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Category: Finance

  • MIL-OSI: Innofactor Plc applies for the delisting of its shares from the official list of Nasdaq Helsinki

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc | Stock Exchange Release | March 31, 2025 at 8:50 EEST

    Innofactor Plc applies for the delisting of its shares from the official list of Nasdaq Helsinki

    The Board of Directors of Innofactor Plc (“Innofactor”) has today resolved to apply for the termination of public trading in the shares of Innofactor and for the delisting of its shares from the official list of Nasdaq Helsinki Ltd (“Nasdaq Helsinki”) as soon as possible upon Onni Bidco Oy (“Onni Bidco”) having gained title to all the shares in Innofactor in the pending redemption proceedings under Chapter 18 of the Finnish Companies Act.

    Onni Bidco holds more than 90 per cent of all the issued and outstanding shares in Innofactor. As previously announced, Onni Bidco has, by submitting an application to the Redemption Board of the Finland Chamber of Commerce dated December 2, 2024, commenced redemption proceedings in respect of Innofactor’s minority shares by initiating arbitration proceedings in accordance with Chapter 18, Section 3 of the Finnish Companies Act in order to obtain ownership of all the issued and outstanding shares in Innofactor. Onni Bidco served its application to appoint an arbitral tribunal and to initiate arbitration proceedings in accordance with Chapter 18, Section 5 of the Finnish Companies Act on January 7, 2025.

    The Board of Directors of Innofactor has resolved to submit an application to Nasdaq Helsinki for the termination of public trading and for the delisting of the Innofactor shares. In the application, it is requested that the delisting in respect of the Innofactor shares admitted to trading on the official list of Nasdaq Helsinki would become effective as soon as possible upon Onni Bidco having gained title to all the shares in Innofactor in the pending redemption proceedings under Chapter 18 of the Finnish Companies Act.

    Investor and media enquiries:

    Veera Vitie (Innofactor), ir@innofactor.com, +358 44 331 0207
    Lasse Lautsuo (Innofactor), ir@innofactor.com, +358 50 480 1597

    Distribution:
    NASDAQ Helsinki
    Main media

    ABOUT INNOFACTOR

    Innofactor is the leading promoter of the modern digital organization in the Nordic countries for its approximately 1,000 customers in the commercial and public sectors. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor’s offering includes planning services for business-critical IT solutions, project deliveries, implementation support and maintenance services, as well as own software and services. Innofactor employs nearly 600 experts in Finland, Sweden, Denmark and Norway. Innofactor’s shares are listed on Nasdaq Helsinki with the ticker symbol IFA1V.

    The MIL Network –

  • MIL-OSI: CLEAR, an Official TSA PreCheck® Enrollment Provider, Expands Enrollment and Renewal Options by Opening a New Location at Salesforce Transit Center in Downtown San Francisco

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) — CLEAR (NYSE: YOU), an official TSA PreCheck® enrollment provider, continues to expand locations outside the airport environment to enroll and renew consumers in the Trusted Traveler program by opening a new location at the Salesforce Transit Center in downtown San Francisco. This marks CLEAR’s first non-airport location in the area for TSA PreCheck enrollment and renewal services, complementing its 58 airport-based enrollment and renewal locations across the U.S. TSA PreCheck enrollment and renewal services through CLEAR are also available at select Staples stores nationwide.

    The launch of this new enrollment location represents the ongoing expansion of CLEAR’s national TSA PreCheck enrollment footprint. Throughout 2025, CLEAR will continue delivering convenience to consumers by launching additional locations and extended hours of operation for enrollment and renewals.

    “TSA PreCheck through CLEAR provides a fast and efficient travel experience,” said Caryn Seidman Becker, CEO of CLEAR. “We’re excited to bring this trusted traveler program to the Salesforce Transit Center, a key hub for Bay Area travelers in the heart of San Francisco. By expanding TSA PreCheck enrollment beyond airports, we’re making it easier and more convenient than ever for travelers to enroll or renew—helping them move through security faster and more efficiently.”

    “Salesforce Transit Center is a vital connection point for commuters and travelers across the Bay Area, and we are always looking for ways to enhance the services available to our visitors,” said Adam Van de Water, TJPA Executive Director. “Bringing TSA PreCheck enrollment to the Transit Center provides a new level of convenience for those looking to simplify their future air travels, whether they’re frequent flyers or planning ahead for their next trip. We’re excited to partner with CLEAR to bring this valuable service to Downtown San Francisco.”

    Located in the Grand Hall of the Salesforce Transit Center, the enrollment local hours are Monday through Friday, 8 a.m. PT to 6 p.m. PT; and Saturday and Sunday from 10 a.m. PT to 5 p.m. PT. Look for the TSA PreCheck through CLEAR standing banners and pods.

    TSA PreCheck members benefit from the convenience of keeping shoes, belts and light jackets on through the airport security checkpoint, and keeping laptops and 3-1-1 compliant liquids in carry-on bags. Members typically get through security screening much faster, with about 99% of members waiting less than 10 minutes at airport checkpoints nationwide.

    New TSA PreCheck applicants can pre-enroll or find an enrollment location by visiting the authorized CLEAR’s authorized TSA PreCheck website, https://tsaprecheckbyclear.tsa.dhs.gov/. Most existing TSA PreCheck members can renew directly on the website, regardless of the provider they enrolled with originally.

    A list of CLEAR enrollment locations for TSA PreCheck is included below, and on the CLEAR, TSA PreCheck website: https://tsaprecheckbyclear.tsa.dhs.gov/locations.

    About TSA PreCheck®        
    TSA PreCheck is a Department of Homeland Security (DHS) Trusted Traveler program that allows enrolled travelers expedited screening through airport security. TSA PreCheck lanes are located at over 200 airports with nearly 90 airlines participating. Since TSA first launched the TSA PreCheck application program as a DHS Trusted Traveler Program for low-risk travelers in December 2013, active membership in the program has grown to more than 20 million members.

    About CLEAR
    CLEAR’s mission is to strengthen security and create frictionless experiences. With over 30 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell Member data. For more information, visit clearme.com.

    About the Transbay Joint Powers Authority (TJPA)
    The Transbay Joint Powers Authority (TJPA) is charged with delivering the Transbay Program, a visionary transportation and housing project that has transformed downtown San Francisco and the Bay Area’s regional transportation system by creating a world-class transportation hub in the heart of downtown San Francisco. The TJPA has completed two of the three components of the Program by replacing the former Transbay Terminal at First and Mission streets with a modern regional transit hub, the Salesforce Transit Center, that currently connects nine Bay Area transit systems and creating a transit-oriented neighborhood with new residents, shops and open-space.

    The TJPA is working to complete the Program by delivering the third and final component of the Program, The Portal, also known as the Downtown Rail Extension, which will extend Caltrain and ultimately, California High-Speed Rail service from 4th and King streets to the Transit Center in downtown San Francisco. As the owner and operator of the multimodal Transit Center, the TJPA manages the 5.4-acre public Salesforce Park, found on the Transit Center’s rooftop and partners with the East Cut Community Benefit District to provide free Park activities and events throughout the year. The name of the Salesforce Transit Center and Salesforce Park is the result of a naming rights agreement with salesforce.com that helps fund the Center’s operating costs.

    Forward-Looking Statements
    This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described in the Company’s filings within the Securities and Exchange Commission, including the sections titled “Risk Factors” in our Annual Report on Form 10- K. The Company disclaims any obligation to update any forward-looking statements contained herein.

    CLEAR
    media@clearme.com   

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: LPL Financial to Acquire Commonwealth Financial Network

    Source: GlobeNewswire (MIL-OSI)

    • Commonwealth supports ~2,900 independent advisors managing ~$285 billion in assets
    • Commonwealth ranked #1 in Independent Advisor Satisfaction 11 times in a row by J.D. Power
    • Founder of Commonwealth to assume advisory role to LPL Board of Directors
    • Commonwealth CEO to join LPL Management Committee, partnering to launch Office of Advisor Advocacy

    SAN DIEGO and WALTHAM, Mass., March 31, 2025 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (NASDAQ: LPLA) (together with its subsidiaries, including LPL Financial LLC, “LPL Financial” or “LPL”) today announced that it has entered into a definitive purchase agreement to acquire Commonwealth Financial Network (“Commonwealth”), the largest independently owned wealth management firm in the country.

    Headquartered in Waltham, Mass., Commonwealth provides integrated business solutions and services for approximately 2,900 financial advisors, managing approximately $285 billion of brokerage and advisory assets. Since its founding in 1979, Commonwealth has built a culture that prioritizes exemplary client service, which has resulted in Commonwealth ranking #1 in Independent Advisor Satisfaction among financial investment firms 11 times in a row by J.D. Power.

    “Commonwealth is respected throughout our industry as a standard-bearer for service excellence, and their commitment to the success of their Advisors is embedded in all aspects of their business,” said Rich Steinmeier, LPL Financial chief executive officer. “A complement to LPL’s client-centric culture, Commonwealth’s service philosophy enhances the value we’ll collectively bring to all Advisors across the LPL network. In addition, LPL’s advanced technology, intuitive business solutions and breadth of wealth management offerings unlock boundless potential for Commonwealth Advisors and the clients they serve.”

    “As we’ve grown our business over the past 46 years, Commonwealth has placed a premium on delivering the industry’s highest standards of service. We’ve been diligent in finding a partner that shares our mission of prioritizing Advisor needs above all else. LPL became the logical choice for our next chapter,” said Joseph Deitch, Commonwealth founder, who will assume an advisory role to LPL’s Board of Directors through the conversion. “We are incredibly proud of the culture we’ve nurtured that leverages all opportunities for our Advisors to thrive. To continue supporting this mission, we are confident that LPL’s shared commitment to Advisor centricity, advocacy for Advisor independence, highly experienced team and value-added offerings will serve our Advisors extraordinarily well for the long-term.”

    Commonwealth Chief Executive Officer Wayne Bloom will join LPL’s Management Committee and report to Mr. Steinmeier, and will continue to lead the Commonwealth community and their advisor experience. He will also partner with the LPL leadership team to launch LPL’s Office of Advisor Advocacy, charged with further elevating the service experience for LPL’s growing network of advisors. “This impressive partnership accelerates our joint competitive advantage, bringing unparalleled value to our Advisors and our employees,” said Bloom. “Commonwealth will retain its brand as part of LPL, and Commonwealth Advisors will continue to benefit from their relationships with our team members, all while taking full advantage of LPL’s scale and platform that fuels its industry-leading offerings.”

    The transaction is expected to close in the second half of 2025, and the conversion to the LPL platform is expected to be completed in mid-2026, subject to the receipt of regulatory approvals and other conditions. Following the closing, LPL will evaluate opportunities to bring the Commonwealth advisor experience into the broader LPL ecosystem, including the review of key capabilities at Commonwealth that have been developed in partnership with Advisor360°.

    Under the transaction structure, LPL will acquire 100 percent of the equity of the holding company of Commonwealth for a purchase price of approximately $2.7 billion in cash. LPL anticipates financing this transaction through a combination of corporate cash, debt and equity, resulting in credit agreement leverage of roughly 2.25x following the close of the transaction, with a near-term path to reduce leverage to the midpoint of its stated range of 1.5-2.5x.

    Investor Presentation

    LPL Financial posted an investor presentation with an overview of the transaction on its Investor Relations page at investor.lpl.com.

    Conference Call and Additional Information

    The Company will hold a conference call to discuss the transaction at 8 a.m. ET on Monday, March 31, 2025. The conference call will be accessible and available for replay at investor.lpl.com/events.

    Financial and Legal Advisors to the Transaction

    Morgan Stanley & Co. LLC is acting as exclusive financial advisor to LPL, with Allen Overy Shearman Sterling LLP serving as LPL’s legal counsel. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Commonwealth, with Ropes & Gray LLP serving as Commonwealth’s legal counsel.

    About Commonwealth Financial Network®

    Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser, provides financial advisors with holistic, integrated solutions that support business evolution, growth acceleration, and operational efficiency. J.D. Power ranks Commonwealth “#1 in Independent Advisor Satisfaction Among Financial Investment Firms, 11 Times in a Row.” Privately held since 1979, the firm has headquarters in Waltham, Massachusetts, and San Diego, California, and an operations hub in Blue Ash, Ohio.

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 Financial Advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that Advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

    Securities and advisory services offered through LPL Financial LLC, a registered investment advisor and broker-dealer, member FINRA/SIPC.

    Throughout this communication, the terms “financial Advisors” and “Advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC and Commonwealth. Unless otherwise indicated, data in this communication is as of December 31, 2024.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    Forward-Looking Statements

    Certain of the statements included in this release, such as those regarding LPL Financial and its potential growth, business strategy and plans, including the expected benefits of LPL Financial’s acquisition of Commonwealth, the timing of the closing and the conversion of such transaction, and LPL Financial’s plans to replicate the Commonwealth Advisor service experience within its ecosystem, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on current expectations and beliefs concerning future developments and their potential effects upon LPL, Commonwealth or both. In particular, LPL Financial can provide no assurance that the assets reported as serviced by Commonwealth financial Advisors will translate into assets serviced at LPL Financial, that Commonwealth financial Advisors will join LPL Financial or that the benefits that are expected to accrue to LPL Financial, Commonwealth and their respective advisors and stockholders as a result of the transaction described herein will materialize. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, and there are certain important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements. Important factors that could cause or contribute to such differences include: the failure of the parties to satisfy the closing conditions applicable to the acquisition in a timely manner or at all, including obtaining the required regulatory approvals; disruptions to the parties’ businesses as a result of the announcement and pendency of the transaction; difficulties or delays of LPL Financial in onboarding Commonwealth financial Advisors, staff or clients, which could negatively affect LPL Financial’s ability to realize revenue or expense synergies or other expected benefits of the transaction; the inability of LPL Financial to sustain revenue and earnings growth or to fully realize revenue or expense synergies or the other expected benefits of the transaction, which depend in part on LPL Financial’s success in onboarding assets currently served by Commonwealth’s Advisors; disruptions to Commonwealth’s or LPL Financial’s businesses due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with their financial Advisors and their clients, employees, other business partners or governmental entities; the choice by clients of Commonwealth’s Advisors not to open brokerage and/or advisory accounts at LPL Financial or move their assets from Commonwealth to LPL Financial; challenges replicating the Commonwealth Advisor service experience at LPL Financial; changes in general economic and financial market conditions, including retail investor sentiment; fluctuations in the value of assets under custody; and Commonwealth’s Advisors. Certain additional important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements can be found in the “Risk Factors” section included in LPL Financial’s most recent Annual Report on Form 10-K. Except as required by law, LPL Financial does not undertake to update any particular forward-looking statement included in this document as a result of developments occurring after the date of this press release.

    Contacts

    LPL Media Relations
    media.relations@lplfinancial.com

    LPL Investor Relations
    investor.relations@lplfinancial.com

    The MIL Network –

  • MIL-OSI: Westport Announces Agreement to Divest the Light-Duty Segment for $73.1 Million

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport” or the “Company”) (TSX:WPRT / Nasdaq:WPRT), has entered into a binding agreement (the “Agreement”) to sell its interest in Westport Fuel Systems Italia S.r.l., which includes the Light-Duty segment, including the light-duty OEM, delayed OEM, and independent aftermarket businesses, to a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investments Management B.V. a prominent Dutch venture capital and private equity firm (the “Transaction”). The Transaction provides for a base purchase price of $73.1 million (€67.7 million), subject to certain adjustments, and potential earnouts of up to an estimated $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Agreement.

    Moving forward, Westport intends to concentrate fully on providing affordable solutions for hard-to-decarbonize mobility and industrial applications, centered around the unique opportunities created by the HPDI technology and our Cespira joint venture. The Transaction also strengthens Westport’s balance sheet and enables Westport to consider strategic acquisition opportunities consistent with the above strategic focus and extend its runway to fund near-term growth.

    “This Transaction marks a significant milestone in our evolution as an alternative fuel systems enterprise. By returning to our roots and focusing on our core strengths, providing solutions in hard-to-decarbonize mobility and industrial applications, we are positioning Westport for sustainable growth and enhanced operational efficiency. The Light-Duty segment has been an important part of our history, and we are confident that Heliaca Investments is the right partner to continue its development. This Transaction allows us to streamline our operations, sharpen our focus on innovation, and create long-term value for our stakeholders. We are excited about the opportunities ahead and look forward to building on our momentum,” said Dan Sceli, Chief Executive Officer of Westport Fuel Systems.

    Under the terms of the Agreement, Heliaca Investments through its subsidiary will acquire Westport’s Light-Duty segment, including its related assets and customer contracts. The Transaction is subject to shareholder approval and other customary closing conditions and is expected to close in late Q2 of 2025.

    The proceeds from the proposed Transaction are expected to enable Westport to significantly improve its financial stability, while also supporting key growth initiatives focused on providing solutions for hard-to-decarbonize mobility and industrial applications. Following closing, Westport intends to align its cost structure to be more reflective of a smaller, more efficient organization, while also seeking further opportunities for efficiency gains.

    Strategic Transformation

    The proposed divestiture is a pivotal step in refocusing Westport on its competitive strengths. Westport remains committed to providing affordable, alternative fuel solutions for the heavy-duty truck, off-road, and industrial markets. Westport believes that hydrogen will play a role in decarbonizing mobility applications long-term. However, Westport’s products are timeline-agnostic, allowing the Company to leverage its High-Pressure Controls and Systems segment and its stake in Cespira, which both have solutions available now, to address decarbonization with net zero and low carbon fuels while also providing affordable solutions utilizing zero carbon hydrogen in the future. Westport’s remaining assets, when combined, create the potential for fuel agnostic high-pressure storage solutions, complementing HPDI and Cespira’s growth aspirations.

    As the hydrogen ecosystem evolves, Westport views the natural gas market, including LNG, CNG and RNG as our foundation, with strong economics in many geographies and diverse growth opportunities. The Company’s GFI products are already industry leading on a global scale and backed by intellectual property rights that are expected to strengthen our already significant competitive advantage in high-pressure fuel solutions.

    Moreover, the Company will consider strategic merger and acquisition opportunities that align with the reimagined strategic focus.

    Creating Focus

    The resurgence of natural gas and renewable natural gas globally provides a market opportunity for Westport. In particular, while HPDI technology is well positioned and established in Europe, the North American market presents many growth opportunities. North America is again embracing natural gas and renewable natural gas as an important part of the solution to reduce the cost and the carbon footprint of heavy-duty long-haul trucking. Natural gas infrastructure is abundant and RNG production is growing.

    As we wait for hydrogen adoption, both Cespira and our High-Pressure Controls & Systems segment have products and technologies enabling the use of lower-carbon fuels today. These same products are equally viable in the future as hydrogen adoption ramps up. In the near-term, our High-Pressure Controls and Systems business has expertise in high-pressure components, providing the capability to rapidly develop CNG high pressure solutions for heavy-duty, off-road and industrial applications, providing effective solutions for decarbonization by utilizing alternative fuels today while advancing zero-emissions hydrogen solutions for the future. Additionally, the Company holds extensive intellectual property assets related to high-pressure fuels for HPDI engines. These initiatives are being designed to strengthen Westport’s competitive position and reinforce its role in advancing low-carbon fuel solutions for hard-to-decarbonize mobility applications.

    Advisors

    J.P. Morgan is acting as financial advisor to Westport and is providing a fairness opinion to the board of directors in connection with the Transaction. Bennett Jones LLP and Delfino Willkie are acting as legal advisors to Westport, and E&Y is acting as tax advisor to the Company.

    Gianni & Origoni, NautaDutilh, Wardyński & Partners and PwC are advising Heliaca Investments in connection with the Transaction.

    About Westport Fuel Systems

    At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements, including statements regarding the closing of, and timing for closing of, the Transaction, shareholder approval of the Transaction, the anticipated benefits of the Transaction, including potential earn-out payments, the Transaction alleviating liquidity concerns, the ability to strengthen our balance sheet and align our cost structure, the ability to capitalize on growth initiatives, including fund strategic acquisitions, the ability to transition to a smaller, more efficient organization and our expectations regarding the future success of our business, the adoption of hydrogen and the future growth and development of HPDI. Other forward-looking statements included in the release include those relating to Westport’s future strategic plans, business opportunities and use of the Transaction proceeds. These statements are neither promises nor guarantees but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activities, performance, or achievements expressed in or implied by these forward-looking statements. These risks, uncertainties, and assumptions include those related to completion and satisfaction of all conditions to closing of the Transaction set out in the Agreement, governmental policies, regulation and approval, the achievement of the performance criteria required for the earn out described above, purchase price adjustments contained in the Agreement, the demand for high-pressure storage solutions and other products, as well as other risk factors and assumptions that may affect our actual results, performance, or achievements, as discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102. The contents of any website referenced in this press release are not incorporated by reference herein.

    Investor Inquiries:

    Investor Relations
    T: +1 604-718-2046
    E: invest@wfsinc.com

    The MIL Network –

  • MIL-OSI: MEXC Unveils MNT Promotion Offering Up to $1 Million in Rewards

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles , March 31, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, has announced a groundbreaking partnership with Mantle (MNT) to launch an exclusive month-long trading campaign with a prize pool of up to $1,000,000, offering users an opportunity to earn substantial rewards.

    The event presents a range of valuable opportunities for users:

    • Zero trading fees on MNT Spot and Futures markets, helping users reduce costs and optimize returns.
    • Up to 500% APR through MNT staking, offering one of the most competitive yields currently available.
    • Token rewards via Launchpool, where users can stake USDT, MX, or MNT to earn additional MNT tokens and exclusive benefits.

    Additionally, users can join the Deposit & Trade campaign, designed with a low entry threshold—ideal for newcomers looking to explore the ecosystem. For seasoned traders, the Futures Trading Competition provides a platform to demonstrate their trading expertise, climb the leaderboard based on trading volume, and compete for a share of the $300,000 prize pool.

    Event Overview

    Period: March 31, 2025, 10:00 – April 30, 2025, 10:00 (UTC)
    During the event period, users can participate in the following MNT-related activities on the platform by clicking on the links below.
    Event 1: MNT trading (Spot and Futures) is available with zero trading fees.
    Event 2: Users who deposit and trade MNT on the Spot market may qualify to share a pool of 113,340 MNT.
    Event 3: MNT staking offers returns of up to 500% APR, subject to platform terms.
    Event 4: A Futures Trading event allows participants to compete for a share of 300,000 USDT in bonus rewards.
    Event 5: The MNT Launchpool enables users to stake selected tokens in exchange for a portion of 240,000 MNT in rewards.

    As a pioneering Layer-2 scaling solution for Ethereum, Mantle uses Optimistic Rollup technology to lower transaction costs and improve network performance. This collaboration highlights MEXC’s leadership in backing innovative blockchain projects and its unwavering commitment to offering users diverse, cutting-edge trading opportunities, lowering costs and helping them maximize their potential returns.

    Looking ahead, MEXC is committed to continuously enhancing the trading experience by introducing innovative features, expanding user opportunities, and launching new initiatives aligned with the dynamic nature of the cryptocurrency market.

    For further details on the event, please see the official announcement.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 34 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Risk Disclaimer:
    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    Source

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This press release is provided by MEXC. 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/75a055b0-3b18-4f14-b6f9-f7a099054d63

    The MIL Network –

  • MIL-OSI: Enlight Announces the Financial Close for Project Country Acres

    Source: GlobeNewswire (MIL-OSI)

    The debt financing package includes $773 million of construction loans

    Country Acres consists of 403 MW of solar generation and 688 MWh of energy storage capacity, and is expected to reach full COD during the second half of 2026

    TEL AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (“Enlight”, “the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading global renewable energy platform, announced today that the Company has received debt financing (the “Debt Financing”) for project Country Acres (“Country Acres” or “the Project”), located near Sacramento, California, USA.

    As part of the Debt Financing, Enlight, through its subsidiary Clenera Holdings LLC, has secured construction financing commitments with a consortium of four leading global banks including BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB), totaling $773 million.Upon the Project’s COD, the construction loan is expected to convert into a $376 million term loan.

    The Project has a 30-year solar generation busbar PPAand 20-year energy storage busbar purchase agreement with the Sacramento Municipal Utility District (“SMUD”).The Company expects to conclude a tax equity transaction during the construction period, noting that the Project has met the terms required to achieve safe harbor status for beginning of construction.

    Country Acres consists of 403 MW solar generation and 688 MWh of energy storage capacity, and is expected to reach full COD during the second half of 2026. Construction at the 966-acre site has already begun, and all procurement contracts have been signed. The Project is expected to provide clean electricity equivalent to the average annual consumption of approximately 80,000 California households.

    “We are grateful to once again be partnering with leading banks on one of our largest projects,” said Adam Pishl, President and CEO of Clenera. “The American-generated, reliable energy produced at Country Acres will fueling the homes and businesses in central California for decades to come.”

    After the completion of Apex in Montana and Atrisco in New Mexico, Country Acres is one of several major solar and energy storage projects that Enlight and Clenera are now constructing in the U.S. These include Quail Ranch (128 MW and 400 MWh) and Roadrunner (290 MW and 940 MWh). Along with additional projects planned to be built in the years to come, these projects are driving Enlight’s massive expansion into the U.S. renewable energy market. This is best illustrated by the growing run rate of Enlight’s U.S. revenue base, which is expected to reach $195-207 million annually after the completion of the projects now under construction.

    The Company’s next projects in the western Unites States are Snowflake (600 MW and 1,900 MWh) and CO Bar (1,211 MW and 824 MWh). The two mega projects have almost completed their development phase, and are scheduled to begin construction in the coming months. Each of the two projects employs a grid connection of 1.0 GW, one of the largest in the US. These grid connections generate potential additional development opportunities in the future through the Company’s “Connect and Expand” strategy, which seeks to leverage existing interconnect infrastructure with additional generation capacity.

    “Country Acres is the second financial closing that we have accomplished with the same group of lenders in the past three months, illustrating the extent of our partnership and cooperation,” said Ilan Goren, GM of Enlight USA. “We look forward to further deepening this relationship as Enlight and Clenera continue the build out of our large US project portfolio.”

    “After the successful closing of Roadrunner, BNP Paribas is proud to once again support Clenera and Enlight as Coordinating Lead Arranger on their new landmark project financing of Country Acres,” said Aashish Mohan, Co-Head of Energy, Resources & Infrastructure Americas, at BNP Paribas. “Supporting premier platforms like Clenera squarely fits our energy infrastructure ambitions, and we look forward to growing our partnership with Clenera as they continue to execute on their high-quality U.S. renewables pipeline.”

    Nasir Khan, Managing Director & Head of Real Assets and Global Trade Americas at Natixis Corporate & Investment Bankng said, “Natixis is thrilled to close our second transaction with Clenera on another robust renewable energy project financing, which aligns perfectly with our commitment to the energy transition. As Clenera continues to expand its pipeline of large-scale energy projects, we look forward to further strengthening our partnership and providing innovative capital solutions to meet its long-term financial needs.”

    “CACIB is proud to partner with Clenera and Enlight once again on a landmark project which will deliver reliable, clean power to SMUD, underscoring our collective objective to provide long term sustainable and affordable power,” said Julien Tizorin – Head of Power and New Energy at CACIB

    Sondra Martinez, Managing Director and Head of Originations Nord/LB’s said “Nord/LB is extremely excited to support Clenera and Enlight on the Country Acres financing. This deal demonstrates our commitment to supporting recurring clients as they advance the energy transition and provide affordable power to local communities.” 

    About Enlight Renewable Energy

    Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, win energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.

    Investor Contact

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il 

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il 

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    The MIL Network –

  • MIL-OSI: Maris-Tech Announces Full Year 2024 Financial Results and Reports Record 51% Revenue Growth for 2024 with Improved Profitability

    Source: GlobeNewswire (MIL-OSI)

    Revenues Increased by 51%, Gross Profit Increased by 82% and Net Loss Reduced by 54% for the Year Ended December 31, 2024

    Rehovot, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”)- based edge computing technology, today announced its financial results for the full year ended December 31, 2024. The Company reported record revenues of approximately $6.1 million, an increase of 51% compared to approximately $4 million for the year ended December 31, 2023. Gross profit for the year ended December 31, 2024, grew by 82%, reaching approximately $3.5 million compared to approximately $1.9 million for the year ended December 31, 2023.

    Mr. Israel Bar, Chief Executive Officer of Maris-Tech, said, “In 2024, we focused on new developments, strategic partnerships and expanding our presence in key markets. We strengthened our position in the defense sector, particularly in the miniature drone and unmanned aerial vehicles industry, and in armored vehicles and tanks. Among our key achievements, we launched the Uranus Drones – a miniature codec tailored for the drone industry – and introduced the Diamond System, which is already deployed in the battlefield, providing comprehensive protection for thousands of vehicles. We also increased our investment in marketing and business development in the United States, which has contributed to our accelerated growth.”

    Financial Highlights

    ●    Revenues: Revenues for the year ended December 31, 2024, were approximately $6.1 million, an increase of 51% compared to approximately $4 million for the year ended December 31, 2023.

    ●    Gross Profit: Gross profit for the year ended December 31, 2024, was approximately $3.5 million, an increase of 82% compared to approximately $1.9 million for the year ended December 31, 2023.

    ●    Net Loss: Net loss for the year ended December 31, 2024, was approximately $1.2 million, a decrease of 54% compared to approximately $2.7 million for the year ended December 31, 2023.

    ●    Net Loss per Ordinary Share: Net loss per ordinary share for the year ended December 31, 2024, was approximately $0.16, a decrease of 53% compared to approximately $0.34 for the year ended December 31, 2023.

    ●    Cash, Cash Equivalents and Short-Term Bank Deposits: Cash and cash equivalents and short-term bank deposits as of December 31, 2024, were approximately $2.3 million, compared to approximately $5.2 million as of December 31, 2023.

    ●    Trade Receivables Balance: Increased to approximately $3.5 million as of December 31, 2024, compared to approximately $3.0 million as of December 31, 2023.

    We expect that our existing cash and cash equivalents as of December 31, 2024, along with anticipated revenue from existing customers pursuant to existing orders and the availability of a $4 million line of credit, will be sufficient to fund our operations and meet our obligations for the next twelve months.

    Year Ended 2024 Highlights

    We strengthened our position in the defense and homeland security (“HLS”) markets, and accelerated revenue growth:

    ●    In January 2024, we secured a new purchase order for approximately $590,000 for an AI-based HLS and Defense Surveillance Application based on the Jupiter AI platform;

    ●    In February 2024, we received a purchase order for approximately $190,000 for a miniature low-power solution to enhance gun sight capabilities in tactical applications;

    ●    In February 2024, we received a repeat purchase order for approximately $600,000 with an option to increase the purchase order to approximately $730,000 to provide armored and autonomous vehicles with enhanced situational awareness;

    ●    In April 2024, we secured a new purchase order for $415,800 for a defense solution based on our Jupiter Nano platform;

    ●    In April 2024, we received a new purchase order for approximately $110,000 for a novel miniature intelligence-gathering product based on the Maris platform technology;

    ●    In June 2024, we received a new purchase order for $225,000 from Aero Sol military drone manufacturer for our Uranus-Drones solution;

    ●    In June 2024, we secured a repeat purchase order for approximately $957,000 for our situational awareness solution for Armored Vehicles;

    ●    In August 2024, we secured a $700,000 purchase order for innovative AI-Based Video Distribution Solution; and

    ●    In December 2024, we secured a $1 million purchase order from a U.S. repeat customer in the HLS industry for our advanced Jupiter-based video solution.

    Strategic Partnerships

    ●    In March 2024, we entered into a collaboration agreement with Renesas Electronics Corporation, one of the world’s largest semiconductor manufacturers, and we were accepted into the Renesas’ Preferred Partner Program; and

    ●    In June 2024, we entered into a collaboration agreement with LightPath Technologies, Inc. (Nasdaq: LPTH) (“LightPath”) for AI-Ready Infrared Cameras, providing AI accelerated hardware, software and algorithms for LightPath’s infrared cameras.

    New Products & Developments

    ●    In February 2024, we launched Emerald, a Jupiter-based multiple-channel high-definition and standard-definition raw video recording platform especially designed for defense armored vehicles;

    ●    In July 2024, we unveiled Diamond – a revolutionary defense 360° 3D Situational Awareness Solution for armored fighting vehicles;

    ●    In September 2024, we announced that our Amethyst Edge Computing video solution now supports 5G, enabling ultra-speed and high data transfer;

    ●    In September 2024, we enhanced our Diamond platform ability to combat airborne threats with Diamond Ultra; and

    ●    In December 2024, we completed the development of Uranus-Drones technology, which is now available for large-scale delivery.

    Expanded Global Awareness

    Maris-Tech strengthened our presence in the U.S. with the engagement of new sales representatives and increased participation in international defense and technology exhibitions, showcasing the Company’s cutting-edge solutions to a global audience.

    Backlog and Outlook

    Our backlog as of January 1, 2025, was approximately $9.8 million, which represents an increase from our backlog as of January 1, 2024, of approximately $9.76 million. Our backlog, as of March 28, 2025, was approximately $9.9 million.

    We define backlog as the accumulation of all pending orders with a later fulfillment date for which revenue has not been recognized, and we consider valid. The backlog consists of executed purchase orders from new customers and existing customers with which we have had long standing relationships and from governmental agencies.

    Mr. Bar concluded, “We remain committed to driving long-term growth by focusing on strategic innovation, expanding our market presence, and strengthening our relationships with global defense and homeland security customers. We believe that our pipeline of opportunities and strong order backlog position us well for continued growth in 2025 and beyond.”

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities, including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israeli technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when it is discussing: its growth in 2025 and beyond; expanding its market presence; strengthening its relationships with global defense and homeland security customers; future pipeline and opportunities; its backlog and the anticipated fulfillment of that backlog; the demand for its defense and AI-powered solutions; expanding its  presence in key markets; and its position in the defense sector, particularly in the miniature drone and unmanned aerial vehicles industry, and in armored vehicles and tanks. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the Company’s ability to successfully market its products and services, including in the United States; the acceptance of its products and services by customers; its continued ability to pay operating costs and ability to meet demand for its products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; its ability to successfully develop new products and services; its success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; its ability to comply with applicable regulations; and the other risks and uncertainties described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other filings with the SEC. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, CFO
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network –

  • MIL-OSI: Westport Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport”) (TSX: WPRT / Nasdaq: WPRT) today reported financial results for the fourth quarter and year ended December 31, 2024, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.

    “The past year has been transformative for Westport as we sharpened our strategic focus, advanced our clean transportation technologies, and enhanced operational efficiencies. We have made significant strides in aligning our operations with our competitive strengths, improving margins, and reinforcing our commitment to delivering cost-effective solutions that drive decarbonization in the transportation sector. We have also transformed our culture to be one built on discipline and excellence, driving a high-performance mindset in everything we do.

    The launch of Cespira, our joint venture with Volvo Group, was a key milestone for us in 2024. Cespira is committed to accelerating the commercialization of HPDI™ technology with carbon-neutral fuels like hydrogen and renewable natural gas. This partnership underscores the industry’s recognition of HPDI as a leading solution to enable affordable, sustainable heavy transport.

    Additionally, we are taking bold steps to streamline our operations and strengthen our financial footing, allowing us to focus on areas with the highest growth potential. A prime example of this strategic realignment is our recently announced proposed divestiture of the Light-Duty business. This decision is expected to enable us to concentrate fully on providing affordable solutions for hard to decarbonize mobility applications like long haul and heavy-duty trucking that can take advantage of the unique, practical and affordable HPDI technology and our world class high-pressure components and systems technologies and scalable alternative fuel solutions, ensuring that we remain at the forefront of emissions-reducing innovations that are cost effective.

    Looking ahead, we are focused on scaling our alternative fuel-based solutions, including advancements in CNG, RNG, and hydrogen systems, while navigating a rapidly evolving transportation landscape. Hydrogen remains a critical component of the future but, in the meantime, we are delivering practical, commercially viable low-carbon solutions today such as natural gas and renewable natural gas solutions which, in some cases, can represent a lower total cost of ownership than incumbent technologies. Driven by these environmental and economic considerations we are seeing a global resurgence of interest in the heavy-duty transport sector towards utilizing natural gas as an alternative to diesel. While we will continue to invest in technology, we are positioned to take advantage of markets that are embracing products enabled by our years of investment in innovation as the world pivots to more practical and cost-effective solutions to decarbonize.  

    We are committed to providing sustainable, high-performance solutions that help our customers achieve their commercial and environmental goals, now and for years to come.”

    Dan Sceli, Chief Executive Officer

    2024 Highlights

    • Revenue was $302.3 million for 2024 and $75.1 million for the fourth quarter. Full year results were primarily driven by the transition of the Heavy-Duty OEM business into Cespira, partially offset by an increase in revenue in our Light-Duty segment. Cespira earned $22.8 million for the three months ended December 31, 2024 and $43.1 million for the period from June 3, 2024 through to December 31, 2024.
    • Net loss for the year ended December 31, 2024 was $21.8 million, or $1.27 loss per share, compared to net loss of $49.7 million for the prior year. Net loss for the fourth quarter in 2024 was $10.1 million, or $0.59 loss per share, compared to net loss of $13.9 million, or $0.81 loss per share, for the same period in 2023. For the year, the net positive change was primarily a result of improvements in gross margin, a $15.2 million gain on deconsolidation of the HPDI business in the formation of the joint venture with Volvo Group on June 3, 2024, reductions in operating expenditures and depreciation and amortization expense due to continuation of the HPDI business in Cespira, partially offset by higher income tax expense and foreign exchange losses in the year.
    • Adjusted EBITDA1 loss of $11.2 million, compared to a loss of $21.5 million in the prior year. Adjusted EBITDA for the fourth quarter was a loss of $1.8 million.
    • Cash and cash equivalents were $37.6 million for the year ended December 31, 2024. Cash provided by operating activities during the year was $7.2 million.
    • Announced the closing the HPDI joint venture, Cespira, with Volvo Group, working together to accelerate the commercialization and global adoption of the HPDI™ fuel system technology for long-haul and off-road applications.

    1 Adjusted earnings before interest, taxes and depreciation is a non-GAAP measure. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES in Westport’s Management Discussion and Analysis for the reconciliation.

    Consolidated Results            
    ($ in millions, except per share amounts)     Over / (Under)
    %    		     Over / (Under)
    %
      4Q24 4Q23 FY24 FY23
    Revenue $75.1 $87.2 (14)% $302.3 $331.8   (9)%  
    Gross Profit(2) 14.3 8.0 79% 57.6 48.9   18%  
    Gross Margin(2) 19% 9% — 19% 15%   —  
    Income (loss) from Investments Accounted for by the Equity Method(1) (2.0) 0.1 (2,100)% (5.4) 0.8   (775)%  
    Net Loss (10.1) (13.9) 27% (21.8) (49.7)   56%  
    Net Loss per Share – Basic (0.59) (0.81) 27% (1.27) (2.90)   56%  
    Net Loss per Share – Diluted (0.59) (0.81) 27% (1.27) (2.90)   56%  
    EBITDA (2) (6.1) (10.9) 44% (6.6) (35.9)   82%  
    Adjusted EBITDA (2) (1.8) (10.0) 82% (11.2) (21.5)   48%  

    (1)This includes income or loss primarily from our investments in Cespira and Minda Westport Technologies Limited
    (2)Gross margins, EBITDA and Adjusted EBITDA are non-GAAP measures. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES for the reconciliation to equivalent GAAP measures and limitations on the use of such measures.

    Segment Information

    Light-Duty Segment

    Revenue for the three months and year ended December 31, 2024 was $68.0 million and $262.2 million, respectively, compared with $63.4 million and $263.6 million for the three months and year ended December 31, 2023.

    Light-Duty revenue increased by $4.6 million for the three months ended December 31, 2024 as compared to the prior year. This was primarily driven by a significant increase in sales of LPG fuel system solutions to a global Original Equipment Manufacturer (“OEM”) for their Euro 6 vehicle applications in our light-duty OEM business and an increase in delayed OEM business, partially offset by lower revenues in other business lines.

    Light-Duty revenue decreased by $1.4 million for the year ended December 31, 2024 compared to the prior year. This was primarily driven by a decrease in sales in our delayed OEM business in the first half of 2024, decrease in sales to customers in developing markets, and our fuel storage business. This was partially offset by the aforementioned increase in sales of LPG fuel system solutions in our light-duty OEM business.

    Gross profit increased by $2.0 million to $14.0 million, or 21% of revenue for the three months ended December 31, 2024, as compared to $12.0 million, or 19% of revenue, for the same prior year period. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions along with an increase in sales volumes.

    Gross profit for the year ended December 31, 2024 increased by $6.3 million to $55.4 million, or 21% of revenue, compared to $49.1 million, or 19% of revenue, for the prior year. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions. The segment’s manufacturing operations continues to implement operational improvement initiatives lowering its manufacturing overhead costs in the year. For the year ended December 31, 2024, Light-Duty recorded inventory write-downs of $2.1 million related to our restructuring activities in India for $0.9 million and $0.5 million related to components for markets that we have exited, and the remainder due to our periodic analysis of excess and obsolete inventory.

    Westport began supplying its Euro 6 LPG fuel system to its global OEM customer in early 2024. This production supply agreement has been instrumental in improving revenue and delivering higher margins, which more than offset the decline in revenue as a result of a key delayed OEM customer continuing to work through their inventory. Production for the Euro 7 LPG fuel system for the same global OEM customer is anticipated to begin mid-to-late 2025.

    High-Pressure Controls & Systems Segment

    Revenue for the three months and year ended December 31, 2024 was $1.4 million and $8.8 million, respectively, compared with $2.5 million and $12.0 million for the three months and year ended December 31, 2023. Revenue for the three months ended December 31, 2024 decreased by $1.1 million compared to the prior year period. Revenue for the year ended December 31, 2024 decreased $3.2 million compared to the prior year.

    The decrease in revenue for the three months and year ended December 31, 2024 compared to the prior year periods continues to be primarily driven by the general slowdown in hydrogen infrastructure development, leading to a slower adoption of automotive and industrial applications powered by hydrogen.

    Gross profit for the three months ended December 31, 2024 decreased by $0.4 million to nominal, or 0% of revenue, compared to $0.4 million, or 16% of revenue, for the same prior year period. This was primarily driven by lower sales volumes, increasing the per unit manufacturing costs in the quarter.

    Gross profit for the year ended December 31, 2024 decreased by $1.3 million to $1.5 million, or 17% of revenue, compared to $2.8 million, or 23% of revenue, for the prior year. This was primarily driven by decrease in sales volume for the year. The segment recorded $0.8 million in inventory write-downs in the year due to slow-moving inventory.

    Heavy-Duty OEM Segment

    Revenue for the three months and year ended December 31, 2024 includes revenue until the closing of the transaction to form Cespira, which occurred on June 3, 2024. Revenue for the three months and year ended December 31, 2024 was $5.7 million and $31.3 million, respectively, compared with $21.3 million and $56.2 million for the three months and year ended December 31, 2023.

    The decrease in revenue for the three months and year ended December 31, 2024 is a result of the continuation of the business in Cespira. Refer to the “Selected Cespira Financial Information” for more information on the performance of the business. Revenue earned in the three months ended December 31, 2024 reflects revenue earned from a transitional services agreement in place with Cespira that we expect to expire by the end of Q2 2026.

    Gross profit for the three months ended December 31, 2024 increased by $4.7 million to $0.3 million, or 5% of revenue, compared to negative $4.4 million or negative 21% of revenue, for the three months ended December 31, 2023. The Heavy-Duty OEM segment was impacted by a $4.5 million inventory write-down in the prior year period.

    Gross profit increased by $3.7 million to $0.7 million, or 2% of revenue, for the year ended December 31, 2024 compared to negative $3.0 million, or negative 5% of revenue, for the prior year. Heavy-Duty OEM recorded $0.4 million in inventory write-downs in the year. The segment was impacted by the aforementioned inventory write-down of $4.5 million in the prior year.

    Selected Cespira Financial Information

    We account for Cespira using the equity method of accounting. However, due to its significance to our long-term strategy and operating results, we disclose certain financial information from Cespira in notes 8 and 22 in our consolidated financial statements for the year ended December 31, 2024 and the period from June 3, 2024 to December 31, 2024.

    The following table sets forth a summary of the financial results of Cespira for the three months ended December 31, 2024 and the period between June 3, 2024 to December 31, 2024:

      (in millions of U.S. dollars)   Three months ended December 31,   Change   Year ended December 31,   Change
        2024   2023   $   %   2024   2023   $   %
    Revenue   $ 22.8     $ —     $ 22.8     — %   $ 43.1     $ —     $ 43.1     — %
    Gross profit     1.4       —       1.4     — %     0.5       —       0.5     — %
    Gross margin1     6 %     — %             1 %     — %        
    Operating loss     (4.8 )     —       (4.8 )   — %     (12.1 )     —       (12.1 )   — %
    Net loss attributable to the Company     (2.6 )     —       (2.6 )   — %     (6.7 )     —       (6.7 )   — %

    1Gross margin is non-GAAP financial measure. See the section ‘Non-GAAP Financial Measures’ for explanations and discussions of these non-GAAP financial measures or ratios.

    Cespira revenue was $22.8 million for the three months ended December 31, 2024. For the prior year period, the Heavy-Duty OEM segment, which included our HPDI business, earned $21.3 million. This was primarily driven by an increase in HPDI fuel systems sold in the period.

    Cespira gross profit was $1.4 million for the three months ended December 31, 2024. For the prior year period, the Heavy-Duty OEM segment had negative $4.4 million in gross profit primarily driven by the aforementioned $4.5 million inventory write-down in the prior year period.

    Cespira incurred operating losses of $4.8 million for the three months ended December 31, 2024. For the prior year quarter, the Heavy-Duty OEM had operating losses of $9.3 million. Aside from the aforementioned inventory write-down in the prior year period, the Heavy-Duty OEM had comparable operating losses compared to Cespira.

    As previously announced, Westport and Weichai are parties to a technology development and supply agreement which contains an obligation for Weichai to order, and Westport to supply, certain volumes of HPDI fuel system components prior to December 31, 2024. Significant orders for HPDI fuel system components against this agreement were not received prior to year-end. Westport and Cespira continue to collaborate with Weichai Power Co. Ltd (“Weichai Power”) on an HPDI fuel system equipped version of the Weichai Power engine platforms. The parties are currently discussing the next stages of this work and the obligations of each party going forward.

    Liquidity and Going Concern

    In addition, as disclosed in Westport Management Discussion & Analysis, for the year ended December 31, 2024, we continue to sustain operating losses and use cash to support our business activities. Cash provided by operating activities was $7.2 million for the year ended December 31, 2024 was primarily driven by reductions in working capital.

    As at December 31, 2024, we had cash and cash equivalents of $37.6 million and long-term debt of $33.7 million, of which $14.7 million was current. Based on our projected capital expenditures, debt servicing obligations and operating requirements under our current business plan, we are projecting that our cash and cash equivalents will not be sufficient to fund our operations through the next twelve months from the date of the issuance of this MD&A. These conditions raise substantial doubt about Westport’s ability continue as a going concern within one year after the date our December 31, 2024 Consolidated Financial Statements are issued.

    We plan to improve our liquidity position by selling certain subsidiaries in Europe and Argentina which comprise substantially all the assets and liabilities reported within the Light-Duty segment and continue our cost reduction initiatives. On March 30, 2025, we entered into a share purchase agreement (“SPA”) with a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investment Management B.V. a prominent Dutch venture capital and private equity firm, to sell all of the issued and outstanding shares of Westport Fuel Systems Italia S.r.l for a base purchase price of $73.1 million (€67.7 million), subject to certain adjustments and potential earnouts of up to an estimated $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Share Purchase Agreement. If we are successful in closing the sale, we will receive sufficient cash to fund our operations for the next twelve months and alleviate the risk of substantial doubt identified. As of the date of issuance of our December 31, 2024 financial statements, we are seeking shareholder approval of the plan to complete the sale of these businesses to the buyer. As such, there can be no assurances that Westport will be successful in obtaining sufficient funding. Accordingly, we concluded under the accounting standards that these plans do not alleviate the substantial doubt about Westport’s ability to continue as a going concern.

    Divestment of the Light-Duty Business and 2025 Outlook

    Westport recently announced the proposed divestment of its Light-Duty business, which includes the light-duty OEM, delayed OEM, and independent aftermarket businesses (the “Transaction”). The Transaction is designed to focus the Company’s strategy and streamline its operations allowing Westport to direct its energy on solution to address hard to decarbonize sectors like long-haul, heavy-duty trucking and off-road applications that can take advantage of Cespira and our High-Pressure Controls & Systems technology – where Westport sees the largest opportunities to grow and where the Company has a unique and differentiated offering generating interest with customers as the world transitions to a more practical and easier to adopt approach to decarbonization.

    Highlights of the Transaction include:

    • Provides immediate up front proceeds to alleviate liquidity concerns, strengthening the balance sheet and funds near-term growth in Cespira and the High-Pressure Controls & Systems business;
    • Brings forward more cash today than the Light-Duty business was projected to earn over 5-years on an undiscounted cash basis; and
    • Enables management to focus exclusively on the higher growth HPDI and high-pressure segments.

    In light of the evolving market and regulatory environment, over the long term, the Light-Duty business’ ability to grow LPG / CNG sales in developed markets is expected to continue facing increased competition from pure electrification or petrol – electrification hybrids.

    The base purchase price of the Transaction is $73.1 million (€67.7 million), subject to certain adjustments and potential earnouts of up to an additional $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Share Purchase Agreement. The purchaser is a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investment Management B.V. a prominent Dutch venture capital and private equity firm.

    Net proceeds from the transaction are to be used to bolster the balance sheet, fund organic growth opportunities through Cespira and High-Pressure Controls & Systems over the near term as well as opportunistic bolt on acquisitions. The Transaction ultimately eliminates future restructuring costs required by the Italian operations in the light-duty business.

    Westport is shifting to a smaller, more focused organization, that is positioned to provide solutions to decarbonize challenging segments of the mobility and industrial markets.​ Westport has 30 years of experience delivering component solutions and developing HPDI fuel technology​. We are focused on scaling our alternative fuel-based solutions, including advancements in CNG, RNG, and hydrogen systems, while navigating a rapidly evolving transportation landscape.

    The Company anticipates that the closing of the transaction will occur late in Q2 2025, subject to receiving shareholder approval.

    Conference call

    Westport has scheduled a conference call for Monday, March 31, 2025, at 10:30 am Pacific Time (1:30 pm Eastern Time) to discuss these results. To access the conference call please register at https://register.vevent.com/register/BI1ba7402b85a5491292e48354a2e80b90. 

    The live webcast of the conference call can be accessed through the Westport website at https://investors.wfsinc.com/. 

    Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.

    The webcast will be archived on Westport’s website at https://investors.wfsinc.com. 

    Financial Statements and Management’s Discussion and Analysis

    To view Westport full financials for the fourth quarter and year ended December 31, 2024, please visit https://investors.wfsinc.com/financials/. 

    About Westport Fuel Systems

    At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

    Cautionary Note Regarding Forward Looking Statements
    This press release contains forward-looking statements, including statements regarding future strategic initiatives and future growth, future of our development programs (including those relating to HPDI and Hydrogen) including testing to the HPDI fuel system, scaling our alternative fuel-based solutions, our expectations for 2025 and beyond, including the demand for our products, the future success of our business and technology strategies, shareholder approval of the Transaction, our ability to successfully close the Transaction and realize the benefits therefrom, including, potential earn-out payments, the Transaction alleviating liquidity concerns, our focus on providing affordable solutions to decarbonize long haul and heavy-duty trucking, our ability to bolster our balance sheet, fund organic growth as well as opportunistic bolt on acquisitions, a shift to operating as a smaller, more efficient organization. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward-looking statements. These risks, uncertainties and assumptions include those related to our revenue growth, operating results, industry and products, changes in business strategy, shifts in market demand, the general economy including impacts due to inflation, the effects of competition and pricing pressures, conditions of and access to the capital and debt markets, solvency, governmental policies, trade restrictions or other changes to international trade agreements, sanctions and regulation including the imposition of tariffs, technology innovations, fluctuations in foreign exchange rates, operating expenses, continued reduction in expenses, ability to successfully commercialize new products, the performance of our joint ventures, the availability and price of natural gas, new environmental regulations, the acceptance of and shift to natural gas and hydrogen vehicles, the relaxation or waiver of fuel emission standards, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, the effects and duration of the Russia-Ukraine conflict, supply chain disruptions as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102. The contents of any website, RSS feed or twitter account referenced in this press release are not incorporated by reference herein.

    Inquiries:
    Investor Relations
    T: +1 604-718-2046
    invest@wfsinc.com

    GAAP and Non-GAAP Financial Measures

    Our financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP“). These U.S. GAAP financial statements include non-cash charges and other charges and benefits that may be unusual or infrequent in nature or that we believe may make comparisons to our prior or future performance difficult. In addition to conventional measures prepared in accordance with U.S. GAAP, Westport and certain investors use EBITDA and Adjusted EBITDA as an indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. Management also uses these non-GAAP measures in its review and evaluation of the financial performance of Westport. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. We believe that these non-GAAP financial measures also provide additional insight to investors and securities analysts as supplemental information to our U.S. GAAP results and as a basis to compare our financial performance period-over-period and to compare our financial performance with that of other companies. We believe that these non-GAAP financial measures facilitate comparisons of our core operating results from period to period and to other companies by, in the case of EBITDA, removing the effects of our capital structure (net interest income on cash deposits, interest expense on outstanding debt and debt facilities), asset base (depreciation and amortization) and tax consequences. Adjusted EBITDA provides this same indicator of Westports’ EBITDA from continuing operations and removing such effects of our capital structure, asset base and tax consequences, but additionally excludes any unrealized foreign exchange gains or losses, stock-based compensation charges and other one-time impairments and costs which are not expected to be repeated in order to provide greater insight into the cash flow being produced from our operating business, without the influence of extraneous events.

    Segment Information

    EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under U.S. GAAP, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under U.S. GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently.

    Segment earnings or losses before income taxes, interest, depreciation, and amortization (“Segment EBITDA”) is the measure of segment profitability used by the Company. The accounting policies of our reportable segments are the same as those applied in our consolidated financial statements. Management prepared the financial results of the Company’s reportable segments on basis that is consistent with the manner in which Management internally disaggregates financial information to assist in making internal operating decisions. Certain common costs and expenses, primarily corporate functions, among segments differently than we would for stand-alone financial information prepared in accordance with GAAP. These include certain costs and expenses of shared services, such as IT, human resources, legal, finance and supply chain management. Segment EBITDA is not defined under US GAAP and may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for net earnings or other results reported in accordance with GAAP. Reconciliations of reportable segment information to consolidated statement of operations can be found in section “NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS” within this press release.

      Year ended December 31, 2024
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Cespira   Total Segment
    Revenue $ 262.2   $ 8.8     $ 31.3     $ 43.1     $ 345.4  
    Cost of revenue   206.8     7.3       30.6       42.6       287.3  
    Gross profit   55.4     1.5       0.7       0.5       58.1  
    Operating expenses:
    Research & development   13.0     4.4       4.2       4.7       26.3  
    General & administrative   19.2     1.0       3.1       5.6       28.9  
    Sales & marketing   9.9     0.7       0.9       1.0       12.5  
    Depreciation & amortization   2.6     0.3       0.1       1.7       4.7  
    Equity income   1.3     —       —       —       1.3  
    Add back: Depreciation & amortization1   6.4     0.5       1.4       3.8       12.1  
    Segment EBITDA $ 18.4   $ (4.4 )   $ (6.2 )   $ (8.7 )   $ (0.9 )
      Year ended December 31, 2023
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Total Segment
    Revenue $ 263.6   $ 12.0     $ 56.2     $ 331.8  
    Cost of revenue   214.5     9.2       59.2       282.9  
    Gross profit   49.1     2.8       (3.0 )     48.9  
    Operating expenses:
    Research & development   13.1     3.6       9.3       26.0  
    General & administrative   21.6     1.3       6.4       29.4  
    Sales & marketing   10.6     0.7       2.9       14.1  
    Depreciation & amortization   3.2     0.2       0.4       3.8  
    Equity income   0.8     —       —       0.8  
    Add back: Depreciation & amortization1   6.7     0.4       4.9       11.9  
    Segment EBITDA $ 8.1   $ (2.6 )   $ (17.1 )   $ (11.6 )


    NON-GAAP FINANCIAL MEASURES RECONCILIATION

    Gross Profit   Years ended December 31,
    (expressed in millions of U.S. dollars)   2024   2023
    Revenue   $ 302.3   $ 331.8
    Less: Cost of revenue   $ 244.7   $ 282.9
    Gross Profit   $ 57.6   $ 48.9
    Gross Margin as a percentage of Revenue   Years ended December 31,
    (expressed in millions of U.S. dollars)     2024       2023  
    Revenue   $ 302.3     $ 331.8  
    Gross Margin   $ 57.6     $ 48.9  
    Gross Margin as a percentage of Revenue     19 %     15 %
      Year ended December 31, 2024
      Total Segment   Less: Cespira   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 345.4   $ 43.1   $ —     $ 302.3  
    Cost of revenue   287.3     42.6     —       244.7  
    Gross profit   58.1     0.5     —       57.6  
    Operating expenses:
    Research & development   26.3     4.7     —       21.6  
    General & administrative   28.9     5.6     14.4       37.7  
    Sales & marketing   12.5     1.0     1.2       12.7  
    Depreciation & amortization   4.7     1.7     0.4       3.4  
    Equity income (loss)   1.3     —     (6.7 )     (5.4 )
      Year ended December 31, 2023
      Total Segment   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 331.8   $ —   $ 331.8
    Cost of revenue   282.9     —     282.9
    Gross profit   48.9     —     48.9
    Operating expenses:
    Research & development   26.0     —     26.0
    General & administrative   29.4     14.8     44.2
    Sales & marketing   14.1     2.2     16.3
    Depreciation & amortization   3.8     0.5     4.3
    Equity income   0.8     —     0.8
    Reconciliation of Segment EBITDA to Loss before income taxes   Years ended December 31,
        2024       2023  
    Total Segment EBITDA   $ (0.9 )   $ (11.6 )
    Adjustments:
    Depreciation and amortization     8.7       12.5  
    Cespira’s Segment EBITDA     (8.7 )     —  
    Cespira’s equity loss     6.7       —  
    Corporate and unallocated operating expenses     15.6       17.0  
    Foreign exchange loss     6.2       4.0  
    Loss on sale of assets     0.7       —  
    Gain on deconsolidation     (15.2 )     —  
    Loss on sale of investment     0.4       —  
    Impairment of long-term investment     —       0.4  
    Loss on extinguishment of royalty payable     —       2.9  
    Interest on long-term debt and accretion of royalty payable     2.8       3.0  
    Interest and other income, net of bank charges     (1.2 )     (2.7 )
    Loss before income taxes   $ (16.9 )   $ (48.7 )
    EBITDA and Adjusted EBITDA                
    Three months ended   31-Mar-23   30-Jun-23   30-Sep-23   31-Dec-23   31-Mar-24   30-Jun-24   30-Sep-24   31-Dec-24
    Income (loss) before income taxes   $         (9.7 )   $         (13.0 )   $         (12.0 )   $         (14.0 )   $         (12.9 )   $         6.8             $         (2.5 )   $         (8.3 )
    Interest expense, net             0.4                       (0.1 )             0.2                       (0.2 )             0.5                       0.5                       0.4                       0.2          
    Depreciation and amortization             3.0                       3.0                       3.2                       3.3                       3.2                       1.7                       1.8                       2.0          
    EBITDA   $         (6.3 )   $         (10.1 )   $         (8.6 )   $         (10.9 )   $         (9.2 )   $         9.0             $         (0.3 )   $         (6.1 )
    Stock based compensation (recovery)   $         0.7             $         0.8             $         (0.3 )   $         1.4             $         0.3             $         1.2             $         (0.1 )   $         —          
    Unrealized foreign exchange (gain) loss   $         1.1             $         2.4             $         1.4             $         (0.9 )   $         1.8             $         0.1             $         (1.1 )   $         5.4          
    Loss on extinguishment of royalty payable   $         —             $         2.9             $         —             $         —             $         —             $         —             $         —             $         —          
    Severance costs   $         —             $         —             $         4.5             $         —             $         0.5             $         0.2             $         0.1             $         0.1          
    Gain on deconsolidation   $         —             $         —             $         —             $         —             $         —             $         (13.3 )   $         —             $         (1.9 )
    Loss on sale of investment   $         —             $         —             $         —             $         —             $         —             $         —             $         0.4             $         —          
    Restructuring costs   $         —             $         —             $         —             $         —             $         —             $         0.8             $         0.2             $         —          
    Loss on sale of assets   $         —             $         —             $         —             $         —             $         —             $         —             $         —             $         0.7          
    Impairment of long-term investment   $         —             $         —             $         —             $         0.4             $         —             $         —             $         —             $         —          
    Adjusted EBITDA   $         (4.5 )   $         (4.0 )   $         (3.0 )   $         (10.0 )   $         (6.6 )   $         (2.0 )   $         (0.8 )   $         (1.8 )
    WESTPORT FUEL SYSTEMS INC.
    Consolidated Balance Sheets
    (Expressed in thousands of United States dollars, except share amounts)
    December 31, 2024 and 2023
        December 31,
          2024       2023  
    Assets        
    Current assets:        
    Cash and cash equivalents (including restricted cash)   $ 37,646     $ 54,853  
    Accounts receivable     73,054       88,077  
    Inventories     53,526       67,530  
    Prepaid expenses     5,660       6,323  
    Total current assets     169,886       216,783  
    Long-term investments     39,732       4,792  
    Property, plant and equipment     41,956       69,489  
    Operating lease right-of-use assets     19,019       22,877  
    Intangible assets     5,277       6,822  
    Deferred income tax assets     9,695       11,554  
    Goodwill     2,876       3,066  
    Other long-term assets     3,180       20,365  
    Total assets   $ 291,621     $ 355,748  
    Liabilities and Shareholders’ Equity        
    Current liabilities:        
    Accounts payable and accrued liabilities   $ 88,123     $ 95,374  
    Current portion of operating lease liabilities     2,624       3,307  
    Short-term debt     —       15,156  
    Current portion of long-term debt     14,660       14,108  
    Current portion of warranty liability     3,861       6,892  
    Total current liabilities     109,268       134,837  
    Long-term operating lease liabilities     16,433       19,300  
    Long-term debt     19,067       30,957  
    Warranty liability     1,456       1,614  
    Deferred income tax liabilities     4,029       3,477  
    Other long-term liabilities     4,343       5,115  
    Total liabilities     154,596       195,300  
    Shareholders’ equity:        
    Share capital:        
    Unlimited common and preferred shares, no par value        
    17,282,934 (2023 – 17,174,502) common shares issued and outstanding     1,245,805       1,244,539  
    Other equity instruments     9,472       9,672  
    Additional paid-in-capital     11,516       11,516  
    Accumulated deficit     (1,096,275 )     (1,074,434 )
    Accumulated other comprehensive loss     (33,493 )     (30,845 )
    Total shareholders’ equity     137,025       160,448  
    Total liabilities and shareholders’ equity   $ 291,621     $ 355,748  
    WESTPORT FUEL SYSTEMS INC.  
    Consolidated Statements of Operations and Comprehensive Income (Loss)  
    (Expressed in thousands of United States dollars, except share and per share amounts)  
    Years ended December 31, 2024 and 2023  
        Years ended December 31,
          2024       2023  
    Revenue   $ 302,299     $ 331,799  
    Cost of revenue     244,708       282,862  
    Gross profit     57,591       48,937  
    Operating expenses:        
    Research and development     21,587       26,003  
    General and administrative     37,679       44,234  
    Sales and marketing     12,676       16,278  
    Foreign exchange loss     6,248       3,974  
    Depreciation and amortization     3,367       4,299  
    Loss on sale of assets     703       32  
          82,260       94,820  
    Loss from operations     (24,669 )     (45,883 )
             
    Income from investments accounted for by the equity method     (5,402 )     780  
    Gain on deconsolidation     15,198       —  
    Loss on sale of investment     (352 )     —  
    Loss on extinguishment of royalty payable     —       (2,909 )
    Interest on long-term debt and accretion of royalty payable     (2,797 )     (2,981 )
    Impairment of long-term investment     —       (413 )
    Interest and other income, net of bank charges     1,161       2,690  
    Loss before income taxes     (16,861 )     (48,716 )
    Income tax expense (recovery):        
    Current     3,183       1,786  
    Deferred     1,797       (784 )
          4,980       1,002  
    Net loss for the year     (21,841 )     (49,718 )
    Other comprehensive income (loss):        
    Cumulative translation adjustment     (2,535 )     4,473  
    Ownership share of equity method investments’ other comprehensive loss   $ (113 )   $ —  
        $ (2,648 )   $ 4,473  
    Comprehensive loss   $ (24,489 )   $ (45,245 )
    Loss per share:        
    Net loss per share – basic and diluted   $ (1.27 )   $ (2.90 )
    Weighted average common shares outstanding:        
    Basic and diluted     17,248,090       17,173,016  
    WESTPORT FUEL SYSTEMS INC.
    Consolidated Statements of Cash Flows
    (Expressed in thousands of United States dollars)
    Years ended December 31, 2024 and 2023
        Years ended December 31,
          2024       2023  
             
    Operating activities:        
    Net loss for the year   $ (21,841 )   $ (49,718 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
    Depreciation and amortization     8,661       12,490  
    Stock-based compensation expense     1,066       1,727  
    Unrealized foreign exchange loss     6,248       3,974  
    Deferred income tax expense (recovery)     1,797       (784 )
    Loss (income) from investments accounted for by the equity method     5,402       (780 )
    Interest on long-term debt and accretion of royalty payable     74       9  
    Impairment of long-term investment     —       413  
    Change in inventory write-downs to net realizable value     3,283       7,066  
    Gain on deconsolidation     (15,198 )     —  
    Loss on sale of investment     352       —  
    Net loss on sale of assets     627       32  
    Loss on extinguishment of royalty payable     —       2,909  
    Change in bad debt expense     282       56  
    Changes in operating assets and liabilities:        
    Accounts receivable     25,567       5,340  
    Inventories     (6,836 )     9,481  
    Prepaid expenses     (153 )     2,869  
    Accounts payable and accrued liabilities     2,233       (2,448 )
    Warranty liability     (4,380 )     (5,829 )
    Net cash provided by (used in) operating activities     7,184       (13,193 )
    Investing activities:        
    Purchase of property, plant and equipment     (16,923 )     (15,574 )
    Proceeds on sale of investments     29,994       —  
    Proceeds on sale of assets     998       161  
    Dividends received from investments accounted for by the equity method     297       —  
    Capital contributions to investments accounted for by the equity method     (9,900 )     —  
    Net cash provided by (used in) investing activities     4,466       (15,413 )
    Financing activities:        
    Drawings on operating lines of credit and long-term facilities     19,336       46,367  
    Repayment of operating lines of credit and long-term facilities     (44,546 )     (39,904 )
    Payment of royalty payable     —       (8,687 )
    Net cash used in financing activities     (25,210 )     (2,224 )
    Effect of foreign exchange on cash and cash equivalents     (3,647 )     (501 )
    Net decrease in cash and cash equivalents     (17,207 )     (31,331 )
    Cash and cash equivalents, beginning of year (including restricted cash)     54,853       86,184  
    Cash and cash equivalents, end of year (including restricted cash)     37,646       54,853  

    The MIL Network –

  • MIL-OSI Global: Trump’s tariffs could push grocery prices even higher, but there are steps Canada could take to protect consumers

    Source: The Conversation – Canada – By Mathew Iantorno, Doctoral Candidate, Faculty of Information,, University of Toronto

    The first months of Donald Trump’s presidency have been defined by a single word: tariffs. He has framed tariffs as a panacea to the woes of the American economy, promising they will restore the country’s manufacturing sector and reduce the national deficit.

    As the United States’ largest trading partner, Canada’s smaller economy is poised to suffer the most from a prolonged trade war. Although the price of all consumer goods will be affected, the grocery aisle has become a particular battleground.

    Canadians have remained defiant, with vows to “buy Canadian” already spurring rapid drops in the sale of American products.

    But with calls for the country to strengthen its economic backbone and reduce dependence on the U.S., perhaps it’s also time to consider rebooting Canada’s grocery sector to better serve Canadians as well.



    Read more:
    Canada is now in a trade war with the U.S. — here’s what you need to know to prepare for it

    Canada’s supermarket problem

    Rising grocery bills have been an ongoing concern for Canadians long before Trump’s inauguration. Today, an estimated 18 per cent of Canadians are struggling with food insecurity owing to persistent inflation and the rising cost of living. Food banks saw a record number of monthly visits in 2024 as a result.

    Yet, even as consumers feel the squeeze, Canada’s grocery giants have been posting record profits. Loblaw Companies Limited, whose supermarkets hold a dominant 28 per cent share of the sector, has become the poster child for this trend.

    In the final quarter of 2022, as Canadians were grappling with rapid inflation on their grocery bills, Loblaw posted $529 million in profits — up 30 per cent from the previous year.

    This has led customers to accuse Loblaw and other large grocery chains of profiteering, provoking both a 100,000 signature petition against “greedflation” and a month-long boycott of Loblaw chains. All this while Loblaw was still reeling from a bread price-fixing scandal yielding a $500 million antitrust settlement.



    Read more:
    Food giants reap enormous profits during times of crisis

    In response to the mounting concerns, the federal government met with the heads of Loblaw, Sobeys, Metro, Costco and Walmart in 2023 to discuss stabilizing grocery prices in Canada. Former Prime Minister Justin Trudeau would threaten and later implement amendments to the Competition Act through Bill C-56, although these reforms were focused less on immediately lowering grocery bills and more on giving new tools to Canada’s competition watchdog.

    Investing in the future

    Another area of concern is the initiatives supermarket chains such as Loblaw and Metro have been investing their profits in.

    Since 2020, supermarkets in Canada have invested heavily in self-checkout aisles. While initially a concession to the social distancing measures of the COVID-19 pandemic, these kiosks have become a ubiquitous — and often unwelcome — part of the retail experience for both workers and consumers.

    Beyond the concern that self-checkouts pressure customers to perform more work, they have also increased the precarity of supermarket employees. These technologies generally reduce total worker hours and eliminate well-paying full-time positions, all with an eye towards boosting profit margins.



    Read more:
    The rise of robo-retail: Who gets left behind when retail is automated?

    Loblaw has also invested in automating their fleet of delivery vehicles, jeopardizing jobs in the logistics sector at a time when Canada’s unemployment rate, already struggling to recover, is expected to rise due to Trump’s tariffs.

    There is also the looming concern of dynamic pricing. Following the lead of American grocery stores such as Kroger, chains run by Loblaw, Metro and Sobeys have begun to implement electronic price tags. These tags enable retailers to instantaneously update prices based on supply and demand, similar to surge pricing on ride-sharing apps like Uber.

    Electronic price labels seen at a Walmart in Los Angeles in 2024.
    (Shutterstock)

    While online commentators were quick to mock fast food chain Wendy’s for potentially using dynamic pricing to charge more for a Frosty on a hot day, this practice becomes more problematic as the availability of family staples like baby formula, which already experiences perennial scarcity, are affected by the trade war.

    The sector won’t reform itself

    There is little reason to believe Canada’s grocery industry will reform itself. Many of the pro-consumer and pro-worker initiatives put forth by these chains have amounted to little more than public relations moves.

    The much-lauded COVID hero pay for front-line grocery workers disappeared only months into the pandemic, despite pressure from unions and MPs during the Omicron wave.

    Loblaw’s widely publicized price freeze on No Name products was similarly criticised for its short duration and for merely repackaging seasonal price freezes as a pro-consumer initiative.

    When Loblaw froze prices on No Name products in 2022, its competitor Metro quickly pointed out that seasonal price freezes are in fact a standard industry practice. (CBC News)

    The company’s promise to create a discounted version of its already discounted grocery chain No Frills drew further scepticism, with the stock being entirely sourced from Loblaw brands that generate higher revenue for the company.

    The question remains: what concrete measures can be implemented to safeguard Canadian grocery bills as our country navigates this next crisis?

    Lowering grocery bills for Canadians

    A report from the Broadbent Institute suggests the idea of a windfall profit tax, which would incentivize grocery companies to invest excess profits into price reductions or higher wages.

    A more durable reform would involve creating a central bank-style regulatory entity to oversee the grocery industry, instead of relying on industry-born measures such as Canada’s recently introduced grocery code of conduct.



    Read more:
    The new Grocery Code of Conduct should benefit both Canadians and the food industry

    Federal or provincial legislation could be also passed that places guardrails on dynamic pricing in the grocery aisle, if not banning the controversial practice altogether. Government grants and tax incentive programs could be withheld from companies that invest heavily into automating workforces so the government isn’t inadvertently subsidizing job losses.

    The Competition Bureau’s 2023 report highlights another key issue: there is a need for all levels of government to shift from subsidizing large chains and encourage the growth of independent grocers in the Canadian market, driving down prices for consumers through meaningful, local competition.

    Trump’s trade war has filled Canadians with a newfound pride and motivation to buy local to support the economy. Perhaps it’s time our grocery chains showed the same commitment to the people they serve.

    Mathew Iantorno does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Trump’s tariffs could push grocery prices even higher, but there are steps Canada could take to protect consumers – https://theconversation.com/trumps-tariffs-could-push-grocery-prices-even-higher-but-there-are-steps-canada-could-take-to-protect-consumers-252879

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: FOCUS ON: Regional platforms raising the bar on DRR financing

    Source: UNISDR Disaster Risk Reduction

    Asia and the Pacific

    The Asia-Pacific Ministerial Conference on DRR was held in Manila, the Philippines, with 7,000 ministers and participants in attendance. President Ferdinand Marcos Jr., who opened the event, emphasized funding as a priority issue of the conference and called for greater access for developing and least developed countries to financial resources. “We must significantly increase our investments and develop financing mechanisms in disaster risk reduction,” he said.

    Throughout the week, participants engaged in discussions on key themes, including financing, inclusion and local-level engagement for disaster and climate resilience. The official deliberations were accompanied by major events and exhibitions, “Are You Ready? and Tsunami: Sea Change for Resilience”, engaging thousands of children and youth in prevention, as well as awards on women’s leadership in DRR.

    Africa

    After three days of discussions, the Ninth Session of the Africa Regional Platform for Disaster Risk Reduction in Namibia concluded with the adoption of the Windhoek Declaration on advancing the Programme of Action for the Implementation of the Sendai Framework for Disaster Risk Reduction 2015–2030 in Africa. This ambitious document sets the direction for the next three years, reinforcing Africa’s commitment to reducing disaster risks and building resilience across the continent.

    Financing efforts were at the heart of the discussions. The Windhoek Declaration calls on Member States to increase budgetary allocation and establish innovative financing solutions, with support from regional and international partners to access funding, including for loss and damages and the EW4ALL initiative.

    The Windhoek Declaration also reiterates the call for inclusivity, especially in legislation and policies, but also through better national systems for gathering disaggregated data. The event called for mainstreaming of DRR in development programmes, and aligned DRR strategies with sustainable development and climate resilience policies, ensuring coherent and comprehensive approaches across all levels of governance as climate-related disasters continue to grow.

    Europe

    The 2024 Europe and Central Asia Regional Platform for Disaster Risk Reduction was held in Budva, Montenegro, bringing together over 700 participants, including ministers, civil protection leaders and diverse stakeholders from 55 United Nations Member States.

    In a show of unity, Member States endorsed a political declaration that committed to strengthening DRR and addressing the growing impacts of climate change in the region, ahead of COP29.

    They acknowledged the escalating risks across the region, exacerbated by climate change, economic vulnerabilities and geopolitical tensions, and committed to four targeted actions in line with the Sendai Framework for Disaster Risk Reduction and the European Forum for Disaster Risk Reduction Roadmap 2021–2040: integrated action on DRR and climate resilience; inclusive risk governance; increased financing for resilience; and enhanced EWS.

    Additionally, the Platform launched the Montenegro Call for Action on Earthquake Risk, aimed at strengthening regional cooperation, improving technical capacity, and driving investments towards earthquake resilience.

    Outcomes from these events, and the Regional Platform in the Arab States, will all feed into the Global Platform in Geneva in June 2025.

    Back to the UNDRR 2024 Annual Report

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: Strengthening Scotland’s NHS

    Source: Scottish Government

    New plan to focus on delivery.

    Health Secretary Neil Gray has set out how the Scottish Government plans to improve access to treatment, reduce waiting times and shift the balance of care from hospitals to primary care through the publication of the Operational Improvement Plan.

    Through the additional £200 million investment contained in the Budget to reduce waiting times and improve flow through hospital, we will create 150,000 extra appointments and procedures using greater use of regional and national working.

    By introducing a seven-day service in radiology, using mobile scanning units and additional recruitment, 95% of referrals will be seen within six weeks by March 2026, reducing backlogs in MRI, CT, ultrasound and endoscopy procedures.

    To improve flow in acute hospitals and support increases in community care, we will expand Hospital at Home to at least 2,000 beds by the end of 2026, meaning the service, which provides hospital level care in the comfort of the patients home, will become the biggest hospital in Scotland. By this summer there will be specialist staff in frailty teams in every A&E department in Scotland. Flow Navigation Centres, which direct patients to the most appropriate service for their condition, will be able to refer patients to more services, reducing the number of people who have to wait in A&E.

    Investment in primary care will make it easier for people to see a doctor, dentist, optometrist or community pharmacist, and £10.5 million will be invested in general practice to take targeted action to prevent heart disease and frailty. 

    Digital services will be expanded to modernise services and improve efficiency, with the Digital Front Door app launching in Lanarkshire in December. This launch will be followed by a national roll-out in 2026, allowing people to securely access their hospital appointments, receive communications and find local services. Over time it will be expanded to include social care and community health services.

    On a visit to Kirklands Hospital’s Flow Navigation Centre, Health Secretary Neil Gray said:

    “This plan details how the Scottish Government will deliver a more accessible NHS, with reductions to long-waits and the pressures we currently see. It shows how we will use the £21.7 billion health and social care investment in the 2025-26 Budget to deliver significant improvements for patients.

    “We want to increase the number of appointments, speed up treatment and make it easier to see a doctor. By better using digital technology, we will embrace innovation and increase efficiencies.

    “This plan is ambitious but realistic, and builds on the incredible work of our amazing health and social care staff across our health boards, to deliver real change.”

    Background

    NHS Scotland Operational Improvement Plan

    Focusing on the short term, the Operational Improvement Plan details specific commitments for NHS Scotland that build on the wider delivery plans of Scotland’s health boards. Supported by increased investment in the 2025-26 Scottish Budget, the plan focuses on four main areas:

    • Improving access to treatment
    • Shifting the balance of care from hospitals to primary care
    • Improving access to health and social care services through digital and technological innovation
    • Working with people to prevent illness and more proactively meet their needs.

    Improving public services and NHS renewal: First Minister’s speech – 27 January 2025 – gov.scot

    Protecting, strengthening and renewing the NHS – gov.scot

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Call for information – Aggravated assault – Alice Springs

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is calling for information in relation to an aggravated assault that occurred in Alice Springs early on Saturday morning.

    Just after 12am on Saturday, a group of unknown male youths were allegedly causing a disturbance on Todd Street when a nearby adult male engaged with the group, encouraging them to leave the area. It is alleged one of the unknown youths subsequently threw a scooter at him, striking him in the head and causing him to lose consciousness.

    Security personnel from a nearby venue provided first aid to the victim before St John Ambulance arrived and conveyed him to hospital.

    The group of youths fled the scene prior to police arrival.

    Investigations are ongoing and police urge anyone with information to make contact on 131 444. Anonymous reports can also be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

    MIL OSI News –

  • MIL-OSI Australia: Arrest – Aggravated burglary – Katherine

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has arrested a 14-year-old male after an aggravated burglary in Katherine overnight.

    About 8:15pm, police received reports of an unlawful entry from a relative of an elderly resident living in Katherine South.

    The resident awoke to noise and upon further inspection noticed the door had been damaged and her mobile phone and set of keys were missing. She used her medical alert device to call family, who notified police.

    Katherine general duties and Dog Operations Unit members attended the residence and conducted patrols nearby. The alleged offender was apprehended a short time later and was found in possession of a number of stolen keys and an edged weapon.

    Senior Sergeant Glenn Leafe said “Investigations remain ongoing into this incident as there were several sets of keys found in possession of the alleged offender.

    “This lady did an excellent job seeking help, and her family acted promptly to ensure police could apprehend this young person nearby, preventing further offending. This type of conduct is not tolerated in our community and we will continue to investigate and put offenders before the court”

    Police urge anyone who witnesses crime or antisocial behaviour to contact police on 131 444. In an emergency call 000. You can also report anonymously through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

    MIL OSI News –

  • MIL-OSI Australia: Call for information – Stolen motor vehicles – Alice Springs

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is calling for information in relation to stolen motor vehicles that were sighted driving dangerously in Alice Springs early this morning.

    At 4:15am, police CCTV operators sighted two vehicles being driven recklessly on Todd Street in Alice Springs. One of the vehicles, a white Haval SUV, was allegedly driving behind a security vehicle and attempting to ram it, however no contact was made. The second vehicle, a silver Mazda hatchback, was following closely behind the SUV.

    The two vehicles subsequently left the area and were last sighted travelling towards East Side. Police commenced investigations and Strike Force Viper members located both vehicles a short time later abandoned on Coolibah Crescent. Both have been seized to undergo forensic examination.

    Police attended the registered address of the vehicles in East Side and confirmed they had been stolen earlier in the night.

    Members from the Dog Operations Unit, Strike Force Viper and general duties conducted area patrols to locate the unknown offenders, however they currently remain outstanding.

    Investigations are ongoing and police urge anyone with information to make contact on 131 444. Please quote reference P25087519. Anonymous reports can also be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

    MIL OSI News –

  • MIL-OSI Australia: Community unrest – Wadeye

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is investigating after multiple disturbances occurred in Wadeye on Saturday afternoon.

    Around 12pm, local police members responded to a growing disturbance between families in the community. The incident continued throughout the afternoon before the group was dispersed.

    A short time later, the unrest continued and additional resources from Peppimenarti and Territory Support Division were deployed to assist, and the groups were again separated.

    Police have not received any reports of injuries at this stage; however, multiple edged and makeshift weapons have been seized from properties.

    Investigations remain ongoing.

    Senior Sergeant Erica Gibson said, “This level of violence is simply not acceptable.

    “We are working closely with Traditional Owners and other stakeholders to enhance community engagement to ease tensions within the community.”

    MIL OSI News –

  • MIL-OSI: Soitec confirms its excellence in innovation with progress up 2024 INPI patent ranking

    Source: GlobeNewswire (MIL-OSI)

    Soitec confirms its excellence in innovation with progress up 2024 INPI patent ranking

    Bernin (France), March 31, 2025 – Soitec (Euronext – Tech Leaders), a world leader in the design and production of innovative semiconductor materials, once again demonstrates its excellence in innovation through its rise in the 2024 ranking of patent filers published by the INPI (the French National Institute of Industrial Property).

    This recognition highlights Soitec’s unwavering commitment to innovation and confirms its central role in the development of disruptive technologies, driven by a global strategy and a network of research centers spread across several continents.

    For the first time, the patents filed originate from all of its innovation sites around the world, illustrating a collaborative approach that combines technological excellence with strong local roots.

    With 76 patents filed in France in 2024, compared to 62 the previous year, Soitec:

    • Confirms its 1st place among the most innovative mid-sized companies1, for the second consecutive year;
    • Rises to 22nd place nationally, up three places.

    This achievement reflects the strength of Soitec’s innovation strategy, driven by its research, technology, and intellectual property teams. The company protects its technological advances with a robust patent portfolio, securing its innovations and ensuring product differentiation in the market through the exclusivity of its innovations. With approximately 400 patents filed worldwide each year, Soitec has established itself as an essential technology leader.

    Pierre Barnabé, CEO of Soitec, stated:

    “This progress in the INPI ranking demonstrates Soitec’s unwavering commitment to innovation and intellectual property. Our teams continue to develop breakthrough solutions that address the strategic challenges of our industry. By strengthening our patent portfolio, we consolidate our leadership position and create value for our customers and partners worldwide.”

    Soitec’s continuous investments in R&D enable it to anticipate the needs of strategic markets and address the technological challenges of the future. With 14% of its revenue dedicated to R&D this year2, the company develops innovative materials that accelerate the transition to more efficient and sustainable solutions in the field of mobile communications, artificial intelligence, and power electronics.

    At the same time, Soitec continues to diversify its activities by introducing innovative new products. The company is at the forefront of Photonics-SOI technology, which facilitates the shift from electrical to optical interconnects – a key development for the evolution of data centers and telecommunications. Furthermore, Soitec’s SmartSiC™ silicon carbide wafers, produced using its patented SmartCut™ technology, enhance the performance and sustainability of power electronics applications, which are essential for electric mobility and the energy industry. Another example is Soitec’s POI (Piezoelectric On Insulator), an innovative substrate also manufactured using its SmartCut™ technology. It is based on a high-resistivity silicon substrate, topped with an embedded oxide layer and a thin layer of single-crystal piezoelectric material, making it particularly suitable for advanced applications in optoelectronics and telecommunications.

    Link to the full INPI report: 2024 Patent Filers Ranking

    *****

    About Soitec

    Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 1 billion Euros in fiscal year 2023-2024. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge and Cloud AI. The company relies on the talent and diversity of its 2,300 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Soitec has registered over 4,000 patents.

    Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

    For more information: https://www.soitec.com/en/ and follow us on LinkedIn and X: @Soitec_Official

    # # #

    Media Relations: media@soitec.com

    Investor Relations: investors@soitec.com

    1 ETI (Entreprises de Taille Intermédiaire) in French
    2 Before capitalization (Universal Registration Document 2023-2024)

    Attachment

    The MIL Network –

  • MIL-OSI: VAALCO Energy, Inc. to Present Live Via Investor Meet Company

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 31, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) announced that George Maxwell, Chief Executive Officer, and Ron Bain, Chief Financial Officer, will provide a live presentation via Investor Meet Company Thursday, April 17, 2025. The presentation will begin at 10 a.m. British Summer Time (4 a.m. Central Time).

    The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until April 16, 2025, 09:00 BST (3 a.m. Central Time), or at any time during the live presentation.

    Investors can sign up to Investor Meet Company for free and add to meet Vaalco via:
    https://www.investormeetcompany.com/vaalco-energy-inc/register-investor. Interested parties can also access the presentation on Vaalco’s web site, www.vaalco.com, under the “Investors” tab. An archived version will be available on Vaalco’s web site after the presentation.

    Investors who already follow Vaalco on the Investor Meet Company platform will automatically be invited.

    About Vaalco
    Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.

    For Further Information

       
    Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
    Website: www.vaalco.com
       
    Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
    Al Petrie / Chris Delange  
       
    Buchanan (UK Financial PR) +44 (0) 207 466 5000
    Ben Romney / Barry Archer Vaalco@buchanan.uk.com
       

    Forward Looking Statements
    This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and may also include “forward-looking information” within the meaning of applicable Canadian securities law (collectively “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, but are not limited to, statements relating to (i) estimates of future drilling, production, sales and costs of acquiring crude oil, natural gas and natural gas liquids; (ii) expectations regarding Vaalco’s ability to effectively integrate assets and properties it has acquired as a result of the Svenska acquisition into its operations; (iii) expectations regarding future exploration and the development, growth and potential of Vaalco’s operations, project pipeline and investments, and schedule and anticipated benefits to be derived therefrom; (iv) expectations regarding future acquisitions, investments or divestitures; (v) expectations of future dividends; (vi) expectations of future balance sheet strength; and (vii) expectations of future equity and enterprise value.

    Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the FPSO servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s 2024 Annual Report on Form 10-K filed with the SEC on March 17, 2025 and subsequent Quarterly Reports on Form 10-Q filed with the SEC.

    The MIL Network –

  • MIL-OSI: Tabi Becomes Title Sponsor of 2025 Bangladesh Cricket Championship

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, March 31, 2025 (GLOBE NEWSWIRE) — Tabi, a Web3 entertainment and consumer blockchain platform backed by Animoca Brands and Binance Labs, has officially signed on as title sponsor of the 2025 Bangladesh Cricket Championship. The partnership marks Tabi’s first major move into the South Asian market, aligning with its mission to bring decentralized technology into everyday culture through sport, entertainment, and community engagement.

    Tabi’s sponsorship reflects more than just branding—it’s part of a broader push to integrate Web3 into real-world experiences that resonate with millions. Cricket, the most beloved sport in Bangladesh and across the region, provides an ideal platform for introducing digital ownership, fan participation, and creator economies powered by blockchain.

    “Tabi is building a Web3 world where culture, content, and community converge,” said Mori Xu, co-founder of Tabi. “Sponsoring the Bangladesh Cricket Championship allows us to connect with a passionate, mobile-first audience through a sport that embodies national identity and collective spirit. This isn’t just a logo placement—it’s an invitation to explore what ownership and participation look like in the next internet era.”

    As part of its broader regional strategy, Tabi sees this sponsorship as a key step in introducing its brand and values to a passionate, mobile-native audience. The move signals Tabi’s intent to explore long-term opportunities where blockchain can enhance fan culture, digital identity, and participation—particularly in regions where community-driven platforms thrive and traditional systems are ripe for innovation.

    While cricket serves as the cultural entry point, Tabi’s long-term goal is to help users across emerging markets access decentralized tools without friction—transforming everyday fandom into on-chain engagement.

    More details about the sponsorship campaign and on-site activations will be shared in the lead-up to the tournament.

    About Tabi Chain
    Tabi Chain is a decentralized blockchain ecosystem designed to facilitate mass adoption of Web3 through seamless social media integration. By leveraging Proof of Attention (PoA) and Tabi Mini Nodes, Tabi Chain enables users to engage with Web3 platforms effortlessly, turning social interactions into meaningful blockchain participation. The project is committed to lowering the barriers to entry for decentralized applications, governance, and digital ownership, fostering a more inclusive and accessible Web3 landscape.

    Media Content:
    Name: Mori Xu
    Media contact: tabimedium@tabilabs.org

    Disclaimer: This press release is provided by Tabi Chain. 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/ae996481-be7f-4a47-9123-5350cb24a00b

    The MIL Network –

  • MIL-OSI: International Petroleum Corp. Annual General Meeting to be held on May 7, 2025

    Source: GlobeNewswire (MIL-OSI)

    International Petroleum Corporation (“IPC” or the “Corporation”) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that the Annual General Meeting (the “Meeting”) of holders of common shares (“Shareholders”) will be held at the offices of Blake, Cassels and Graydon LLP, Suite 3500, 855 – 2nd Street S.W., Calgary, Alberta, Canada T2P 4J8 on Wednesday, May 7, 2025 at 8:00 a.m. (Mountain time), for the following purposes:

    1. To receive the audited consolidated financial statements of the Corporation for the financial year ended December 31, 2024 and accompanying report of the auditor;
    2. To set the number of directors of the Corporation at eight;
    3. To elect the eight nominees of the Corporation standing for election as directors of the Corporation to hold office until the next annual meeting of Shareholders or until his or her successor is duly elected or appointed;
    4. To appoint PricewaterhouseCoopers LLP, Chartered Professional Accountants, as the auditor of the Corporation, to hold office until the next annual meeting of Shareholders and to authorize the directors to fix the auditor’s remuneration; and
    5. To transact such other business as may properly come before the Meeting or any adjournment(s) or postponement(s) of the Meeting.

    The record date for the Meeting is March 18, 2025. The Notice of Meeting, the Management Information Circular dated March 24, 2025 (the “Information Circular”) and related Meeting materials, and the Corporation’s Annual Information Form for the year ended December 31, 2024, will be available under the Corporation’s profile on SEDAR+ at www.sedarplus.ca and on the Corporation’s website at www.international-petroleum.com.

    The Corporation is not aware of any items of business to be brought before the Meeting other than those described in the Information Circular and there will be no management presentation on the business and operations of the Corporation at the Meeting.

    Advice to Holders of Euroclear Sweden Registered Common Shares

    Shareholders who hold their common shares (“Euroclear Registered Common Shares”) through Euroclear Sweden AB, which common shares trade on the Nasdaq Stockholm, are not registered holders of common shares for the purposes of voting at the Meeting. Instead, Euroclear Registered Common Shares are registered under CDS & Co., the registration name of the Canadian Depositary for Securities. Holders of Euroclear Registered Common Shares will receive a voting instruction form (the “VIF”) by mail directly from Computershare AB (“Computershare Sweden”). Additional copies of the VIF, together with the Information Circular, can also be obtained from Computershare Sweden and are available on the Corporation’s website at www.international-petroleum.com. The VIF cannot be used to vote common shares directly at the Meeting. Instead, the VIF must be completed and returned to Computershare Sweden, strictly in accordance with the instructions and deadlines as further described in the instructions provided with the VIF.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50

    Or

    		 Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15

    The information was submitted for publication, through the contact persons set out above, at 09:00 CEST on March 31, 2025.

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    Attachment

    The MIL Network –

  • MIL-OSI: anske Bank share buy-back programme: transactions in week 13

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 15 2025

    Danske Bank

    Bernstorffsgade 40

    DK-1577 København V

    Tel. + 45 33 44 00 00

    31/03/2025

    Page 1 of 1

    Danske Bank share buy-back programme: transactions in week 13

    On 7 February 2025, Danske Bank A/S announced a share buy-back programme for a total of DKK 5 billion, with a maximum of 45,000,000 shares, in the period from 10 February 2025 to 30 January 2026, at the latest, as described in company announcement no. 6 2025.

    The Programme is carried out in accordance with Article 5 of Regulation (EU) No 596/2014 of the European Parliament and Council of 16 April 2014 (the “Market Abuse Regulation”) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (together with the Market Abuse Regulation, the “Safe Harbour Rules”).

    The following transactions on Nasdaq Copenhagen A/S were made under the share buy-back programme in week 13:
      Number of shares VWAP DKK Gross value DKK
    Accumulated, last announcement 332,100 233.2386 77,458,546
    24/03/2025 148,299 232.3580 34,458,459
    25/03/2025 207,000 237.6324 49,189,907
    26/03/2025 195,756 240.2799 47,036,232
    27/03/2025 207,000 238.6646 49,403,572
    28/03/2025 216,178 232.7320 50,311,538
    Total accumulated over week 13 974,233 236.4934 230,399,708
    Total accumulated during the share buyback programme 1,306,333 235.6660 307,858,254

    With the transactions stated above, the total accumulated number of own shares under the share buy-back programme corresponds to 0.152% of Danske Bank A/S’ share capital.

    Danske Bank

    Contact: Claus Ingar Jensen, Head of Group Investor Relations, tel. +45 25 42 43 70

    Attachment

    The MIL Network –

  • MIL-OSI: Agillic appoints new CFO Jack Sørensen

    Source: GlobeNewswire (MIL-OSI)

    Press release – Copenhagen – 31 March 2025

    Jack Sørensen joins Agillic as its new Chief Financial Officer on 1 May 2025.

    Jack will manage the finance team, oversee financial strategy and operations, and work closely with CEO Christian Samsø on investor relations. 

    Jack joins Agillic from Evaxion-Biotech A/S – a biotech company listed on Nasdaq New York and operating in Australia and Denmark – where he has been the VP of Finance and Reporting since 2022. Jack brings an extensive international experience across IT and SaaS, med- and biotech, telecom, and consultancy, having held various roles in companies like Deloitte, Chr. Hansen Holding, DONG Energy (Ørsted), Global Connect Outsourcing, and Widex.

    Christian Samsø, CEO at Agillic, comments: 
    “I am very pleased to have concluded a swift recruitment process, welcoming Jack to Agillic already in May. We have a highly capable finance department, and I look forward to seeing Jack develop and lead the team, and together with the Executive Management team deliver on Agillic’s strategic priorities of ARR growth, positive cashflow from operations, and positive EDITDA as outlined with our 2025 guidance.”

    Jack Sørensen adds:
    “Agillic has an impressive portfolio and footprint in the Nordics. Like any SaaS business, it is subject to market conditions, but I see a strong foundation for growth and look forward to contributing to the continued journey.” 

    For further information, please contact
    Christian Samsøe, CEO
    +45 24 88 24 24
    christian.samsoe@agillic.com

    About Agillic A/S
    Agillic A/S (Nasdaq First North Growth Market Copenhagen: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate, and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit agillic.com. 

    The MIL Network –

  • MIL-OSI: Willis Sustainable Fuels Progresses Teesside SAF Project

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., March 31, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced that its subsidiary, Willis Sustainable Fuels (UK) Limited (“WSF”), has entered into license and engineering agreements with two global leaders in sustainable technology, Johnson Matthey and Axens. These partnerships significantly advance WSF’s sustainable aviation fuel (SAF) project in Teesside, Northeastern England. WSF is targeting Q1 2028 to begin commercial operations at its SAF production facility, with an anticipated annual production capacity of 14,000 tonnes (equalling approximately 50,000 litres a day) of SAF.

    “Through this collaboration, WSF will leverage Johnson Matthey’s and Axens’ market-leading technologies to support the production of SAF at our facility in Teesside, UK,” said Amy Ruddock, Senior Vice President, Sustainable Aviation & Corporate Development of WLFC. “Working with industry leaders will allow us to accelerate progress toward our vision for a cleaner, more sustainable future.”

    This project received a grant from the UK Department for Transport’s Advanced Fuels Fund and represents an important step towards the UK government’s 2050 net-zero target and its goal of having five commercial-scale SAF plants under construction by 2025. WSF is currently executing the detailed design phase of the project. McDermott will perform early engineering, procurement, and construction (EPC) related services for the project.

    “Our FT CANS™ technology was developed in partnership with bp and revolutionizes the sustainable fuel sector by enabling production at commercial scale. We look forward to working with Willis Sustainable Fuels on this innovative project that will benefit the UK and beyond,” said Alberto Giovanzana, Managing Director – Licensing at Johnson Matthey

    “Axens is honored to be chosen as a partner in this pivotal energy transition project to support the emergence of the advanced SAF market in the UK. We are dedicated to accompanying Willis every step of the way, ensuring the successful implementation of innovative solutions that drive sustainable progress,” said Jacques Rault, Executive Vice President Technology & Technical Support of Axens.

    The project’s technology is intended to produce 100% SAF that can be seamlessly blended with conventional jet fuel for immediate use with existing commercial aircraft engines. The fuel produced is projected to offer greenhouse gas emissions savings of approximately 80% compared to today’s fuels.

    WSF remains committed to the aviation industry’s transformation to a more sustainable future by investing in, developing and producing scalable solutions to decarbonize aviation. For more information on WSF, visit www.willissustainablefuels.com.

    About Willis Lease Finance Corporation

    Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services. Willis Sustainable Fuels intends to develop, build and operate projects to help decarbonize aviation.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing  and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    About Johnson Matthey
    Johnson Matthey is a global leader in sustainable technologies. For over 200 years Johnson Matthey has used advanced metals chemistry to tackle the world’s biggest challenges.

    Many of the world’s leading energy, chemicals and automotive companies depend on Johnson Matthey’s technology and expertise to decarbonise, reduce harmful emissions, and improve their sustainability.

    And now, as the world faces the challenges of climate change, energy supply and resource scarcity, Johnson Matthey is actively providing solutions for its customers. Through inspiring science and continued innovation, we’re catalysing the net zero transition for millions of people every day. For more information visit www.matthey.com.

    About Axens
    The Axens Group (www.axens.net) offers a complete range of solutions for the conversion of oil and biomass into cleaner fuels, the production and purification of major petrochemical intermediates, the chemical recycling of plastics, natural gas treatment and conversion options, water treatment and carbon capture. Their offer includes technologies, equipment, furnaces, modular units, catalysts, adsorbents and related services. Axens is ideally positioned to cover the entire value chain, from feasibility studies to start-up and monitoring of units throughout their lifecycle. This unique position guarantees optimum performance and a reduced environmental footprint. Axens’ international offering is based on highly qualified human resources, modern production facilities and an extensive global network for industrial, technical support and sales services. Axens is an IFP Energies Nouvelles Group company.

    To find out more, visit Axens’ website and follow Axens on X and LinkedIn.

    Contact press: press@axens.net 

     CONTACT: Lynn Mailliard Kohler
      Director, Global Corporate Communications
      (415) 328-4798
      lkohler@willislease.com 

    The MIL Network –

  • MIL-OSI: Board Changes

    Source: GlobeNewswire (MIL-OSI)

    Admiral Group Plc (“Admiral” or “the Company”)

    31 March 2025

    Board Changes

    Retirement of Justine Roberts
    Admiral today announces that, after serving 9 years as an independent Non-executive Director, Justine Roberts has informed the Board that she intends to retire as a Director of the Company. Justine currently holds the position of Senior Independent Director and is a member of the Remuneration Committee and the Nomination and Governance Committee, she will step down from all positions effective 18 June 2025.

    Mike Rogers, Chair of the Admiral Group Board, said: “It is with sadness that today we announce the retirement of Justine Roberts from the Board and all Committee appointments, effective 18 June 2025. Justine has served with distinction for 9 years as an Independent Non-executive Director of the Company. Her contributions have been invaluable, and on behalf of the Board and the entire Company, I extend our deepest gratitude to Justine for her exceptional service. On a personal note, Justine has been an immense support to me since I assumed the role of Chair of Admiral. We wish her all the best in her future endeavours.”

    Justine Roberts, outgoing Senior Independent Director of the Admiral Group Board said:
    “After 9 great years as a Non-executive Director, it’s time for me to step down from the Board. I’ve genuinely loved being part of such a unique and special company and it’s been an incredibly rewarding experience. The energy, creativity, and team spirit at Admiral have made my time on the Board something I’ll always value. A big thank you to my fellow Board members and the whole Admiral team for all the support and collaboration over the years. I’ll be cheering them on for even more success in the years ahead.”

    Milena Mondini de Focatiis, CEO of Admiral Group, said: “I will be very sorry to see Justine leave the Board. Justine always encouraged us to keep an unwavering customer focus, and embrace change and new technology. I am incredibly grateful for the invaluable support that she provided to myself and the management team over the years. On behalf of all my colleagues, I would like to thank Justine for her dedication to both the business and the Board and wish her all the best.”

    Senior Independent Director
    In accordance with Provision 12 of the UK Corporate Governance Code 2024, Andy Crossley will be appointed to the position of Senior Independent Director of the Company effective 18 June 2025.

    Nomination and Governance Committee
    Andy Crossley will be appointed as a member of the Nomination and Governance Committee effective 18 June 2025.

    Following the above changes, from 18 June 2025, the membership of the Nomination and Governance Committee will consist of Mike Rogers (Chair), Bill Roberts and Andy Crossley, all of whom are Non-executive Directors considered by the Board to be independent.

    Group Risk Committee
    Fiona Muldoon will be appointed as a member of the Group Risk Committee effective 28 April 2025.

    Following the above changes, from 28 April 2025, the membership of the Group Risk Committee will consist of Andy Crossley (Chair), Karen Green, Jayaprakasa (JP) Rangaswami and Fiona Muldoon, all of whom are Non-executive Directors considered by the Board to be independent.

    Non-executive Director recruitment
    The Company is currently in the process of recruiting for a new Non-executive Director. Further information will be made available to shareholders as and when this becomes available.

    This announcement is released in compliance with UK Listing Rule 6.4.6.

    Dan Caunt
    Company Secretary
    Admiral Group Plc
    LEI Number: 213800FGVM7Z9EJB2685

    For further information please contact:

    Media:        
    Addy Frederick                                Addy.Frederick@admiralgroup.co.uk         

    Investors/ Analysts:        
    Diane Michelberger                                   InvestorRelationsTeam@admiralgroup.co.uk

    The MIL Network –

  • MIL-OSI Economics: RBA and ASIC Act on Deep Concerns with ASX

    Source: Reserve Bank of Australia

    The Reserve Bank of Australia (RBA) and the Australian Securities and Investments Commission (ASIC) (the regulators) have taken further steps to address their increasing concern over the management of operational risk at ASX, following the CHESS batch settlement failure incident that occurred on 20 December 2024.

    In a joint letter to ASX, the regulators expressed their deep concerns about the potential for operational incidents, such as the CHESS batch settlement failure, to affect the ability of the CHESS system to reliably service the Australian equities market until CHESS is replaced. The regulators also highlighted their concern about the speed and nature of ASX’s remediation actions following the initial incident.

    In response, the RBA has taken the unprecedented step of reassessing the compliance of ASX Clear Pty Limited and ASX Settlement Pty Ltd with the RBA’s Financial Stability Standards outside the usual annual assessment cycle. The RBA has downgraded its assessment of these entities’ compliance with the “Operational Risk” standard from partly observed to not observed. A rating of not observed is made when the RBA has identified serious issues of concern that warrant immediate action.

    In addition, ASIC has directed ASX, under section 823BB(4) of the Corporations Act 2001, to engage an expert approved by ASIC to undertake a technical review of CHESS. This review and any remediation will provide greater confidence to regulators, and the public, in the stability and operational resilience of the current CHESS platform.

    RBA Governor Michele Bullock said, ‘It is deeply disappointing that the regulators need to take these actions today. But they are necessary. ASX operates critical infrastructure that plays a central role in the financial system. ASX’s management of operational risk has been a concern for RBA staff and the Payments System Board for some time, and the recent CHESS incident has underscored those concerns. The underlying issues that we have raised need to be addressed as a matter of priority to strengthen the resilience of the CHESS system.’

    ASIC Chair Joe Longo said, ‘Our actions underscore our increasingly deep concerns with ASX’s management of the CHESS system, and we will continue to consider further action. The technical review of ASX’s core technology infrastructure is necessary given the ongoing concerns the regulators have raised about ASX’s operational resilience. It is troubling that these risks were realised in this major incident.’

    The regulators together outlined their expectations that ASX needs to give the highest priority to the immediate remediation of issues that caused and exacerbated the December 2024 incident.

    If not urgently addressed, the regulators are prepared to take further regulatory action. This could include the use of the regulators’ new powers under reforms to modernise the regulatory framework for Financial Market Infrastructures, which came into effect in September 2024, and further rulemaking under the Competition in Clearing and Settlement reforms.

    Background

    The RBA and ASIC are co-regulators of licensed CS facilities and have separate, but complementary, responsibilities for the licensing and supervision of CS facilities licensees.

    These responsibilities include supervising each CS facility licensee’s compliance with the obligation to do all things necessary to ensure that the facility’s services are provided in a fair and effective way, to the extent it is reasonably practicable to do so. In carrying out supervision and assessment of CS facilities, the RBA and ASIC work closely as appropriate.

    The RBA supervises CS facilities from the perspective of the facilities’ importance to the stability of Australia’s financial system. This includes the power to determine financial stability standards for the purpose of ensuring that CS facility licensees conduct their affairs in a way that causes or promotes overall stability in the Australian financial system.

    ASIC’s regulatory action announced today are in addition and separate to ASIC’s investigation into ASX Settlement Pty Ltd (ASX Settlement) for suspected contraventions of section 821A of the Corporations Act.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Appointments to Community Investment and Inclusion Fund Committee

    Source: Hong Kong Government special administrative region

    The Government announced today (March 31) the reappointment of six incumbent members of the Community Investment and Inclusion Fund (CIIF) Committee. The appointment of Mr Shum Ho-kit and Miss Amy Chan Lim-chee as the new Chairman and Vice-Chairman, and Miss Louisa Cheung Yee-sha, Mr Lawrence Lam Chi-bun, Miss Charlotte Lau Hei-lam, Dr Michael Liu Tsz-chung, Professor Ming Wai-kit, Ms Ng Mei-yee, Mr Wilson Or Chong-shing, Ms Tse Yi-lam, Ms Macy Wong Chor-kei and Mr Yim Chi-fung as new members, was also announced. The appointment of these 18 members will take effect from April 1, 2025, to March 31, 2027.

    The Secretary for Home and Youth Affairs, Miss Alice Mak, welcomed the appointments and looked forward to the new members continuing to demonstrate the care for community and cross-sectoral collaboration that the CIIF seeks to promote. She also expressed her appreciation to the outgoing Chairman, Mr Kwan Chuk-fai, and members Professor Alan Chow Ping-kay, Dr Fan Ning, Ms Amy Fung Dun-mi, Professor Vivian Lou Wei-qun, Miss Yanice Mak Wing-yan, Mr Francis Ngai Wah-sing, Miss Joanna Wong Kwan-chiu, Ms Wong May-kwan and Mr Wong Wai-kit, for their efforts and contributions to the CIIF during their term of service. 
       
    The membership list of the CIIF Committee, with effect from April 1, 2025, is as follows:

    Chairman
    ———–
    Mr Shum Ho-kit

    Vice-Chairman
    —————-
    Miss Amy Chan Lim-chee

    Members
    ———-
    Ms Karin Ann
    Miss Louisa Cheung Yee-sha
    Mr Lawrence Lam Chi-bun
    Miss Charlotte Lau Hei-lam
    Mr Lau Hing-wah
    Ms Janus Lau Yuen-yee
    Mr Lee Kwong-yu
    Miss Leung Sze-wan
    Dr Michael Liu Tsz-chung
    Professor Ming Wai-kit
    Ms Ng Mei-yee
    Mr Wilson Or Chong-shing
    Dr Johannes Poon Yin-kwong
    Ms So Lai-chun
    Mr Johnny Sze Chun-hong
    Ms Tse Yi-lam
    Mr Andy Wan Ka-kit
    Ms Macy Wong Chor-kei
    Mr Yim Chi-fung
    Mr Yu Hon-kwan

    The CIIF was established in 2002 to promote social capital development through encouraging mutual support in the neighbourhood, community participation and cross-sectoral partnership. The CIIF Committee is tasked to handle applications for funding under the CIIF and advise the Government on the administration of the CIIF as well as the development of social capital in Hong Kong.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Accident Investigation Preliminary Report and Public Notice on accident of Niviuk Artik R paraglider released

    Source: Hong Kong Government special administrative region

    The Air Accident Investigation Authority (AAIA) released the Accident Investigation Preliminary Report and Public Notice PLR-2025-02 on an accident involving a Niviuk Artik R paraglider, which lost control and landed on a lawn at Ngong Ping, Ma On Shan, on February 11, 2025. The pilot was injured.   

    A spokesperson for the AAIA said that the Preliminary Report has been published to provide factual information established in the investigation’s early evidence collection phase to both the aviation industry and the general public in a timely manner, and should be regarded as tentative. The full report is available for download from the AAIA webpage (www.tlb.gov.hk/aaia/eng/investigation_reports/index.html).

    “The investigation team is conducting a detailed analysis of the data and information collected in order to determine the circumstances and causes of this occurrence with a view to preventing a recurrence in conjunction with identifying areas for further investigation or lines of inquiry to follow up,” the spokesperson said.  

    The AAIA, an independent investigation authority formed under the Transport and Logistics Bureau, is responsible for the investigation of civil aircraft accidents and incidents in accordance with the Hong Kong Civil Aviation (Investigation of Accidents) Regulations (Cap. 448B) and with reference to the International Civil Aviation Organization’s standards.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Preliminary Report and Public Notice on serious incident of Airbus A330-343 P2F and Boeing 777-200F freighters released

    Source: Hong Kong Government special administrative region

    The Air Accident Investigation Authority (AAIA) released the Preliminary Report and Public Notice PLR-2025-01 on a serious incident concerning the loss of separation between an Airbus A330-343 P2F freighter operated by MNG Airlines (registration mark TC-MCN) and a Boeing 777-200F freighter operated by Silk Road Western Airlines (registration mark VP-BMU) after take-off at Hong Kong International Airport on February 27, 2025.

    A spokesperson for the AAIA said that the Preliminary Report has been published to provide factual information established in the investigation’s early evidence collection phase to both the aviation industry and the general public in a timely manner, and should be regarded as tentative. The full report is available for download from the AAIA webpage (www.tlb.gov.hk/aaia/eng/investigation_reports/index.html).

    “The investigation team is conducting a detailed analysis of the data and information collected in order to determine the circumstances and causes of this occurrence with a view to preventing a recurrence in conjunction with identifying areas for further investigation or lines of inquiry to follow up,” the spokesperson said.

    The AAIA, an independent investigation authority formed under the Transport and Logistics Bureau, is responsible for the investigation of civil aircraft accidents and incidents in accordance with the Hong Kong Civil Aviation (Investigation of Accidents) Regulations (Cap. 448B) and with reference to the International Civil Aviation Organization’s standards.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: WAVES Bazaar Expands Global Reach with Exclusive Showcases and Strategic Partnerships

    Source: Government of India

    Posted On: 31 MAR 2025 11:55AM by PIB Mumbai

    Mumbai, 31 March 2025

     

    WAVES Bazaar, the premier global e-marketplace for the Media & Entertainment (M&E) industry, is set to make a powerful impact in its inaugural edition, taking place from May 1-4, 2025, at Jio World Convention Centre, Mumbai. As a key component of WAVES 2025, the marketplace will bring together industry leaders from Film, TV, and AVGC (Animation, VFX, Gaming, and Comics) sectors, offering unparalleled opportunities for collaboration, content showcasing, and business expansion.

    With an ambitious vision to establish India as a global content hub, WAVES Bazaar will feature a range of exclusive segments, including the Viewing Room, Market Screenings, Buyer & Seller Meetings, and the dynamic Pitchroom, facilitating meaningful connections and driving cross-border partnerships.

    Viewing Room & Market Screenings: Unlocking New Content Horizons

    WAVES Bazaar will host curated screenings of films, series, and AVGC projects, providing buyers, sales agents, and distributors with exclusive access to fresh and compelling content. The Viewing Room will offer a dedicated space for industry professionals to explore and acquire new titles, while the Market Screenings will present select projects to a global audience, creating opportunities for content distribution, licensing, and syndication deals.

    Buyer & Seller Meetings: Fostering Global Collaborations

    In collaboration with FICCI Frames Content Marketplace, WAVES Bazaar will offer a structured Buyer & Seller segment, enabling one-on-one meetings between key stakeholders, including producers, studios, broadcasters, and platforms. These targeted B2B interactions aim to accelerate deal-making, co-productions, and content acquisitions, fostering international collaborations and strengthening industry ties.

    Pitchroom: Where Ideas Meet Investors

    The Pitchroom will provide a high-energy platform for creators, filmmakers, and content innovators to present their most promising concepts to investors, producers, and commissioning editors. Designed to spotlight emerging talent and innovative projects, the Pitchroom will serve as a launchpad for new content ventures and potential co-productions, making it a must-attend for industry decision-makers.

    Industry Leaders Endorse WAVES Bazaar

    Prominent industry players have lauded WAVES Bazaar for its potential to transform content trade and partnerships.

    “We are excited to participate in WAVES Bazaar across multiple segments,” said Mr. Murlidhar Chhatwani, Chief Business Officer, and Mr. Rajat Goswami, Head of Film Acquisitions & Syndication at Panorama Studios. “This marketplace provides an incredible platform for showcasing our projects, securing meaningful collaborations, and expanding our global reach in the entertainment industry.”

    A Gateway to Global Content & Strategic Alliances

    WAVES Bazaar is poised to become a game-changer for content creators, buyers, and investors, offering an influential platform to discover new content, form partnerships, and explore distribution and co-production opportunities. The event invites buyers, sellers, investors, and M&E professionals to participate and leverage WAVES Bazaar for strategic growth and international collaborations.

    For registrations and more information, visit: WAVES Bazaar

     

    About WAVES

    The first World Audio Visual & Entertainment Summit (WAVES), a milestone event for the Media & Entertainment (M&E) sector, will be hosted by the Government of India in Mumbai, Maharashtra, from May 1 to 4, 2025.

    Whether you’re an industry professional, investor, creator, or innovator, the Summit offers the ultimate global platform to connect, collaborate, innovate and contribute to the M&E landscape.

    WAVES is set to magnify India’s creative strength, amplifying its position as a hub for content creation, intellectual property, and technological innovation. Industries and sectors in focus include Broadcasting, Print Media, Television, Radio, Films, Animation, Visual Effects, Gaming, Comics, Sound and Music, Advertising, Digital Media, Social Media Platforms, Generative AI, Augmented Reality (AR), Virtual Reality (VR), and Extended Reality (XR).

    Have questions? Find answers here.

    Stay updated with the latest announcements from PIB Team WAVES 

    Register for WAVES now.

     

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  • MIL-OSI Asia-Pac: FM to launch “NITI NCAER States Economic Forum” portal on

    Source: Government of India

    Posted On: 31 MAR 2025 11:03AM by PIB Delhi

    NITI Aayog, in collaboration with the National Council of Applied Economic Research (NCAER), has developed a portal which is a comprehensive repository of data on social, economic and fiscal parameters, research reports, papers, and expert commentary on State Finances for a period of about 30 years (i.e 1990-91 to 2022-23). Hon’ble Finance Minister Ms. Nirmala Sitharaman will launch the “NITI NCAER States Economic Forum” portal on 1st April, 2025 in New Delhi. 

    The portal has four main components, namely: 

    1. State Reports – summarising the macro and fiscal landscape of 28 Indian States, structured around indicators on demography, economic structure, socio-economic and fiscal indicators. 

    2. Data Repository – offering direct access to the complete database categorised across five verticals viz. Demography; Economic Structure; Fiscal; Health and Education. 

    3. State Fiscal and Economic Dashboard – showcasing graphical representations of key economic variables over time and provide quick access to raw data through a data appendix or additional information through summary tables. 

    4. Research and Commentary – draws on extensive research on State finances and critical aspects of fiscal policy and financial management at the State and national levels.

    The portal will facilitate an understanding of macro, fiscal, demographic, and socio-economic trends; easily accessible data and user-friendly format and will also address the ongoing need for consolidated sectoral data in one place. It will further help in benchmarking the data of each state against that of other States and the national figures. It will also provide a forum to policymakers, researchers, and others interested in alluding to the data for informed debates and discussions.

    The portal will serve as a comprehensive research hub, offering a wealth of data and analytical tools for in-depth research studies. It will act as a central repository of information, providing access to an extensive database of social, economic, and fiscal indicators spanning the past 30 years. By leveraging historical trends and real-time analytics, users will be able to track progress, identify emerging patterns, and formulate evidence-based policies for development.

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    MJPS/SR

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    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: AI-generated child abuse images are a growing threat

    Source: Anglia Ruskin University

    By Simon Bailey and Samantha Lundrigan, Anglia Ruskin University

    The UK aims to be the first country in the world to create new offences related to AI-generated sexual abuse. New laws will make it illegal to possess, create or distribute AI tools designed to generate child sexual abuse material (CSAM), punishable by up to five years in prison. The laws will also make it illegal for anyone to possess so-called “paedophile manuals” which teach people how to use AI to sexually abuse children.

    In the last few decades, the threat against children from online abuse has multiplied at a concerning rate. According to the Internet Watch Foundation, which tracks down and removes abuse from the internet, there has been an 830% rise in online child sexual abuse imagery since 2014. The prevalence of AI image generation tools is fuelling this further.

    Last year, we at the International Policing and Protection Research Institute at Anglia Ruskin University published a report on the growing demand for AI-generated child sexual abuse material online.

    Researchers analysed chats that took place in dark web forums over the previous 12 months. We found evidence of growing interest in this technology, and of online offenders’ desire for others to learn more and create abuse images.

    Horrifyingly, forum members referred to those creating the AI-imagery as “artists”. This technology is creating a new world of opportunity for offenders to create and share the most depraved forms of child abuse content.

    Our analysis showed that members of these forums are using non-AI-generated images and videos already at their disposal to facilitate their learning and train the software they use to create the images. Many expressed their hopes and expectations that the technology would evolve, making it even easier for them to create this material.

    Dark web spaces are hidden and only accessible through specialised software. They provide offenders with anonymity and privacy, making it difficult for law enforcement to identify and prosecute them.

    The Internet Watch Foundation has documented concerning statistics about the rapid increase in the number of AI-generated images they encounter as part of their work. The volume remains relatively low in comparison to the scale of non-AI images that are being found, but the numbers are growing at an alarming rate.

    The charity reported in October 2023 that a total of 20,254 AI generated imaged were uploaded in a month to one dark web forum. Before this report was published, little was known about the threat.

    The harms of AI abuse

    The perception among offenders is that AI-generated child sexual abuse imagery is a victimless crime, because the images are not “real”. But it is far from harmless, firstly because it can be created from real photos of children, including images that are completely innocent.

    While there is a lot we don’t yet know about the impact of AI-generated abuse specifically, there is a wealth of research on the harms of online child sexual abuse, as well as how technology is used to perpetuate or worsen the impact of offline abuse. For example, victims may have continuing trauma due to the permanence of photos or videos, just knowing the images are out there. Offenders may also use images (real or fake) to intimidate or blackmail victims.

    These considerations are also part of ongoing discussions about deepfake pornography, the creation of which the government also plans to criminalise.

    All of these issues can be exacerbated with AI technology. Additionally, there is also likely to be a traumatic impact on moderators and investigators having to view abuse images in the finest details to identify if they are “real” or “generated” images.

    What can the law do?

    UK law currently outlaws the taking, making, distribution and possession of an indecent image or a pseudo-photograph (a digitally-created photorealistic image) of a child.

    But there are currently no laws that make it an offence to possess the technology to create AI child sexual abuse images. The new laws should ensure that police officers will be able to target abusers who are using or considering using AI to generate this content, even if they are not currently in possession of images when investigated.

    We will always be behind offenders when it comes to technology, and law enforcement agencies around the world will soon be overwhelmed. They need laws designed to help them identify and prosecute those seeking to exploit children and young people online.

    It is welcome news that the government is committed to taking action, but it has to be fast. The longer the legislation takes to enact, the more children are at risk of being abused.

    Tackling the global threat will also take more than laws in one country. We need a whole-system response that starts when new technology is being designed. Many AI products and tools have been developed for entirely genuine, honest and non-harmful reasons, but they can easily be adapted and used by offenders looking to create harmful or illegal material.

    The law needs to understand and respond to this, so that technology cannot be used to facilitate abuse, and so that we can differentiate between those using tech to harm, and those using it for good.

    Simon Bailey, Chair, International Policing and Public Protection Research Institute, Anglia Ruskin University and Samantha Lundrigan, Professor of Investigative Psychology and Public Protection, Anglia Ruskin University

    This article is republished from The Conversation under a Creative Commons license. Read the original article.

    The opinions expressed in VIEWPOINT articles are those of the author(s) and do not necessarily reflect the views of ARU.

    If you wish to republish this article, please follow these guidelines: https://theconversation.com/uk/republishing-guidelines

    MIL OSI United Kingdom –