHTF, along with partner agencies, seized over 850,000 fentanyl pills, seven kilograms of fentanyl powder, seven kilograms of cocaine, 29 illicit firearms, over $120,000 in U.S. currency, and disrupted a centralized DTO responsible for trafficking and distributing fentanyl and other drugs in the Lummi Nation within Whatcom County, WA. This investigation resulted in a notable decrease in both fentanyl availability and overdose deaths on Lummi Tribal Lands.

    OVERDOSE REDUCTION

    South Texas HIDTA, Laredo DEA HIDTA Task Force

    In 2023, the DEA Laredo District Office created a HIDTA Overdose Task Force initiative to address the dramatic rise in overdose deaths in Laredo, Texas, and its surrounding communities. The City of Laredo experienced 21 overdose deaths in 2021, rose to 41 overdose deaths in 2022, and was on pace to experience nearly 100 overdose deaths in 2023, when the task force was launched. Formed with multiple local and federal agencies and comprising six task force officers, the task force proved to be effective, with Laredo reporting 73 deaths in 2023, well short of the expected numbers. Throughout 2024, Laredo and its surrounding communities experienced 40 overdose deaths, and preliminary data indicate the city is on pace for a remarkable 45 percent decrease.

    INVESTIGATION

    Arizona HIDTA, Metro Intelligence Support and Technical Investigative Center (MISTIC)

    Throughout 2024, the Phoenix Police Department (PPD) Drug Enforcement Bureau’s (DEB) Conspiracy Squad and the DEA Phoenix Field Division’s Financial Investigations Group (FIG) conducted a long-term, complex investigation that targeted a TCO responsible for the trafficking and distribution of bulk quantities of illicit drugs, as well as for money laundering. Investigators conducted 2,000 hours of surveillance, utilized 225 court orders and search warrants, and initiated 35 wire intercepts targeting TCO members. Through the course of this investigation, detectives identified, disrupted, and dismantled the international drug trafficking activities of both foreign and United States-based sources of supply, load coordinators, couriers, stash house operators, and distribution coordinators, while also dismantling metropolitan Phoenix-based DTO operations.

    TASK FORCE OF THE YEAR

    Appalachia HIDTA, Appalachia HIDTA Diversion Task Force

    In response to an influx of counterfeit pharmaceuticals flooding southeastern Kentucky that were contributing to a rise in drug poisoning deaths, investigators with the Appalachia HIDTA Diversion Drug Task Force initiated an investigation into a dark net market distributor operating under the name GreenBeansUSA. This investigation was conducted jointly with the Appalachia HIDTA DEA London Task Force in coordination with the FBI, Internal Revenue Service, and U.S. Postal Inspection Service under the OCDETF Operation “Loyal Business.” Investigators identified GreenBeansUSA as a global supplier responsible for the sale and distribution of over 16 million counterfeit pharmaceutical pills, and the receipt of over $11 million in drug proceeds in the form of illicit cryptocurrency. In the course of the operation, investigators issued more than 200 grand jury subpoenas, 47 pen registers, 8 ping orders, Mutual Legal Assistance Treaty (MLAT) requests, IP analysis, blockchain and cluster analysis, 2703(d) orders, undercover purchases, undercover money laundering operations, pole cameras, and electronic search warrants to multiple telecommunications and technological entities. Their efforts resulted in federal indictments of six key members of the organization, the seizure of 11 kilograms of controlled pharmaceuticals (nitazene, benzodiazepine, and ketamine), six pill press machines, and approximately $1.2 million in assets.

    HIDTA AWARD FOR EXCELLENCE

    Ohio HIDTA, Sergeant Breck Williamson, Ohio State Highway Patrol

    Sergeant Breck Williamson has distinguished himself as both a prolific and successful interdictor of illicit drugs transiting the nation’s highways, and as an expert instructor and mentor to other officers conducting highway interdictions. Since October 2023, Sergeant Williamson has personally seized over 405 pounds of methamphetamines, 11 pounds of fentanyl, 141 pounds of cocaine, 3,203 pounds of marijuana, and $135,000 in U.S. currency. He also serves as an instructor for both the El Paso Intelligence Center (EPIC) and the Drug Interdiction Awareness Program (DIAP), sharing his expertise with hundreds of students throughout the past year. In addition to his day-to-day supervisory and highway interdiction duties, Sergeant Williamson is a DEA task force officer and is regularly called upon by DEA offices nationwide to advise on interdiction tactics and techniques.

    HIDTA OF THE YEAR

    SOUTH FLORIDA HIDTA

    The South Florida HIDTA has demonstrated an exemplary capacity for multidimensional vision and leadership. Through its Executive Director and Executive Board, it has targeted emerging threats, such as synthetic drugs, while remaining steadfastly committed to the interdiction of metric tons of cocaine destined for the United States from South America. It has inspired national efforts, like the launch of Crime Gun Intelligence Centers in HIDTA regions across the United States, without losing focus of the core HIDTA mission to disrupt and dismantle DTOs and while maintaining deep and sustaining partnerships at the local level. It has launched enterprising collaborations with law enforcement partners, such as partnering with the Federal Aviation Administration to access radar interdiction operability and records of straw registration of aircraft, while embracing public health initiatives focused on overdose reduction and drug use prevention.

    Among its many accomplishments, in 2023 South Florida HIDTA initiatives dismantled or disrupted 54 DTOs, of which 19 were international in scope and nearly 20 percent were OCDETF-designated or linked to consolidated or regional priority organization targets. Task forces seized illicit drugs with a total estimated value of $748 million, including 23 metric tons of cocaine, 248 kilograms of methamphetamine, and 224 kilograms of fentanyl. South Florida HIDTA initiatives also seized more than $105 million in cash and other assets, delivering a return on investment of $56.22 for every dollar financed by the National HIDTA Program. Finally, in pursuit of one of its most vital functions – ensuring officer safety – the South Florida HIDTA provided deconfliction services to all its partners, preventing more than 400 “blue on blue” incidents.

    MIL OSI USA News –

  • MIL-OSI Canada: Health authority review launches to ensure support for front-line services

    Source: Government of Canada regional news

    Details about the Provincial Health Services Authority (PHSA) appointees are as follows:

    Tim Manning has completed his term as board chair, as have board members Donisa Bernardo, Dianne Doyle, Sandra A. Martin Harris (Wii Esdes), Piotr Majkowski and Richard Short. Additional departing directors are, Dr. Morgan Price, Gary Caroline, Bill Chan, Julia Dillabough, Joanna Gislason and Gloria Morgan.

    The interim board of directors are:

    Maureen Maloney, OBC, KC, chair –

    Maureen Maloney is a professor at Simon Fraser University’s school of public policy and former dean of law and Lam chair in law and public policy at the University of Victoria. Maloney served as British Columbia’s deputy minister to the Attorney General from 1993 to 2000, and deputy attorney general from 1997 to 2000. She has been a member of the numerous boards, including the Canadian Human Rights Foundation, the International Commission of Jurists (Canadian Section), the International Centre for Criminal Law Reform and Criminal Justice Policy, and also served as a member of the Canadian Human Rights Tribunal. She chaired the Province’s Expert Panel on Money Laundering in Real Estate from 2018 to 2019.

    Heather McKay –

    Heather McKay is a professor at the University of British Columbia (UBC) where she is the Active Aging Research Team’s lead scientist. She has collaborated with the B.C. Ministry of Health for more than 15 years and leads a partnership between researchers, governments, health authorities and NGOs to enact Health Aging B.C. From 2006-16, McKay was the inaugural director of the Centre for Hip Health and Mobility, a multidisciplinary CFI centre funded by the Canadian Foundation for Innovation. More recently, she co-led UBC’s Health Aging Research Excellence cluster. McKay leads an Implementation Science Team at UBC. Her work focuses on healthy aging research. She also holds a position on the editorial board of the scientific journal Implementation Research and Practice. She has received a CIHR Knowledge Translation Award, a YWCA Woman of Distinction Award and has been inducted into the Canadian Academy of Health Sciences (2018) in recognition of her academic scholarship and community engagement. 

    Tiffany Ma, CPA –

    Tiffany Ma is the associate deputy minister of the B.C. Ministry of Health. Since joining the BC Public Service in 2006, Ma has served in progressively senior capacities across several ministries, including as chief financial officer for the Ministry of Education. Prior to joining the Ministry of Health, Ma was the assistant deputy minister and deputy secretary to Treasury Board at the Ministry of Finance. Ma also served as a trustee on the Public Service Pension Board.

    MIL OSI Canada News –

  • MIL-OSI Russia: Working visit of Alexey Overchuk to China

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    On March 27–28, Deputy Prime Minister of the Russian Federation Alexey Overchuk paid a working visit to the People’s Republic of China (Hainan Island), heading the Russian delegation at the annual Boao Forum for Asia.

    During his speech at the session “Creating favorable conditions for peaceful development and ensuring overall economic security,” the Deputy Prime Minister spoke in detail about the creation of international partnerships aimed at forming a reliable basis for sustainable economic growth in the Eurasian region, including the construction of transport and logistics systems and an independent payment infrastructure.

    Alexey Overchuk spoke about the initiative of the Greater Eurasian Partnership, put forward by Russian President Vladimir Putin, which implies the interconnectedness of the economies of Eurasia and is based on the idea of economic security and integration.

    The Deputy Prime Minister noted that the Northern Eurasia macro-region serves as an example of multi-level economic integration, where such associations as the Union State of Russia and Belarus, the Eurasian Economic Union, and the Commonwealth of Independent States operate.

    At the same time, in Asia there is the Chinese initiative “One Belt, One Road”, ASEAN, the Organization of the Gulf States and other organizations that unite the countries and regions of the global South. Many countries of Asia and Eurasia, including the three largest economies of the continent – China, India and Russia, participate in the Shanghai Cooperation Organization and BRICS. Russia and China are also members of APEC.

    The Deputy Prime Minister stressed that the unification of these multilateral efforts will lead to the creation of the impetus needed to build a more sustainable future and socio-economic progress, develop and implement new technologies, increase economic connectivity, and strengthen intercultural communication in Eurasia.

    During the visit, the Deputy Prime Minister held talks with Vice Premier of the State Council of the People’s Republic of China Ding Xuexiang. During the conversation, it was noted that further development of strategic partnership in all sectors of the economy meets the interests of both countries. The trusting dialogue between the leaders of the two countries, Vladimir Putin and Xi Jinping, plays a decisive role in the development of Russian-Chinese cooperation. Mutual high-level visits are planned for the spring-autumn of 2025, timed to coincide with the celebrations of the 80th anniversary of Victory in World War II.

    Alexey Overchuk emphasized that Russia is ready to jointly implement the agreements reached by the heads of the two states and continuously deepen Russian-Chinese relations of comprehensive partnership and strategic interaction.

    “Russia and China need to expand trade relations, scientific and technical cooperation, and create new production and cooperation chains,” said the Deputy Prime Minister.

    During the talks, it was noted that China remains Russia’s main foreign trade partner. By the end of 2024, mutual trade approached the $245 billion mark. Over 95% of bilateral settlements are conducted in rubles and yuan.

    The parties are implementing joint projects in industry, energy, high technology, space, transport, automotive engineering and other sectors.

    Cultural and humanitarian ties are actively developing. The countries’ mutual interest in each other’s history, culture and traditions is high and continues to grow. The cross-cultural years of Russia and China are being held successfully, more than half of the 230 events of the Russian part have been held.

    Alexey Overchuk also invited representatives of the leadership and business community of the PRC to take part in international economic forums held in Russia – the St. Petersburg International Economic Forum in June and the Eastern Economic Forum in Vladivostok in September 2025.

    Vice Premier of the State Council of the People’s Republic of China Ding Xuexiang stressed that relations between China and Russia have become a model of cooperation between major neighboring powers, stating that Beijing, together with Moscow, is ready, in line with the important agreements reached by the heads of state of the two countries, to deepen political contacts and strengthen practical cooperation for the benefit of the peoples of the two countries.

    On the sidelines of the forum, Alexey Overchuk held talks with the Chairman of the Provisional Government of the People’s Republic of Bangladesh Muhammad Yunus. During the meeting, it was noted that the countries are striving to strengthen friendly relations and develop trade and economic ties on a mutually beneficial basis. According to the results of 2024, mutual trade between Russia and Bangladesh amounted to 2.66 billion dollars.

    The parties discussed issues of cooperation in the fields of industry, energy, food security, and the cultural and humanitarian sphere. The Deputy Prime Minister noted the need to continue work to expand the regulatory framework for bilateral cooperation, emphasizing the importance of activating the format of the Russian-Bangladesh Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation for the development of bilateral relations.

    During the Russian-Pakistani meeting, which also took place on the sidelines of the forum, Deputy Prime Minister Alexey Overchuk and Minister of Finance of the Islamic Republic of Pakistan Muhammad Aurangzeb considered priority issues on the bilateral agenda, including cooperation in energy and food security.

    The parties noted the active development of Russian-Pakistani cooperation. In 2024, a series of mutual visits took place between governments and parliaments.

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

    MIL OSI Russia News –

  • MIL-OSI Security: Fitchburg Man Sentenced to Seven Years for Role in Drug Trafficking Organization

    Source: Federal Bureau of Investigation (FBI) State Crime News

    MADISON, WIS. – Timothy M. O’Shea, United States Attorney for the Western District of Wisconsin, announced that David Junius, 47, of Fitchburg, Wisconsin, was sentenced yesterday by Chief U.S. District Judge James D. Peterson to 7 years in federal prison for possessing 500 or more grams of cocaine intended for distribution. Junius pleaded guilty to this charge on December 19, 2024.

    In late 2022, agents with the U.S. Drug Enforcement Administration and the Federal Bureau of Investigation began investigating a large cocaine and methamphetamine trafficking organization operating in Portage, Madison, and La Crosse. Intercepted phone communications in April 2023 led to the surveillance of a delivery of 4 kilograms of cocaine from Junius to other individuals. Further investigation led agents to a storage unit in Madison rented and regularly accessed by Junius in which police found almost 1½ kilograms of cocaine and $20,000 in U.S. currency.   

    In sentencing Junius, Judge Peterson expressed concern that despite Junius’s extensive criminal history, which included nine prior convictions for drug-related offenses, Junius again became involved in drug trafficking. Judge Peterson found that Junius played a significant role in the drug organization by storing drugs and cash, as well as by making deliveries. Judge Peterson further found that such large-scale trafficking encouraged criminal enterprises and violence in the community.

    Junius’s co-defendant, Angel Flores, also pleaded guilty to drug trafficking charges and is scheduled to be sentenced on April 3, 2025.

    The charge against Junius was the result of an investigation conducted by the Drug Enforcement Administration, FBI, Wisconsin Department of Justice Division of Criminal Investigation, Dane County Narcotics Task Force, and Madison Police Department. Assistant U.S. Attorneys Robert Anderson and William M. Levins prosecuted this case.

    The investigation was conducted and funded by the Organized Crime Drug Enforcement Task Force (OCDETF), a multi-agency task force that coordinates long-term narcotics trafficking investigations.

    MIL Security OSI –

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

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

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

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

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

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

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

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

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

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

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

    Data work needs tighter regulation.

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

    Regulation

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

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

    But there is more to the story.

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

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

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

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

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

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

    Quality, not quantity

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

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

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

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

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

    Worker movements

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

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

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

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

    Some firms are hostile to workers’ organising activities.

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

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

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

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

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

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

    MIL OSI Africa –

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

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

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

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

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

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

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



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

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

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

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

    Data work needs tighter regulation.



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

    Regulation

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

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

    But there is more to the story.

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

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

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

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

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



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

    Quality, not quantity

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

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

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

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



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

    Worker movements

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

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

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

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

    Some firms are hostile to workers’ organising activities.

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

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

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

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

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

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

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

    MIL OSI – Global Reports –

  • MIL-OSI: Annual information for 2024

    Source: GlobeNewswire (MIL-OSI)

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

    Additional information:

    Tomas Varenbergas

    Head of Investment Management Division

    tomas.varenbergas@sb.lt

    Attachments

    The MIL Network –

  • MIL-OSI: Strategic decision – Šiaulių bankas will rebrand to Artea this May

    Source: GlobeNewswire (MIL-OSI)

    On 31 March 2025 The General Meeting of Shareholders of AB Šiaulių Bankas unanimously agreed to decision to change the bank’s name to AB Artea bankas. It is expected that the Bank will start operating under the new name and brand as of 5 May, this year.

     

    “This is a historic moment and one of the biggest and most significant changes in the history of the Bank. This change will be directly felt by half a million customers of our Bank Group, as well as thousands of corporate customers and partners.

    We aim to continue to be even closer to our customers, providing accessible, flexible and modern banking services.

    Artea is more than a new name. It is a strategic change for the bank, extending to our approach to services, customers, partners, employees, investors and community. Changes are comming very soon,” says Vytautas Sinius, CEO of Šiaulių Bankas.

    While rebranding, Šiaulių bankas remains the largest Lithuanian-owned bank in the country. Its main shareholders – Lithuanian business leaders Invalda INVL, Tesonet Global, Willgrow and the international European Bank for Reconstruction and Development (EBRD) – unchanged.

    The Bank has been consistently preparing for this change and in the comming period will focus on ensuring the rebranding won‘t cause any inconvenience to its customers, who will be able to enjoy smooth access to the daily services provided under the new name Artea.

    “We felt that the current name of the bank, which we grew up with and became what we are today, did not reflect our scale and ambition to become the best bank in Lithuania and the first choice for the residents and businesses. We aim to become a bank you want to grow with,” states Vytautas Sinius.

    If you would like to receive Šiaulių Bankas’ news for investors directly to your inbox, subscribe to our newsletter.

     

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

    The MIL Network –

  • MIL-OSI: Inbank appoints Erkki Raasuke as Chairman of the Supervisory Board

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

    Isabel Faragalli and Sergei Anikin do not hold Inbank shares.

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    A 100% “Made in Europe” solution

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

    The WISeSat España roadmap includes:

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

    A new paradigm of decentralized innovation

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

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

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

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

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

    Each WISeSat satellite is built with:

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

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

    Invitation to Collaborate

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

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

    About WISeKey

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

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

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

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

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact: Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com
    media@wisekey.com    		 WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611
    lcati@equityny.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Resolutions of the Ordinary General Meeting of Shareholders

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

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

    The consolidated management report was introduced (enclosed).

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

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

    1. Comments and proposals of Šiaulių bankas AB Supervisory Council.

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

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

    Resolved:

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

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

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

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

    6.    Allocation of Šiaulių bankas AB profit for 2024.

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

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

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

     

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

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

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

     

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

     

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

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

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

    Resolved:

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

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

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

     

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

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

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

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

    1. Election of the member of Šiaulių bankas AB Supervisory Council.

    Resolved:

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

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

     

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

    Attachments

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Mike Maguire, Interim Chief Executive Officer commented:

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

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

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

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

    2024 Highlights

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

    2025 Strategic Objectives

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

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

    2024 Strategic Objectives

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

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

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

      Three months ended Dec 31,   Year ended Dec 31,  
    (thousands of Canadian Dollars, except per share amounts) 2024   2023   2024   2023  
    Operating results from continuing operations:        
    Revenue – continuing operations 2,443   1,037   10,470   3,384  
    Net loss – continuing operations (715 ) 219   (2,117 ) (989 )
    Per share (basic & diluted) (0.06 ) 0.02   (0.17 ) (0.08 )
    Oilfield services operating margin – continuing operations 1,143   664   5,207   2,058  
    Oilfield services operating margin as a % of revenue 46.8 % 64.0 % 49.7 % 60.8 %
    EBITDA – continuing operations 178   (918 ) (527 ) (2,311 )
    Adjusted EBITDA – continuing operations 133   (672 ) 795   (2,703 )
    Operating loss – continuing operations (533 ) (1,408 ) (2,965 ) (5,163 )
    Cash flow from continuing operations:        
    Cash flow from (used in) continuing operating activities 226   (874 ) 184   (515 )
    Per share (basic & diluted) 0.02   (0.07 ) 0.01   (0.04 )
    Funds flow from (used in) continuing operating activities 530   (335 ) 484   (1,292 )
    Per share (basic & diluted) 0.04   (0.03 ) 0.04   (0.11 )
    2024 return of capital / 2023 dividends –   –   37,842   2,190  
        As at December 31  
    (thousands of Canadian Dollars, except per share amounts)   2024   2023   2022  
    Financial position:              
    Working capital   2,692   62,985   59,461  
    Cash and cash equivalents   3,123   50,331   19,559  
    Total assets   30,867   123,137   133,957  
    Long-term debt   3,178   3,352   4,028  
    Shareholders’ equity   21,105   99,332   115,231  
    Per share (basic)   1.70   8.09   9.47  
    Common shares outstanding   12,448,166   12,280,568   12,172,958  


    Fourth Quarter 2024 Summary

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

    Annual 2024 Summary:

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

    Rental services segment

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

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

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

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

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

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

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

    Liquidity and capital resources

      Three months ended Dec 31,   Years ended Dec 31,  
    (thousands of Canadian Dollars) 2024   2023   2024   2023  
    Cash provided by (used in) continued operations:        
    Operating activities 226   (874 ) 184   (515 )
    Investing activities (310 ) (3,160 ) (997 ) 25,638  
    Financing activities (430 ) 45   (38,659 ) (2,967 )
    Effect of exchange rate changes on cash (469 ) (745 ) 717   (720 )
    Increase (decrease) in cash from continuing operations (983 ) (4,734 ) (38,755 ) 21,436  
    (thousands of Canadian Dollars, unless otherwise noted)     As at
    Dec 31, 2024    		   As at
    Dec 31, 2023    		  
    Current assets     7,221   79,438  
    Working capital(1)     2,692   62,985  
    Working capital ratio(1)     1.6:1   4.8:1  
    Cash and cash equivalents     3,123   50,331  
    Net cash(1)     (230 ) 46,804  


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

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

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

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

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

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

    Long-term Debt

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    For further information contact:

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Financial Education Pivots from Tradition to Trends

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

    Parents and banking institutions remain the most common sources of financial education. While the landscape is evolving, key findings highlight a critical gap in formal education:

    • 31% of respondents cite family members as the main source for financial guidance
    • 29% of respondents turn first to banks
    • only 13% of respondents reported learning about personal finance in school, highlighting a critical gap in financial literacy programs.

    Social media, however, has become an increasingly popular source of financial information, particularly among younger generations, with 16% of all respondents looking to social media for financial education.

    • Gen Z leads the charge as 33% note that they look to social media for financial education
    • Millennials follow closely behind at 23%

    Viral Tips on Social Sway Financial Behaviors

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

    These viral trends have proven to play a significant role in shaping financial behaviors, with 37% of respondents admitting they have been swayed by social media and tried a finance trend they discovered online.

    • The influence of these trends varies dramatically across generations, with Gen Z impacted the most at 68%
    • 51% of Millennials and 27% of Gen X cite being inspired to try social media finance trends
    • While not as likely as other generations, 12% of Boomers still noted being influenced to partake in a financial trend

    Among the platforms driving this shift, TikTok (39%) and Instagram (34%) are the most popular sources of financial information for Gen Z, followed by Facebook (23%) and even podcasts (17%). These findings highlight the growing impact of digital content on personal finance decisions, particularly among younger generations.

    Digital Tools Bolster Financial Management

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: Disrupting Tradition, AIXOR Launches Genesis AI Pro 5.0 to Lead the Intelligent Trading Revolution

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: BayFirst Announces First Quarter 2025 Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

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

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

    About BayFirst Financial Corp.

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

    Forward-Looking Statements

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

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

    The MIL Network –

  • MIL-OSI: Varonis Achieves Sustaining Partner Status with Black Hat

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 31, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), the data security leader, is proud to announce its new status as a Sustaining Partner with Black Hat and share its full event schedule for Black Hat Asia 2025, taking place April 1 – 4 in Singapore.

    As a new Sustaining Partner, Varonis joins an elite group of security leaders that includes CrowdStrike and Wiz. The partnership underscores Varonis’ commitment to advancing cybersecurity knowledge and innovation through its ongoing presence at Black Hat’s global events, including Black Hat Asia, Black Hat USA, SecTor, and others.

    Varonis is pleased to announce its return to Black Hat Asia this week and invites attendees to visit our booth and engage with our team:

    Visit Varonis: Stop by booth #509 in the Business Hall to learn how Varonis’ cloud-native Data Security Platform enables organizations to protect data and reduce risk in the AI age. Hear how Varonis helps customers identify, remediate, and alert to threats on data across IaaS and SaaS with game-changing automation.

    Expert Session – Safely Enabling AI Copilots with Varonis: During this session, Varonis Cloud and Security Architecture Director Mike Thompson will demonstrate how easily your company’s sensitive data can be exposed using simple prompts with Microsoft 365 Copilot. Hear practical steps and strategies to help you roll out AI safely and prevent data exposure.

    Date: Thursday, April 3, at 10:15 a.m.
    Location: Business Hall Theater A

    Additional Resources:

    About Varonis
    Varonis (Nasdaq: VRNS) is the leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), AI security, and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com 

    The MIL Network –

  • MIL-OSI: insightsoftware Drives Global Expansion of JustPerform, a Financial Planning, Forecasting, and Closing Companion

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Key Capabilities Include:

    • All-in-One Simplicity and Cloud Scalability: JustPerform connects planning, close, consolidation and reporting. Whether an organization deploys on the public or private cloud, it handles unlimited data volumes, dimensions, and metrics, letting models grow in size and complexity without slowing down.
    • Simplified Processes: Pick up any process in under five minutes. Even the most complex tasks feel simple with an Excel-like interface and step-by-step guidance.
    • Direct Integration and Excel-Friendly Transition: Native connectors link to over 80 systems, including SAP, Oracle, and Microsoft Dynamics, without delays or extra steps. With an Excel-like interface and modern Microsoft 365 connector, it makes moving from spreadsheets to JustPerform seamless.
    • Real-Time Planning: Live data updates keep financial and operational planning connected across teams. Members stay in sync, making decisions faster and smarter, without missing a step.

    “JustPerform successfully addresses the key requirements of the planning, forecasting, and reporting market with its unified, cloud-native platform designed around the needs of finance professionals,” said Craig Schiff, President and CEO of BPM Partners. “Many finance teams struggle with patching together siloed systems and legacy products. JustPerform delivers a truly modern and connected experience. Its human-centered design simplifies complex processes, ensuring accessibility and adaptability. The platform easily scales as user count and data volume grow over time, combining usability and precision—essential traits for financial professionals seeking both efficiency and flexibility.”

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

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

    Media Contacts
    Inkhouse for insightsoftware
    insightsoftware@inkhouse.com

    Daniel Tummeley
    Corporate Communications Manager
    PR@insightsoftware.com

    The MIL Network –

  • MIL-OSI: Energy Income Fund Announces Board Changes at its Manager, Artemis Investment Management Limited

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: Hampton Financial Corporation Announces The Completion of A Non-Brokered Private Placement of Debentures

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    About Hampton Financial Corporation

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

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

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

    For more information, please contact:

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

    Or

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

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

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

    Forward-Looking Statements

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

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

    The MIL Network –

  • MIL-OSI: Cash-Rich Ultra Luxury Travelers Boost Spend, Seek Wellness in 2025, Flywire Survey Reveals

    Source: GlobeNewswire (MIL-OSI)

    80% of those surveyed are planning to spend more on trips next year; almost half of those who spend $25K per vacation plan to spend much more than before

    97% ultra luxury travelers say they are likely to take a trip to reduce stress, reduce anxiety and/or fully unplug in the next year

    Discerning travelers continue to prioritize simplicity and security for high-value payments

    BOSTON, March 31, 2025 (GLOBE NEWSWIRE) — Elite travelers are seeking highly-personalized, exclusive and high-end travel experiences that will enhance their own wellbeing, according to a new report from Flywire Corporation (Nasdaq: FLYW), a global payments enablement and software company. And on a quest to feel recharged and enriched, these ultra luxury travelers are prepared to pay what it takes to have unique access to experiences. Among those who spend more than $25,000 per vacation, almost half say they are prepared to spend much more than before for once in a lifetime travel experiences.

    Flywire’s new report, Unlocking ultra luxury travel in 2025, based on a survey of more than 500 ultra luxury travelers from the U.S., details the preferences of this elite class of travelers and the implications for the travel providers who cater to this market. Exploring topics from accommodation preferences and high-end advisors to payment security and choice, the findings suggest that to meet travelers’ demands, providers will need to offer seamless customer experiences and exclusive experiences that are personalized, high-touch and frictionless from start to finish.

    “Our research shows us that ultra luxury travelers are as motivated by the ability to unplug from the world in their travels as they are to have once-in-a-lifetime experiences. More so, many of them are planning to spend more in pursuit of these experiences than before, reflecting luxury travel’s resilience and expanding global appeal,” said Colin Smyth, SVP and GM of Travel at Flywire.

    Ultra luxury travelers value tailor made experiences and highly personalized service interaction, relying on advisors for true luxury experience

    Luxury travel is about more than just exclusive accommodations, according to 92% of respondents it’s more the access to people, places and experiences that represent all that is authentic about a destination. Moreover, half of respondents said that, for them, luxury travel is defined by once in a lifetime and personalized experiences.

    Key to curating these experiences, according to 96% of ultra luxury travelers, are travel agents or advisors. In fact, nearly 9 in 10 working with travel experts believe it is the only way to have a truly luxury travel experience. Among the reasons respondents gave for using a travel agent/advisor is their expert advice on destinations, activities or operators, and the deep understanding of personal travel preferences travel agents have.

    Wellness, “Joy of Missing Out” and the ability to unplug are important to ultra luxury travel

    Ultra luxury travelers are prioritizing their mental and physical wellbeing through travel. Nearly all respondents say they are likely to take a trip to reduce stress, reduce anxiety and/or fully unplug in the next year, and 9 in 10 said they are interested in taking a wellness vacation, including self-discovery, spa and nature-based retreats.

    Ultra luxury travelers are also embracing slow travel, to really immerse themselves in the experience of their vacation. 93% say they have taken at least one slow travel trip in the past year, and 95% say they are likely to take the same number or more slow travel trips in the coming year. Furthermore, they are focused on doing the things that are important to them, with 84% saying vacations are all about JOMO or the Joy of Missing Out, rather than worrying about what others might be doing.

    Payment experience is loyalty driver, simplicity and security are top concerns

    Almost all luxury travelers who responded (95%) say that how easy it is for them to pay for all parts of their trip is important to them. Critically, around 9 in 10 say they expect a positive payment experience, and, when booking travel, almost all say they choose who they work with based on a positive payment experience.

    Additionally, travelers look to avoid certain pain points when paying for their experiences, such as unexpected fees and exchange rates (34%), the inability to pay in their local currency (24%) or to use their preferred credit card (23%). And security remains top of mind, with 72% of those surveyed concerned about the security of their payments.

    To experience the full report with additional data points and key takeaways, please visit here.

    About Flywire

    Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers. Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

    Flywire supports more than 4,500 clients with diverse payment methods in more than 140 currencies across more than 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X , LinkedIn and Facebook.

    Forward-Looking Statements

    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s expectations regarding the benefits of its travel clients and business, Flywire’s business strategy and plans, market growth and trends. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire’s forward-looking statements include, among others, the factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2024, which is on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at https://www.sec.gov/. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

    Contacts

    Media:
    Sarah King
    Media@Flywire.com

    Investor Relations:
    Masha Kahn
    IR@Flywire.com

    The MIL Network –