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Category: Finance

  • MIL-OSI United Kingdom: ‘Pet supplies’ company run by serial disqualified director is shut down

    Source: United Kingdom – Executive Government & Departments

    Press release

    ‘Pet supplies’ company run by serial disqualified director is shut down

    Company director has previously been banned three separate times

    • Furrry Pet Group UK Ltd has been shut down after it was revealed its sole director was Darren Anderson 

    • Anderson, who has used several different aliases, has been disqualified as a company director for the maximum 15-year period on three separate occasions 

    • The 41-year-old failed to comply with the Insolvency Service’s latest investigation and accounts claiming the company had assets of more than £3 million were unable to be verified 

    A company which claimed to sell pet supplies but was run by a disqualified director serving a maximum-length ban has been shut down. 

    Furrry Pet Group UK Ltd, previously known until August 2024 as The Holiday Travel Group Ltd, was wound-up at the High Court in Manchester on Wednesday 26 March. 

    Insolvency Service investigations found that the sole director, Dr Darren Anderson, is currently serving a 15-year disqualification after being convicted under the name of Dr Timothy Ahlbeck in April 2021. 

    David Usher, Chief Investigator at the Insolvency Service, said: 

    Our investigations into Furrry Pet Group revealed serious concerns that Darren Anderson appeared to have used various pseudonyms in a deliberate attempt to disguise his director disqualification. 

    Acting as a director while disqualified is a serious criminal offence and that alone would give us reason to take the action we have to stop the company from trading in the future. 

    The fact that unverified accounts exist showing net assets of more than £3 million only made us more determined to take the important first step in not allowing this behaviour to go unchecked.

    Furrry Pet Group was established in December 2022 with Anderson as its director. The company’s most recent registered office address was on New North Road in Islington, London, having previously been based in Manchester and Chester. 

    Anderson was serving a 15-year director ban at the time Furrry Pet Group was incorporated. The disqualification remains in force until April 2036.  

    The order prevents Anderson from being involved in the promotion, formation or management of a company, without the permission of the court. Failing to follow the restrictions can result in criminal prosecution. 

    Anderson also received 15-year director disqualifications in 2011 and 2014 under the pseudonym Miles Prestland-Windsor for misconduct relating to other companies. 

    Intelligence gathered by the Insolvency Service revealed other aliases Anderson has used which include: 

    • Jonathan Briggis 

    • Timothy Richard Skelding 

    • Myles Prestland-Windsor 

    • Simon Prestland-Windsor 

    • Martin Jones 

    • Michael John Poole 

    • Jason Elwell 

    • Lord Timothy Ahlbeck 

    • The 18th Duke of Ahlbeck 

    • Timothy Ahlbeck 

    • Dr Timothy Albeck 

    • Dr Timothy Halbeck 

    • Darren Jones 

    There is also no evidence that Anderson is a doctor as he claims. 

    Anderson failed to co-operate with the Insolvency Service’s investigation into Furrry Pet Group and did not provide accounting records on request. 

    The absence of any banking records meant that investigators were unable to identify any legitimate trading, customers or company expenditure. 

    Accounts filed at Companies House which claimed total net assets of £3.15 million were similarly not verified, as was the claim that Furrry Pet Group employed 20 members of staff. 

    A previous company run by Anderson, Zulu Travel Services Ltd, was wound-up in the public interest in the summer of 2024. Zulu Travel left other businesses out of pocket after using their services and misled members of the public, who could have bought holidays that they believed had travel protection.  

    The Official Receiver has been appointed as liquidator of Furrry Pet Group UK Ltd. 

    All enquiries concerning the affairs of the company should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. piu.or@insolvency.gov.uk. 

    Insolvency Service investigations remain ongoing. 

    Further information 

    Updates to this page

    Published 27 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: YieldMax™ Introduces Short Option Income Strategy ETF on MicroStrategy, Inc. (MSTR)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, March 27, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

    YieldMax™ Short MSTR Option Income Strategy ETF (NYSE: WNTR)

    WNTR Overview

    WNTR is an actively managed ETF that seeks to generate current income from a synthetic covered put strategy on MicroStrategy Incorporated (“MSTR”), while providing indirect short (inverse) exposure to the share price of MSTR. WNTR’s potential for gains from decreases in the share price of MSTR is limited, while its potential for losses resulting from increases in the share price of MSTR is up to 100%. WNTR does not invest directly in MSTR and does not directly short MSTR. Investors seeking direct exposure to the price of MSTR should consider an investment other than this Fund.

    WNTR Portfolio Construction

    WNTR’s synthetic covered put strategy consists of the following four elements:

    • Synthetic short exposure to MSTR, consisting of a long at-the-money put option and a short at-the-money call option, which allows WNTR to seek to participate on an inverse, unleveraged basis in changes, up or down, to the share price of MSTR.
    • Covered put writing (where MSTR put options are sold against the synthetic short portion of the strategy), which allows WNTR to generate income.
    • U.S. Treasuries, which are used for collateral for the options, and which also generate income; and;
    • Out-of-the money (“OTM”) call options, which are purchased to seek to cap WNTR’s potential losses from its short exposure to MSTR if MSTR’s share price appreciates significantly in value.

    The loss capping works only if the MSTR share price rises to or above the strike price of the purchased OTM call options. If the MSTR share price increases but stays below the strike price of these options, WNTR will incur losses proportionate to this price increase, which may be up to 100% of your investment.

    Why Invest in WNTR?

    • WNTR seeks to generate current income, which is not dependent on the price depreciation of MSTR.
    • WNTR seeks to benefit when the MSTR share price decreases, however WNTR’s potential corresponding benefit from decreases in the MSTR share price is limited.
    • WNTR’s short exposure to MSTR is not leveraged so does not result in daily resetting.

    WNTR is the newest member of the growing YieldMax™ ETF family and, like all YieldMax™ ETFs, aims to deliver income to investors. With respect to distributions, WNTR will be a Group D ETF and its first distribution is expected to be announced on May 7, 2025. Please see the table below for distribution information for all outstanding YieldMax™ ETFs as of March 26, 2025.

    ETF Ticker1 ETF Name Distribution Frequency Distribution per Share Distribution Rate2,4 30-Day
    SEC Yield3    		 ROC5
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.2787 34.92% 0.00% 98.94%
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.4749 64.18% 0.00% 0.00%
    QDTY YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF Weekly $0.2711 – – 55.02%
    RDTY YieldMax™ R2000 0DTE Covered Call Strategy ETF Weekly $0.3037 – – 100.00%
    SDTY YieldMax™ S&P 500 0DTE Covered Call Strategy ETF Weekly $0.2133 – – 0.00%
    ULTY YieldMax™ Ultra Option Income Strategy ETF Weekly $0.0986 77.95% 0.00% 100.00%
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Weekly $0.0837 27.95% 61.87% 21.53%
    YMAX YieldMax™ Universe Fund of Option Income ETFs Weekly $0.1315 48.21% 85.03% 61.95%
    BIGY YieldMax™ Target 12™ Big 50 Option Income ETF Monthly $0.5025 12.89% 0.03% 100.00%
    SOXY YieldMax™ Target 12™ Semiconductor Option Income ETF Monthly $0.4883 13.14% 0.00% 50.31%
    ABNY YieldMax™ ABNB Option Income Strategy ETF Every 4 weeks $0.4805 47.62% 2.98% 92.39%
    AIYY YieldMax™ AI Option Income Strategy ETF Every 4 weeks $0.3221 81.94% 4.64% 2.09%
    AMDY YieldMax™ AMD Option Income Strategy ETF Every 4 weeks $0.2533 38.83% 4.02% 92.00%
    AMZY YieldMax™ AMZN Option Income Strategy ETF Every 4 weeks $0.4177 32.58% 3.79% 0.00%
    APLY YieldMax™ AAPL Option Income Strategy ETF Every 4 weeks $0.3440 29.76% 3.15% 87.26%
    BABO YieldMax™ BABA Option Income Strategy ETF Every 4 weeks $0.7578 47.94% 2.36% 0.00%
    CONY YieldMax™ COIN Option Income Strategy ETF Every 4 weeks $0.5989 91.19% 4.56% 94.78%
    CRSH YieldMax™ Short TSLA Option Income Strategy ETF Every 4 weeks $0.6458 126.57% 3.00% 98.10%
    CVNY YieldMax™ CVNA Option Income Strategy ETF Every 4 weeks $3.9149 136.69% 0.00% 96.80%
    DIPS YieldMax™ Short NVDA Option Income Strategy ETF Every 4 weeks $0.5851 59.01% 2.90% 96.87%
    DISO YieldMax™ DIS Option Income Strategy ETF Every 4 weeks $0.2879 25.79% 4.48% 51.26%
    FBY YieldMax™ META Option Income Strategy ETF Every 4 weeks $0.5506 40.70% 3.47% 0.00%
    FEAT YieldMax™ Dorsey Wright Featured 5 Income ETF Every 4 weeks $0.6925 24.43% 122.88% 0.00%
    FIAT YieldMax™ Short COIN Option Income Strategy ETF Every 4 weeks $0.6834 102.31% 3.52% 96.91%
    FIVY YieldMax™ Dorsey Wright Hybrid 5 Income ETF Every 4 weeks $0.7092 24.46% 67.34% 0.00%
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF Every 4 weeks $0.6394 50.58% 3.08% 0.00%
    GOOY YieldMax™ GOOGL Option Income Strategy ETF Every 4 weeks $0.3284 34.06% 4.12% 0.00%
    JPMO YieldMax™ JPM Option Income Strategy ETF Every 4 weeks $0.3717 28.22% 3.40% 42.17%
    MARO YieldMax™ MARA Option Income Strategy ETF Every 4 weeks $1.4783 77.02% 4.21% 95.22%
    MRNY YieldMax™ MRNA Option Income Strategy ETF Every 4 weeks $0.1827 73.97% 5.01% 94.71%
    MSFO YieldMax™ MSFT Option Income Strategy ETF Every 4 weeks $0.2845 22.77% 3.53% 83.81%
    MSTY YieldMax™ MSTR Option Income Strategy ETF Every 4 weeks $1.3775 78.55% 0.21% 97.54%
    NFLY YieldMax™ NFLX Option Income Strategy ETF Every 4 weeks $0.4008 29.98% 3.23% 0.00%
    NVDY YieldMax™ NVDA Option Income Strategy ETF Every 4 weeks $0.7874 60.92% 4.02% 100.00%
    OARK YieldMax™ Innovation Option Income Strategy ETF Every 4 weeks $0.3210 50.64% 3.25% 71.26%
    PLTY YieldMax™ PLTR Option Income Strategy ETF Every 4 weeks $5.3257 103.41% 2.63% 97.91%
    PYPY YieldMax™ PYPL Option Income Strategy ETF Every 4 weeks $0.3773 35.12% 4.20% 90.73%
    SMCY YieldMax™ SMCI Option Income Strategy ETF Every 4 weeks $1.9742 114.93% 2.63% 0.00%
    SNOY YieldMax™ SNOW Option Income Strategy ETF Every 4 weeks $0.8119 64.03% 2.45% 0.00%
    SQY YieldMax™ XYZ Option Income Strategy ETF Every 4 weeks $0.5014 57.37% 5.21% 91.68%
    TSLY YieldMax™ TSLA Option Income Strategy ETF Every 4 weeks $0.4638 70.54% 4.69% 94.16%
    TSMY YieldMax™ TSM Option Income Strategy ETF Every 4 weeks $0.5772 49.14% 3.59% 93.02%
    XOMO YieldMax™ XOM Option Income Strategy ETF Every 4 weeks $0.2950 26.24% 3.38% 77.73%
    YBIT YieldMax™ Bitcoin Option Income Strategy ETF Every 4 weeks $0.4357 55.99% 1.61% 97.70%
    YQQQ YieldMax™ Short N100 Option Income Strategy ETF Every 4 weeks $0.4483 55.99% 3.79% 92.77%


    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling     (833) 378-0717.

    Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    1  All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.
    2  The Distribution Rate shown is as of close on March 26, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.
    3  The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended February 28, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.
    4  Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.
    5  ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here. For RDTY, click here.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures

    Investing involves risk. Principal loss is possible.

    Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time.

    High Index (or Index ETF) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or Index ETF) turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: Bitfarms Reports Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    – Revenue of $56 million, up 21% Y/Y –
    – Gross mining margin of 47%, down from 57% from Q4 2023 –
    – 18.6 EHuM up 186% from Q4 2023-
    – Current efficiency of 19w/TH a 45% improvement from Q4 2023-
    -Total energy pipeline of ~1.4 GW, ~80% based in the U.S.-
    -Completed acquisition of Stronghold Digital Mining & sale of Yguazu, Paraguay data center-

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario and BROSSARD, Québec, March 27, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, reported its financial results for the fourth quarter ended December 31, 2024. All financial references are in U.S. dollars.  

    CEO Ben Gagnon stated, “Bitfarms is a completely different company than we were at the beginning of 2024. Across nearly every metric, we have rapidly transformed from the international Bitcoin miner to a North American energy and compute company.  We now have one of the largest portfolios of flexible MW in the PJM market among Bitcoin miners and are well-positioned to capitalize on macro tailwinds and surging demand for U.S. power and infrastructure. From January 2024, we’ve grown our energized capacity over 90% to 461 MW and secured a multi-year pipeline of over 1.4 GW, nearly 80% of which is based in the U.S and over 90% of which is based in North America.

    “Just last week, we closed both the transformative acquisition of Stronghold Digital Mining, the largest M&A deal between two public miners in our industry, and the strategic sale of our 200 MW Yguazu data center, our largest constructed site. Thus far this quarter, we  advanced our HPC/AI strategy with the engagement of two new advisors,  hired two new critical team members, an SVP of HPC and an SVP of Infrastructure, and significantly improved our hashrate, reaching 18.6 EHuM, which we expect will generate operating cash flow through 2026 and beyond.

    “While we remain confident in the significant upside potential of our BTC mining operations and continue to maximize the value of our assets, our revenue diversification strategy—both in the U.S. and with HPC/AI—is geared toward driving greater shareholder value. We aim to secure long-term, predictable cash flows from a well-capitalized HPC/AI customer, while diversifying our revenue streams, reducing our dependency on BTC price volatility, and capitalizing on the growing demand for AI computing. Our two recent strategic transactions, the Stronghold acquisition and the Yguazu data center sale, demonstrate execution of this strategy,” concluded Mr. Gagnon.

    SVP of Mining Operations Alex Brammer stated, “We’ve made significant progress with our mining operations over the past year, nearly tripling our hashrate and improving our efficiency by over 40%. This momentum continues to accelerate. In the last three months alone, we grew our hashrate over 40% to 18.6 EH/s and reached our first half efficiency target of 19 w/TH three months ahead of schedule. This was achieved through the energization of two North American sites, new miner deliveries and continued optimizations across all of our sites.”

    CFO Jeff Lucas stated, “The recent acquisition of Stronghold and sale of Yguazu have expanded our growth opportunities and strengthened our financial profile. Our identified capex requirements for 2025 are now 20% lower than previously planned and we have no plans for large miner purchases in 2025 or 2026; instead, we will be deploying this capital towards developing U.S. energy and HPC infrastructure. We expect that this shift in our strategy will enable us to raise capital more cost-effectively and to secure steadier earnings streams and greater operating margins, the culmination of which we expect will drive long-term shareholder value.”

    Anticipated Megawatt Growth

    Mining Operations

    • Current hashrate of 18.6 EHuM, up from 6.5 EHuM in Q4 2023
    • Current efficiency of 19 w/TH, a 45% improvement from Q4 2023

    Recent Strategic Developments 

    • Completed previously announced acquisition of Stronghold Digital Mining, Inc.
    • Completed previously announced sale of 200 MW data center in Yguazu, Paraguay to HIVE Digital Technologies 
    • Secured two strategic partners, ASG and World Wide Technology, to advance HPC/AI business
    • Strengthened Management team with two new strategic hires, James Bond, SVP of HPC/AI, and Craig Hibbard, SVP of Infrastructure 
    • Initiated Bitcoin One program following the success of Synthetic HODL program in 2024, which achieved a 135% return since the program’s inception in Q4 2023 through December 31, 2024.

    Q4 2024 Financial Highlights

    • Total revenue of $56 million, up 21% Y/Y
    • Gross mining margin of 47%, down from 57% in Q4 2023
    • General and administrative expenses of $18 million, compared to $13 million in Q4 2023
    • Operating loss of $16 million compared to an operating loss of $13 million in Q4 2023
    • Net income of $15 million, or $0.03 per basic and diluted share compared to a net loss of $62 million or $0.21 per basic and diluted share in Q4 2023
    • Adjusted EBITDA* of $14 million, or 25% of revenue, down from $16 million or 35% of revenue in Q4 2023
    • The Company earned 654 BTC at an average direct cost of production per BTC* of $40,800
    • Total cash cost of production per BTC* was $60,800 in Q4 2024

    Liquidity**
    As of March 26, 2025, the Company had total liquidity of approximately $135 million. 

    Q4 2024 and Recent Financing Activities

    • Sold 502 BTC at an average price of $81,400 for total proceeds of $41 million in Q4 2024 and sold 117 of the 414 BTC earned during January and February 2025, generating total proceeds of $11 million. A portion of the funds was used to pay capital expenditures to support the Company’s growth and efficiency improvement objectives.
    • As of March 26, 2025, the Company held 1,093 Bitcoin.
    • Raised $50 million in net proceeds during Q4 2024 bringing the total net proceeds to $314 million through March 26, 2025 under the Company’s 2024 at-the-market equity offering program.
    Quarterly Operating Performance      
      Q4 2024 Q3 2024 Q4 2023
    Total BTC earned                       654                       703                    1,236
    Average Watts/Average TH efficiency***                         22                         23                         35
    BTC sold                       502                       461                    1,135
      As of December 31, As of September 30, As of December 31,
      2024 2024 2023
    Operating EH/s                      12.8                      11.3                         6.5
    Operating capacity (MW)                       394                       310                       240
    Quarterly Average Revenue**** and Cost of Production per BTC*
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
    Avg. Rev****/BTC $82,400 $60,900 $65,800 $52,400 $36,400
    Direct Cost*/BTC $40,800 $36,600 $30,600 $18,400 $14,400
    Total Cash Cost*/BTC $60,800 $53,700 $47,600 $27,900 $23,300

    * Gross mining profit, gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Direct Cost per BTC and Total Cash Cost per BTC are non-IFRS financial measures or ratios and should be read in conjunction with, and should not be viewed as alternatives to or replacements of measures of operating results and liquidity presented in accordance with IFRS. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and at the end of this press release.
    ** Liquidity represents cash and balance of unrestricted digital assets.
    *** Average watts represent the energy consumption of miners.
    **** Average revenue per BTC is for mining operations only and excludes Volta revenue.

    Conference Call 

    Management will host a conference call today at 8:00 am EST. All Q4 2024 materials will be available before the call and can be accessed on the ‘Financial Results’ section of the Bitfarms investor site.  

    The live webcast and a webcast replay of the conference call can be accessed here. To access the call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

    Non-IFRS Measures*
    As a Canadian company, Bitfarms follows International Financial Reporting Standards (IFRS) which are issued by the International Accounting Standard Board (IASB). Under IFRS rules, the Company does not reflect the revaluation gains on the mark-to-market of its Bitcoin holdings in its income statement. It also does not include the revaluation losses on the mark-to-market of its Bitcoin holdings in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities.

    The Company uses Adjusted EBITDA to measure its operating activities’ financial performance and cash generating capability.

    About Bitfarms Ltd.
    Founded in 2017, Bitfarms is a global Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

    Bitfarms currently has 15 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    http://x.com/Bitfarms_io
     https://www.instagram.com/bitfarms/
     https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • BTC BTC/day = Bitcoin or Bitcoin per day
    • EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
    • Q/Q = Quarter over Quarter
    • Y/Y = Year over Year
    • Synthetic HODL™ = the use of instruments that create Bitcoin equivalent exposure
    • HPC/AI = High Performance Computing / Artificial Intelligence

    Forward-Looking Statements 
    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the the Company’s energy pipeline and its anticipated megawatt growth in each of the years 2025, 2026 and 2028, its revenue diversification strategy, the success of the Company’s HPC/AI strategy and its ability to capitalize on growing demand for AI computing while securing predictable cash flows, the Company’s ability to drive greater shareholder value,  and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms  operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on  www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC“) at www.sec.gov), including the management’s discussion & analysis for the year-ended December 31, 2024 Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law.   Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contacts:

    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contacts:

    Caroline Brady Baker
    Director, Communications
    cbaker@bitfarms.com 

    Bitfarms Ltd. Consolidated Financial & Operational Results
         
      Three months ended December 31, Year ended December 31,
    (U.S.$ in thousands except where indicated) 2024   2023   $ Change % Change 2024   2023   $ Change % Change
    Revenues    56,163      46,241          9,922   21 % 192,881   146,366        46,515   32 %
    Cost of revenues   (54,776 )   (44,484 )     (10,292 ) 23 % (225,240 ) (167,868 )     (57,372 ) 34 %
    Gross (loss) profit      1,387        1,757            (370 ) (21) %   (32,359 )   (21,502 )     (10,857 ) 50 %
    Gross margin (1) 2 % 4 % —   —   (17) % (15) %  —   —  
                     
    Operating expenses                
    General and administrative expenses   (18,042 )   (13,405 )       (4,637 ) 35 %   (71,240 )   (39,292 )     (31,948 ) 81 %
    Reversal of revaluation loss on digital
    assets    		            —        1,183         (1,183 ) (100) %            —        2,695         (2,695 ) (100) %
    Gain (loss) on disposition of property,
    plant and equipment and deposits    		         270              (2 )           272   nm        (336 )     (1,778 )        1,442   (81) %
    Impairment on short-term prepaid
    deposits, property, plant and
    equipment and assets held for sale    		            —       (2,270 )        2,270   100 %     (3,628 )   (12,252 )        8,624   (70) %
    Operating loss   (16,385 )   (12,737 )       (3,648 ) 29 % (107,563 )   (72,129 )     (35,434 ) 49 %
    Operating margin (1) (29) % (28) % —   —   (56) % (49) % —   —  
                     
    Net financial income (expenses)    21,843     (49,686 )      71,529   144 %    39,210     (37,194 )      76,404   205 %
    Net (loss) income before income taxes      5,458     (62,423 )      67,881   109 %   (68,353 ) (109,323 )      40,970   (37) %
                     
    Income tax recovery      9,707           378          9,329   nm    14,290           401        13,889     nm
    Net (loss) income    15,165     (62,045 )      77,210   124 %   (54,063 ) (108,922 )      54,859   (50) %
                     
    Basic (loss) earnings per share (in U.S. dollars)        0.03         (0.21 )              —           —         (0.13 )       (0.42 )              —           —  
    Diluted earnings (loss) per share (in U.S. dollars)        0.03         (0.21 )              —           —         (0.13 )       (0.42 )              —           —  
    Change in revaluation surplus – digital assets, net of tax    26,421        7,675        18,746   244 %    39,120        9,242        29,878   323 %
    Total comprehensive income (loss), net of tax    41,586     (54,370 )      95,956   176 %   (14,943 )   (99,680 )      84,737   (85 %)
                     
    Gross Mining profit (2)    25,786      25,454             332   1 %    94,469      70,277        24,192   34 %
    Gross Mining margin (2) 47 % 57 %              —   —   50 % 50 %              —   —  
    EBITDA (2)    29,752     (40,542 )      70,294   173 %    68,315     (21,879 )      90,194   412 %
    EBITDA margin (2) 53 % (88)  % —   —   35 % (15) %              —   —  
    Adjusted EBITDA (2)    14,315      16,332         (2,017 ) (12) %    54,661      43,558        11,103   25 %
    Adjusted EBITDA margin (2) 25 % 35 %              —           —   28 % 30 %              —           —  
       
    1 Gross margin and Operating margin are supplemental financial ratios; refer to Section 10 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.
    2 Gross Mining profit, Gross Mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures or ratios; refer to Section 10 – Non-IFRS and Other Financial Measures and Ratios of the Company’s MD&A.

     

    Bitfarms Ltd. Reconciliation of Consolidated Net Income (loss) to EBITDA and Adjusted EBITDA
     
      Three months ended December 31, Year ended December 31,
    (U.S.$ in thousands except where indicated) 2024   2023   $ Change % Change 2024   2023   $ Change % Change
    Revenues 56,163   46,241        9,922   21 % 192,881   146,366     46,515   32 %
                     
    Net (loss) income before income taxes 5,458   (62,423 )   67,881   nm (68,353 ) (109,323 )   40,970   (37) %
    Interest (income) and expense (290 ) 91         (381 ) (419) % (4,299 ) 2,659      (6,958 ) (262) %
    Depreciation and amortization 24,584   21,790        2,794   13 % 149,727   84,785     64,942   77 %
    Sales tax recovery – depreciation and amortization —   —              —   — % (8,760 ) —      (8,760 ) 100 %
    EBITDA 29,752   (40,542 )   70,294   nm 68,315   (21,879 )   90,194     nm
    EBITDA margin 53 % (88) %            —           —      35 % (15) %            —     nm
    Share-based payment 4,021   3,906           115   3 % 13,949   10,915        3,034   28 %
    Impairment on short-term prepaid deposits, property, plant and equipment and assets held for sale —   2,270      (2,270 ) 100 % 3,628   12,252      (8,624 ) (70) %
    Reversal of revaluation loss on digital assets —   (1,183 )      1,183   100 % —   (2,695 )      2,695   100 %
    Gain on extinguishment of long-term debt and lease liabilities —   —              —   — % —   (12,835 )   12,835   100 %
    (Gain) loss revaluation of warrants (6,314 ) 42,760   (49,074 ) (115) % (19,603 ) 42,974   (62,577 ) (146) %
    Gain on disposition of marketable securities (782 ) (999 )         217   (22) % (2,313 ) (12,245 )      9,932   (81) %
    Service fees not associated with ongoing operations 1,287   —        1,287   100 % 13,766   —     13,766   100 %
    Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1) —   2,485      (2,485 ) 100 % (16,081 ) 9,281   (25,362 ) (273) %
    Net financial (income) expense and other (13,649 ) 7,635   (21,284 ) (279) % (7,000 ) 17,790   (24,790 ) (139) %
    Adjusted EBITDA 14,315   16,332      (2,017 ) (12) % 54,661   43,558     11,103   25 %
    Adjusted EBITDA margin 25 % 35 % —   —   28 % 30 % —   —  

    nm: not meaningful

       
    1 Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the Financial Statements. 
    Bitfarms Ltd. Calculation of Gross Mining Profit and Gross Mining Margin
         
      Three months ended December 31, Year ended December 31,
    (U.S.$ in thousands except where indicated) 2024   2023   $ Change % Change 2024   2023   $ Change % Change
    Gross (loss) profit     1,387       1,757          (370 ) (21) % (32,359 ) (21,502 )   (10,857 ) 50 %
    Non-Mining revenues¹ (1,592 ) (1,285 )        (307 ) 24 % (5,102 ) (5,060 )           (42 ) 1 %
    Depreciation and amortization   24,584     21,790        2,794   13 % 149,727     84,785      64,942   77 %
    Sales tax recovery – depreciation and amortization            —              —              —   — % (8,760 )            —       (8,760 ) (100)  
    Electrical components and salaries     1,403       1,095           308   28 %     4,081       4,151             (70 ) (2) %
    Sales tax recovery – prior years – energy and infrastructure²            —       2,211      (2,211 ) 100 % (14,338 )     8,366     (22,704 ) (271) %
    Other             4        (114 )         118   nm     1,220        (463 )       1,683   nm
    Gross Mining profit   25,786     25,454           332   1 %   94,469     70,277      24,192   34 %
    Gross Mining margin 47 % 57 %            —           —      50 % 50 %             —          —     

    nm: not meaningful

    (1 ) Non-Mining revenues reconciliation:
      Three months ended December 31, Year ended December 31,
    (U.S.$ in thousands except where indicated) 2024   2023   $ Change % Change 2024   2023   $ Change % Change
    Revenues       56,163         46,241          9,922   21 %     192,881       146,366         46,515   32 %
    Less Mining related revenues for the purpose of calculating gross Mining margin:                
    Mining revenues³     (54,571 )     (44,956 )       (9,615 ) 21 %   (187,779 )   (141,306 )     (46,473 ) 33 %
    Non-Mining revenues        1,592          1,285             307   24 %        5,102          5,060               42   1 %
    (2 ) Sales tax recovery relating to energy and infrastructure expenses has been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the Financial Statements. 
    (3 ) Mining revenues include revenues from sale of computational power used for hashing calculations and revenues from computational power sold in exchange of services.
    Bitfarms Ltd. Calculation of Direct Cost and Direct Cost per BTC
     
      Three months ended December 31, Year ended December 31,
    (U.S.$ in thousands except where indicated) 2024   2023   $ Change % Change 2024   2023   $ Change % Change
    Cost of revenues    54,776      44,484      10,292   23 % 225,240   167,868      57,372   34 %
    Depreciation and amortization (24,584 ) (21,790 )     (2,794 ) 13 % (149,727 )   (84,785 )   (64,942 ) 77 %
    Sales tax recovery – depreciation and amortization            —              —              —   — %       8,760               —         8,760   100 %
    Electrical components and salaries     (1,403 )     (1,091 )        (312 ) 29 %     (4,081 )     (4,141 )            60   (1) %
    Infrastructure     (1,456 )     (1,607 )          151   (9) %     (5,784 )     (3,909 )     (1,875 ) 48 %
    Sales tax recovery – prior years – energy and infrastructure (1)            —       (2,211 )      2,211   100 %    14,338       (8,366 )    22,704   271 %
    Other        (649 )            —          (649 ) (100) %             —              82             (82 ) (100) %
    Direct Cost    26,684      17,785        8,899   50 %    88,746      66,749      21,997   33 %
    Quantity of BTC earned          654        1,236          (582 ) (47) %       2,914         4,928       (2,014 ) (41) %
    Direct Cost per BTC (in U.S. dollars)    40,800      14,400      26,400   183 %    30,500      13,500      17,000   126 %

    nm: not meaningful

    Bitfarms Ltd. Calculation of Total Cash Cost and Total Cost per BTC
     
      Three months ended December 31, Year ended December 31,
    (U.S.$ in thousands except where indicated) 2024   2023   $ Change % Change 2024   2023   $ Change % Change
    Cost of revenues    54,776      44,484      10,292   23 % 225,240   167,868      57,372   34 %
    General and administrative expenses    18,042      13,405         4,637   35 %    71,240      39,292      31,948   81 %
         72,818      57,889      14,929   26 % 296,480   207,160      89,320   43 %
    Depreciation and amortization   (24,584 )   (21,790 )     (2,794 ) 13 % (149,727 )   (84,785 )   (64,942 ) 77 %
    Non-cash service expense (2)        (688 )             —          (688 ) (100) %     (1,252 )             —       (1,252 ) (100) %
    Sales tax recovery – depreciation and amortization             —               —               —   — %       8,760               —         8,760   100 %
    Electrical components and salaries     (1,403 )     (1,091 )        (312 ) 29 %     (4,081 )     (4,141 )            60   (1) %
    Share-based payment     (4,021 )     (3,906 )        (115 ) 3 %   (13,949 )   (10,915 )     (3,034 ) 28 %
    Service fees not associated with ongoing operations     (1,287 )             —       (1,287 ) (100) %   (13,766 )             —     (13,766 ) (100) %
    Sales tax recovery – prior years – energy and infrastructure and G&A expenses (1)             —       (2,485 )       2,485   100 %    16,081       (9,281 )    25,362   273 %
    Other     (1,078 )          201       (1,279 ) (636) %     (5,659 )          890       (6,549 ) (736) %
    Total Cash Cost    39,757      28,818      10,939   38 % 132,887      98,928      33,959   34 %
    Quantity of BTC earned          654         1,236          (582 ) (47) %       2,914         4,928       (2,014 ) (41) %
    Total Cash Cost per BTC (in U.S. dollars)    60,800      23,300      37,500   161 %    45,600      20,100      25,500   127 %

    nm: not meaningful

       
    1 Sales tax recovery relating to energy and infrastructure and general and administrative expenses have been allocated to their respective periods; refer to Note 29b – Additional Details to the Statement of Profit or Loss and Comprehensive Profit or Loss (Canadian sales tax refund) to the Financial Statements. 
    2 Non-cash service expense, included in infrastructure, which was exchanged for computational power sold.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d24a5e36-6201-4d4f-a4f9-8fdc9aaeb95b

    The MIL Network –

  • MIL-OSI: Sachem Capital Reports Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    BRANFORD, Conn., March 27, 2025 (GLOBE NEWSWIRE) — Sachem Capital Corp. (NYSE American: SACH), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the year ended December 31, 2024.

    John Villano, CPA, Sachem Capital’s Chief Executive Officer commented, “We remain focused on effectively managing our loan portfolio and protecting our capital as we continue our efforts to navigate challenging financial and real estate markets. These efforts include managing our debt load and the associated carrying costs and selling non-performing loans, which should reduce the allowances for credit losses that have been a drag on earnings. We continue to evaluate attractive opportunities to invest capital while maintaining a disciplined capital allocation approach. With our experienced team, we remain confident that growth will return as we leverage strong industry relationships and work to increase shareholder value.”

    Results of operations for year ended December 31, 2024

    Total revenue was $57.5 million compared to $64.7 million in 2023. The decline in revenue was primarily due to fewer originations and a reduction in the number of loans held for investment. Also, interest income, fee income from loans and other investment income was lower compared to 2023. Interest income in 2024 was $43.2 million compared to $49.3 million for 2023. On the other hand, income from partnership investments increased approximately 48.8%, year-over-year.

    Total operating costs and expenses for 2024 were $75.3 million compared to $49.7 million in 2023. The change was primarily due to an increase of $21.3 million in provision for credit losses and a $1.9 million increase in general and administrative expenses. These increases were offset by lower interest and amortization expense of $1.4 million.

    Net loss attributable to common shareholders for 2024 was $43.9 million, or $0.93 per share compared to net income attributable to common shareholders of $12.1 million, or $0.27 per share for 2023.

    Balance Sheet

    Total assets as of the year ended December 31, 2024 were $492.0 million compared to $620.9 million as of December 31, 2023. The change was primarily due to net reduction in loans held for investment by $130.5 million. Total liabilities as of December 31, 2024 were $310.3 million compared to $390.8 million as of December 31, 2023, with the primary decreases coming from the repayment of unsubordinated unsecured five year notes that matured in 2024, in the aggregate principal amount of $58.3 million, and the paydown of lines of credit balances in the aggregate amount of $21.8 million.

    Total indebtedness at year-end was $301.2 million. This includes: $226.5 million of notes payable (net of $3.7 million of deferred financing costs) and $74.7 million aggregate outstanding principal amount of the amounts due under various credit facilities and the mortgage loan on the Company’s office building.

    Total shareholders’ equity at year-end 2024 was $181.7 million compared to $230.1 million at year-end 2023. The change was primarily due to an operational total net loss for the year of $39.6 million and preferred and common stock dividends declared and paid of $15.7 million.

    Dividends

    Over the course of 2024, the Company paid an aggregate of $4.3 million in dividends to holders of its Series A Cumulative Redeemable Preferred Stock and $11.4 million to the holders of its common shares.

    On February 24, 2025, the Company declared a dividend of $0.484375 per share on the Series A Preferred Stock, payable on March 31, 2025 to Series A Preferred Stock shareholders of record on March 15, 2025.

    On March 6, 2025, the Company declared a quarterly dividend of $0.05 per common share payable to common shareholders of record on March 17, 2025. The dividend is expected to be paid March 31, 2025.

    The Company currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income taxes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders, and the Company intends to comply with this requirement for the current year.

    Investor Conference Webcast and Call

    The Company is hosting a webcast and conference call Thursday, March 27, 2025 at 8:00 a.m. Eastern Time, to discuss in greater detail its financial results for the full year ended December 31, 2024. A webcast of the call may be accessed on the Company’s website at https://sachemcapitalcorp.com/investor-relations/events-and-presentations/default.aspx.

    Interested parties can access the conference call via telephone by dialing toll free 877-704-4453 for U.S. callers or +1-201-389-0920 for international callers.

    Replay

    The webcast will also be archived on the Company’s website and a telephone replay of the call will be available through Thursday, April 10, 2025, and can be accessed by dialing 1-844-512-2921 for U.S. callers or +1 412-317-6671 for international callers and by entering replay passcode: 13750432.

    About Sachem Capital Corp

    Sachem Capital Corp. is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e., three years or less) secured, nonbanking loans to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. The Company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate and is personally guaranteed by the principal(s) of the borrower. The Company also makes opportunistic real estate purchases apart from its lending activities.

    Forward Looking Statements

    This press release may contain forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. Such forward-looking statements are subject to several risks, uncertainties and assumptions as described in the Annual Report on Form 10-K for 2024 to be filed with the U.S. Securities and Exchange Commission (the “SEC”) on or before March 31, 2025. Because of these risks, uncertainties and assumptions, any forward-looking events and circumstances discussed in this press release may not occur. You should not rely upon forward-looking statements as predictions of future events. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to the Company are expressly qualified in their entirety by these cautionary statements as well as others made in this press release. You should evaluate all forward-looking statements made by the Company in the context of these risks and uncertainties.

    Investor & Media Contact:
    Email: investors@sachemcapitalcorp.com

    SACHEM CAPITAL CORP.
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except share data)
                 
           Years Ended
        December 31,
        2024    2023 
    Assets     (unaudited)       (audited)  
    Cash and cash equivalents   $ 18,066     $ 12,598  
    Investment securities (at fair value)     1,517       37,776  
    Loans held for investment (net of deferred loan fees of $1,950 and $4,647)     375,041       494,588  
    Allowance for credit losses     (18,470 )     (7,523 )
    Loans held for investments, net of allowances for credit losses     356,571       487,065  
    Loans held for sale (net, of valuation allowance of $4,880 and $0)     10,970       —  
    Interest and fees receivable, net     3,768       8,475  
    Due from borrowers, net     5,150       5,597  
    Real estate owned, net     18,574       3,462  
    Investments in limited liability companies     53,942       43,036  
    Investments in rental real estate, net     14,032       10,554  
    Property and equipment, net     3,222       3,373  
    Other assets     6,164       8,956  
    Total assets   $ 491,976     $ 620,892  
    Liabilities and Shareholders’ Equity            
    Liabilities:            
    Notes payable (net of deferred financing costs of $3,713 and $6,048)   $ 226,526     $ 282,353  
    Repurchase agreements     33,708       26,461  
    Mortgage payable     1,002       1,081  
    Lines of credit     40,000       61,792  
    Accrued dividends payable     —       5,144  
    Accounts payable and accrued liabilities     4,377       2,322  
    Advances from borrowers     4,047       10,998  
    Below market lease intangible     665       665  
    Total liabilities     310,325       390,816  
    Commitments and Contingencies            
    Shareholders’ equity:            
    Preferred shares – $.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 2,306,748 and 2,029,923 shares of Series A Preferred Stock issued and outstanding at December 31, 2024 and December 31, 2023, respectively     2       2  
    Common stock – $.001 par value; 200,000,000 shares authorized; 46,965,306 and 46,765,483 issued and outstanding at December 31, 2024 and December 31, 2023, respectively     47       47  
    Additional paid-in capital     256,956       249,826  
    Accumulated other comprehensive income     —       316  
    Cumulative net earnings     35,518       75,089  
    Cumulative dividends paid     (110,872 )     (95,204 )
    Total shareholders’ equity     181,651       230,076  
    Total liabilities and shareholders’ equity   $ 491,976     $ 620,892  
    SACHEM CAPITAL CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share data)
                 
        Years Ended
        December 31, 
           2024   2023
    Revenues     (unaudited)       (audited)  
    Interest income from loans   $ 43,154     $ 49,265  
    Fee income from loans     8,594       10,699  
    Income from limited liability company investments     5,239       3,522  
    Other investment income     391       1,209  
    Other income     122       54  
    Total revenues     57,500       64,749  
                 
    Operating expenses            
    Interest and amortization of deferred financing costs     27,798       29,190  
    Compensation and employee benefits     6,824       6,932  
    General and administrative expenses     6,841       4,955  
    Provision for credit losses related to available-for-sale debt securities     —       809  
    Provision for credit losses related to loans held for investment     26,928       5,588  
    Change in valuation allowance, loans held for sale     4,880       —  
    Impairment loss on real estate owned     492       794  
    (Gain) loss on sale of real estate and property and equipment, net     (439 )     88  
    Other expenses     1,952       1,354  
    Total operating expenses     75,276       49,710  
    Operating (loss) income before other (loss) income     (17,776 )     15,039  
                 
    Other (loss) income            
    Gain on equity securities     178       860  
    Loss on sale of loans     (21,973 )     —  
    Total other (loss) income, net     (21,795 )     860  
    Net (loss) income     (39,571 )     15,899  
    Preferred stock dividend     (4,304 )     (3,795 )
    Net (loss) income attributable to common shareholders   $ (43,875 )   $ 12,104  
                 
    Basic (loss) earnings per Common Share   $ (0.93 )   $ 0.27  
    Diluted (loss) earnings per Common Share   $ (0.93 )   $ 0.27  
    Basic weighted average Common Shares outstanding     47,413,012       44,244,988  
    Diluted weighted average Common Shares outstanding     47,413,012       44,244,988  
    SACHEM CAPITAL CORP.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
                 
        Years Ended
        December 31,
           2024       2023 
    CASH FLOWS FROM OPERATING ACTIVITIES     (unaudited)       (audited)  
    Net (loss) income   $ (39,571 )   $ 15,899  
    Adjustments to reconcile net (loss) income to net cash provided by operating activities:            
    Amortization of deferred financing costs     2,456       2,415  
    Depreciation expense     372       266  
    Write-off of other assets – pre-offering costs     —       477  
    Stock-based compensation     863       823  
    Provision for credit losses related to available-for-sale debt securities     —       809  
    Provision for credit losses related to loans held for investment     26,928       5,588  
    Change in valuation allowance, loans held for sale     4,880       —  
    Loss on sale of Loans     21,973       —  
    Impairment loss on real estate owned     492       794  
    (Gain) loss on sale of real estate and property and equipment, net     (439 )     88  
    (Gain) on equity securities     (178 )     (860 )
    Changes in operating assets and liabilities:            
    Interest and fees receivable, net     1,574       (2,285 )
    Other assets     2,656       (3,596 )
    Due from borrowers, net     (689 )     (334 )
    Accounts payable and accrued liabilities     1,132       374  
    Deferred loan fees revenue     (2,697 )     287  
    Advances from borrowers     (6,951 )     1,106  
    Total adjustments and operating changes     52,372       5,952  
    NET CASH PROVIDED BY OPERATING ACTIVITIES     12,801       21,851  
                 
    CASH FLOWS FROM INVESTING ACTIVITIES              
    Purchase of investment securities     (7,767 )     (30,415 )
    Proceeds from the sale of investment securities     43,964       18,120  
    Purchase of interests in limited liability companies     (18,271 )     (13,896 )
    Proceeds from limited liability companies returns of capital     7,310       1,661  
    Proceeds from sale of loans, net     36,122       —  
    Proceeds from sale of real estate owned     2,613       450  
    Acquisitions of and improvements to real estate owned     (510 )     (229 )
    Proceeds from sale of property and equipment     —       1,299  
    Purchase of property and equipment     (203 )     (784 )
    Improvements in investment in rental real estate     (3,496 )     (10,845 )
    Principal disbursements for loans     (134,298 )     (204,885 )
    Principal collections on loans     154,654       167,036  
    NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES     80,118       (72,488 )
                 
    CASH FLOWS FROM FINANCING ACTIVITIES              
    Proceeds from lines of credit     27,959       58,204  
    Repayments on lines of credit     (49,751 )     —  
    Proceeds from repurchase agreements     19,055       14,028  
    Repayments of repurchase agreements     (11,808 )     (30,100 )
    (Repayment of) proceeds from mortgage payable     (79 )     331  
    Dividends paid on Common Shares     (16,507 )     (21,933 )
    Dividends paid on Series A Preferred Stock     (4,304 )     (3,795 )
    Proceeds from issuance of common shares, net of expenses     2,050       20,450  
    Repurchase of Common Shares     (1,489 )     (226 )
    Proceeds from issuance of Series A Preferred Stock, net of expenses     5,706       2,563  
    Repayment of notes payable     (58,283 )     —  
    NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES     (87,451 )     39,522  
                 
    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     5,468       (11,115 )
                 
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD     12,598       23,713  
                 
    CASH AND CASH EQUIVALENTS – END OF PERIOD   $ 18,066     $ 12,598  

    The MIL Network –

  • MIL-OSI: Currency Exchange International, Corp. Announces Referral Agreement with Agility Forex

    Source: GlobeNewswire (MIL-OSI)

    • Exchange Bank of Canada (“EBC” or the “Bank”) is to refer selected employees and their payment customers in Canada to Agility Forex;

    TORONTO, March 27, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (“CXI” or the “Company”) (TSX: CXI) (OTC: CURN), today announced a referral agreement has been entered into with Agility Forex.

    Upon Agility Forex hiring a selected employee, EBC will be referring its corporate payment customers in Canada associated with the employee to Agility Forex for their acceptance. The referral of EBC’s customers and employees to Agility Forex, a B.C. based foreign payments exchange service provider, will mutually benefit all parties and stakeholders.

    “We are optimistic that our referral agreement for select EBC employees and their corporate payment clients is the best outcome for our customers, employees and EBC stakeholders as well as CXI shareholders,” said Randolph Pinna, CEO of CXI and EBC.

    “Agility is pleased to implement this Referral Agreement and welcomes the chance to build new relationships. We are excited to embark on this opportunity to grow and evolve our business with the new selected sales members joining our team,” said Andrew McGuire, CEO of Agility Forex.

    CXI’s long-term outlook remains positive due to the Company’s focus on its growing businesses in the U.S. in conjunction with expected cost savings and anticipated additional new product growth in the U.S. market. The Company will provide further updates as the Canadian business operations are being discontinued as originally announced on February 18, 2025. During this process, EBC is committed to ensuring minimal disruption to all its stakeholders. 

    CXI is grateful to all of EBC’s team members for their contributions over the years and is committed to providing support and guidance to all employees during this transition to ensure a smooth and respectful process.  

    INFOR Financial Inc. acted as financial advisor to CXI in connection with the referral agreement with Agility Forex.

    About Currency Exchange International, Corp.

    Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Company-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com.

    The Group’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, is currently in the process of discontinuing its operations in Canada.

    About Agility Forex

    Agility Forex is a Vancouver-based fintech company that offers small-to-medium size enterprises and individuals currency pricing normally reserved for large corporations. Their proprietary technology allows them to bypass the banks to access the interbank market and offer transparent pricing with no fees or commissions, 24/7 via their easy-to-use platform. C1 Ventures, a venture capital corporation wholly owned by Central 1, a Canadian financial institution with $11.6 billion in assets, owns 28 percent of Agility Forex.

    Contact Information

    For further information please contact:
    Bill Mitoulas
    Investor Relations
    (416) 479-9547
    Email: bill.mitoulas@cxifx.com
    Website: www.cxifx.com

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

    This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the merits of a referral agreement for customers and selected employees, the management of employee and customer transitions, the voluntary cessation of operations and discontinuance of Exchange Bank of Canada (EBC), financial performance in fiscal 2025 and 2026, and the associated costs and outcomes of the cessation and discontinuance period in general. Forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “preliminary,” “project,” “will,” “would,” and similar terms and phrases, including references to assumptions. 

    Forward-looking information is based on the opinions and estimates of management at the date such information is provided and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, and assumptions that could cause the Company’s actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, an inability to implement the referral agreement for customers and selected employees on a basis which is beneficial to stakeholders, the inability of the Company to complete the cessation of EBC and discontinuance in accordance with applicable regulatory and legal requirements on a basis which is cost effective and protects the goodwill of the Company, an inability to establish direct correspondent banking relationships to support its U.S. payments business on terms which are economic or at all, the impact of delays or challenges in obtaining regulatory approvals, an inability to manage one-time wind-down costs and severance obligations on cost-effective basis, potential disruptions to operations during the transition period. the risk of reduced liquidity during the transition periods and, generally, the potential for unforeseen liabilities arising during or after the cessation of operations and discontinuance of EBC. 

    Additional risks include the ability of the Company to comply with regulatory requirements in general, the competitive nature of the foreign exchange industry, the impact of geo political changes, and trade wars on factors relevant to the Company’s business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, unexpected losses or challenges associated with customer attrition during the discontinuance, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, as well as the factors identified throughout this press release and in the section entitled “Financial Risk Factors” of the Company’s Management’s Discussion and Analysis for the twelve months ended October 31, 2024. 

    The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events, or otherwise, except as required under applicable securities laws. 

    The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained in this press release. 

    The MIL Network –

  • MIL-OSI United Kingdom: Mayor to invest more than £10m to boost creative industries and add more than £2.5bn to London’s economy

    Source: Mayor of London

    • Sadiq commits more than £10m funding into London’s creative economy over the next four years
    • The funding for the British Fashion Council, Film London, Games London and the London Design Festival, is expected to add more than £2.5bn to the economy
    • The creative industries play a key part in the capital’s economy and supporting them is at the heart of the Mayor’s London Growth Plan to increase prosperity

     

    The Mayor of London, Sadiq Khan has today announced plans to invest more than £10m into the capital’s creative and cultural industries over the next four years, helping to generate more than £2.5bn for the capital’s economy.

    The British Fashion Council, Film London, Games London and the London Design Festival will receive the funding as part of the Mayor’s plans to boost growth, this follows the announcement of his London Growth Plan last month.

    The funding will help the organisations to support creative businesses and boost jobs, deliver annual trade shows, festival and events including the London Games Festival, London Fashion Week, London Film Festival and London Design Festival. This hugely successful work helps to maintain London’s global reputation as a world leader in the creative industries, generate business and provide new opportunities for young people across film, television, animation, visual effects, games, fashion and design.

    It is expected to leverage more than £2.5bn in film investment in the capital, up to £60m in fashion sales, up to £17m in games investment, and up to £15m in sales and exports for up to 800 design businesses. It will support more people into work, improve access for Londoners to skills and training, and attract world-class talent to the capital by creating up to 42,000 film and TV crew employment opportunities, 150 games jobs and 300 training and employment opportunities. Previous funding for the British Fashion Council, Film London and the London Design Festival has helped to secure over £7.5.bn in sales, trade and investment since 2016.  

    London’s creative industries bring £51.7bn to the economy each year and account for one in five jobs. The industries grew faster than the UK economy between 2010-2023, but face a number of challenges following the impact of Brexit and the pandemic. The Mayor is committed to supporting the capital’s creative industries and is a key part of his London Growth Plan, which will kickstart the capital’s productivity and make London’s economy £107bn larger by 2035.

    The Mayor of London, Sadiq Khan, said:  “I want London to grow and thrive over the next decade and our creative industries have a central role to play. They help make London the greatest city in the world and are vital to London’s success and future as well as the whole of the country. That’s why, as part of the London Growth plan, I’m investing in fashion, design, film and gaming to keep our capital at the forefront of these industries and drive growth, as we build a better London for everyone.”

    Justine Simons OBE, Deputy Mayor for Culture and the Creative Industries, said: “Culture and creativity are our DNA in London and key to our success as a global city. It’s vital for industry and Government to work together to help us keep our position on the world stage, and this investment shows our ongoing commitment to fostering creativity and innovation within the capital. London’s flagship cultural events not only draw considerable global interest, they also play a crucial role in generating employment, nurturing creatives’ careers and boosting tourism.”

    Caroline Rush CBE, Chief Executive, British Fashion Council, said: “Investing in London’s creative industries is essential and enables us to bolster London Fashion Week, which delivers in commercial and cultural impact. This continued funding from the Mayor of London is critical in providing emerging designers with showcasing opportunities and access to market, enabling them to grow their businesses in an increasingly challenging environment. Investment like this not only bolsters individual careers but also reinforces the UK’s position as a global leader for fashion and creativity.”

    Adrian Wootton OBE, Chief Executive of Film London, said: “London is a global centre for film, TV, animation and games, generating billions of pounds and thousands of jobs. With its stage space, award-winning talent, infrastructure and new tax credits, London is on course for real, game-changing economic opportunities. This investment in Film London and Games London will help us to seize those opportunities, driving growth in the capital’s screen industries through innovation, nurturing talent and championing new generations of story-tellers and audiences in London. Our thanks go to the Mayor of London for this continued support and investment in the industry.”

    Michael French, Head of Games London & Festival Director, London Games Festival, said: “London’s potent and vibrant creative energy has built world-leading creative industries of which games and interactive are an important element. Funding from the Mayor of London has so far enabled Games London and the London Games Festival to support the city to become the games capital of Europe, and it is still growing. This renewed investment will support programmes that continue to drive investment back into businesses across London, create well-paid skilled full time jobs, uplift the games sector and create growth opportunities for the capital and beyond.”

    Ben Evans CBE, Director of London Design Festival, and Executive Director of London Design Biennale: “To sustain and grow London’s position as a global design city we must invest in showcasing. It is why the ongoing support of the London Design Festival by the Mayor is so critical. Now over 200 international cities have design promotion activities increasing competitiveness for London and the UK. Our now mature design and creative sector needs to fuel growth through international investment as well as stimulating domestic demand. Awareness of the breadth of opportunity and the depth of talent based in London must be strong for the design industry to thrive.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UK Statement: WTO Trade Policy Review of Cambodia

    Source: United Kingdom – Executive Government & Departments

    World news story

    UK Statement: WTO Trade Policy Review of Cambodia

    UK Statement for the 3rd Trade Policy Review of Cambodia. Delivered on 26th & 28th March 2025.

    Chair, let me warmly welcome the delegation, led by Minister of Commerce Mrs Cham Nimul, to their 3rd Trade Policy Review. Let me also express my gratitude to the government of Cambodia and to the WTO Secretariat for their Reports, to you Chair and to Ambassador James Baxter as discussant, for facilitating this Review with your insightful comments.

    Bilateral Relationship

    1. The UK and Cambodia enjoy long-standing and positive relations, with our diplomatic relationship dating back to 1953. In recent decades, the UK has been a considerable investor into Cambodia’s real estate and manufacturing industries, while supporting new approaches to developing Cambodia’s infrastructure to increase confidence in its investment potential is at the heart of our recent engagement. The UK’s development finance institution, British International Investment, has also focussed on renewable energy and climate financing in Cambodia.

    2. 2024 was a particularly positive year for the UK-Cambodia trade and investment partnership. In June we welcomed the first official Cambodian trade and investment mission to the UK, including Senior Minister for Trade and Investment Sok Siphana meeting the UK-ASEAN Business Council. In November, the Cambodia-UK business roundtable was attended by Deputy Prime Minister Sun Chantol, and the second annual UK-Cambodia Joint Trade and Investment Forum took place.

    3. The Joint Forum’s theme was the ‘Road to 2030’ and pathways to mutual growth, drawing on both parties’ experience and expertise. We agreed focus areas, including tax predictability, double taxation, and developing domestic capital markets. We look forward to the third meeting of the Forum later this year.

    4. I mentioned infrastructure investment. On this we hope a UK Export Finance Memorandum of Understanding to promote infrastructure development will help unlock up to £2bn in finance. We are also pleased the UK’s Private Infrastructure Development Group (PIDG), which coordinates investments for sustainable economic development and poverty reduction, has several projects in Cambodia, and a strategic partnership with the Cambodian Credit Guarantee Corporation.

    UK-Cambodia Development Relationship

    1. The UK has also aimed to be a reliable partner to Cambodia through wider development programmes, including UK bilateral  ODA  funding, to support Cambodia’s economic development, enhance trade and investment, and cooperate in areas offering longer-term resilience and growth, including encouraging green and inclusive growth.

    2. Our trade for development tools include ensuring Cambodian exporters can take advantage of comprehensive preferences under the UK Developing Countries Trading Scheme (DCTS). The UK also partners the Cambodian Ministry of Economy on the development of a Green Special Economic Zone and supports for agricultural SMEs.

    3. With all these initiatives in mind, we were also pleased to see confirmation last year of the UN recommendation for Cambodia to graduate from LDC status in 2029.

    Report Analysis

    The Trade Policy Review illustrates Cambodia’s significant economic policy progress during the reporting period, including the role of trade in Cambodia achieving GDP growth as high as 6% in 2024, and annual increases in the value of merchandise exports. This is impressive progress, and among other achievements is testament to Cambodia’s ability to respond to the economic impacts of the COVID-19 pandemic.

    WTO and Regional Engagement

    1. As well as national achievements, we welcome Cambodia’s active international engagement. This includes regional trade agreements like the Regional Comprehensive Economic Partnership and wider ASEAN economic initiatives. Here at the WTO we welcome Cambodia’s constructive and thoughtful approaches in a wide range of WTO business. We pay tribute to the Cambodia Permanent Representative, Ambassador Suon Prasith, and his team for their efforts in this regard.

    2. Recent examples of this include Cambodia’s active voice as a LDC focal point on dispute settlement reform. As co-convenor of work on accessibility the UK particularly welcomed Cambodia’s role in this regard. We have also appreciated Cambodia’s informed participation as Member of the Enhanced Integrated Framework (EIF) Board, including drawing insights from its own national use of EIF funding in sectors such as rice and silk.

    3. On WTO agreements, we welcomed Cambodia’s acceptance of the 2022 Agreement on Fisheries Subsidies in 2024, and are especially grateful for Cambodia’s active role in discussions to achieve incorporation of the Investment Facilitation for Development Agreement soon.

    4. In other areas, we encourage Cambodia to consider joining the Agreement on E-commerce and the Services Domestic Regulation initiative, both of which aim to break down barriers to cross-border trade in services and facilitate digital trade, which we believe would have significant benefits for Cambodia’s economic development.

    5. We are very interested to hear Cambodian views and any remaining concerns on these agreements, and look forward to continuing to work together in these and other areas. This also includes ongoing work on the additional fisheries subsidies agreement relating to overcapacity and overfishing where Cambodia’s continued insights and support would be welcome.

    6. Taking account of feedback from UK business, we also encourage Cambodia to increase momentum to achieving greater transparency in their customs valuation processes and regulations, including clearer processes for foreign business licensing, taxation, and land ownership.

    7. We also encourage Cambodia to accelerate efforts to establish stronger intellectual property protections, including enforcement of trademarks, copyrights and patent protections; and to pursue clear policies to strengthen regulatory frameworks in areas such as sustainable waste management, green investments, and emissions standards for automotive and construction industries.

    8. We also hope that Cambodia will continue to upskill their domestic workforce and implement stronger labour protections to meet increased economic demands, including after LDC graduation.

    9. Finally, Cambodia has made important efforts to advance women’s economic empowerment and strengthen gender equality, notably through its credit guarantee schemes and national strategy. On behalf of Ambassador Simon Manley, as co-chair of the Working Group on Trade and Gender, who due to other commitments could not be here in person today, we would also welcome Cambodia sharing its experiences at a forthcoming session of the Group.

    In closing, Chair, let me thank Cambodia for their report, for our wide cooperation bilaterally and here at the WTO. I again thank the delegation for its hard work and look forward to a productive Trade Policy Review.

    Updates to this page

    Published 27 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Launch of the Global Compact on Nutrition Integration: Baroness Chapman’s speech

    Source: United Kingdom – Executive Government & Departments

    Speech

    Launch of the Global Compact on Nutrition Integration: Baroness Chapman’s speech

    Baroness Chapman gave a speech at the launch of a new Global Compact on Nutrition Integration on the eve of the Nutrition for Growth Summit in Paris.

    Welcome everyone. Thank you to our co-hosts – the Government of Nigeria, the International Fund for Agricultural Development, the World Bank, and the Children’s Investment Fund Foundation, and thank you to the Government of France for bringing us together.

    It is great to see such a diverse group of people gathered here – from Gavi and the Green Climate Fund, to private sector investors, philanthropy, and civil society networks, to countries deeply affected by malnutrition, including members of the Scaling Up Nutrition Movement.

    I know that for some of you this is your life’s work. And as the UK’s Minister for International Development, and for Latin America and Caribbean, it is a pleasure to welcome you all on the eve of the fourth Nutrition for Growth Summit, and to share a few reflections before we hear from you.

    Thanks in no small part to many of you – the work we have done together over many decades has shown that we can make a difference. Lives changed and lives saved.

    This agenda can serve as an example of how coming together, being more than the sum of our parts, can help us maximise our impact.

    Now, before going into more detail about our collective work on nutrition, I want to address something head on. I know many of you will have seen our announcement about our ODA budget in recent weeks –  as the UK responds to the world as it is now – less stable, more insecure.

    It was a decision we neither relish, nor take lightly. But I hope my presence here, the work of our dedicated experts, and our continued efforts on this important agenda, demonstrates the UK will never turn its back on the world – or on international development. Far from it.

    How we work has to change, but I promise, what we all care about is not. The task for all of us now is to make sure we secure the reforms we need to meet the challenges and opportunities of our times.

    That includes making the case for development anew. And thinking afresh about the kind of genuine, respectful, modern partnerships we pursue, and the commitment, energy and expertise we bring to forums like this – not just how much public money we have to spend.

    And as we work through the difficult choices before us now, my focus is on making sure this new reality gives even greater impetus to modernising the UK’s approach to international development. That is already underway. And it is how we maximise the impact of every pound of public money we are able to put in – and our collective impact.

    So let me talk about our impact.

    Over a decade after the world came together in the UK for the first of these important summits, the UK has helped to improve the nutrition of over 50 million women and children – from Nigeria, to Pakistan, Bangladesh, and beyond.

    That spans everything from getting micronutrient supplements, specialist support, and therapeutic foods to treat malnutrition in women and children, to helping farmers grow more nutritious foods like vegetables and legumes, to improve the diets of their families and communities.

    I talked a moment ago about the importance of working in partnership – we need to learn from our successes. Partnerships like the Child Nutrition Fund. Alongside UNICEF, the Children’s Investment Fund Foundation, and the Gates Foundation, we are aiming to prevent, detect, and treat malnutrition for 70 million women and 230 million children in 23 countries, from Afghanistan, to DRC, Malawi, Madagascar, Somalia, and South Sudan.

    At the end of last year, a new partnership with the World Food Programme, World Health Organisation, and UNICEF got underway – focused on preventing the most horrible and deadliest form of malnutrition, child wasting.

    It’s a dreadful and shameful phrase to even say – and we must keep our minds on that, as we stand here together in these wonderful surroundings, to reaffirm all our commitments and initiatives.

    Commitments like those we made at the last summit in Tokyo 4 years ago, on integrating nutrition across everything we do, from climate to health – such as developing nutritious crops that help us address a lack of key nutrients. So that the 2 billion people who don’t get the nutrition they need can have a healthier life.

    It means working with Gavi, the Government of Ethiopia, and the Children’s Investment Fund Foundation to reach vulnerable mothers and children with life-saving immunisation and nutrition.

    And, when it comes to nutrition, we all know what is at stake in every country in the world. Combating malnutrition is vital for a healthy population and healthy economies – malnutrition translates into a loss of 10% of GDP for countries most affected. It’s a good investment – every pound, euro or dollar we invest pays for itself 23 times over.

    We know how to make our work even more effective. Invest in science. Go for solutions supported by the evidence. Put nutrition at the heart of everything we do – from health, to water, hygiene, and sanitation, food systems, social protection, and our wider resilience.

    So, this evening, it’s fantastic we have all come together to launch the Global Compact on Nutrition Integration.

    Tomorrow, we convene a new coalition of signatories. And I am looking forward to hearing from some of you this evening, about your commitment to this vital cause.

    As we learn from each other, challenge each other, push each other to do more, and keep going – not just at summits like this where we all get together. That is how we maximise the impact we can achieve.

    So, thank you all once again for being here.

    Updates to this page

    Published 27 March 2025

    MIL OSI United Kingdom –

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

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is calling for information in relation to disturbances that occurred in Alice Springs yesterday.

    Around 12:30pm, the Joint Emergency Services Communication Centre (JESCC) received multiple reports of groups fighting in the Alice Springs CBD. Police responded and the group dispersed.

    A 37-year-old female was conveyed to the Alice Springs Hospital with minor injuries, along with a second victim with non-life-threatening injuries.

    A 22-year-old female was arrested in relation to this incident and is expected to be charged.

    Around 2:35pm, further alleged fighting occurred between the same groups on Hartley Street, with some participants allegedly armed with weapons.

    Multiple police units responded, and the group once again dispersed.

    Investigations are ongoing and police urge anyone with information to make contact on 131 444. Please quote reference P25082836. You can also report anonymously through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

    MIL OSI News –

  • MIL-OSI: Air India Express and Willis Lease Finance Corporation Ink Engine Sale & Leasebacks with ConstantThrust®

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., March 27, 2025 (GLOBE NEWSWIRE) — Air India Express (“AIX”), a wholly owned subsidiary of Air India, has signed definitive engine sale and leaseback agreements with Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”) for 26 CFM56-7B engines installed on 13 of its Boeing 737-800 aircraft. The engines will be covered under WLFC’s ConstantThrust® program providing enhanced reliability and significant cost savings compared to traditional MRO shop visits. This program is in addition to the ConstantThrust® program signed by WLFC and Air India in 2022, covering 34 CFM56-5B engines installed on Air India’s Airbus A320 family fleet. Both programs will be managed in part by WLFC’s team located in GIFT City, India.

    WLFC’s ConstantThrust® program helps airlines manage the risk and cost of engine overhauls by providing serviceable engines from its portfolio in place of engines that need to be removed for maintenance. This streamlined process reduces engine downtime, eliminates maintenance unpredictability, and lowers engine change costs, enabling airlines to focus on their core operations without disruption.

    “WLFC’s ConstantThrust® program has been successful so far for Air India and we are pleased to expand our partnership with WLFC in support of the Air India Express fleet,” said Aloke Singh, Chief Executive Officer of Air India. “This agreement allows us to eliminate the uncertainties associated with engine maintenance and mitigate unpredictable costs. WLFC’s ConstantThrust® program will help us improve fleet reliability, reduce cost and optimize cash flows.”

    “We believe Air India Express’ decision to select ConstantThrust® evidences that Air India is realizing value from our ConstantThrust® program and also validates our team’s performance on that program, ” said Brian R. Hole, President of Willis Lease Finance Corporation. “This is a great opportunity for us to continue supporting the growth of the Indian aviation industry, in general, and the Air India family of airlines, specifically.”

    “We greatly value our long-standing relationship with Air India and are excited to continue providing innovative, programmatic solutions that deliver enhanced flexibility and cost efficiency for Air India Express and our global customers,” said Austin C. Willis, Chief Executive Officer of WLFC.

    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.

    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.

    NEWS RELEASE CONTACT:  Lynn Mailliard Kohler
         Director, Global Corporate Communications
       (415) 328-4798

    The MIL Network –

  • MIL-OSI United Kingdom: Local businesses and projects to be boosted with grants

    Source: Scotland – City of Aberdeen

    More than £1million is to be given in grants to local businesses and organisations to help boost their offer to city communities.

    Aberdeen City Council’s Finance and Resources Committee yesterday agreed the money for the projects which include Tall Ships event site business opportunities, Business Support Grant schemes, and a Digital Skills Programme in conjunction with Business Gateway.

    Councillor Ian Yuill, Council Co-leader, said: “This investment is especially important for city businesses which are at their start up stage. It is good to cooperate with local entrepreneurs to help them develop digital skills. This year we need to grasp the opportunity to maximise any commercial benefits from the Tall Ships event coming to the city. The Council will continue to do what it can to offer support and to make a positive difference for the private sector through available grant schemes and forms of assistance.”

    Committee convener Councillor Alex McLellan said: “The Council is committed to working with businesses to increase help available to them which in turn will help the city to be an even better place to visit, work, shop, live , invest, and do business.”

    The Tall Ships event, which is the largest free family festival in Europe and will include more than 50 sailing ships from around the world, returns to Aberdeen in July.

    The funding for the event will assist with the costs of the commercial programme for businesses, charities and visitor attractions engaged in marketing, trade and revenue generating activity. The constraints of the event site mean that all business facilities are of a temporary nature requiring marquees and stands including health and safety compliant installation, site management, security and servicing, onsite marketing provision, access assistance, and a derig after the event finishes. The grant funding will help to pay for vital infrastructure such as marquees, contribute toward supply of power and water, ensure adequate critical resourcing such as stewarding and security, and cover digital marketing to support businesses on the event site and in the wider city.

    The Business Start-Up Grant Scheme would provide seed capital to support new businesses, offering one-off grant awards of either £1,000 or £3,000, where the new business is taking on a commercial room, premise or property.

    The availability of a start-up grant scheme further supports the incorporation of the Business Gateway service in-house to Aberdeen City and Shire Councils. Applicants will only be eligible for a grant award if engaging with, and are assigned to, a dedicated Business Gateway officer. This will ensure the applicant is accessing business support, as well as the grant, and maximise likelihood of business success.

    The Digital Skills Programme will support businesses to develop digital skills and assets which is important in order for them to stay ahead, continue to innovate and grow. This project builds upon work undertaken by the Digital Boost Programme.

    Other projects which are to receive grants include the Healthy Minds Project, the Aberdeen Creative Industries Skills Development Initiative, the Tall Ships Young Person Development and Employability Project; the Paid Work Placement Initiative, the HMP Grampian Project, the Green Skills Project, the People in Recovery Project, and the Life Skills Project.

    The grants were from the UK Shared Prosperity Fund managed by Aberdeen City Council.

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: 27 March 2025 Departmental update A unified call for One Health: driving implementation, science, policy and investment for global impact

    Source: World Health Organisation

    Issued at the Third Quadripartite Executive Annual Meeting, 25–27 March 2025, WOAH headquarters, Paris

    As global leaders in human, animal and environmental health, the Quadripartite collaboration comprising the Food and Agriculture Organization of the United Nations (FAO), the United Nations Environment Programme (UNEP), the World Health Organization (WHO), and the World Organisation for Animal Health (WOAH) reaffirms its unwavering commitment to advancing the One Health approach. This integrated approach is essential to sustainably balance and optimize the health of people, animals, plants and ecosystems and to address health risks at the human-animal-environment interface. Meeting at WOAH headquarters in Paris for the Third Quadripartite Executive Annual Meeting, we call for urgent, strategic and sustained support and investments to scale up One Health implementation worldwide.

    Advancing the One Health agenda

    Since its establishment in March 2022, the Quadripartite has made significant progress in four strategic priority areas.

    1. Implementation of the One Health Joint Plan of Action (OH JPA). Over the past year, the Quadripartite has strengthened cross-sectoral collaboration through regional and sub-regional One Health workshops in Europe, central Asia, and Pacific islands, leading to increased adoption of the OH JPA at the national level. Capacity-building efforts have expanded, with multiple country-level workshops focusing on workforce development, joint risk assessments and multisectoral coordination mechanisms. Additionally, key implementation tools have been translated into multiple languages, increasing their accessibility and adoption.
    2. Strengthening One Health science and evidence. The second term of the Quadripartite One Health High-Level Expert Panel (OHHLEP) has been established, broadening its expertise to include social sciences, economics and governance. Key scientific deliverables will include mapping international legal and policy instruments that have a bearing on One Health and analysing barriers and enablers of One Health implementation. The Quadripartite One Health Knowledge Nexus serves as an interactive space for collective knowledge generation and co-learning. Under this platform, a joint Community of Practice was launched in November 2023 on the return on investment for One Health. A new community of practice on One Health governance is planned to be launched in 2025. In 2024, the Quadripartite contributed actively to the 8th World One Health Congress and several other international scientific fora to strengthen partnerships with the scientific community.
    3. Enhancing political engagement and advocacy. The Quadripartite played a significant role in global political processes, advocating for the inclusion of One Health in major discussions and declarations. This includes supporting the adoption of a UN General Assembly political declaration on antimicrobial resistance (AMR) and advocating for One Health integration in G20 health ministerial discussions and declarations. Additionally, the Quadripartite contributed to the adoption of a Global Action Plan on Biodiversity and Health at the Convention on Biological Diversity (COP16) and hosted a high-level One Health event at UN Climate Change Conference (COP29) to promote climate-health policy integration.
    4. Mobilizing investments for One Health. The Quadripartite is developing a Joint Offer – a unified advocacy document for targeted One Health investments. This effort will be bolstered by structured outreach to funding partners through roundtable discussions and high-level dialogues. The Quadripartite continues to advocate for embedding One Health in existing financial mechanisms, and strengthening regional and national One Health investment planning to catalyse broader financial commitments, ensuring sustainable investments at national and global levels.

    Investing in One Health now

    The complexity of today’s health challenges – ranging from AMR and zoonotic diseases to food safety risks and climate-related health threats, amongst others – demands an integrated and well-resourced One Health response. Investing in One Health is not an option; it is an imperative. It is a strategic and cost-effective approach to preventing future health crises, reducing economic losses, strengthening global health security and promoting sustainable development.

    The Quadripartite underscores that investing in One Health today is an investment in a safer, healthier and more resilient future. The world cannot afford to wait. We call on policymakers, donors and global leaders to act decisively, turning commitments into concrete actions and ensuring that One Health is effectively implemented, leaving no one behind.

    MIL OSI United Nations News –

  • MIL-OSI Australia: Historic investment to help deliver universal early childhood education and care

    Source: Historic Cooma Gaol listed on the NSW State Heritage Register

    The Albanese Government and the Investment Dialogue for Australia’s Children (IDAC) will partner to build supply and capacity of integrated early years services.

    The Albanese Government will provide up to $50 million through the Build Early Education Fund, toward co-investment opportunities to help build or expand integrated and holistic early learning services in areas of need.

    Philanthropic partners of IDAC have also committed to up to $50 million in-principle funding, to bring together early learning, child and maternal health services, and family and community supports.

    Philanthropic funding will also be targeted towards initiatives that strengthen a holistic early childhood development system, such as measures to strengthen the not-for-profit sector’s capacity as well as research and evaluation.

    The partnership represents one of the biggest co-investments between government and philanthropy in Australian history.

    IDAC is a flagship collaboration between the Government and philanthropic organisations to improve the health and wellbeing of children, young people, and their families.

    This co-investment is the next major step in translating commitments made at the 2024 IDAC Roundtable into action.

    The partnership also builds on the significant reforms the Albanese Government is delivering across the early childhood education and care sector, ensuring children and families have universal access to high-quality early learning.

    To learn more about these reforms visit education.gov.au/early-childhood/announcements/building-universal-early-education-and-care-system

    Quotes attributable to Treasurer Jim Chalmers:

    “The transformational power of education begins with quality early childhood education and care.

    “Every child has a right to early education no matter their background or where they live, and this partnership is a milestone on our path to universal education and care.

    “This investment isn’t just good for children, it gives parents and carers the choice to return to work or study earlier if they want to – helping families earn more and keep more of what they earn.”

    Quotes attributable to Minister for Social Services Amanda Rishworth:

    “The first years of a child’s life are vitally important to their wellbeing, education and development.

    “This partnership builds on the successes of IDAC and continues to enliven community-led solutions to meet the aspirations of communities, families and their children.

    “It is another example of the Government working together with community and philanthropy to find solutions that are led by and are meaningful for the families and children who will most benefit.”

    Quotes attributable to Minister for Early Childhood Dr Anne Aly:

    “We’re strengthening local communities by ensuring that Government and philanthropy work together to maximise our efforts and deliver for disadvantaged communities.

    “The Albanese Labor Government is laying the foundations for a truly universal early childhood education system through improving affordability, boosting supply, increasing accessibility and securing the vital workforce families rely on.

    “No child should have to carry disadvantage through their life – we know that by investing in the early years we can change the trajectory of a child’s life and improve their education and health outcomes.”

    Quotes attributable to Paul Ramsay Foundation CEO Professor Kristy Muir:

    “This is a major step towards an Australia where every child has what they need to thrive in the first critical years of life.

    “Through these co-investments, we’re creating the conditions needed for kids and families to have experiences in the early years that set them up for life.”

    Quotes attributable to Minderoo Foundation CEO John Hartman:

    “Minderoo Foundation is proud to be part of a collaborative effort with the Federal Government and other philanthropies to empower communities to break cycles of adversity by tackling issues at their root causes.

    “The most effective way to create sustainable change is to provide the resources and capability that communities need to be able to lead the way and providing infrastructure that brings services together and benefits the whole community.

    “This commitment by government and philanthropy will help build a fair future for Australian children and families.”

    Quotes attributable to The Bryan Foundation Executive Director Matthew Cox:

    “When we look to the services and supports other OECD countries have established to support their children we see highly integrated early learning, child and maternal health and family support services under the one roof providing all the help that families need.

    “This partnership will enable us to put more of these kinds of joined-up services on the ground and begin to plan for how to do this at scale.”

    Quotes attributable to Investment Dialogue for Australia’s Children Executive Convenor Simon Factor:

    “This is an exciting moment for IDAC, where ambitious discussions and significant commitments are being transformed into a record co-investment that will deliver tangible benefits for children and families.

    “This partnership represents a crucial step in building the early childhood development system of the future – one that is integrated, sustainable, and focused on delivering the best outcomes for all Australian children.”

    MIL OSI News –

  • MIL-OSI: Web3MEXC Announces CORN (CORN) Listing with Massive 149,000 USDT Prize Pool

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 27, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announced the listing of CORN (CORN) on both spot and futures markets, scheduled for March 28, 2025 (UTC). The listing on MEXC will be accompanied by an exciting Airdrop+ rewards event totaling 149,000 USDT.

    CORN represents a next-generation blockchain solution built on Arbitrum Orbit, offering unprecedented scalability and efficiency for Bitcoin-centric applications. The project introduces groundbreaking features including Bitcorn (BTCN) as its gas token, the popCORN System for long-term incentives, and LayerZero technology for seamless cross-chain asset transfers. By supporting Stylus, CORN enables developers to create smart contracts using multiple programming languages, pushing the boundaries of blockchain innovation.

    To celebrate the CORN listing, MEXC will launch an extraordinary Airdrop+ event with a massive 149,000 USDT prize pool. The event, which will run from March 27 to April 6, 2025, will offer multiple opportunities to participate:
    Benefit 1: Deposit and share 80,000 USDT in Futures bonus (New user exclusive)
    Benefit 2: Futures Challenge — Trade to share 50,000 USDT in Futures bonus (For all users)
    Benefit 3: Invite new users and share 19,000 USDT in Futures (For all users)

    MEXC has established itself as an industry leader by consistently providing users with early access to promising Web3 projects. In 2024, MEXC introduced 2,376 new tokens, with 1,716 of those being initial listings. According to the latest TokenInsight report, MEXC leads the industry with the highest number of spot listings at 461 and the fastest listing speed. Additionally, the exchange consistently adds new tokens in bi-weekly cycles, showcasing its exceptional ability to quickly capture market trends.

    Looking ahead, MEXC will continue to enhance its platform by providing advantages such as low fees, deep liquidity, a wide selection of trending tokens, and daily airdrops, enabling traders to access high-potential projects early, receive generous rewards, and enjoy an optimal trading experience.

    For full event details and participation rules, visit the event page.

    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 about cryptocurrencies does not represent MEXC’s official stance or investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully evaluate market fluctuations, project fundamentals, 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/921c2e2c-14be-4fdf-87db-e3998190701a

    The MIL Network –

  • MIL-OSI Africa: SA-EU relations flourishing

    Source: South Africa News Agency

    By Nomonde Mnukwa

    South Africa’s first democratic elections on 27 April 1994 signalled not only the end of the brutal system of apartheid, but also a change in the country’s international image.

    The country’s struggle for liberation and reconciliation has shaped its identity and global standing. South Africa has positioned itself as a champion of international solidarity.

    South Africa’s unique approach to global issues has found expression in the concept of Ubuntu. These concepts inform our approach to diplomacy and shape our vision of a better world for all.

    This philosophy translates into an approach to international relations that respects all nations, peoples, and cultures. It recognises that it is in our national interest to promote and support the positive development of others.

    As we celebrate our over 30 years of freedom and democracy, South Africa’s global repositioning can be seen with the strong strategic partnership with the European Union that is premised on values such as democracy, human rights and the rule of law.

    Immediately after his release from prison thirty-five years ago, President Nelson Mandela, our first democratic President, travelled to the European Parliament to receive the Sakharov Prize for Freedom of Thought. This honorary award is the highest tribute given by the European Union (EU) to individuals who contributed to the fight for human rights.

    During this visit, the former president, who is affectionately known as Madiba addressed the European Parliament and thanked the European countries for their contribution towards our fight for freedom. He also called on them to support us as we set about rebuilding the country and reversing the legacy of apartheid, which continues to be felt up to this day.

    This visit marked the beginning of official relations between South Africa and the EU in pursuit of our national interests, especially to tackle pressing challenges we inherited under apartheid. In 1999 for instance, we became the first African country to sign a Free Trade Agreement (FTA) with the EU known as the South Africa-European Union (EU) Trade, Development and Cooperation Agreement (TDCA).

    In 2007 we further deepened our relations through the adoption of the South Africa – EU Strategic Partnership Joint Action Plan. The plan is essentially a roadmap for cooperation in various key areas such as trade, climate change, science and technology as well as regional and global issues.  

    The TDCA agreement has helped our country to integrate into the global economy and it established a Political Dialogue between South Africa and the EU at the Ministerial level. This high-level dialogue advances the EU-South Africa strategic partnership across key areas such as trade, energy, peace and security and multilateralism.

    We are pleased that as we celebrate 30 years of democracy and thirty-five years since Madiba’s release and visit to the EU Parliament, our relationship with the EU continues to flourish and is mutually beneficial. South Africa remains the EU’s key trade partner on the African Continent, and the EU as a bloc is South Africa’s largest trading partner.

    Total trade between South Africa and EU has increased by 44 percent over the past five years; recording an increase from R586 billion in 2019 to R846 billion in 2023. The EU accounts for 41 percent of total Foreign Direct Investment (FDI) in the country and over 2,000 EU companies operate in South Africa, supporting more than 500,000 direct and indirect jobs.

    To further discuss shared priorities and foster stronger ties between South Africa and EU, in February this year, we successfully hosted the 16th Ministerial Political Dialogue. The Dialogue was co-chaired by the Minister of International Relations and Cooperation, Ronald Lamola and Kaja Kallas, the EU High Representative for Foreign Affairs and Security Policy and Vice President of the European Commission.

    During this dialogue, both parties reiterated their commitment to multilateralism, rules-based international order, and the centrality of the United Nations Charter. They agreed on the need to make the UN Security Council more representative, inclusive, transparent, efficient, democratic and accountable. They further discussed issues of trade and investment, along with greater mutual cooperation and reinforced bilateral relations between South Africa and the EU.

    The dialogue also served as preparatory meeting for the EU-South Africa Summit which was held in South Africa on 13 March 2025. Our national priorities of reducing poverty, unemployment and inequality underpin our work at the SA-EU Summit. In line with commitments in the National Development Plan we engage with our EU counterparts to further grow our economy and develop our society.

    The summit was also an opportunity to set new priorities for the Strategic Partnership, including in trade and investment, and to reinforce the shared values underpinning the partnership. During the summit, the EU announced a 4.7-billion-euro investment package to support mutually beneficial investment projects. The investment package covers areas such as critical raw mineral processing, green hydrogen, renewable energy, transport and digital infrastructure, local vaccine and pharmaceutical production, and resources for skills development.

    The two parties further agreed to launch negotiations towards a Clean Trade and Investment Partnership to support the development of cleaner value chains for raw materials and local beneficiation, renewable and low carbon energy, and clean technology. Both parties committed to work together to address existing challenges in trade in animal and plant products. South Africa committed to find a solution to facilitate the imports of poultry from disease-free areas in the European Union into South Africa.

    The Summit was also an opportunity for South Africa to influence international policies that could have an impact on our own economy. Both parties agreed to support a just, comprehensive, and lasting peace on conflicts around the globe including Ukraine, the Democratic Republic of the Congo and Palestine. This includes a need to reform the UN Security Council.  

    Furthermore, the European Union expressed support for South Africa’s G20 Presidency in 2025, and our hosting of the G20 Summit at the end of the year. The EU also pledged to strengthen the G20 Compact with Africa.

    Government welcomes the visit by the EU leaders to the country and we are confident that the agreements signed will not only accelerate economic growth but will help South Africa eradicate the triple challenge of unemployment, poverty and inequality.

    *Nomonde Mnukwa is the Acting Director General of the GCIS

    MIL OSI Africa –

  • MIL-OSI Africa: Cabinet welcomes new investments

    Source: South Africa News Agency

    Thursday, March 27, 2025

    Cabinet has expressed confidence in the resilience of the economy, as the country continues to forge partnerships to build key sectors and attract new investments.

    These investments include Google South Africa’s R2.5 billion cloud project, the R93.5 billion Global Gateway Investment Package by the European Union (EU) as well as the Private Sector Participation in Rail and Port Freight Logistics Projects.

    “Cabinet welcomed the launch of Google South Africa’s R2.5 billion cloud region in Johannesburg, which integrates South Africa into Google Cloud’s global network. This project is Google’s first in Africa and marks a significant investment in South Africa’s technology infrastructure.

    “Cabinet calls on all sectors to accelerate our country’s path towards sustainable inclusive economic growth and job creation through increased investment and by reinforcing the many positives about our country,” Minister in The Presidency Khumbudzo Ntshavheni said on Thursday.

    The EU also announced a R93.5 billion Global Gateway Investment Package to support strategic investment projects in clean and just energy transition, digital and physical connectivity infrastructure, and the local pharmaceutical industry.

    “Cabinet welcomed the strengthening of the Strategic Partnership between South Africa and the EU at the 8th South Africa – EU Summit held on 13 March 2025 in South Africa. The EU reiterated its support for South Africa’s G20 Presidency and the importance of the G20 as a global forum for international economic cooperation,” the Minister said.

    The launch of the Request for Information on Private Sector Participation in Rail and Port Freight Logistics Projects was also welcomed, as it is part of the critical reforms to improve South Africa’s logistics sector and thus improving economic growth through improved exports.

    “The Roadmap for Freight Logistics System in South Africa promotes the greater competition in rail and port terminal operations, which will attract private investment but strategic infrastructure such as rail lines and ports remain in public ownership,” Ntshavheni said.

    She was addressing members of the media on the outcomes of the Cabinet meeting held on Wednesday. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Congo Energy & Investment Forum (CEIF) 2025: Heirs Energies eyes Regional Opportunities amid Strong Congolese Energy Outlook

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Republic of the Congo, March 27, 2025/APO Group/ —

    Nigerian independent oil and gas company Heirs Energies is seeking growth opportunities in West and Central Africa. The company’s CEO Osayande Igiehon announced during the Congo Energy & Investment Forum (CEIF) 2025 that the company is interested in entering Congo, given the country’s oil and gas potential and growth-oriented development strategy.  

    Heirs Energies is the operator of OML 17 in Nigeria, where it has managed to double oil production from 25,000 barrels per day (bpd) to 50,000 bpd since it acquired the asset from Shell in 2021. In Congo, the company aims to replicate this success, strengthening its upstream portfolio and contributing to Congo’s production goals.  

    “Our mission is to build an integrated energy business across Africa that uniquely addresses Africa’s energy problems. We want to grow our business across the value chain, expanding across Africa by replicating the success we have seen in Nigeria. We are keen to come to Congo. What makes [the country] so attractive to us is that Congo wants to grow. We are a growth-oriented company and that is why we are here,” Igiehon stated.  

    As one of sub-Saharan Africa’s biggest oil producers, the Republic of Congo has a goal to increase crude output to 500,000 bpd. Concurrently, the country targets three million tons per annum LNG capacity following the start of LNG production in 2024. Achieving these goals will require substantial levels of investment and efforts are already underway to strengthen the business environment for foreign investment.  

    “When we look at the Republic of Congo, it is clear that there are vast, untapped resources. There is a huge potential of untapped oil reserves but there is also hydroelectric potential. By tapping into that potential, the Republic of Congo can be a main contributor to the energy transition,” stated Olajide Ayeronwi, CEO, FirstBank DRC.  

    To achieve production goals, the Republic of Congo is preparing to launch an international licensing round while incentivizing new investment across mature assets, aiming to maximize output at producing blocks. These efforts are expected to facilitate greater investment upstream.  

    “The Republic of Congo is undertaking big reforms to attract investors. These include regulatory reforms, with a Hydrocarbon Code introduced. Companies have access to tax benefits and there is systematic advertising of various types of contracts. There is clarity regarding the authorization of participation interests and greater transparency, with the existence of an oil and gas cadaster since 2018,” stated Daoudou Mohammad, Director of Tax and Legal at CLG – Legal Partner of CEIF 2025. 

    These reforms are a critical step towards encouraging spending across the oil and gas value chain. Olivier Dubois, Group President, OLEA Group, explained that “Exploration and production are capital-heavy with big risks that require strong technical expertise. It is important to put in place mechanisms to address the risk associated with the oil sector.”  

    Hicham Fadili, Director General, Crédit du Congo, echoed these remarks, stating that the country has been highly successful in putting the mechanisms in place to attract upstream investment. However, he added that the country needs to go beyond the upstream in terms of investment.  

    “The emphasis should be put on establishing ecosystems in the energy sector. We need to attract various types of investors. Countries across the region are mostly oil and gas producers but there is a need for joint operations to create a real energy platform in Central Africa. Logistics is also important,” he said.  

    As the Republic of Congo strives for increased production, strengthening the logistics industry becomes increasingly important. Mohamed Diop, Deputy Managing Director for Africa, AGL, said that, “Logistics is an important pillar. We need to invest but also to train the local Congolese youth, ensuring we have a win-win partnership that benefits the youth. We need to diversify our investments in equipment but also strengthen partnerships with future African champions.”  

    MIL OSI Africa –

  • MIL-OSI Africa: Congo Energy & Investment Forum (CEIF) 2025: Legal, E&P Experts Say Congo Ready for Increased Hydrocarbon Investment

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Republic of the Congo, March 27, 2025/APO Group/ —

    With the upcoming establishment of a National Gas Company, the launch of a new Gas Code and development of a Gas Master Plan, the Republic of Congo is on a clear path to mobilizing capital to drive growth in its natural gas sector. Congo is home to an estimated 10 trillion cubic feet of natural gas, which is located in offshore fields such as Litchendjili, Néné, Minsala and Nkala, within the Marine XII license. 

    As such, a strong lineup of legal and hydrocarbons experts participated in a panel session – Revitalizing the Hydrocarbons Sector by Unlocking Investment – at the inaugural Congo Energy & Investment Forum (CEIF) on March 26 in Brazzaville where they discussed how investors can drive growth in Congo’s natural gas sector through favorable policies and emerging trends. 

    “The government [of Congo] is planning to establish a national gas company to encourage private investment and build up public-private partnerships,” stated Yves Ollivier, Managing Director of legal firm CLG Congo, adding, “This will be the equivalent to the SNPC [Société Nationale des Pétroles du Congo] in terms of gas.” 

    Congo’s regulatory framework has evolved to support major developments in the natural gas sector, which include energy major Eni’s Congo LNG project – Congo’s first natural gas liquefaction initiative. As such, the upcoming Gas Code aims to establish a legal and regulatory framework to attract investment in gas exploration and production.  

    “We are in an environment where conditions are united so that we have the potential for returns on investment,” stated Yannick Mouamba, Country Director of Congo, Gabon and Sao Tome and Principe, SLB, adding,” Looking at the landscape of opportunities, this is the right place to run technology and show the value of what the country can offer.” 

    Meanwhile, the Gas Master Plan – launching this year – will provide a strategic roadmap for investment, infrastructure development and resource management in the gas industry. This initiative is designed to create a robust framework for investors, laying the groundwork for sustainable growth and the achievement of the country’s industrial goals. 

    “When investors want to invest their money, they are looking for sustainable returns,” stated Rene Awambeng, Founder and Managing Partner, Premier Invest, adding, “Africa is richly endowed in hydrocarbons and for Congo to attract investments, you need to create the right enabling environment.” 

    In addition to natural gas, Congo’s National Oil Company SNPC has ambitious plans to increase the country’s oil production to 500,000 barrels per day (bpd) by 2027. To attract new investment in exploration and production, Congo is leveraging new policy reforms and plans to launch a new licensing round this year, which will focus on onshore and offshore fields. 

    “In complex geological domains, such as onshore Congo, we look at the impact of decreasing cost to the customer. Most importantly, we also look at an increase in accuracy of data, which leads to a reduction in risk,” stated Jevon Hilder, Senior Business Development Manager, TGS. 

    “The ambition is there,” stated Anastasia Deulina, CFO, Afentra, adding, “The production objective of 500,000 bpd is admirable, and we very much would love to be part of that story. There is a lot of support from the government.” 

    The inaugural Congo Energy & Investment Forum, taking place March 24-26, 2025, in Brazzaville, under the highest patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, brings together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. 

    MIL OSI Africa –

  • MIL-OSI Africa: Congo Energy & Investment Forum (CEIF) 2025 Panel Underscores Congo’s Potential to Meet Regional Petroleum Demand

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Republic of the Congo, March 27, 2025/APO Group/ —

    The Republic of Congo is well-positioned to contribute toward regional demand for petroleum, given the country’s operating Congolaise de Raffinage (CORAF) refinery and strategic geographic location. A downstream panel discussion at the Congo Energy & Investment Forum 2025 highlighted that the modernization of CORAF and future downstream investments can support growing demand for fuel, as Central Africa’s population is expected to rapidly grow.   

    “Congo’s population is expected to add five million people by 2050. Geographically, the country is also blessed to be situated next to the DRC. So, you have a massive market right here. I am excited to get to 500,000 barrels per day (bpd) [in Congo], but most people don’t see crude oil: they use jet fuel, diesel and by-products. We need to talk about infrastructure investments,” stated Anibor Kragha, Executive Secretary of the African Refiners & Distributors Association.  

    The Republic of Congo’s ambitions to increase oil and gas output to 500,000 bpd and three million tons per annum (mtpa), respectively, coincide with a drive to enhance fuel security in both the country and broader region. At present, the country’s CORAF refinery has a processing capacity of one mtpa, converting crude oil into finished products such as butane gas, gasoline, kerosene and light diesel.  

    “CORAF was designed to work with one million tons of crude petroleum. Today, it continues to satisfy the needs of the local market, catering for between 65% to 70% of demand while the rest is imported to help the country. CORAF is in the process of being modernized in order to increase its production capacity,” stated Richard Ngola, Managing Director: Downstream, Ministry of Hydrocarbons, Republic of Congo.  

    This modernization started in 2015, when the need to improve operating units became prevalent. According to Patrice Yao, Deputy Administrator at CORAF, “We designed a development plan to enable new units to be installed and to modernize the piloting system. When the units are old, you have the challenge of maintenance, technological issues and human resources. New units enabled an increase in processing capacity.”  

    However, Yao believes that this is not enough, and the country needs to increase the quantity of products for the national market while investing in new downstream projects. To increase downstream capacity, the government has initiated the construction of a second facility: the Atlantic Petrochemical Refinery. This facility – developed in partnership with Beijing Fortune Dingheng Investment – will have a capacity of 2.3 mtpa in the first phase, focusing on high-quality gasoline and diesel. Set to start operations in late-2025, the refinery will provide a much-needed boost for the country’s downstream sector.  

    However, Kragha noted that downstream investments need to go beyond refining. “You need to look not only at the refinery expansion but the supporting infrastructure to be able to deliver on your objectives,” he said.  

    The inaugural Congo Energy & Investment Forum, taking place March 24-26, 2025, in Brazzaville, under the highest patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, brings together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. 

    MIL OSI Africa –

  • MIL-OSI Africa: Congo to Double Power Generation to 1,500 MW by 2030

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Republic of the Congo, March 27, 2025/APO Group/ —

    The Republic of Congo has unveiled plans to double its power generation capacity to 1,500 MW by 2030, with a strong focus on renewable energy projects.

    “This initiative aims to enhance electricity access for the nation’s six million citizens and support industrial growth,” said Congolese Minister of Energy and Water, Émile Ouosso, at the Congo Energy & Investment Forum in Brazzaville on Wednesday.

    A key part of this strategy involves collaboration with the World Bank and the Rockefeller Foundation through the “Mission 300” initiative. Launched in April 2024, Mission 300 targets providing electricity access to 300 million Africans by 2030. The World Bank and the African Development Bank have committed significant resources to the initiative, aiming to reduce the number of people without electricity access across the continent.

    Minister Ouosso highlighted the importance of these partnerships, stating, “With the support of international initiatives like Mission 300, we are poised to make significant strides in electrifying our nation and improving the quality of life for our citizens.”

    To achieve this, Congo is focusing on harnessing its domestic renewable energy resources. The country holds an estimated hydropower potential of 27,000 MW, though only 1% of this resource has been developed. The government has identified several key projects, including water diversion and storage techniques, to maximize hydropower output.

    “Our most valuable energy resource is water. With proper investments, we can unlock this potential to generate more electricity, foster industrialization and electrify rural communities,” said the Minister, adding, “We have identified 4,000 MW of hydropower potential in the Brazzaville region. These projects will provide clean, reliable energy for our people and industries.”

    Solar energy is also a key part of the strategy, with a project led by AMEA Power exploring the potential for a 50 MW solar farm in the Brazzaville region. Additionally, the government is working to diversify its energy mix. Chinese firm Wing Wah’s gas monetization project, currently under development, aims to deliver 400 MW of gas-fired power, with 200 MW to be integrated into the national grid.

    “If we modernize our power transmission infrastructure, we can transition away from fuel entirely,” said Minister Ouosso.

    The inaugural Congo Energy & Investment Forum, taking place March 24-26, 2025, in Brazzaville, under the highest patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, brings together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Hundreds of millions of pounds to turbocharge manufacturing sector in Wales

    Source: United Kingdom – Executive Government & Departments

    News story

    Hundreds of millions of pounds to turbocharge manufacturing sector in Wales

    Wales to see new £250m investment into UK’s largest semiconductor facility, supporting hundreds of highly-skilled jobs in Newport and supporting the government’s Plan for Change.

    • Vishay Intertechnology’s planned investment is vote of confidence in the region’s industrial capabilities, and strengthens the world’s first Compound Semiconductor Cluster in South Wales.   

    • Chancellor welcomes the investment as a major win for the UK as a global hub for advanced manufacturing.

    Wales is set to benefit from a £250million investment from one of the world’s largest manufacturers of semiconductors that will be vital to the production of electric vehicles (EV), supporting the government’s Plan for Change in delivering more skilled jobs, and turbocharging the economy.

    The Chancellor Rachel Reeves will welcome Vishay Intertechnology’s intention to invest on a visit to their Newport plant today (Thursday 27 March) – the UK’s largest semiconductor facility – as part of plans to develop large-scale compound semiconductor manufacturing in the country.

    The investment will boost production at the state-of-the-art factory where it will make advanced Silicon Carbide semiconductors, an integral part of EV production. This advanced technology supports faster battery charging time, enabling a more efficient supply of energy to the motor and longer driving distances.

    Vishay’s investment is expected to directly support over 500 high value, high skilled jobs in the region and indirectly support hundreds more in the wider supply chain.

    It comes after the Chancellor’s Spring Statement yesterday where she vowed to bring about “new era of security and national renewal” to kickstart economic growth, protect working people and keep Britain safe. The Chancellor confirmed that the OBR has upgraded their growth forecast in 2026 and every year thereafter and people will be on average £500 a year better off by the end of this parliament compared to under the previous government, putting more money in people’s pockets.

    Chancellor of the Exchequer, Rachel Reeves said:

    Under this government the UK is open for business. This is exactly the type of investment that will help us grow the economy, create highly skilled jobs and boost opportunity for people across the country, as we deliver on our Plan for Change to get more money in working people’s pockets.

    Supported by the government’s Automotive Transformation Fund (ATF), the investment will help secure domestic supplies of semiconductors critical to the UK automotive industry, and other key industries including renewable energy and defence, supporting the Industrial Strategy. It also strengthens the UK’s position in a competitive, global semiconductor landscape, supporting long-term growth for our economy.

    It is a huge boost for the UK as a global hub for advanced manufacturing, which has the fastest growth in manufacturing productivity per job in the G7 between 2010-2023.

    Business and Trade Secretary, Jonathan Reynolds said:

    This is a huge vote of confidence in the Welsh economy and our plans to make Britain the destination of choice for investments in the industries of tomorrow. It will support local skilled jobs and raise living standards, showing our Plan for Change is working.

    Vishay’s investment will help secure a domestic supply of semiconductors which are vital for our world leading automotive sector and support our clean energy industries – key growth driving sectors identified in our upcoming Industrial Strategy.

    Secretary of State for Wales, Jo Stevens said:

    This massive investment by Vishay and the UK Government is a huge boost for Wales’s world-leading semiconductor industry.

    Earlier this month I was at Vishay to see the work they do on advanced manufacturing, renewable energy and defence industries – all key sectors in the Welsh economy.

    This investment will build on that success to create and support hundreds of highly skilled and well-paid jobs, driving economic growth in south Wales and beyond and helping us deliver our Plan for Change.

    Roy Shoshani, COO Semiconductors and CTO for Vishay said:

    This is an exciting moment, and the start of our plans for growth in the UK. We can see through the development of the Industrial Strategy and the skilled workforce in Newport that there is a real opportunity to play to the UK’s strength in advanced semiconductors, delivering greater economic security and supporting Net Zero.

    Ahead of her visit to Newport, the Chancellor will join the Invest in Women Taskforce roundtable with the Welsh First Minister which has secured over £250million of funding commitments to support female entrepreneurs in the UK.

    Through the ATF, delivered in partnership with the Advanced Propulsion Centre (APC), the government continues to unlock private investment in UK automotive design, development, and manufacturing as the sector transitions to zero emission technology. To date, the ATF and APC funding programmes have leveraged over £6 billion of investment from the private sector.

    The Autumn Budget confirmed over £2 billion for capital and R&D funding over five years for zero emission vehicle manufacturing and their supply chains. Building on the achievements of the ATF and APC programmes, this long-term commitment is a vote of confidence in the UK’s automotive industry, supporting investment and productivity growth across UK automotive.

    Mike Hawes, SMMT Chief Executive said:

    This significant investment in compound semiconductors is a huge contribution to the innovation and advanced technology necessary to drive the future of UK Automotive. British-made next-generation semiconductors will create jobs, support supply chains and enhance the UK’s strategic capabilities. Digitisation and decarbonisation are at the heart of the transition taking place amongst UK automotive manufacturers, and this investment can support that transition, aided by a comprehensive industrial strategy to deliver the growth the sector and the economy needs.

    Updates to this page

    Published 27 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Global: How Australia’s government is spending less on consultants – and trying to rebuild the public service

    Source: The Conversation – France – By Emmanuel Josserand, Enseignant-chercheur, Pôle Léonard de Vinci

    The post-Covid era has been marked by a global crackdown on government spending on consultants. This phenomenon hasn’t only concerned France, where the “McKinsey-gate” episode concerning President Emmanuel Macron’s 2017 campaign for the Élysée led to a Senate inquiry and spending cuts.

    Public debates, government inquiries and new laws emerged in many countries, including the UK, US, Canada, New Zealand, Germany and South Africa. Australia has been particularly active and achieved significant savings in consultant and contractor spending. Here’s how it did it.

    Nearly €2 billion in savings

    To understand why the use of consultants has become highly politicized in Australia, we need to go back at least to the 2018 federal elections. The right-wing coalition government was focusing on cutting public spending by reducing public jobs. The Labour opposition argued that this led to the more costly use of consultants.


    A weekly e-mail in English featuring expertise from scholars and researchers. It provides an introduction to the diversity of research coming out of the continent and considers some of the key issues facing European countries. Get the newsletter!

    The controversy continued through the 2022 federal elections, when a newly elected Labour government pledged to save 3 billion Australian dollars (around €1.9 billion) on consultants and the use of external labour. This was also pursued at the regional level. For instance, the state of New South Wales announced savings of over 55% in consultants’ fees for the fiscal year 2023-24.

    The case of Australia highlights four main reasons for reducing consulting costs and improving governance – reasons that are also found in other countries.

    • Expenses exceeding needs

    First, a dramatic increase in government spending on consultants attracted attention. In Australia, it almost tripled between 1988-89 and 2016-17 (after adjustment for inflation) and then tripled again to reach 3.2 billion Australian dollars for management advisory services alone in 2022-23. There is a concern that such costs are far more than what might be justified by a temporary rise in workload or the need for very specific technical expertise, even accounting for the exceptional case of Covid.

    • Hollowing out of the public service

    Second, there is the related question of the hollowing out of the public service. The increase in the use of consultants can trigger a vicious circle in which the government loses its skills, thus becoming even more dependent on consultants. This was the core argument of a recent critique by economists called The Big Con.

    • Lack of assessment

    Third, there are reasons to doubt the overall efficiency and effectiveness of consultants’ interventions, especially in the absence of appropriate assessment by clients of the outcomes of the services provided. Despite the claims of consultants and their paying clients that consulting adds value, it is often impossible to measure value precisely, and, therefore, identify who deserves credit or blame.

    Beyond comparing rates of pay, it is hard to know whether internal options would be more effective than using external consultants. Overall, research provides a very mixed picture, with some work showing external consulting being associated with increased inefficiency.

    • Significant conflicts of interest

    Finally, the capacity of consultants to provide independent advice has been broadly criticised after a series of scandals. This is partly because of conflicts of interest for consultants working for both public and private sector clients that are also often undeclared.

    This concern became especially salient in Australia with the PricewaterhouseCoopers (PwC) tax scandal. The Treasury had hired PwC, one of the “Big 4” consulting firms, to help devise legislation to restrict tax evasion by multinationals. Some PwC partners then shared this information with their private sector clients to help them prepare to avoid the new laws. Such cases are linked to broader concerns about the lack of transparency and professionalism in consulting and the failure of self-regulation, both linked to a reward system in the sector that prioritises generating fee income over ethics and the wider public interest.

    Recommendations from the Senate inquiry

    With a dependency on consulting that was proportionally greater than any other country’s and the resulting diminishment of its public service, Australia was facing a significant challenge and pressure to cut costs. But because of the diminishment of the public service, these cuts risked leaving it unable to fulfil its missions.

    A recent Senate inquiry into the matter provided recommendations on how to improve the contracting process, public reporting on consultant contracts and a new regulatory framework for the consulting industry. It also recommended that any external consulting contract include an approach to transferring knowledge to the Australian public service.

    However, these measures wouldn’t have been enough to reconstruct the capacity of the public service to compensate for significant cuts in their consulting and contractor spending. To solve this problem, the Australian government has started a major rebuilding of the public service.

    Thousands of reallocated roles

    Since 2022, Canberra has reallocated 8,700 roles formerly performed by consultants and external labour hires to public servants across all the major public service agencies. This will be supported by the Australian Public Service Commission’s strategy to develop a flexible workforce that is prepared for the challenges the public service will be facing – notably that of digitalization, an area that has been over-reliant on consultants.

    Another interesting initiative in New South Wales is the establishment of a unit that will aim to redirect government agencies toward in-house expertise instead of consultants. Indeed, recourse to internal consulting units is common in the private sector. The government will also undertake long-term capability and skills planning, notably to identify core public service skills and address competency gaps.

    Will this bring lasting results?

    Australia’s solution is thus a strong commitment to redeveloping the public service with a flexible and planned approach to the management of its human resources. This is a key part of the way forward if cuts to consulting budgets are to be sustained. It is, however, too early to judge if the challenge of redeveloping the public service workforce and making it flexible enough will be met.

    We should also keep in mind that this long-term objective is subject to political changes. With the current opposition leader promising a cut of 10,000 civil servants if his coalition is elected later this year, Labour’s plans for the public workforce might be short-lived.

    Indeed, in Australia and elsewhere, there is a long history of short-lived and failed government efforts to contain the use of external consulting. This is in part because of a lack of civil service capacity to respond to change, but also because consulting firms are adept at persuading those in power – politicians and senior civil servants – that they can solve their problems (and let them take the credit).

    Emmanuel Josserand is affiliated with the Institute for Sustainable Futures, University of Technology Sydney and the Business Insight Institute, Wiltz, Luxembourg.

    Andrew Sturdy et Emmanuel Josserand ne travaillent pas, ne conseillent pas, ne possèdent pas de parts, ne reçoivent pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’ont déclaré aucune autre affiliation que leur poste universitaire.

    – ref. How Australia’s government is spending less on consultants – and trying to rebuild the public service – https://theconversation.com/how-australias-government-is-spending-less-on-consultants-and-trying-to-rebuild-the-public-service-252748

    MIL OSI – Global Reports –

  • MIL-OSI: New Eclipse Foundation Research Examines Key Challenges Shaping Open Source Software Adoption in the Automotive Industry

    Source: GlobeNewswire (MIL-OSI)

    BRUSSELS, March 27, 2025 (GLOBE NEWSWIRE) — The Eclipse Foundation, one of the world’s largest open source software foundations, today published the final report in its landmark three-part research series on the use of open source software in the automotive ecosystem. Titled Challenges Facing Open Source Software in the Automotive Ecosystem, the report explores the unique challenges developers and decision-makers encounter when leveraging open source software in today’s software-defined vehicle (SDV) landscape.

    “Open source has emerged as one of the most transformative forces in modern vehicle design,” said Mike Milinkovich, executive director of the Eclipse Foundation. “But any significant paradigm shift is bound to introduce some challenges. Our goal with this report is to shine a light on these challenges so the community can address them collaboratively, smoothing the path forward for SDV innovation.”

    Key Findings:

    • Performance, security, and customisability are core open source benefits: Both decision-makers and developers agree that improved performance, stronger security, and customisability are the top advantages of OSS.
    • Integration Challenges and Sustained Performance Improvements Require Ongoing Investment: These same stakeholders view integration complexity, continual real-time performance improvements, and scalability as potential “technical blockers” that demand strategic investment.
    • Management Demands and Predictability Remain Concerns: Long-term planning, compliance, and dependency management were flagged—especially by decision-makers—as critical areas needing careful oversight.
    • Cost Savings Drive Business Value, While Standardisation and Interoperability Drive Engineering Value: Both of these benefits help to justify and alleviate business and technical challenges.
    • Foundation Support Strengthens Trust and Confidence in OSS Projects: Respondents overwhelmingly agree that open source foundation stewardship is critical as a source of credibility, stability, sustainability, and guidance for open source projects.

    Recommendations for Developers, Business Leaders, and Policy Makers
    In addition to presenting key findings, the report outlines actionable insights for key stakeholders:

    • For Software Developers: Advocate for streamlined OSS integration through improved tooling, documentation, and processes. Engaging with foundations and open source communities is key to accessing resources and ensuring long-term project viability.
    • For Business Leaders: Recognise that while OSS offers clear benefits, realizing its full value requires strategic investment in integration, maintenance, governance, and management resources.
    • For Policymakers: Support policies that strengthen the role of OSS foundations in fostering project stability, security audits, and transparent governance frameworks.

    This report follows two prior publications:

    1. Driving Innovation & Building Safer Cars with Open Source Software, focused on the application of functional safety in software-defined vehicle design.
    2. Driving Efficiency and Sustainability: The Business Value of Open Source Software in the Automotive Industry, showcasing the transformative business impact of OSS in the automotive sector.

    Commissioned by the Eclipse Foundation’s Software Defined Vehicle (SDV) Working Group, the study surveyed 300 automotive developers and business leaders from leading OEMs and Tier-1 suppliers. The findings underscore the critical role of OSS in driving flexibility, innovation, and efficiency within the industry.

    Join the Eclipse SDV Community
    Explore opportunities to contribute to the global hub for software-defined vehicle innovation and collaboration. Our diverse membership of industry leaders is driving real-world innovation that is shaping the future of the automotive industry. We provide an inclusive platform where companies of all sizes can engage and contribute on equal footing. Find more details about joining us at sdv.eclipse.org/membership.

    About Eclipse Software Defined Vehicle
    Eclipse Software Defined Vehicle (SDV), a working group within the Eclipse Foundation, supports the open source development of cutting-edge automotive technologies that power the programmable vehicles of the future where software defines features, functionality, and operations. With over 50 members, including leading automotive manufacturers, global cloud providers, technology innovators, and key supply chain partners, the initiative has strong industry backing. The working group’s mission is to provide a collaborative forum for developing and promoting open source solutions tailored to the global automotive industry. Adopting a “code first” approach, Eclipse SDV focuses on building the industry’s first open source software stacks and associated tools that will support the core functionalities of next-generation vehicles.

    About the Eclipse Foundation
    The Eclipse Foundation provides our global community of individuals and organisations with a business-friendly environment for open source software collaboration and innovation. We host the Eclipse IDE, Adoptium, Software Defined Vehicle, Jakarta EE, and over 420 open source projects, including runtimes, tools, specifications, and frameworks for cloud and edge applications, IoT, AI, automotive, systems engineering, open processor designs, and many others. Headquartered in Brussels, Belgium, the Eclipse Foundation is an international non-profit association supported by over 300 members. To learn more, follow us on social media @EclipseFdn, LinkedIn, or visit eclipse.org.
    Third-party trademarks mentioned are the property of their respective owners.

    Media contacts:
    Schwartz Public Relations (Germany)
    Gloria Huppert/Marita Bäumer
    Sendlinger Straße 42A
    80331 Munich
    EclipseFoundation@schwartzpr.de
    +49 (89) 211 871 -70/ -62

    514 Media Ltd (France, Italy, Spain)
    Benoit Simoneau
    benoit@514-media.com
    M: +44 (0) 7891 920 370

    Nichols Communications (Global Press Contact)
    Jay Nichols
    jay@nicholscomm.com
    +1 408-772-1551

    The MIL Network –

  • MIL-OSI: MEXC DEX+ Supports BSC Chain, Enabling Seamless Trading of Popular Multi-Chain Assets

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 27, 2025 (GLOBE NEWSWIRE) — MEXC, a leading cryptocurrency exchange, has officially announced that its innovative product, DEX+, now supports Binance Smart Chain. This milestone advances MEXC’s efforts to connect centralized finance (CeFi) with decentralized finance (DeFi) through multi-chain trading, offering users low-cost, high-potential investment opportunities in the BSC ecosystem.

    DEX+ now fully supports the Solana ecosystem, integrating with popular liquidity sources such as pump.fun, PumpSwap, and Raydium, and offering access to over 10,000 on-chain assets. With the recent addition of BSC support, DEX+ also aggregates top DEXs like PancakeSwap, covering more than 5,000 popular tokens, including DeFi projects and memecoins. Looking ahead, DEX+ plans to integrate more leading DEXs across BSC, continuously enhancing liquidity depth and evolving into a one-stop, multi-chain trading platform. This upgrade enables a seamless “one account, multi-chain trading” experience, delivering CEX-level performance without the complexity of wallet creation or management. Users can now trade tens of thousands of assets across the Solana and BSC ecosystems, gaining early access to promising on-chain investment opportunities.

    BSC is renowned for its low gas fees and high transaction throughput, fueling the rise of leading DEXs like PancakeSwap. The recent surge in BSC memecoins has significantly boosted trading volume across the ecosystem, underscoring the growth potential of early-stage alpha tokens. With its rapid integration of BSC, DEX+ empowers users to access these trending assets early and seize high-return investment opportunities. In addition, DEX+ has upgraded its “Smart Money” feature, delivering real-time insights into tokens with high trading volumes, strong community traction, and notable growth potential. This allows users to better identify undervalued assets and optimize their investment strategies.

    Tracy Jin, Chief Operating Officer of MEXC, stated: “Integrating BSC marks a significant milestone in DEX+’s multi-chain strategy. Our goal is to provide users with broader access to on-chain investment opportunities, support the continued growth of the crypto ecosystem, and drive the true convergence of DeFi and CeFi. Through continuous cross-chain innovation, DEX+ empowers users to explore wealth opportunities across multiple blockchains—using just one account—ensuring a smooth and seamless transition from CeFi to DeFi.”

    Looking ahead, DEX+ plans to extend support to more leading blockchain networks including Ethereum, Arbitrum, Polygon, Avalanche, and zkSync, further enhancing liquidity and broadening asset coverage to build a seamless, efficient, and robust full-ecosystem trading platform. As DeFi trading volumes continue to rise, the deep integration of CeFi and DeFi is becoming an increasingly recognized industry trend. By leveraging its innovative liquidity solutions and technological strengths, DEX+ is at the forefront of this evolution—delivering a simpler, more efficient, and secure trading experience, while cementing its position as a global leader in the cryptocurrency market.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 34 million users across 170+ countries and regions, MEXC is known for its broad selection of trending tokens, frequent 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.

    For more information, visit: MEXC Website｜X｜Telegram｜How to Sign Up on MEXC
    For media inquiries, please contact MEXC PR Manager Lucia Hu: lucia.hu@mexc.com

    Source

    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/810b03e4-a1d9-4d78-ae08-5254407dbbec

    The MIL Network –

  • MIL-OSI: MEXC DEX+ Introduces the Rising Star Event to Support Market-Worthy Projects

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 27, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, is excited to announce the launch of the Rising Star Event, featuring the platform’s new DEX+ feature. This initiative is designed to better integrate and interact with DEX and CEX listings, offering exciting opportunities to engage with promising projects in crypto. The Rising Star helps identify market-worthy projects in an early stage, providing them with a platform to gain increased exposure and liquidity.

    MEXC DEX+ is a hybrid product that enables users to trade directly on decentralized exchanges (DEXs) through the MEXC App and website, giving users the ability to trade over 10,000 tokens available on Raydium and pump.fun. Rising Star is an innovative ranking system within MEXC’s DEX+ that identifies market-worthy projects based on community votes and trading activity through a points-based system. The top-ranked project at the end of each round will have the opportunity to be listed on MEXC’s Spot and Futures markets. Users can accumulate points by actively trading a project’s token, propelling it to the top of the leaderboard for a chance to be listed, which provides increased exposure, liquidity, and market visibility.

    With an increasing number of on-chain assets and projects becoming key investment targets, the Rising Star aims to bridge the gap between DEX and CEX listings. Although these projects offer promising investment opportunities, they often face challenges due to a lack of liquidity and marketing support. The Rising Star event allows project communities to trade and support their tokens on DEX+, showcasing their engagement and backing. Rankings are entirely determined by trading activity, ensuring a transparent, unbiased, and merit-based selection process. This approach helps MEXC identify high-potential tokens that garner strong community and market support, enabling MEXC to provide the necessary visibility and support to solidify their presence in the market.

    “At MEXC, we strive to be a comprehensive platform that not only facilitates seamless trading but also helps users identify promising projects in the crypto space. Meanwhile, MEXC has made significant efforts to identify and support promising projects at an early stage. Through initiatives like the Rising Star event, we provide emerging projects with the marketing and listing support they need to succeed. By integrating DEX and CEX listings, we create an environment where high-potential tokens can gain the exposure and liquidity they deserve, enabling them to thrive in the competitive crypto market,” said Tracy Jin, COO of MEXC.

    MEXC recently launched DEX+ and formed strategic partnerships with pump.fun. In the future, DEX+ will support more DEXs and blockchain ecosystems, and MEXC is committed to driving innovation and supporting emerging projects in crypto. With the launch of Rising Star, every trader plays a pivotal role in shaping the future of cryptocurrency and advancing market growth, while also supporting these promising projects through a transparent system. To learn more details, please visit: link

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 34 million users across 170+ countries and regions, MEXC is known for its broad selection of trending tokens, frequent 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.

    For more information, visit: MEXC Website｜X｜Telegram｜How to Sign Up on MEXC
    For media inquiries, please contact MEXC PR Manager Lucia Hu: lucia.hu@mexc.com

    Source

    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/42a0de61-fc74-4095-b7e6-a4974c31021f

    The MIL Network –

  • MIL-OSI: Lantronix Launches New Open-Q 8550CS System-On-Module Designed to Meet the Needs of Edge AI Computing

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., March 27, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling Edge AI Intelligence, today announced its new Open-Q™ 8550CS System-on-Module (SOM). Powered by the Qualcomm Dragonwing™ QCS8550 processor, this production-ready module provides low-power, on-device Artificial Intelligence (AI) and Machine Learning (ML) capabilities, simplifying design and empowering developers to more quickly bring innovative edge products to market.

    Lantronix’s Open-Q 8550 is uniquely designed to meet the higher AI/ML requirements of extreme Edge computing, including advanced video and AI applications such as video collaboration, video transcoding, camera applications and integration with Edge AI gateways. Like all Lantronix’s embedded compute technology, this platform uniquely provides a complete solution comprised of hardware, software, Device Management and Services, enabling customers to get to market faster. It is an ideal platform for the development of industrial Edge AI products, including drones, controllers, robotics and industrial handheld devices for a variety of industries, including smart warehousing, manufacturing, transportation, logistics and retail.

    “Qualcomm Technologies’ 15-year strategic collaboration with Lantronix supports our mutual goal of delivering integrated, collaborative solutions to elevate the success of IoT, Edge AI and AI/ML technologies to drive the development of advanced-edge applications,” said Suri Maddhula, vice president of IoT Solutions Product Management at Qualcomm Technologies Inc.

    “With the support of Qualcomm Technologies, Lantronix is driving seamless AI innovation at the Edge, empowering developers to harness embedded computing and IoT for cutting-edge, industrial-grade solutions. Together, we’re transforming the impossible into reality,” said Mathi Gurusamy, chief strategy officer at Lantronix.

    High-Performance Open-Q 8550CS SOM Meets AI/ML Requirements for Edge Computing

    The Open-Q 8550CS SOM features an on-device AI engine with premium performance, supporting the higher AI/ML requirements for extreme Edge computing, including Edge devices, Edge servers and Edge AI boxes.

    Key features include:

    • Low power consumption with a 4nm process
    • Kryo Octa-core CPU up to 3.2 GHz and Adreno A740 GPU
    • Dual eNPU delivering 48 INT8, 12 FP16 TOPs
    • Security features include Trusted Management Engine, Hypervisor, Secure Processing Unit, and DDR encryption
    • Enterprise-level connectivity with Wi-Fi 7 MU-MIMO supporting up to 5.8Gbps
    • Best-in-class performance across compute processing, camera, AI, security and audio.
    • Up to 8GB LPDDR5 RAM + 128GB UFS Flash
    • Android™ 13 and Linux Yocto Kirkstone
    • Dedicated Computer Vision Engine
    • Multiple MIPI camera and display ports
    • Multiple high speed connectivity options
    • Support for Qualcomm Sensing Hub 3.0

    Benefits include the ability to:

    • Enhance video conferencing meeting experiences, automated guided vehicle pathing, smart camera image quality and Edge AI box scalability with its octal-core computing capabilities and 48 AI TOPS tensor performance;
    • Perform complex 3D rendering and computer vision tasks with a powerful Adreno 740 GPU supporting ray tracing, Open GL ES, Vulkan and Open CL profiles and 4K240/8K60 video decoding and 4K120/8K30 encoding; and
    • Connect Edge AI boxes leveraging high-speed 2.5G and 10G Ethernet ports.

    Open-Q 8550 Dev Kit Speeds Development, Reduces Time-to-Market

    Providing an ideal starting point for evaluating the Open-Q 8550CS SOM, Lantronix’s Open-Q 8550CS SOM Development Kit is designed to facilitate easy evaluation of the SOM’s key features, such as the low-power AI subsystem with a dedicated DSP and AI accelerator supporting always-on audio, sensors, contextual data streams and an always-on camera.

    The kit supports the evaluation of C-PHY and D-PHY MIPI CSI and GMSL cameras, dual MIPI DSI, DisplayPort, audio, sensors, GNSS, Gigabit Ethernet and many more features. It comes with Lantronix’s Open-Q™ 8550CS SOM, an open-frame carrier board exposing all the available I/O, and a range of accessories to fast-track product development.

    TAA and NDAA Compliant Solutions

    Lantronix Open-Q development solutions are TAA and NDAA compliant, ensuring at least 10 years of longevity with strict Bill-of-Materials and rigorous quality control. Backed by more than 20 years of expertise, Lantronix has successfully delivered more than 1,200 hardware and software projects, setting the standard for reliability and innovation.

    Lantronix Engineering Services

    Lantronix Engineering Services delivers turn-key product development support for its Open-Q platforms and development kits. Backed by unparalleled engineering expertise behind 1,500+ successful products, our development team specializes in camera development and tuning, voice control, machine learning, mechanical and RF design, as well as thermal and power optimization. With cost-effective solutions, we accelerate developers’ go-to-market timelines, ensuring innovation meets efficiency.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    Lantronix Media Contact:
    Gail Kathryn Miller
    Corporate Marketing &
    Communications Manager
    media@lantronix.com

    Lantronix Analyst and Investor Contact:        
    investors@lantronix.com

    ©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    Qualcomm-branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm, Kryo, Adreno and Qualcomm Dragonwing are trademarks or registered trademarks of Qualcomm Incorporated.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/208b6cd7-8503-4deb-97d2-5953513dde52

    The MIL Network –

  • MIL-OSI: Trident Announces $1,000,000 Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 27, 2025 (GLOBE NEWSWIRE) — Trident Digital Tech Holdings Ltd (“Trident” or the “Company,” NASDAQ: TDTH), a leading catalyst for digital transformation in technology optimization services and Web 3.0 activation based in Singapore, today announced that its board of directors has authorized a share repurchase program (the “2025 Share Repurchase Program”) under which the Company may repurchase up to US$1,000,000 million of its Class B ordinary shares in the form of American depositary shares over the 12 months starting from April 27, 2025, subject to the relevant rules under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Company’s insider trading policy.

    The Company’s share repurchases, if any, under the 2025 Share Repurchase Program may be made from time to time on the open market at prevailing market prices, in open-market transactions or block trades, and/or through other legally permissible means, depending on market conditions and in accordance with the applicable rules and regulations. The timing and conditions of the share repurchases will be subject to various factors including the requirements under Rule 10b-18 and Rule 10b5-1 of the Exchange Act.

    The 2025 Share Repurchase Program does not obligate the Company to acquire any particular number of American depositary shares. The Company’s board of directors will review the 2025 Share Repurchase Program periodically and may authorize adjustments to its terms and size or suspend or discontinue the program. The Company expects to utilize its existing funds to fund repurchases made under this program. By gradually executing the share repurchase program, Trident seeks to generate greater long-term returns for its shareholders.

    About Trident

    Trident is a leading catalyst for digital transformation in digital optimization, technology services, and Web 3.0 activation worldwide, based in Singapore. The Company offers commercial and technological digital solutions designed to optimize its clients’ experience with their end-users by promoting digital adoption and self-service.

    Tridentity, the Company’s flagship product, is an innovative and highly secure blockchain-based identity solution designed to provide secure single sign-on authentication capabilities to integrated third-party systems across various industries. Tridentity aims to offer unparalleled security features, ensuring the protection of sensitive information and preventing potential threats, thus promising a new secure era in the global digital landscape in general, and in South Asia etc.

    Beyond Tridentity, the Company’s mission is to become the global leader in Web 3.0 activation, notably connecting businesses to a reliable and secure technological platform, with tailored and optimized customer experiences.

    Safe Harbor Statement

    This announcement contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in announcements and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s strategies, future business development, and financial condition and results of operations; the expected growth of the digital solutions market; the political, economic, social and legal developments in the jurisdictions that the Company operates in or in which the Company intends to expand its business and operations; the Company’s ability to maintain and enhance its brand. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For Investor/Media Enquiries

    Investor Relations
    Robin Yang, Partner
    ICR, LLC
    Email: investor@tridentity.me
    Phone: +1 (212) 321-0602

    The MIL Network –

  • MIL-OSI: Aegon publishes its Integrated Annual Report 2024

    Source: GlobeNewswire (MIL-OSI)

    The Hague, March 27, 2025 – Aegon Ltd. today publishes its Integrated Annual Report 2024. The report provides an overview of its businesses, the company’s strategy and sustainability approach, and its financial and non-financial performance. The report also reflects on the key trends that influence Aegon’s businesses and its stakeholders, and how these trends impact the way in which the company creates and shares value, today and in the future.

    You can find out more about the topics covered in the Integrated Annual Report 2024 here and the report can be downloaded via aegon.com. A hard copy of the report, including the audited financial statements, can be ordered free of charge by sending a request to our Investor Relations department.

    Aegon will also file its Annual Report 2024 on Form 20-F with the United States Securities and Exchange Commission (SEC). The Annual Report 2024 on Form 20-F will be available later today on aegon.com and can be downloaded from the SEC website once filed.

    Contacts

    About Aegon
    Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint-ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

    Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com.

    Forward-looking statements
    The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

    • Financial risks – Rapidly rising interest rates; Sustained low or negative interest rate levels; Disruptions in the global financial markets and general economic conditions; Elevated levels of inflation; Illiquidity of certain investment assets; Credit risk, declines in value and defaults in Aegon’s debt securities, private placements, mortgage loan portfolios and other instruments or the failure of certain counterparties; Decline in equity markets; Downturn in the real estate market; Default of a major financial market participant; Failure by reinsurers to which Aegon has ceded risk; Downgrade in Aegon’s credit ratings; Fluctuations in currency exchange rates; Unsuccessful management of derivatives; Subjective valuation of Aegon’s investments, allowances and impairments;
    • Underwriting risks – Differences between actual claims experience/underwriting and reserve assumptions; Losses on products with guarantees due to volatile markets; Restrictions on underwriting criteria and the use of data; Unexpected return on offered financial and insurance products; Reinsurance may not be available, affordable, or adequate; Catastrophic events;
    • Operational risks – Competitive factors; Difficulty in acquiring and integrating new businesses or divesting existing operations; Difficulties in distributing and marketing products through its current and future distribution channels; Slow to adapt to and leverage new technologies; Failure of data management and governance; Epidemics or pandemics; Unsuccessful in managing exposure to climate risk; Unidentified or unanticipated risk events; Aegon’s information technology systems may not be resilient against constantly evolving threats; Computer system failure or security breach; Breach of data privacy or security obligations; Inaccuracies in econometric, financial, or actuarial models, or differing interpretations of underlying methodologies; Inaccurate, incomplete or unsuccessful quantitative models, algorithms or calculations; Issues with third-party providers, including events such as bankruptcy, disruption of services, poor performance, non-performance, or standards of service level agreements not being upheld; Inability to attract and retain personnel;
    • Political, regulatory, and supervisory risks – Requirement to increase technical provisions and/or hold higher amounts of regulatory capital as a result of changes in the regulatory environment or changes in rating agency analysis; Political or other instability in a country or geographic region; Changes in accounting standards; Inability of Aegon’s subsidiaries to pay dividends to Aegon Ltd.; Risks of application of intervention measures;
    • Legal and compliance risks – Unfavorable outcomes of legal and arbitration proceedings and regulatory investigations and actions; Changes in government regulations in the jurisdictions in which Aegon operates; Increased attention to sustainability matters and evolving sustainability standards and requirements; Tax risks; Difficulty to effect service of process or to enforce judgments against Aegon in the United States; Inability to manage risks associated with the reform and replacement of benchmark rates; Inability to protect intellectual property;
    • Risks relating to Aegon’s common shares – Volatility of Aegon’s share price; Offering of additional common shares in the future; Significant influence of Vereniging Aegon over Aegon’s corporate actions; Currency fluctuations; Influence of Perpetual Contingent Convertible Securities over the market price for Aegon’s common shares.

    Additionally, Aegon provides some information in this report that is informed by various stakeholder expectations, non-US regulatory requirements, and third-party frameworks. Such information, whether provided here or in Aegon’s other disclosures (including website materials), is not necessarily material for SEC reporting purposes.
    Even in instances where we use “material”, this should not in all instances be deemed to refer to materiality for purposes of our U.S. federal securities filings, as there are various definitions of materiality used by different stakeholders, including but not limited to a more expansive “double materiality” standard pursuant to the European Sustainability Reporting Standards that has informed much of our sustainability disclosure. Similarly, while we leverage various frameworks in our disclosures, we cannot guarantee, and language such as “align” or “follow” is not meant to imply, complete alignment with these requirements.
    We similarly cannot guarantee complete alignment with any stakeholder’s interpretation or preference for the measurement or presentation of sustainability or other information in this report. Expectations, as well as our own approach, continue to evolve and may change for a variety of reasons, including regulatory or business requirements or other factors that may not be in our control. Similarly, certain disclosures are based on hypothetical scenarios which may not be reflective of expectations or future events; such scenarios are subject to inherent uncertainty given the long-time frames and breadth of variables involved. As a final note, documents and website references included herein are provided solely for convenience and are not incorporated by reference absent express language to the contrary.
    Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2023 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. 

    Attachment

    The MIL Network –

  • MIL-OSI: VAALCO Energy, Inc. to Host Capital Markets Day Presentation

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 27, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) announced that it will host a Capital Markets Day presentation on Wednesday, May 14, 2025. The presentation will begin at 8 a.m. Central Time (2 p.m. London Time) and is expected to conclude by around 12:00 p.m. Central Time. The agenda will include presentations by key members of management on Vaalco’s longer-term vision including growth across its diversified, multi-country asset base.

    Participation in the Capital Markets Day is directed to Vaalco’s shareholders, buy side and sell side analysts, as well as large institutional investors and portfolio managers. The session will be web cast live along with related presentation materials through Vaalco’s web site at www.vaalco.com in the “Investors” section of the web site. A replay will be archived on the site shortly after the presentation concludes.

    Event details including key themes and speakers will be announced closer to the event.

    “Following the last four years of successful stewardship and significant inorganic growth, Vaalco has multiple exciting development projects across our expanded portfolio of assets. These projects are expected to bring a further step change in production, reserves and cash flow generation. We are looking forward to offering the investor community a deep dive into these projects and our Africa-focused growth strategy as a whole.” said George Maxwell, Vaalco’s Chief Executive Officer.

    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: edgeTI to Present at the AI and Technology Virtual Investor Conference on April 3rd

    Source: GlobeNewswire (MIL-OSI)

    ARLINGTON, Va., March 27, 2025 (GLOBE NEWSWIRE) — Edge Total Intelligence Inc. (“edgeTI”, “Company”) (TSXV: CTRL) (OTCQB: UNFYF) (FSE: Q5i), a leading provider of real-time digital twin software, today announces that Jim Barrett, CEO, will present live at the AI and Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com on April 3rd.

    DATE: April 3rd, 2025
    TIME: 3:00 PM ET
    LINK: Register Here

    Available for follow-up 1×1 meetings: April 4th and 6th

    This will be a live, interactive online event inviting investors to ask the company questions in real-time. If attendees cannot join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at www.virtualinvestorconferences.com.

    Why learn more about edgeTI?

    • Atypical Investment Opportunity via Early Public TSXV, OTCQB, & FSE: Compared to the estimated digital twin market and percentage of adoption, edgeTI and the entire market is early stage, yet edgeTI brings an investment opportunity typically not available to retail investors and small groups.
    • Active in High-Growth AI-Adjacent Market: Digital Twin Market is projected to grow at 61.3% by MarketsandMarkets. Certain Digital Twins, like edgeTI edgeCore™, are AI adjacent and orchestrate and safeguard AI use in complex use cases.
    • Proven Solution to Latent Delay and Waste in Enterprises and Government: edgeCore targets the intractable problem of delays in switching between marginally connected siloed systems and data. Proven in global enterprises and government, edgeCore resolves the chaos, with fluid, engaging data-driven actionability to deliver the right data and best action in one platform at the speed of relevance.
    • Driving Progress with Visionary Leadership and Advisory Council: edgeTI’s work in the Digital Twin market has been acknowledged by Gartner, S & P Global, and CB Insights. Newly formed Industry Advisory Council of luminaries and proven operators in defense, national security, cybersecurity, energy, logistics, environmental and construction accelerate digital twin awareness, adoption, and best practices.
    • Unique Low-risk Approach Crushes Barriers to Adoption and Limits Digital Sprawl: Rather than leading with massive data projects or ripping and replacing legacy systems to add even more data stores and mega apps, edgeCore disrupts the standard approach to unite data sources and technology assets to accelerate value.

    Recent Company Highlights:

    • edgeTI Provided Update edgeCore Client Proxy (ECP) Progress Focusing on ITSM, Middleware, Cyber Security, and National Defense. ECP enhances integration across various business and AI applications, reflecting edgeTI’s commitment to real-time digital operations and AI-driven Digital Twins.
    • edgeTI enlisted B. Riley Securities, Clear Street, and Sichenzia Ross Ference Carmel LLP to assist in exploring a potential listing on the NASDAQ stock exchange. This strategic move aims to lower the company’s cost of capital, access institutional investment, and align with its significant U.S.-based operations.

    About Edge Total Intelligence (“edgeTI”)
    edgeTI helps customers sustain situational awareness and accelerate action with its real-time digital operations software, edgeCore™ that unites multiple software applications and data sources into one immersive experience called a Digital Twin. Global enterprises, service providers, and governments are more profitable when insight and action are united to deliver fluid journeys via the platform’s low-code development capability and composable operations. With edgeCore, customers can improve their margins and agility by rapidly transforming siloed systems and data across continuously evolving situations in business, technology, and cross-domain operations — helping them achieve the impossible.

    Website: https://edgeti.com
    LinkedIn: www.linkedin.com/company/edgeti
    YouTube: www.youtube.com/user/edgetechnologies

    About Virtual Investor Conferences® “VIC”
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    Edge Total Intelligence
    Nick Brigman, Analyst and Press Relations
    Phone: 888-771-3343
    Email: ir@edgeti.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    Forward-Looking Information and Statements
    Certain statements in this news release are forward-looking statements or information for the purposes of applicable Canadian and US securities law. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned not to place undue reliance on any forward-looking information.

    The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

    The MIL Network –