Category: Finance

  • MIL-OSI Asia-Pac: President Lai attends AmCham Taiwan 2025 Hsieh Nien Fan  

    Source: Republic of China Taiwan

    Details
    2025-03-18
    President Lai meets Arizona Governor Katie Hobbs  
    On the afternoon of March 18, President Lai Ching-te met with a delegation led by Arizona Governor Katie Hobbs. In remarks, President Lai said that Taiwan and Arizona enjoy close economic and trade relations, and expressed hope that through our joint efforts, Arizona will become a shining example for Taiwan-United States high-tech collaboration and the creation of non-red supply chains. The president indicated that the next goal for Taiwan and the US is the signing of an agreement for the avoidance of double taxation, which would provide greater incentives for Taiwanese businesses to invest in the US, facilitate the establishment of more comprehensive industry clusters, and generate more job opportunities, representing a win-win outcome for Taiwan-US relations. A translation of President Lai’s remarks follows: I warmly welcome you all to the Presidential Office. Governor Hobbs previously visited Taiwan after taking office in 2023. Her leading a delegation to Taiwan once again demonstrates Arizona’s continued friendship and the importance Arizona attaches to Taiwan. For this, I express my sincerest gratitude, and I welcome you again. In recent years, ties between Taiwan and Arizona have continued to expand and progress. For example, Taiwan Semiconductor Manufacturing Company (TSMC)’s investment in Arizona is the largest greenfield investment in US history. This month, TSMC announced that it would increase its investment in the US by US$100 billion. It plans to build more semiconductor fabrication and research and development facilities in greater Phoenix, transforming the area into a US semiconductor hub. Due to our close industrial engagement, we now have more than 30,000 Taiwanese living in Arizona. I would like to thank Governor Hobbs for taking care of Taiwanese businesses and people. I believe that through our joint efforts, Arizona will become a shining example for Taiwan-US high-tech collaboration and the creation of non-red supply chains. Taiwan and Arizona also enjoy close economic and trade relations. Taiwan is Arizona’s eighth largest export market and fifth largest source of imports. Last December, the first agreement under the Taiwan-US Initiative on 21st-Century Trade officially came into effect. I believe this will help further deepen our trade and economic ties. At present, the next goal for Taiwan and the US is the signing of an agreement for the avoidance of double taxation. I hope that we can work together to achieve this goal as soon as possible. This would provide greater incentives for Taiwanese businesses to invest in the US, facilitate the establishment of more comprehensive local industry clusters, and generate more job opportunities, representing a win-win outcome. With Governor Hobbs’s support, we look forward to continuing to advance Taiwan-US relations and promoting further cooperation and exchanges between Taiwan and Arizona across all domains. I understand that during this visit, you have visited many important companies and exchanged opinions with government agencies on how to strengthen bilateral relations. These efforts all go toward building an even more solid foundation for future Taiwan-US cooperation. Once again, I thank you all for supporting Taiwan and welcome you to visit us often in the future. Governor Hobbs then delivered remarks, stating that under President Lai’s leadership, Taiwan continues to thrive as a global hub for technology, innovation, and advanced manufacturing. She said that she is proud to be back in Taiwan alongside her secretary of commerce, Sandra Watson, as part of a diplomatic and economic delegation from Arizona. Since arriving, she said, they’ve hit the ground running, meeting with key partners, businesses, and leaders, noting that the takeaway from their meetings has been incredibly positive, and that they underscore the strong and enduring partnership between Arizona and Taiwan. Adding that our partnership that is built on shared values, mutual cultural appreciation, and commitment to innovation and economic growth, Governor Hobbs indicated that Arizona and Taiwan’s partnership extends back decades, as Taiwanese fighter pilots have been training at Luke Air Force Base in Phoenix since 1996. She said that we have built a strong base of collaboration across many areas, including technology, workforce, and cultural exchange, and that Arizona is even slated to get its own Din Tai Fung (鼎泰豐), which she expressed she is very thrilled about. Governor Hobbs went on to say that Arizona’s relationship with Taiwan is anchored by its ongoing partnership with TSMC and many Taiwan-based companies in semiconductor and other industries, and that TSMC’s US$165 billion investment in Arizona will help power development of the world’s most advanced technology, such as AI, and promises to cement an unbreakable bond between our two economies.  She stated that as governor, she can say with confidence that her administration is fully committed to strengthening this relationship in every way possible, because when Arizona and Taiwan succeed, we all succeed. Lastly, Governor Hobbs once again expressed gratitude to President Lai and the people of Taiwan for their warm hospitality. She then invited President Lai to Arizona to continue their productive conversations and further strengthen ties between our people and our economies, adding that she knows there is no limit to what we can achieve together, and that she is looking forward to what is to come. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

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    2025-03-18
    President Lai meets delegation led by Minister of Foreign Affairs Denzil Douglas of Saint Christopher and Nevis
    On the afternoon of March 18, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Denzil Douglas of the Federation of Saint Christopher and Nevis. In remarks, President Lai thanked St. Kitts and Nevis for speaking up for Taiwan at major international venues and supporting Taiwan’s international participation. The president expressed hope that our two countries continue to achieve remarkable results through cooperation in such fields as education and training, agricultural development, women’s empowerment, and environmental sustainability, and create even greater well-being for our peoples. A translation of President Lai’s remarks follows: I welcome Minister Douglas and our esteemed guests to Taiwan. Last June, Minister Douglas accompanied Prime Minister Terrance Drew and his wife on their trip to Taiwan. I am delighted to be able to meet and exchange views with Minister Douglas again less than one year later. Your presence fully demonstrates the profound bond between Taiwan and St. Kitts and Nevis. I look forward to the further deepening of our partnership through our exchanges during this visit. Although our two nations are separated by a great distance, we share such universal values as democracy, freedom, and respect for human rights. We also continue to achieve remarkable results through cooperation in such fields as education and training, agricultural development, women’s empowerment, and environmental sustainability. Given that Prime Minister Drew, Minister Douglas, and I all share medical backgrounds, we deeply understand the importance of people’s health. I thus look forward to St. Kitts and Nevis’s climate-smart JNF General Hospital commencing operations as soon as possible thanks to our cooperation. The provision of even higher-quality public health and medical services will yield benefits for many more people. I also believe that by having Taiwan share its experiences in renewable energy and energy-saving technologies, our two countries will jointly drive green industrial transformation and stimulate sustainable development together. I would like to take this opportunity to thank St. Kitts and Nevis for actively speaking up for Taiwan and supporting Taiwan’s participation at such major international venues and organizations as the United Nations General Assembly, the World Health Organization, and the International Civil Aviation Organization. In the future, Taiwan will continue to make critical contributions to the international community. With the support of Minister Douglas and our guests, I look forward to our two countries backing each other on the global stage and continuing to build an even stronger foundation for bilateral cooperation. Let us work together to address the various challenges we face and create even greater well-being for our peoples. Minister Douglas then delivered remarks, first conveying greetings from Prime Minister Drew to President Lai, the government, and the people of Taiwan. He then stated that over the last 41 years since the dawn of their nationhood, the Republic of China Taiwan has steadfastly walked beside St. Kitts and Nevis as a strong and immovable partner. As we reflect on four decades of our journey together, he said, we recognize the unswerving and unwavering spirit that has guided both our nations through trials and challenges. The minister then acknowledged the generous support of Taiwan’s government that has helped St. Kitts and Nevis in its own economic and social development. He went on to say that Taiwan’s partnership with St. Kitts and Nevis has been instrumental in helping them achieve the goals of their sustainable island state agenda. Whether in enhancing food security through the diversification of their agricultural sector, fostering clean energy solutions through the solar PV farm, or advancing healthcare through assistance in building their smart hospital, he said, Taiwan has been a steadfast partner in shaping a much more resilient and sustainable future for the people of their federation. In the spirit of reciprocity and solidarity, Minister Douglas said, St. Kitts and Nevis continues to leverage opportunities on the global stage to request incessantly that Taiwan be given its rightful place in international organizations, where it can make a meaningful contribution to resolving the world’s most critical issues. Minister Douglas indicated that the global challenges we face today demand collective action, and that Taiwan has the innovation, the technology, the knowledge, and the expertise to make a tremendous positive impact on some of the world’s most urgent issues. He said that St. Kitts and Nevis will never grow weary in their own support, but shall continue to sound the clarion call of “let Taiwan in,” as well as advocate for peace to be maintained in the Taiwan Strait. To close, Minister Douglas expressed gratitude for the warm hospitality bestowed upon him and his delegation by Taiwan’s government, remarking that the engagements they had thus far were pregnant with promise, and that they are confident in witnessing a fruitful outcome as we work together to build a prosperous and sustainable future for our peoples. The delegation also included Permanent Secretary in the Ministry of Foreign Affairs Kaye Bass, Permanent Secretary of Economic Development and Investment Adina Richards, and Director in the Ministry of International Trade Sean Lawrence. The delegation was accompanied to the Presidential Office by St. Kitts and Nevis Ambassador Donya L. Francis.

    Details
    2025-03-18
    President Lai meets 2025 Yushan Forum participants
    On the afternoon of March 18, President Lai Ching-te met with participants in the 2025 Yushan Forum. In remarks, President Lai thanked the guests for gathering here in Taiwan and discussing ways to enhance regional cooperation, demonstrating that our democratic allies and friends are standing together as we take on the challenges of a new world and a new era. The president reiterated that Taiwan will continue to engage with the world, and we welcome the world to come closer to Taiwan. He stated that Taiwan will continue to work with international partners to deepen cooperation, exchanges, and partnership in various domains and resist the expansion of authoritarianism. Together, the president emphasized, we can pursue regional peace and security and realize a new vision for a free and open, stable and prosperous Indo-Pacific. A translation of President Lai’s remarks follows: I would like to begin by thanking Anders Fogh Rasmussen, former prime minister of Denmark and chairman of the Alliance of Democracies Foundation, for inviting then-President Tsai Ing-wen to address the Copenhagen Democracy Summit via video over five consecutive years since 2020, and for inviting myself to give remarks via video last year. Those opportunities allowed Taiwan to share with the world our motivation for, and our work toward, safeguarding freedom and democracy. I would also like to thank Mr. Janez Janša, former prime minister of the Republic of Slovenia, who has visited Taiwan many times already, for actively elevating the cordial ties between Taiwan and Slovenia during his term as prime minister, helping expand friendship for Taiwan throughout Europe. Today’s guests have traveled a long way to show their strong backing for Taiwan. For this, I express my deepest gratitude. Yesterday was my first time attending the Yushan Forum as president. I saw political leaders and representatives gather here in Taiwan and discuss ways to enhance regional cooperation. The event demonstrated that our democratic allies and friends are standing together as we take on the challenges of a new world and a new era. It was truly moving. As I stated at the opening ceremony, Taiwan will continue to engage with the world, and we welcome the world to come closer to Taiwan. Our government will help guide Taiwanese small- and medium-sized enterprises as they expand into the international market and extend Taiwan’s economic power. I hope that during this visit, our guests will be able to explore more opportunities for cooperation in such fields as AI, smart healthcare, and advanced technologies, and join hands in contributing to the prosperity and development of our democratic allies and friends. Taiwan will continue to work with international partners, building upon the shared values of freedom and democracy, to deepen cooperation, exchanges, and partnership in various domains and resist the expansion of authoritarianism. Together, we can pursue regional peace and security and realize a new vision for a free and open, stable and prosperous Indo-Pacific. And I hope, with the assistance of our guests here today, that we can further strengthen the ties between Taiwan and Europe so that we can all take up the work of maintaining global peace and stability. Once again, I welcome our guests to Taiwan. I look forward to hearing your thoughts in a few moments. I also hope you will visit Taiwan often in the future and continue to experience our vibrant democratic society and culture. Chairman Rasmussen then delivered remarks, saying that it is a great pleasure to be back here in Taipei after meeting with President Lai in 2023. He then thanked President Lai for the Taiwanese hospitality on behalf of the Yushan Forum international visitors and participants, who represent four continents and very different political parties but who are united by one thing – the commitment to democracy. Chairman Rasmussen mentioned that over the past few days, they have met with members of the government, legislature, and civil society in Taiwan. He said that he is more convinced than ever that in a very uncertain world, Taiwan continues to stand as a beacon of democracy, from which people in Europe and in the rest of the world have a lot to learn. Over the past eight years, he has been proud to step up his engagement with Taiwan, he said, as he has always subscribed to the view that freedom must advance everywhere, or else it is in decline everywhere. Chairman Rasmussen noted that they have many interests in making sure Taiwan remains free and that we must always stand up for freedom when it is under assault by a dictator. This is why Ukraine’s fight is also everyone’s fight, he explained. He then praised Taiwan for all of the support it has given to Ukraine since Russia’s invasion and honored the two Taiwanese volunteer soldiers who gave their lives for freedom in Ukraine. Chairman Rasmussen remarked that Taiwan is a strong feature of the Copenhagen Democracy Summit that he convenes each year. His foundation, the Alliance of Democracies, has even been sanctioned by the Chinese government due to its support of Taiwan, he said, which is something he takes as a badge of honor. He added that this year’s Copenhagen Democracy Summit in May will be no different, as they plan to focus on the new world order, urgent measures to strengthen Europe’s military, and the situation in Ukraine. But as the United States pulls back from the transatlantic alliance and Europe focuses more on its own defense, he said, Europe should not retreat from the world. He added that to ensure European security, we need more Europe in the Indo-Pacific, and that is why he has been making the argument for more political and economic cooperation with Taiwan. Chairman Rasmussen praised President Lai’s recent decision to increase Taiwan’s national defense budget to more than 3 percent of GDP, adding that it is important that each nation does what it can for its own defense. The chairman once again thanked President Lai for meeting with them today and for the opportunity to visit Taiwan, a beacon of democracy and liberty in Asia. Also in attendance at the meeting were Chairman of the Czech Senate Committee on Foreign Affairs, Defence and Security Pavel Fischer; Member of the National Security Advisory Board to India’s National Security Council Anshuman Tripathi; former Minister of Foreign Affairs of Poland Anna Fotyga; former Minister of Health of Canada Tony Clement; and former Vice-Minister of Foreign Affairs of the Republic of Lithuania and current Secretary General of the Polish-based Community of Democracies Mantas Adomėnas.

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    2025-03-17
    President Lai meets Japan-ROC Diet Members’ Consultative Council Chairman Furuya Keiji
    On the afternoon of March 17, President Lai Ching-te met with a delegation led by Japanese House of Representatives Member and Japan-ROC Diet Members’ Consultative Council Chairman Furuya Keiji. In remarks, President Lai thanked the Consultative Council for doing its utmost to strengthen the relationship between Taiwan and Japan. He also stated that Taiwan and Japan are both part of the first island chain’s key line of defense, and in addition to continuing to bolster its economic strength and enhance its self-defense capabilities, Taiwan will work together with Japan and other like-minded countries to promote regional and global democracy, peace, and prosperity. A translation of President Lai’s remarks follows: I would like to extend a warm welcome to Chairman Furuya, who is visiting us once again. I am also delighted to meet House of Councillors Member Yamamoto Junzo and House of Representatives Member Hiranuma Shojiro today. Although the Japanese Diet is currently in session, our distinguished guests overcame many hurdles and organized a delegation to attend the 2025 Yushan Forum and deliver speeches, providing valuable insights into issues of mutual concern in the Indo-Pacific region and demonstrating the support for Taiwan in the Diet. Here, I would like to express my deepest gratitude. During the Yushan Forum, it was especially inspiring when Chairman Furuya spoke Taiwanese when he emphasized that “if Taiwan has a problem, then Japan has a problem.” Over the past few years under Chairman Furuya’s leadership, the Consultative Council has done its utmost to strengthen the relationship between Taiwan and Japan. In addition to passing resolutions every year supporting Taiwan’s participation in the World Health Organization and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the council has established four internal research groups regarding the CPTPP, exchanges for women legislators, encouraging local-level exchanges, and the Taiwan Relations Act, using an issue-oriented approach to deepen Taiwan-Japan relations. Thanks to the Consultative Council’s long-term assistance and promotional efforts, the Japanese Ministry of Justice has announced that beginning this May, members of the Taiwanese overseas community in Japan included in the country’s family registry system may list “Taiwan” in the field designating their nationality or region of origin. This demonstrates the friendly relations between Taiwan and Japan, and the Taiwanese people will always remember the council’s continued concrete actions in support of Taiwan. In his remarks at the Yushan Forum today, Chairman Furuya mentioned that there are many areas in which Taiwan and Japan can engage in industrial cooperation. We can continue to deepen our partnership in semiconductors, energy, AI, unmanned aerial vehicles, and other areas related to economic security and supply chain resilience, all of which have significant room for cooperation, creating win-win situations for both Taiwan and Japan. As authoritarianism consolidates, democratic nations must come closer in solidarity. Taiwan and Japan are both part of the first island chain’s key line of defense. In addition to bolstering our economic strength and enhancing our self-defense capabilities, Taiwan will also work with Japan and other like-minded countries to promote regional and global democracy, peace, and prosperity. All of our distinguished guests are good friends of Taiwan, and are very familiar with Taiwan. I hope to continue working together with you all to carry Taiwan-Japan relations to an even higher level. Chairman Furuya then delivered remarks, first thanking President Lai for taking time out of his busy schedule to see them. He then noted that Japan, Taiwan, and quite a few other nations around the world changed leaders last year, and conditions around the world are becoming increasingly unstable. One cannot see what the world will be like a few years from now, he said, which is why he is counting so heavily on the strong leadership of President Lai. Chairman Furuya said that, in addition to collaboration in foreign affairs and security matters, economic cooperation between Taiwan and Japan is also very important. He mentioned new technologies, and said he had spoken quite a bit on the topic that very morning at the Yushan Forum. The clearest example, he said, is the establishment by Taiwan Semiconductor Manufacturing Company of a wafer plant in Japan’s Kumamoto Prefecture, which has sparked robust economic activity. He added that cooperation addressing such matters as cyberattacks and supply chain resilience is also very important. Chairman Furuya noted that President Lai had mentioned in his remarks that beginning from May, Taiwanese overseas community members in Japan will be able to list “Taiwan” on their family registers. The chairman expressed his view that this is not a foreign affairs issue, but rather a human rights issue for the Taiwanese people, and an excellent way to show respect for Taiwan. He further noted President Lai’s mentioning of the four research groups that the Consultative Council has established, and said that these groups will ramp up their work. He also expressed hope that Taiwan and Japan will work together to address challenges that face both countries, such as issues pertaining to democracy and peace in the Taiwan Strait, so that they can together push for international peace and stability. Chairman Furuya stated that reciprocal visits by Taiwanese and Japanese people reached an all-time high last year. He said that in the future, in addition to further promoting local exchanges between the two countries, he also hopes that Japanese middle school and high school students planning to go on overseas study trips will choose Taiwan as their destination, because he feels that any student who visits Taiwan will become a fan of this place. Also in attendance was Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

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    2025-03-17
    President Lai addresses opening of 2025 Yushan Forum
    On the morning of March 17, President Lai Ching-te attended the opening of the 2025 Yushan Forum, the theme of which was “New Southbound Policy+: Taiwan, the Indo-Pacific, and a New World.” In remarks, President Lai stated that the New Southbound Policy has led to great success in economic and trade cooperation, professional exchanges, resource sharing, and building regional links. He said that in the past, Taiwanese industries went from moving westward across the Taiwan Strait, to shifting southbound, to working closer with the north, but that now, Taiwan is confidently stepping across the Pacific, reaching eastward, to the Americas and other regions. While staying firmly rooted in Taiwan, he said, Taiwan’s enterprises are expanding their global presence and marketing worldwide. The president stated that Taiwan will strive alongside its partners in democracy to bolster non-red supply chains and digital solidarity, and together respond to the threats and challenges posed by expanding authoritarianism. He indicated that the Yushan Forum is a place to share experiences, and more importantly, lay down firm foundations for exchanges and cooperation among participants’ countries to create greater stability for the region and greater prosperity for the world. A transcript of President Lai’s remarks follows: On behalf of all the people of Taiwan, I want to welcome our good friends joining us from around the world. Your presence shows support for a peaceful and stable Taiwan and a free and open Indo-Pacific region. The Yushan Forum has become more than just an important platform for the New Southbound Policy. Over these eight years, more than 3,600 participants from Taiwan and 28 other countries have helped deepen Taiwan’s connections with nations around the world. The New Southbound Policy has led to great success in economic and trade cooperation, professional exchanges, resource sharing, and building regional links. Looking ahead, the Yushan Forum will be taking on the important mission of carrying its legacy forward and transforming it into action. Not only must we turn consensus into action plans for close cooperation among countries in the region; we must also work with partners around the world to forge ahead with cooperative plans for mutual prosperity. We hope to envision a new world from Taiwan – and see Taiwan in this new world. We are also embracing an era of smart technology. The government sessions of this Yushan Forum are therefore centered around topics including smart healthcare, smart transportation, and resilient supply chains for semiconductors. Taiwan is intent on working side by side with other countries to face the challenges of this new era. Today’s Taiwan celebrates not only the democratic achievements that are recognized by the international community, but also our strengths in the semiconductor and other tech industries, which enable us to play a key role in restructuring global democratic supply chains and the economic order. We are building on Taiwan as a “silicon island” for semiconductors while accelerating innovation and AI applications for industry. These efforts will help Taiwan become an “AI island” as well. We are also developing forward-looking fields such as quantum technology and precision medicine, which will create an industry ecosystem that is highly competitive and innovative. The government will also develop economic models powered by innovation. This will help SMEs (small- and medium-sized enterprises) upgrade and transform through the power of digital transformation and net-zero transition. In the past, Taiwanese industries went from moving westward across the Taiwan Strait, to shifting southbound, to working closer with the north. But now, we are confidently stepping across the Pacific, reaching eastward, to the Americas and other regions. While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. Taiwan will continue to engage with the world, and we welcome the world to come closer to Taiwan. As we gather here today, I am confident that we share the same goal: Through international cooperation, we hope to build an even more inclusive, resilient, prosperous Indo-Pacific, while jointly defending the democracy, freedom, and peace we so firmly believe in. I want to thank you all once again for supporting Taiwan. We will strive alongside our partners in democracy to bolster non-red supply chains and digital solidarity, and together respond to the threats and challenges posed by expanding authoritarianism. Yushan is also known as Jade Mountain. It is Taiwan’s highest peak and stands as firm as our unwavering spirit. During this critical time of global change and transformation, the Yushan Forum is a place where we can share our experiences, and more importantly, lay down firm foundations for exchanges and cooperation among our countries. This way, we can create greater stability for the region and greater prosperity for the world. I wish everyone a successful forum. Thank you. Also in attendance at the event were former Prime Minister of Denmark and Alliance of Democracies Foundation Chairman Anders Fogh Rasmussen, former Prime Minister of the Republic of Slovenia Janez Janša, Japan-ROC Diet Members’ Consultative Council Chairman Furuya Keiji, and American Institute in Taiwan Taipei Office Director Raymond Greene.

    Details
    2025-03-13
    President Lai holds press conference following high-level national security meeting
    On the afternoon of March 13, President Lai Ching-te convened a high-level national security meeting, following which he held a press conference. In remarks, President Lai introduced 17 major strategies to respond to five major national security and united front threats Taiwan now faces: China’s threat to national sovereignty, its threats from infiltration and espionage activities targeting Taiwan’s military, its threats aimed at obscuring the national identity of the people of Taiwan, its threats from united front infiltration into Taiwanese society through cross-strait exchanges, and its threats from using “integrated development” to attract Taiwanese businesspeople and youth. President Lai emphasized that in the face of increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and expressed hope that all citizens unite in solidarity to resist being divided. The president also expressed hope that citizens work together to increase media literacy, organize and participate in civic education activities, promptly expose concerted united front efforts, and refuse to participate in any activities that sacrifice national interests. As long as every citizen plays their part toward our nation’s goals for prosperity and security, he said, and as long as we work together, nothing can defeat us. A translation of President Lai’s remarks follows: At many venues recently, a number of citizens have expressed similar concerns to me. They have noticed cases in which members of the military, both active-duty and retired, have been bought out by China, sold intelligence, or even organized armed forces with plans to harm their own nation and its citizens. They have noticed cases in which entertainers willingly followed instructions from Beijing to claim that their country is not a country, all for the sake of personal career interests. They have noticed how messaging used by Chinese state media to stir up internal opposition in Taiwan is always quickly spread by specific channels. There have even been individuals making careers out of helping Chinese state media record united front content, spreading a message that democracy is useless and promoting skepticism toward the United States and the military to sow division and opposition. Many people worry that our country, as well as our hard-won freedom and democracy and the prosperity and progress we achieved together, are being washed away bit by bit due to these united front tactics. In an analysis of China’s united front, renowned strategic scholar Kerry K. Gershaneck expressed that China plans to divide and conquer us through subversion, infiltration, and acquisition of media, and by launching media warfare, psychological warfare, and legal warfare. What they are trying to do is to sow seeds of discord in our society, keep us occupied with internal conflicts, and cause us to ignore the real threat from outside. China’s ambition over the past several decades to annex Taiwan and stamp out the Republic of China has not changed for even a day. It continues to pursue political and military intimidation, and its united front infiltration of Taiwan’s society grows ever more serious. In 2005, China promulgated its so-called “Anti-Secession Law,” which makes using military force to annex Taiwan a national undertaking. Last June, China issued a 22-point set of “guidelines for punishing Taiwan independence separatists,” which regards all those who do not accept that “Taiwan is part of the People’s Republic of China” as targets for punishment, creating excuses to harm the people of Taiwan. China has also recently been distorting United Nations General Assembly Resolution 2758, showing in all aspects China’s increasingly urgent threat against Taiwan’s sovereignty. Lately, China has been taking advantage of democratic Taiwan’s freedom, diversity, and openness to recruit gangs, the media, commentators, political parties, and even active-duty and retired members of the armed forces and police to carry out actions to divide, destroy, and subvert us from within. A report from the National Security Bureau indicates that 64 persons were charged last year with suspicion of spying for China, which was three times the number of persons charged for the same offense in 2021. Among them, the Unionist Party, Rehabilitation Alliance Party, and Republic of China Taiwan Military Government formed treasonous organizations to deploy armed forces for China. In a democratic and free society, such cases are appalling. But this is something that actually exists within Taiwan’s society today. China also actively plots ways to infiltrate and spy on our military. Last year, 28 active-duty and 15 retired members of the armed forces were charged with suspicion of involvement in spying for China, respectively comprising 43 percent and 23 percent of all of such cases – 66 percent in total. We are also alert to the fact that China has recently used widespread issuance of Chinese passports to entice Taiwanese citizens to apply for the Residence Permit for Taiwan Residents, permanent residency, or the Resident Identity Card, in an attempt to muddle Taiwanese people’s sense of national identity. China also views cross-strait exchanges as a channel for its united front against Taiwan, marking enemies in Taiwan internally, creating internal divisions, and weakening our sense of who the enemy really is. It intends to weaken public authority and create the illusion that China is “governing” Taiwan, thereby expanding its influence within Taiwan. We are also aware that China has continued to expand its strategy of integrated development with Taiwan. It employs various methods to demand and coerce Taiwanese businesses to increase their investments in China, entice Taiwanese youth to develop their careers in China, and unscrupulously seeks to poach Taiwan’s talent and steal key technologies. Such methods impact our economic security and greatly increase the risk of our young people heading to China. By its actions, China already satisfies the definition of a “foreign hostile force” as provided in the Anti-Infiltration Act. We have no choice but to take even more proactive measures, which is my purpose in convening this high-level national security meeting today. It is time we adopt proper preventive measures, enhance our democratic resilience and national security, and protect our cherished free and democratic way of life. Next, I will be giving a detailed account of the five major national security and united front threats Taiwan now faces and the 17 major strategies we have prepared in response. I. Responding to China’s threats to our national sovereignty We have a nation insofar as we have sovereignty, and we have the Republic of China insofar as we have Taiwan. Just as I said during my inaugural address last May, and in my National Day address last October: The moment when Taiwan’s first democratically elected president took the oath of office in 1996 sent a message to the international community, that Taiwan is a sovereign, independent, democratic nation. Among people here and in the international community, some call this land the Republic of China, some call it Taiwan, and some, the Republic of China Taiwan. The Republic of China and the People’s Republic of China are not subordinate to each other, and Taiwan resists any annexation or encroachment upon our sovereignty. The future of the Republic of China Taiwan must be decided by its 23 million people. This is the status quo that we must maintain. The broadest consensus in Taiwanese society is that we must defend our sovereignty, uphold our free and democratic way of life, and resolutely oppose annexation of Taiwan by China. (1) I request that the National Security Council (NSC), the Ministry of National Defense (MND), and the administrative team do their utmost to promote the Four Pillars of Peace action plan to demonstrate the people’s broad consensus and firm resolve, consistent across the entirety of our nation, to oppose annexation of Taiwan by China. (2) I request that the NSC and the Ministry of Foreign Affairs draft an action plan that will, through collaboration with our friends and allies, convey to the world our national will and broad social consensus in opposing annexation of Taiwan by China and in countering China’s efforts to erase Taiwan from the international community and downgrade Taiwan’s sovereignty. II. Responding to China’s threats from infiltration and espionage activities targeting our military (1) Comprehensively review and amend our Law of Military Trial to restore the military trial system, allowing military judges to return to the frontline and collaborate with prosecutorial, investigative, and judicial authorities in the handling of criminal cases in which active-duty military personnel are suspected of involvement in such military crimes as sedition, aiding the enemy, leaking confidential information, dereliction of duty, or disobedience. In the future, criminal cases involving active-duty military personnel who are suspected of violating the Criminal Code of the Armed Forces will be tried by a military court. (2) Implement supporting reforms, including the establishment of a personnel management act for military judges and separate organization acts for military courts and military prosecutors’ offices. Once planning and discussion are completed, the MND will fully explain to and communicate with the public to ensure that the restoration of the military trial system gains the trust and full support of society. (3) To deter the various types of controversial rhetoric and behavior exhibited by active-duty as well as retired military personnel that severely damage the morale of our national military, the MND must discuss and propose an addition to the Criminal Code of the Armed Forces on penalties for expressions of loyalty to the enemy as well as revise the regulations for military personnel and their families receiving retirement benefits, so as to uphold military discipline. III. Responding to China’s threats aimed at obscuring the national identity of the people of Taiwan (1) I request that the Ministry of the Interior (MOI), Mainland Affairs Council (MAC), and other relevant agencies, wherever necessary, carry out inspections and management of the documents involving identification that Taiwanese citizens apply for in China, including: passports, ID cards, permanent residence certificates, and residence certificates, especially when the applicants are military personnel, civil servants, or public school educators, who have an obligation of loyalty to Taiwan. This will be done to strictly prevent and deter united front operations, which are performed by China under the guise of “integrated development,” that attempt to distort our people’s national identity. (2) With respect to naturalization and integration of individuals from China, Hong Kong, and Macau into Taiwanese society, more national security considerations must be taken into account while also attending to Taiwan’s social development and individual rights: Chinese nationals applying for permanent residency in Taiwan must, in accordance with the law of Taiwan, relinquish their existing household registration and passport and may not hold dual identity status. As for the systems in place to process individuals from Hong Kong or Macau applying for residency or permanent residency in Taiwan, there will be additional provisions for long-term residency to meet practical needs. IV. Responding to China’s threats from united front infiltration into Taiwanese society through cross-strait exchanges  (1) There are increasing risks involved with travel to China. (From January 1, 2024 to today, the MAC has received reports of 71 Taiwanese nationals who went missing, were detained, interrogated, or imprisoned in China; the number of unreported people who have been subjected to such treatment may be several times that. Of those, three elderly I-Kuan Tao members were detained in China in December of last year and have not yet been released.) In light of this, relevant agencies must raise public awareness of those risks, continue enhancing public communication, and implement various registration systems to reduce the potential for accidents and the risks associated with traveling to China. (2) Implement a disclosure system for exchanges with China involving public officials at all levels of the central and local government. This includes everyone from administrative officials to elected representatives, from legislators to village and neighborhood chiefs, all of whom should make the information related to such exchanges both public and transparent so that they can be accountable to the people. The MOI should also establish a disclosure system for exchanges with China involving public welfare organizations, such as religious groups, in order to prevent China’s interference and united front activities at their outset. (3) Manage the risks associated with individuals from China engaging in exchanges with Taiwan: Review and approval of Chinese individuals coming to Taiwan should be limited to normal cross-strait exchanges and official interactions under the principles of parity and dignity, and relevant factors such as changes in the cross-strait situation should be taken into consideration. Strict restrictions should be placed on Chinese individuals who have histories with the united front coming to Taiwan, and Chinese individuals should be prohibited from coming to Taiwan to conduct activities related in any way to the united front. (4) Political interference from China and the resulting risks to national security should be avoided in cross-strait exchanges. This includes the review and management of religious, cultural, academic, and education exchanges, which should in principle be depoliticized and de-risked so as to simplify people-to-people exchanges and promote healthy and orderly exchanges. (5) To deter the united front tactics of a cultural nature employed by Chinese nationals to undermine Taiwan’s sovereignty, the Executive Yuan must formulate a solution to make our local cultural industries more competitive, including enhanced support and incentives for our film, television, and cultural and creative industries to boost their strengths in democratic cultural creation, raise international competitiveness, and encourage research in Taiwan’s own history and culture. (6) Strengthen guidance and management for entertainers developing their careers in China. The competent authorities should provide entertainers with guidelines on conduct while working in China, and make clear the scope of investigation and response to conduct that endangers national dignity. This will help prevent China from pressuring Taiwanese entertainers to make statements or act in ways that endanger national dignity. (7) The relevant authorities must adopt proactive, effective measures to prevent China from engaging in cognitive warfare against Taiwan or endangering cybersecurity through the internet, applications, AI, and other such tools. (8) To implement these measures, each competent authority must run a comprehensive review of the relevant administrative ordinances, measures, and interpretations, and complete the relevant regulations for legal enforcement. Should there be any shortcomings, the legal framework for national security should be strengthened and amendments to the National Security Act, Anti-Infiltration Act, Act Governing Relations between the People of the Taiwan Area and the Mainland Area, Laws and Regulations Regarding Hong Kong & Macao Affairs, or Cyber Security Management Act should be proposed. Communication with the public should also be increased so that implementation can happen as soon as possible. V. Responding to threats from China using “integrated development” to attract Taiwanese businesspeople and youth (1) I request that the NSC and administrative agencies work together to carry out strategic structural adjustments to the economic and trade relations between Taiwan and China based on the strategies of putting Taiwan first and expanding our global presence while staying rooted in Taiwan. In addition, they should carry out necessary, orderly adjustments to the flow of talent, goods, money, and skills involved in cross-strait economic and trade relations based on the principle of strengthening Taiwan’s foundations to better manage risk. This will help boost economic security and give us more power to respond to China’s economic and trade united front and economic coercion against Taiwan. (2) I request that the Ministry of Education, MAC, Ministry of Economic Affairs, and other relevant agencies work together to comprehensively strengthen young students’ literacy education on China and deepen their understanding of cross-strait exchanges. I also request these agencies to widely publicize mechanisms for employment and entrepreneurship for Taiwan’s youth and provide ample information and assistance so that young students have more confidence in the nation’s future and more actively invest in building up and developing Taiwan. My fellow citizens, this year marks the 80th anniversary of the end of the Second World War. History tells us that any authoritarian act of aggression or annexation will ultimately end in failure. The only way we can safeguard freedom and prevail against authoritarian aggression is through solidarity. As we face increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and to ensure that the freedom, democracy, and way of life of Taiwan’s 23 million people continues on as normal. But relying solely on the power of the government is not enough. What we need even more is for all citizens to stay vigilant and take action. Every citizen stands on the frontline of the defense of democracy and freedom. Here is what we can do together: First, we can increase our media literacy, and refrain from spreading and passing on united front messaging from the Chinese state. Second, we can organize and participate in civic education activities to increase our knowledge about united front operations and build up whole-of-society defense resilience. Third, we can promptly expose concerted united front efforts so that all malicious attempts are difficult to carry out. Fourth, we must refuse to participate in any activities that sacrifice national interests. The vigilance and action of every citizen forms the strongest line of defense against united front infiltration. Only through solidarity can we resist being divided. As long as every citizen plays their part toward our nation’s goals for prosperity and security, and as long as we work together, nothing can defeat us.

    MIL OSI Asia Pacific News

  • MIL-OSI: Prestige Wealth Inc. announces that its subsidiary InnoSphere recently launched an AI-powered financial news intelligence agent, integrating AI agents to enhance the precision of market information delivery

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, March 20, 2025 (GLOBE NEWSWIRE) — Prestige Wealth Inc. (NASDAQ: PWM) (“PWM”, or the “Company”), a wealth management and asset management services provider based in Hong Kong, today announced that its subsidiary, InnoSphere Tech Inc. (“InnoSphere”), recently launched an AI-powered financial news intelligence agent, integrating AI agents to enable precise market information delivery.

    InnoSphere’s AI financial news intelligence agent integrates AI agents to enhance the precision of its news delivery and its market sentiment analysis capabilities. This intelligence agent combines InnoSphere’s advanced natural language processing technology with real-time market monitoring, enabling the extraction of high-value information from global financial media and social platforms. Through the AI agent, InnoSphere’s AI financial news intelligence agent offers personalized news push, intelligent summarization, sentiment analysis, and market impact forecasting, assisting financial enterprises clients in efficiently obtaining critical information.

    InnoSphere Tech Inc. is a wholly owned AI fintech subsidiary of Prestige Wealth Inc. By seamlessly incorporating top-tier large language models such as ChatGPT and LLaMA3, alongside real-time market data and a proprietary financial knowledge base, InnoSphere aims to develop the next generation of AI-powered fintech systems.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    The MIL Network

  • MIL-OSI: Global Drone Services Market Size Predicted to Surpass Around $555 Billion By 2034

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., March 20, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The drone services worldwide market has been growing substantially in recent years and is projected to continue into the several years to come. According to a report from Precedence Research, the global drone services market size accounted for USD 24.56 billion in 2024, grew to USD 33.55 billion in 2025 and is predicted to surpass around USD 555.58 billion by 2034, representing a healthy CAGR of 36.60% between 2024 and 2034. The North America drone services market size is calculated at USD 8.84 billion in 2024 and is expected to grow at a fastest CAGR of 36.78% during the forecast year. The report said: “North America held the highest share of the global drone services market in terms of value. This is due to major service providers’ presence and early adoption of high-end drone technologies. Furthermore, the region’s market is driven by increased demand for aerial photography in the real estate and construction sectors. The US is a significant market for drone services in North America, accounting for a large share of the region’s market.   Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. Large drone service providers exist in APAC countries such as China and Japan. Limited regulation on commercial drone use and price drop drive market demand. Furthermore, the rise is attributed to increased government and OEM investments in drone services propelling the market. The rising demand for industry-specific solutions and the increasing demand for time-efficient delivery are driving the growth of the drone service market… Along with this, the growing initiative from governments and regulatory bodies to develop drones propels the market forward.”   Active Companies in the drone industry today include ZenaTech, Inc. (NASDAQ: ZENA), EHang Holdings Limited (NASDAQ: EH), AgEagle Aerial Systems Inc. (NYSE: UAVS), Unusual Machines (NYSE: UMAC), ParaZero Technologies Ltd. (NASDAQ: PRZO).

    Precedence Research continued: “Due to the widespread availability of low-cost drones, photography has become well-known for applications requiring high-resolution cameras. Aerial photography offers new perspectives on innovative city projects, large township projects, and multi-story building projects. Mini drones are also becoming popular for wedding photography and videography. Furthermore, the real estate and infrastructure industries also see increased demand for drones. Drones are used for various commercial purposes, including agriculture, transportation, mapping, aerial photography, and videography. Drones increase productivity and improve farming methods. The growing demand for precision farming propels the agricultural industry and expands the drone services market. Precision farming has the potential to increase crop productivity.”

    ZenaTech (NASDAQ:ZENA) Signs Seventh LOI to Acquire a Land Survey Company in Southeast Region Contributing to Drone as a Service Strategy – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that it has signed an LOI (Letter of Intent) to acquire a seventh land survey engineering company located in Florida, marking the fourth LOI in the Southeast Region. The company has closed one acquisition in this region to date so upon completion, this would be the second closed acquisition in the Southeast Region. Having two locations in this region will serve as a launchpad to further regional development and ZenaTech’s national DaaS business model bringing the speed and precision of AI drone solutions in a convenient subscription or pay-per-use business model to commercial and government customers.

    “Florida is strategic to our Drone as a Service strategy as it offers year-round flying conditions, a favorable innovation environment including consistent state-wide regulations, and existing government drone use for public safety, disaster response, and transportation monitoring. With growing commercial sector interest in agriculture, real estate, construction, and industrial inspection applications, we see multiple growth paths to help customers use drones to drive extraordinary efficiencies,” said CEO Shaun Passley, Ph.D.

    ZenaTech’s Drones as a Service or DaaS model is similar to Software as a Service (SaaS), but instead of providing software solutions over the Internet, the company will offer ZenaDrone solutions and services on a subscription or pay-per-use basis. Customers can conveniently access drones for manual or time-consuming tasks achieving more insight and precision, such as for surveying, inspections, security and law enforcement, or precision agriculture applications, without having to buy, operate, or maintain the drones themselves.

    The DaaS business model offers customers such as government agencies, real estate developers, construction firms, farmers or energy companies reduced upfront costs as there is no need to purchase expensive drones, as well as convenience, as there is no need to manage maintenance and operation. The model also offers scalability to use more often or less often based on business needs and enables access to advanced drone technology sensors or attachments like spraying, without the need for specialized training.

    Accurate land surveys are essential for the planning, designing, and executing roads, bridges, and building projects for cities, commercial, and residential projects, and are required for legal purposes. Remotely piloted drones with an array of sensors and cameras, LiDAR (Light Detection and Ranging), and GPS systems for capturing high-resolution pictures and data are revolutionizing the land survey industry gathering aerial data across expansive terrains in a matter of hours instead of weeks or months using more traditional photogrammetry methods.   Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the drone industry include:

    EHang Holdings Limited (NASDAQ: EH), the world’s leading Urban Air Mobility (“UAM”) technology platform company, recently announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024. Mr. Huazhi Hu, Founder, Chairman and Chief Executive Officer of EHang: “We are thrilled to have concluded 2024 with a series of achievements that have propelled us closer to the widespread commercial adoption of eVTOLs. As a pioneer in the UAM industry, we achieved our highest-ever quarterly and annual eVTOL deliveries, driving revenues to record-high levels and delivering our first year of non-GAAP profitability. This underscores the accelerating adoption of our pilotless eVTOL solutions. We worked on our production capacity expansion, deepened ecosystem partnerships for infrastructure and talents, and advanced our footprint in Asia, Europe and South America. Looking ahead to 2025, our focus remains on driving innovation, expanding our operational network, and scaling production to meet increasing demands and unlock the full potential of UAM. We are confident in our ability to lead the transformation of aerial transportation and deliver long-term value to our stakeholders.”

    AgEagle Aerial Systems Inc. (NYSE: UAVS), a leading provider of best-in-class unmanned aerial systems (UAS), sensors and software solutions for customers worldwide in the commercial and government verticals, recently announced the recent completion of a successful four-day proof-of-concept demonstration with France’s Directorate General for Maritime Affairs, Fisheries, and Aquaculture (DGAMPA) testing eBee VISION’s advanced capabilities.

    AgEagle CEO Bill Irby commented, “This successful demonstration underscores the potential of the eBee VISION for enhancing maritime security and environmental protection efforts. Multiple flights were carried out in diverse conditions, both day and night. Our eBee VISION demonstrated outstanding performance, operating within a 20 km range and temperatures as low as 5°C, as well as landing smoothly on sand. Throughout the trials, various observation scenarios were tested for maritime control and surveillance, all of which were completed with positive results. This success not only highlights the robust performance of our technology but also validates the potential for growth across various markets.”

    Unusual Machines (NYSE: UMAC), a leading provider of NDAA-compliant drone components, recently announced that its Fat Shark Aura FPV Camera has been added to the U.S. Defense Department’s Defense Innovation Unit’s (DIU) Blue UAS Framework. It is the only camera on the Blue UAS list purpose-built for first person view (“FPV”) applications, providing a high-performance, NDAA-compliant option for defense and government users.  

    This approval marks another step forward in Unusual Machines’ mission to supply NDAA-compliant FPV components for both commercial and defense applications. The Fat Shark Aura FPV Camera joins the Rotor Riot Brave F7 Flight Controller and Brave 55A ESC, both of which have already been approved under the Blue UAS Framework.

    ParaZero Technologies Ltd. (NASDAQ: PRZO), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, recently announced that is has received its first order from the strategic partnership that the company recently announced that it entered into with ABOT, one of France’s largest drone distributors of advanced drone solutions for various industries. This partnership, announced earlier this month, was established as part of the company’s effort to expand the availability of its cutting-edge SafeAirTM parachute recovery systems in the French market. Under this new collaboration, ABOT will become an official reseller of ParaZero’s SafeAir products in France, with the two companies jointly launching a new brand, ABOT-PZ SafeAir, to align with local market preferences.

    ParaZero’s SafeAir system is a state-of-the-art drone safety solution designed to enable safe and legal drone operations in urban and high-risk environments. The system features an autonomous parachute deployment mechanism, real-time monitoring and advanced failure detection, ensuring a controlled descent in the event of an emergency. SafeAir provides a critical safety layer for commercial drone operations, supporting compliance with global aviation regulations.

    About FN Media Group:

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated fifty one hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network

  • MIL-OSI: Flourish to Acquire Sora Finance, Creating First Comprehensive Deposits and Lending Platform for RIAs

    Source: GlobeNewswire (MIL-OSI)

    New York, March 20, 2025 (GLOBE NEWSWIRE) — Flourish, a platform that helps registered investment advisors (RIAs) grow by evolving from holistic advice to holistic implementation, today announced that it has entered into a definitive agreement to acquire Sora Finance (Sora), an AI-driven liability optimization platform for advisors. The acquisition creates one of the industry’s first comprehensive platforms addressing both asset and liability management for RIAs, empowering independent advisors to bring cash and lending services to their clients.

    Sora works with over 750 financial advisors, helping advisors visualize, analyze, and optimize their clients’ loans across mortgages, HELOCs, student loans, credit cards, and more. Leveraging AI-based insights and real-time rates from nationwide lenders, the platform alerts advisors when clients have an opportunity to save money or improve loan performance.

    Sora will continue to operate as a standalone business, providing full support for existing advisors and clients, until Flourish fully integrates Sora’s technology and capabilities, expected in early 2026.

    “This acquisition represents a pivotal moment in the evolution of wealth management and the future of the Flourish platform, furthering our mission of helping advisors fully implement every part of their clients’ financial plans. By combining Flourish’s leading cash management solution in Flourish Cash with Sora’s lending expertise and technology, we’re creating a uniquely comprehensive platform that empowers advisors to bring services traditionally associated with banks directly to their clients,” said Flourish CEO Max Lane. “For the first time, advisors can now aggregate both sides of the balance sheet to analyze cashflows, optimize existing liabilities, and opportunistically leverage credit at competitive rates via a delightful experience that ‘just works.’ Providing both cash management and lending capabilities strengthens client retention, grows and retains assets, and ultimately transforms the advisor role from investment manager to a truly holistic financial wellness advocate.”

    The acquisition addresses several key challenges for advisors:

    • Client and asset retention: Property purchases represent one of the primary reasons clients withdraw assets from advisory management. Sora’s AI-driven mortgage optimization capabilities help advisors retain more assets by identifying the ideal loans and refinancing opportunities.
    • Holistic service: High-net-worth clients increasingly demand comprehensive financial advice that addresses both assets and liabilities.
    • Next-Gen appeal: Liability management services particularly resonate with younger clients, positioning advisors to better serve next-generation wealth.

    “We founded Sora with a vision of helping people optimize their liabilities, which have now reached $18T in household debt across America. We are incredibly excited to bring Sora’s deep expertise in lending and mortgages to Flourish advisors and their clients, and in the process, help transform wealth management as a whole. By integrating Sora’s specialized liability management offering, the more than 900 RIAs already leveraging Flourish for their clients can create even more meaningful value and ‘wow’ moments for their clients,” said Sora Co-Founder and Co-CEO, Rohit Agarwal. 

    “Clients expect comprehensive banking services from their advisors and that means support across the balance sheet. We are excited to bring lending services to more advisors and, in the process, retain assets that might otherwise leave their management during major life events like property purchases,” said Sora Co-Founder and Co-CEO, Siddhartha Oza.

    Over 900 RIAs managing over $1.6 trillion in combined assets trust Flourish to help them fully execute financial plans and bring more assets into their orbit. As a platform that helps RIAs grow by evolving from holistic advice to holistic implementation, Flourish also allows advisors to feature their firm’s branding as well as providing client-friendly marketing materials, premium support, the ability to charge advisor service fees, and more

    ABOUT FLOURISH
    Flourish builds technology that empowers financial advisors, improves financial lives and retirement outcomes, and delivers new and innovative investment options to advisors. Today, the Flourish platform supports more than $7 billion in assets under custody and is used by more than 900 wealth management firms representing more than $1.6 trillion in assets under management. Flourish is wholly-owned by Massachusetts Mutual Life Insurance Company (MassMutual). For more information, visit www.flourish.com

    ABOUT SORA 
    Sora Finance is an AI-driven debt optimization platform helping financial advisors manage and improve their clients’ liabilities. The platform automatically analyzes client debt across mortgages, HELOCs, student loans, and credit cards, providing unmatched visibility and proactively alerting advisors when clients can save money. For more information, visit www.sorafinance.com.

    Forward Looking Statements
    This press release may contain forward looking statements that are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied.

    Flourish is an online platform through which investors can access financial services and products. Flourish’s offerings are provided by different entities and are subject to different terms, investor protections, and risks. Flourish Cash is offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA’s BrokerCheck. Flourish Annuities refers generally to the annuity platform operated by Flourish Technologies LLC, where applicable, and to Flourish Insurance Agency LLC in its capacity as a licensed insurance producer providing insurance services related to such platform. Flourish Insurance Agency LLC does business in California under the name Flourish Digital Insurance Agency. An annuity is an insurance contract. Annuities shown on the platform are sold through Flourish Insurance Agency LLC, a licensed insurance producer, with offices in Jersey City, New Jersey, and are issued by one or more approved licensed life insurance companies. The Flourish entities mentioned above are affiliates. Flourish Cash and Flourish Annuities accounts are separate accounts and only assets in Flourish Cash accounts may be eligible for protection by the FDIC or SIPC. Please review the Legal section of our website, and the disclosures provided with each Flourish service or product, for further information. © 2025 Flourish. All rights reserved.

    A Flourish Cash account is a brokerage account offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA’s BrokerCheck. The cash balance in a Flourish Cash account will be swept from the brokerage account to deposit account(s) at one or more third-party Program Banks that have agreed to accept deposits from customers of Flourish Financial LLC. The accounts at Program Banks will pay a variable rate of interest. The cash balance in a Flourish Cash account that is swept to one or more Program Banks is eligible for FDIC insurance, subject to FDIC rules, including FDIC aggregate insurance coverage limits. FDIC insurance will not be provided until the funds arrive at the Program Bank. Flourish Cash’s current Program Banks can be found here. For additional information regarding FDIC coverage, visit https://fdic.gov/ and https://www.flourish.com/advisors.

    Home lending products offered by SoraFinance, Inc. SoraFinance, Inc. is a licensed mortgage broker. NMLS #2355841. 1007 General Kennedy Avenue, Suite 3 San Francisco, CA 94129. Not available in all states. 

    The MIL Network

  • MIL-OSI: Carronade Says Dramatic Change Needed at Cannae Holdings to Halt Persistent Underperformance and Egregious Governance Practices

    Source: GlobeNewswire (MIL-OSI)

    Nominates Four Director Candidates with Expertise, Independence and Accountability Required to Unlock Shareholder Value

    Believes Proposed Initiatives Could Result in Share Price Upside of at Least 50%

    DARIEN, Conn., March 20, 2025 (GLOBE NEWSWIRE) — Carronade Capital Management, LP (together with its affiliates, “Carronade Capital”, “our” or “we”), which beneficially owns approximately 2.9 million shares of Common Stock of Cannae Holdings, Inc. (NYSE: CNNE) (“Cannae” or the “Company”) and is one of the Company’s top five shareholders, today announced it has issued the below letter to Cannae’s Board of Directors (the “Board”) and nominated four independent director candidates for the four Board seats up for election at the Company’s 2025 Annual Meeting of Shareholders.

    Carronade Capital believes Cannae’s total shareholder return and corporate governance can be meaningfully improved, and significant opportunities exist to unlock substantial value for all shareholders. We believe Cannae can halt persistent underperformance and restore shareholder confidence by improving capital allocation and unlocking portfolio value through spin outs or buybacks, reducing overhead costs and aligning management incentives, and establishing corporate governance and accountability. If decisive action is taken, we believe that Cannae equity could have a share price upside of at least 50% as a result of activities initiated by year end.

    Carronade’s four highly qualified nominees are as follows:

    Mona Aboelnaga

    • 35 years of experience including at Siguler Guff & Company and Proctor Investment Managers with expertise in investment management and private equity industries.
    • Extensive corporate governance expertise as a board member of both public and private companies including Webster Financial, a financial services company, Perpetual Limited, an Australian-based diversified global financial services company, and Sterling Bancorp, a regional financial services company.

    Benjamin Duster

    • 45 years of experience including at Wells Fargo and Salomon Brothers with expertise in working with companies to improve execution effectiveness and create long-term sustainable value.
    • Extensive public and private company board service including Expand Energy, an oil and gas production company, Weatherford International, a global energy services company, Republic First Bancorp, a commercial bank, and Alaska Communications Systems, a broadband and telecommunications service provider.

    Dennis Prieto

    • 21 years of experience including at Aurelius Capital Management and Evercore with expertise in financial analysis and restructuring oversight.
    • Significant investment management and board experience including GO Lab, a privately held building products company, Aventiv Technologies, a provider of telecommunications and technology solutions, Mohawk Gaming Enterprises, a gaming company, and Endo International GUC Trust, a trust established to obtain recoveries for creditors of Endo International plc.

    Cherie Schaible

    • 24 years of experience including as General Counsel of Ankura Consulting Group and Associate General Counsel of AIG Investments with expertise in complex legal and financial matters.
    • Extensive experience in structuring, negotiating and leading a variety of corporate legal matters in public and private companies.

    The full text of the letter is below:

    March 20, 2025

    Cannae Holdings, Inc.
    1701 Village Center Circle
    Las Vegas, Nevada 89134
    Attn: Board of Directors

    Dear Members of the Board of Directors,

    Entities managed by Carronade Capital Management, LP (together with its affiliates, “Carronade Capital” or “We” or “Us” or “Our”) beneficially own approximately 2.9 million shares of Common Stock of Cannae Holdings, Inc. (“Cannae” or the “Company” or “You” or “Your”), making us one of your top five investors. We believe Cannae’s total shareholder return (“TSR”) and corporate governance can be meaningfully improved, and significant opportunities exist within the control of both management and the Board of Directors (the “Board”) to unlock substantial value for all shareholders. We are reiterating these previously communicated views to you, and the broader market, to ensure the entire Board is made aware of our discussions to date and to highlight this potential value creation opportunity in the hope of building a consensus for the best path forward.

    Our letter today outlines why we believe the status quo at Cannae is untenable and why dramatic change is required to halt persistent underperformance and egregious governance practices for the benefit of all stakeholders. We believe there are numerous ways to drive value creation, and, by extension, shareholder returns, including by reducing costs and aligning incentives, improving capital allocation, unlocking the value of the parts of the portfolio, and establishing corporate governance and accountability by reconstituting the Board with truly independent directors. If Cannae takes decisive action to properly implement these achievable steps and rebuild investor confidence, we believe that the equity could have share price upside of at least 50% as a result of activities initiated by year-end.

    The Status Quo is Untenable

    In our view, there is an urgent need for changes in strategy and governance based on Cannae’s substantial long-term relative TSR underperformance, persistent discount to intrinsic value, shareholder frustration with corporate strategy, and a pattern of governance deficiencies that we believe have significantly hindered the Company’s ability to create shareholder value. Our concerns are underscored by the high degree of interconnectedness amongst the current directors and Cannae’s classified Board structure which, among other governance concerns, have resulted in repeated adverse voting recommendations from leading proxy advisory firms. We were further shocked by the Board’s egregious actions earlier this week, while we were engaged in active settlement discussions, to accelerate equity vesting for directors if they fail to be re-elected by shareholders and to require the repurchase of half of CEO and Chairman Bill Foley’s shares at a significant premium to market prices. This is on top of his already rich compensation package if he invokes his right to resign because a single director is elected without his consent. That a Board of Directors deemed these actions consistent with their fiduciary duties and in the best interest of shareholders demonstrates a complete lack of independence and an abdication of their duty. We believe such an offensive combination of entrenchment techniques and unfair enrichment are beyond the pale and make it crystal clear that immediate change is necessary in the boardroom.

    Management’s stated strategy consists of “improving the performance and valuation of our portfolio companies, making new investments primarily in private companies that will grow NAV, and returning capital to shareholders.”1 Put plainly, management’s plan is not working. Cannae has a valuable collection of assets, but buybacks to date have failed to close the discount due to market concerns around overall strategy and perceived misalignment of interests between management and shareholders. Shareholders have consistently shared concerns that they do not want Cannae to sell public shares to invest in small private positions with no disclosure – such actions we believe would only compound the current problems and Cannae’s persistent value discount. Despite a handful of successful investments in the past, the current portfolio of private investments is consistently marked at cost and the remaining investments in public equities have destroyed approximately $900 million of value.2 Market feedback that we have gathered to date suggests a near unanimous view that numerous shareholders prefer a return of their capital as opposed to management’s stated goal of selling down public positions to invest more in private equity.

    Since Ceridian, they have made a bunch of bad capital allocation decisions…We would rather them distribute value than re-invest. They haven’t earned the right to keep that capital.
    – Top 10 Shareholder, Nov. 2024
     

    Furthermore, a lack of strategic cohesion amongst investments and limited portfolio company disclosure weigh on investor confidence. There has been no clear investment narrative for shareholders to rally behind, as we consistently hear Cannae described simply as the Bill Foley co-investment vehicle. Additionally, we believe the persistent marking of private investments at cost without balance sheet information and absence of third-party valuations, or enough disclosure for investors to determine performance, are significant contributors to the wide NAV discount. As one analyst queried on the Company’s third quarter 2024 earnings call:

    If you had your wish how many positions would you have? How large would they be and I just think I kind of look at some of the parts… It’s just kind of all over the place you have things that are worth less than $1 per share and I just don’t see the focus here.
    – Oppenheimer Q&A on Q3 2024 Earnings Call
     

    As a result of these perceptions in the market, Cannae trades at a much steeper discount to NAV than its disclosed proxy peers and closed end fund peers. The discount widened persistently after the IPO of Dun & Bradstreet in 2019 and the sell down of Dayforce from 2020 through 2023, implying the market lacks confidence in the current leadership’s ability to execute a viable strategy for value creation going forward. Over the past three years, Cannae equity has traded at an average discount to its NAV per share of -40%, which places it in the bottom tenth of US investment firms with assets over $500 million.3 Approximately 90% of Cannae’s market cap is covered by public holdings net of debt, and the market is valuing the remaining nearly $900 million of private NAV at an 85% discount. A well-managed company with a strong asset base should not be trading at such a deep discount. We believe this misalignment points to a failure in capital allocation, strategic planning, and governance oversight.

    Shareholders ‘vote with their feet’, and the most objective indication that fundamental change is required is relative TSR underperformance compared to peers over the long term. Even when viewed on an absolute basis, Cannae shareholders have suffered a negative total return since Cannae became an independent public company despite the backdrop of one of the strongest bull markets in history. Despite the readily identifiable value in the Company’s portfolio, Cannae’s stock has significantly underperformed most relevant benchmarks.4Consistent underperformance is the market telling Cannae, “The status quo is unacceptable.”

    Dramatic Change is Required Immediately

    As discussed previously with Mr. Foley and Mr. Caswell, we believe Cannae can resolve these issues through decisive action in the near term. We believe that Cannae must pursue the following initiatives without delay:

    1. Reduce overhead costs and align management incentives – A history of burdensome fees and non-performance linked compensation paid out to management are out of step with the overall performance of Cannae’s portfolio, are impacting the discount which the market places on the NAV, and need to be streamlined to reflect best-in-class approach. We believe the Company should implement a corporate overhead cost reduction program and convert the termination fee payable to its manager, Trasimene Capital Management, into performance-based, vesting stock compensation.
    2. Improve capital allocation, unlock portfolio value, and provide a clear investment narrative – Management’s current strategy is vague and undifferentiated, and shareholder feedback is that management has lost its mandate from shareholders to allocate capital in this way. We believe a commitment from management and the Board to return shareholder capital tied up in Dun & Bradstreet, Alight and Paysafe shares either via spin outs or substantial buybacks would force a collapse of the discount placed on those assets and result in a re-rating of the remaining portfolio. We appreciate that management has conceded in its last earnings call that a significant return of capital is a priority; however, we believe that Cannae should commit definitively to returning a substantial majority of this capital on an accelerated timeline. Management could then reallocate its time from monitoring small stakes in large public companies where their ability to “improve the performance and valuation” is limited to focusing on improving disclosure and valuation of the remaining private assets.
    3. Establish governance oversight – We believe that market confidence in this new plan would be best supported by new fit-for-purpose directors that will be a voice for shareholders on the Board. To that end, we delivered a formal notice in December nominating a slate of four highly qualified and independent director candidates for election to the Board at the Company’s 2025 Annual Meeting of Stockholders (the “Annual Meeting”). In addition to the four new directors, we believe the Board should refresh leadership of the Affiliate Transaction Committee and the Nomination and Governance Committee chosen from the four new candidates, and the Board should also create a new committee for Value Maximization tasked with the formulation and oversight of successful execution of a plan designed to improve shareholder returns. The need for immediate and significant governance reform is underscored by Cannae’s entrenchment and unfair enrichment actions earlier this week.

    Our intent at the time of nomination was, and continues to be, to engage constructively with the Board with the goal of reaching a consensual solution for the benefit of all stakeholders. However, it appears that the current Board fails to recognize the urgency of the situation. We are therefore prepared to take all necessary steps to ensure that shareholders have the opportunity to vote for directors who they believe have the skill sets and experience necessary to drive value creation and ensure accountability in the boardroom.

    Management’s Lack of Willingness to Meaningfully Engage

    We have sought to engage with management and the Board for several months to convey our views with respect to corporate strategy and governance with the aim of closing the NAV discount and improving relative share price performance. As discussed in our original private letter to the Board dated December 19, 2024, we submitted our nomination notice as required under the Company’s Bylaws despite the nomination deadline of December 27, 2024, nearly six months ahead of the anticipated Annual Meeting date. We did so in order to preserve our rights as shareholders to elect directors at the Annual Meeting, but with the hope that it would serve as a starting point for further positive discussions. Unfortunately, we now believe our sincere efforts to engage constructively have not been meaningfully reciprocated in good faith.

    While the Company confirmed receipt of our December letter and nomination notice, it was more than thirty days before we received any further communication. Given the Company’s significant governance failings and chronic underperformance, we have offered to travel to meet in-person with relevant Board members, but Cannae has yet to permit us to speak with any non-management directors. Perhaps as a result, the Board has failed to appreciate the market’s call for urgent, meaningful governance changes. Then on March 17, 2025, we were astounded to learn via a Company 8-K that the Board, in an apparent move to entrench and enrich leadership, determined to further compensate themselves and Mr. Foley at the expense of shareholders. We believe this offensive action trounces shareholder rights and the Board’s fiduciary duties and further disenfranchises the Company’s true owners. It also makes clear to us that Cannae has not been engaging in good faith dialogue despite our persistent and sincere efforts, which necessitated the need to release this letter with the goal of reaching the entire Board and building a market consensus on the best path forward for the Company.

    Carronade Has Nominated Four Highly Qualified Director Candidates

    The fundamental role of a Board in its fiduciary duty to shareholders is to be an advocate in providing oversight of management and corporate strategy. Shareholders deserve a board that is proactive, transparent, and fully committed to driving long-term value. As evidenced by their backgrounds below, we believe our candidates will bring the expertise, independence and accountability required to correct the chronic underperformance of Cannae and champion its strategic transformation.

    • Mona Aboelnaga
      • 35 years of experience including at Siguler Guff & Company and Proctor Investment Managers with expertise in investment management and private equity industries.
      • Extensive corporate governance expertise as a board member of both public and private companies including Webster Financial, a financial services company, Perpetual Limited, an Australian-based diversified global financial services company, and Sterling Bancorp, a regional financial services company.
    • Benjamin Duster
      • 45 years of experience including at Wells Fargo and Salomon Brothers with expertise in working with companies to improve execution effectiveness and create long-term sustainable value.
      • Extensive public and private company board service including Expand Energy, an oil and gas production company, Weatherford International, a global energy services company, Republic First Bancorp, a commercial bank, and Alaska Communications Systems, a broadband and telecommunications service provider.
    • Dennis Prieto
      • 21 years of experience including at Aurelius Capital Management and Evercore with expertise in financial analysis and restructuring oversight.
      • Significant investment management and board experience including GO Lab, a privately held building products company, Aventiv Technologies, a provider of telecommunications and technology solutions, Mohawk Gaming Enterprises, a gaming company, and Endo International GUC Trust, a trust established to obtain recoveries for creditors of Endo International plc.
    • Cherie Schaible
      • 24 years of experience including as General Counsel of Ankura Consulting Group and Associate General Counsel of AIG Investments with expertise in complex legal and financial matters.
      • Extensive experience in structuring, negotiating and leading a variety of corporate legal matters in public and private companies.

    Conclusion

    We remain committed, engaged investors in Cannae due to our conviction in the significant opportunity for value creation that will flow from implementing achievable actions to unlock value, outlining a clear corporate strategy, establishing governance and restoring investor confidence. We repeat our request to meet in-person with the Board, including non-management directors, to discuss these proposals in more detail and explore a consensual solution that is in the best interests of all shareholders. If meaningful changes are not enacted, we are prepared to take our case to shareholders so that they have the opportunity to vote for directors who they believe will best prioritize their interests and ensure accountability in the boardroom.

    Sincerely,

    Dan Gropper
    Managing Partner

    Andy Taylor
    Partner and Head of Research

    About Carronade Capital
    Carronade Capital is a multi-strategy investment firm based in Connecticut with over $2.2 billion in assets under management that focuses on process driven investments in catalyst-rich situations. Carronade Capital was founded in 2019 by industry veteran Dan Gropper and is based in Darien, Connecticut. The Funds managed by Carronade Capital were launched on July 1, 2020, and the firm employs 15 team members. Dan Gropper brings with him nearly three decades of special situations credit experience serving in senior roles at distinguished investment firms, including Elliott Management Corporation, Fortress Investment Group and Aurelius Capital Management, LP.

    Media Contact:
    Paul Caminiti / Jacqueline Zuhse
    Reevemark
    (212) 433-4600
    Carronade@reevemark.com

    Investor Contact:
    Andy Taylor / Win Rollins
    Carronade Capital Management, LP
    (203) 485-0880
    ir@carronade.com

    Disclaimers

    This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. This press release does not recommend the purchase or sale of a security. There is no assurance or guarantee with respect to the prices at which any securities of Cannae Holdings, Inc. (the “Company”) will trade, and such securities may not trade at prices that may be implied herein. In addition, this press release and the discussions and opinions herein are for general information only, and are not intended to provide financial, legal or investment advice. Each shareholder of the Company should independently evaluate the proxy materials and make a decision that aligns with their own financial interests, consulting with their own advisers, as necessary.

    This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “will be” and similar expressions. Although Carronade Capital and its affiliates believe that the expectations reflected in forward-looking statements contained herein are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties—many of which are difficult to predict and are generally beyond the control of Carronade or the Company—that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. In addition, the foregoing considerations and any other publicly stated risks and uncertainties should be read in conjunction with the risks and cautionary statements discussed or identified in the Company’s public filings with the U.S. Securities and Exchange Commission, including those listed under “Risk Factors” in the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q . The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, Carronade does not undertake any obligation to update or revise any forward-looking information or statements. Certain information included in this press release is based on data obtained from sources considered to be reliable. Any analyses provided herein is intended to assist the reader in evaluating the matters described herein and may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should not be viewed as factual and should not be relied upon as an accurate prediction of future results. All figures are estimates and, unless required by law, are subject to revision without notice.

    Certain of the funds(s) and/or account(s) managed by Carronade (“Accounts”) currently beneficially own shares of the Company. Carronade in the business of trading (i.e., buying and selling) securities and intends to continue trading in the securities of the Company. You should assume the Accounts will from time to time sell all or a portion of its holdings of the Company in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares. Consequently, Carronade’s beneficial ownership of shares of, and/or economic interest in, the Company may vary over time depending on various factors, with or without regard to Carronade’s views of the Company’s business, prospects, or valuation (including the market price of the Company’s shares), including, without limitation, other investment opportunities available to Carronade, concentration of positions in the portfolios managed by Carronade, conditions in the securities markets, and general economic and industry conditions. Without limiting the generality of the foregoing, in the event of a change in the Company’s share price on or following the date hereof, Carronade may buy additional shares or sell all or a portion of its Account’s holdings of the Company (including, in each case, by trading in options, puts, calls, swaps, or other derivative instruments relating to the Company’s shares). Carronade also reserves the right to change the opinions expressed herein and its intentions with respect to its investment in the Company, and to take any actions with respect to its investment in the Company as it may deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or actions, except as required by law.

    Certain Information Concerning the Participants

    Carronade Capital Management, LP, together with the other participants named herein (collectively, “Carronade Capital”), intends to file a preliminary proxy statement and accompanying proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for the election of Carronade Capital’s highly-qualified director nominees at the 2025 annual meeting of stockholders of Cannae Holdings, Inc., a Nevada corporation (the “Company”).

    CARRONADE CAPITAL STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.

    The participants in the proxy solicitation are anticipated to be Carronade Capital Master, LP (“Carronade”), Carronade Capital, Carronade Capital GP, LLC (“Carronade GP”), Carronade Capital Management GP, LLC (“Carronade Management GP”), Dan Gropper, Mona Aboelnaga, Benjamin C. Duster, IV, Dennis A. Prieto and Chérie L. Schaible.

    As of the date hereof, Carronade beneficially owns directly 2,627,877 shares of Common Stock, par value $0.0001 per share, of the Company (the “Common Stock”). Carronade GP, as the general partner of Carronade, may be deemed the beneficial owner of the 2,627,877 shares of Common Stock owned by Carronade. As of the date hereof, 262,770 shares of Common Stock were held in a certain account managed by Carronade Capital (the “Managed Account”). Carronade Capital, as the investment manager of Carronade, may be deemed the beneficial owner of an aggregate of 2,890,647 shares of Common Stock directly owned by Carronade and held in the Managed Account. Carronade Management GP, as the general partner of Carronade Capital, may be deemed the beneficial owner of an aggregate of 2,890,647 shares of Common Stock directly owned by Carronade and held in the Managed Account. As the Managing Member of Carronade Management GP, Mr. Gropper may be deemed the beneficial owner of an aggregate of 2,890,647 shares of Common Stock directly owned by Carronade and held in the Managed Account. As of the date hereof, Ms. Aboelnaga directly beneficially owns 800 shares of Common Stock. As of the date hereof, Mr. Duster directly beneficially owns 1,338.329 shares of Common Stock. As of the date hereof, Mr. Prieto directly beneficially owns 820 shares of Common Stock. As of the date hereof, Ms. Schaible directly beneficially owns 1,360 shares of Common Stock.

    ____________________________

    Note: All analyses performed as of 3/17/2025.
    1 Ryan Caswell on Q3 2024 Earnings Call.
    2 Current GAV plus realized sales compared to original cost basis of DNB, ALIT, PSFE, and SST.
    3 Company published NAV reports.
    4 TSR per Bloomberg as of 3/17/2025. Average cumulative shareholder return. TSR Proxy Peers include APO, FSK, GBDC, PSEC, CODI, NMFC. Closed End Fund Peers include UTG, STEW, KYN, CET, GAM, IGR, EOI, MEGI, PEO.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/77496dfe-1ffc-44b7-94dd-bbd69816468b

    The MIL Network

  • MIL-OSI: FBI Veteran Joseph Bonavolonta Joins Wrap with 27 Years of Experience, Former SAC of Boston Field Office

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 20, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (NASDAQ: WRAP) (“Wrap” or, the “Company”) today announced the appointment of Joseph R. Bonavolonta as Domestic Head of Managed Services of the Company, bringing over 27 years of experience from the Federal Bureau of Investigation (“FBI”) to the Company’s management team.

    Mr. Bonavolonta, who culminated his distinguished FBI career as Special Agent in Charge (SAC) of the Boston Field Office, led one of the agency’s largest divisions, overseeing high-profile criminal and national security investigations. His leadership extended to managing Joint Terrorism Task Forces, Safe Streets Gang and Violent Crime Task Forces, and directing the New England Region’s Domestic Director of National Intelligence (DDNI) Program.

    In his new role, Mr. Bonavolonta is expected to assist the Company in driving growth while further deepening Wrap’s global law enforcement network. His extensive expertise in national security, compliance and risk management, combined with Wrap’s growing investigative technology partners, will enhance the Company’s mission to provide innovative, non-lethal solutions for public safety worldwide.

    Prior to joining Wrap, Mr. Bonavolonta served as Managing Partner at a global security firm, where he provided strategic security solutions for multinational corporations, critical institutions, and high-net-worth individuals. His deep knowledge of technologies used in risk and vulnerability assessments, insider threats, cybersecurity and physical security strategies makes him an invaluable asset to Wrap’s growing Managed Services Branch.

    “We are committed to bringing together elite-level talent and cutting-edge technology to solve the most pressing security challenges of today and the future,” said Bill McMurry, Chief Executive Officer of Managed Services at WRAP. “Joseph Bonavolonta’s unmatched expertise will be instrumental in strengthening our Managed Services Branch, reinforcing our role in supporting those who protect us and expanding our capabilities across both public and private sectors.”

    Mr. Bonavolonta’s distinguished FBI career also includes leadership roles such as:

    • Deputy Assistant Director of the Counterintelligence Division, overseeing domestic and international operations;
    • Head of the Boston Field Office’s Cyber and Counterintelligence Branch, tackling nation-state driven espionage and cybersecurity threats; and
    • Supervisor of the Complex Financial Crimes Program in the Newark Field Office.

    His investigative achievements include spearheading international organized crime initiatives in coordination with the Italian National Police, and the dismantling of major criminal networks, including the Bonanno La Cosa Nostra (LCN) Family. His work earned him numerous accolades, including the Attorney General’s Director’s Award for Superior Performance, the Law Enforcement Distinguished Community Service Award, and the National Intelligence Meritorious Unit Citation.

    His deep connections within the New England law enforcement community and across federal and international security networks will help solidify Wrap’s relationships globally, strengthening the Company’s impact in law enforcement, security and risk mitigation.

    Expanding Expertise with W1 Global and James DeStefano

    Mr. Bonavolonta’s addition is expected to further strengthen Wrap’s global security, technology and investigative expertise, complementing the experience brought in through Wrap’s recent W1 Global, LLC acquisition. He joins James DeStefano, a retired FBI executive and former head of the FBI New York Field Office’s Crisis Management Program, who has spent years conducting risk and vulnerability assessments for corporate clients.

    Their combined experience is expected to enhance Wrap’s ability to deliver comprehensive technology security solutions to law enforcement agencies, commercial clients and high-net-worth individuals worldwide.

    About Wrap Technologies, Inc.
    Wrap Technologies, Inc. (Nasdaq: WRAP) is a global leader in public safety solutions, bringing together cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

    Wrap’s BolaWrap® solution is a safer way to gain compliance—without pain. This innovative, patented device deploys light, sound, and a Kevlar® tether to safely restrain individuals from a distance, giving officers critical time and space to manage non-compliant situations before resorting to higher-force options. The BolaWrap 150 does not shoot, strike, shock, or incapacitate—instead, it helps officers operate lower on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.

    Wrap Reality™ VR is an advanced, fully immersive training simulator designed to enhance decision-making under pressure. As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ equips officers with the skills and confidence to navigate high stakes encounters effectively, leading to safer outcomes for both responders and the communities they serve.

    Wrap’s Intrensic solution is an advanced body-worn camera and evidence management system built for efficiency, security, and transparency. Designed to meet the rigorous demands of modern law enforcement, Intrensic seamlessly captures, stores, and manages digital evidence, ensuring integrity and full chain-of-custody compliance. With automated workflows, secure cloud storage, and intuitive case management tools, it streamlines operations, reduces administrative burden, and enhances courtroom credibility.

    Trademark Information
    Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

    Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
    This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1 Global, LLC, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

    Investor Relations Contact:
    (800) 583-2652
    ir@wrap.com

    A photo accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/183801f3-4937-4aff-b91a-901b9599b322

    The MIL Network

  • MIL-OSI: Military and Defense Drone Industry Witnessing Exponential Growth as Improved Technology and Products Hit the Market

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., March 20, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – A recent report from Straits Research said that the global military drone market size was valued at USD $21.81 billion in 2024 and is expected to grow from USD $24.25 billion in 2025 to reach USD $56.69 billion by 2033, growing at a CAGR of 11.20% during the forecast period (2025-2033).  The report said: “A military drone, also known as an unmanned aerial vehicle (UAV), is a type of aircraft that operates without a human pilot on board. These drones are equipped with advanced technologies for surveillance, reconnaissance, intelligence gathering, and, in some cases, targeted strikes. Military drones are used extensively in modern warfare for a variety of roles, including combat, surveillance, logistical support, and search-and-rescue missions.  The global market is experiencing rapid growth, driven by technological advancements and increasing global demand for enhanced surveillance, intelligence, and reconnaissance capabilities. As nations recognize the strategic advantages of unmanned aerial systems (UAS) in military operations, drones are increasingly deployed in both combat and non-combat roles.”  Active companies in the markets this week include: Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO), RTX Corporation (NYSE: RTX), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), Northrop Grumman Corporation (NYSE: NOC), Lockheed Martin (NYSE: LMT).

    Straits Research continued: “Despite the promising growth, there are significant challenges facing the global market, including complex regulatory issues and ethical concerns surrounding the use of autonomous weapons. However, innovations in artificial intelligence (AI), miniaturization, and battery life are expected to open new growth opportunities, enabling more advanced, efficient, and versatile drone capabilities in the near future.  The integration of emerging technologies into military drones presents a significant growth opportunity for the market. Technologies such as artificial intelligence (AI), machine learning, autonomous navigation systems, and advanced sensors are revolutionizing the capabilities of military drones. AI-driven systems, for instance, can enable drones to analyze vast amounts of real-time data, enhancing decision-making and targeting accuracy. Autonomous navigation allows drones to operate with minimal human intervention, improving operational efficiency and reducing the risk to personnel… Moreover, the integration of 5G technology will enable drones to transmit high-definition video feeds in real-time, improving situational awareness for military personnel on the ground. These advancements are transforming military drones into more effective, versatile tools, driving demand across defense sectors globally.”

    Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) Announces Chris Miller, Former Acting U.S. Secretary of Defense Appointed by President Trump, Joins the Draganfly Board of Directors Draganfly Inc. (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is proud to announce that Christopher C. Miller, former Acting U.S. Secretary of Defense under President Donald Trump, has joined the Company’s Board of Directors.

    Miller, a seasoned national security expert with decades of experience in defense and intelligence, will help guide Draganfly’s strategic initiatives in the government, defense, and aerospace sectors. His extensive leadership in military operations and national security policy aligns with Draganfly’s commitment to providing cutting-edge, American-made drone technology for critical applications.

    “Chris Miller’s experience at the highest levels of defense and national security will be invaluable to Draganfly as we continue to expand our role in government and security operations. His insights and expertise will help continue to position Draganfly as a leader in North American-made drone solutions for defense, law enforcement, and public safety,” said Cameron Chell, CEO of Draganfly.

    Miller served as the Acting U.S. Secretary of Defense, overseeing the Department of Defense during a critical transition period. Prior to that, he held senior positions at the National Security Council and Special Operations Command, where he played a key role in shaping U.S. counterterrorism strategies.

    “Draganfly is at the forefront of innovation in drone technology, and I’m honored to join the Board at such a pivotal time,” said Chris Miller. “As the demand for secure, American-made drone solutions grows, Draganfly’s commitment to innovation, safety, and strategic partnerships will be essential in supporting national security and defense initiatives. I look forward to contributing to the Company’s success.”

    Miller’s appointment strengthens Draganfly’s leadership team as the Company continues to expand its work with government and defense partners. His deep understanding of security, policy, and military operations will help Draganfly further solidify its position as a key player in the rapidly evolving drone and aerospace industries.  CONTINUED Read this full press release and more news for Draganfly at:  https://draganfly.com/news/

    Other recent developments in the defense/military industries of note include:

    Collins Aerospace, an RTX Corporation (NYSE: RTX) business, recently said it is preparing the first shipments of its Airshow™ HD entertainment system integrated into Venue™ smart monitors, providing an all-in-one, standalone in-flight entertainment (IFE) solution for business aviation.

    For the first time, business jet customers flying everything from light jets to super midsize and heavy aircraft will have access to Collins’ Airshow HD interactive moving maps, streaming entertainment and brilliant 4Kresolutions in a singular hardware solution, without needing to upgrade to a full Venue cabin management system.

    Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a technology company specializing in defense, national security, and global markets, recently announced the groundbreaking of Kratos’ Hypersonic System Indiana Payload Integration Facility (IPIF) in Crane, Indiana. This state-of-the-art 68,000-square-foot office, laboratory, integration and test complex will support critical hypersonic vehicle and payload activities and systems for the Multi-Service Advanced Capabilities Hypersonic Testbed (MACH-TB) program. The project demonstrates Kratos’ commitment to advancing hypersonic system payload integration and test capabilities and expanding crucial infrastructure needed to accelerate the time to Mach 5+ flight testing.

    Eric DeMarco, President and CEO of Kratos, said: “The Kratos Hypersonic System Indiana Payload Integration Facility represents a strategic investment in our Nation’s hypersonic infrastructure, workforce and capabilities. Kratos is committed to achieving, if not exceeding, the MACH-TB program’s primary goals, which include, increasing the cadence of flight tests and to mature and qualify advanced hypersonic technologies. Kratos’ IPIF will provide a vital commercial launch vehicle environmental test and assembly capability to supplement existing DoD and NASA facilities.”

    Frequency Electronics, Inc., a leading provider of precision timing and frequency control products, recently announced that Northrop Grumman Corporation (NYSE: NOC) has recognized Frequency Electronics Inc. (FEIM) as one of its top supplier partners during the company’s Supplier Excellence Awards.

    Ken Brown, vice president, enterprise global supply chain, Northrop Grumman, said, “Frequency Electronics has supported Northrop Grumman in delivering technologies that enhance national security for the U.S. and our allies. The high-quality performance, dedication and partnership of our supplier teams drive operational excellence to ensure warfighters have next generation advantages in advanced weapons, aircraft, missile defense and space.”

    Recognized for Strategic Excellence, Frequency Electronics is instrumental in supporting Northrop Grumman with delivering innovative and cost-effective military and security solutions to give its customers the advantage in a complex world.

    Lockheed Martin (NYSE: LMT) recently announced that the global F-35 fleet has surpassed 1 million flight hours, further proof of the program’s size and strength in ensuring America’s warfighter and those of our allies maintain air dominance around the world.

    “Reaching 1 million flight hours is a monumental achievement for the F-35 program. It highlights the unwavering dedication of our pilots, maintainers, industry partners and our international partners and foreign military sales customers,” said Lt. Gen. Michael Schmidt, Program Executive Officer for the F-35 Lightning II Joint Program Office. “This milestone is not just a testament to the F-35’s unmatched capability, but also to the resilience and commitment of everyone involved in this program. As we continue to expand the fleet and advance the F-35’s capabilities, we are ensuring the warfighters of today and tomorrow have the most advanced, reliable, and effective tool to protect our nations.”

    About FN Media Group:

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    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group, LLC.

    The MIL Network

  • MIL-OSI: Thea Energy Demonstrates Performance and Controllability of Small and Simple Magnets for Fusion Energy

    Source: GlobeNewswire (MIL-OSI)

    The world’s first superconducting planar coil magnet array successfully created and controlled stellarator-relevant magnetic field structures

    The test campaign results include the hardware validation to the leading approach for a maintainable and dynamically controllable stellarator fusion system

    KEARNY, N.J., March 20, 2025 (GLOBE NEWSWIRE) — Thea Energy, Inc., a fusion technology company advancing the stellarator for the commercialization of a carbon-free and abundant source of energy, today announced the successful operation of the world’s first superconducting planar coil 3×3 magnet array system. This magnet array demonstrates that small and simple electromagnets can practically, precisely, and dynamically create and control stellarator-relevant magnetic fields. Eos, Thea Energy’s initial integrated fusion system, will leverage this proprietary magnet array architecture and its benefits in addition to the inherent advantages of the stellarator, including steady-state operation. “Prototyping and Test of the ‘Canis’ HTS Planar Coil Array for Stellarator Field Shaping” outlines specific details of the system, including operation and results. This paper is available as a preprint on the Company’s website under “Presentations & Publications” and being submitted to a peer-reviewed publication.

    The magnet array operated at a temperature of 20 K and created a precisely controlled magnetic field of up to 47.2 mT on a plane 25 cm from the coils, with maximum field at the coils calculated to be greater than 3 T, in line with the Company’s underwritten performance requirements. Multiple magnetic iso-surfaces were produced corresponding to different locations of the Eos planar coil system. The magnet array also successfully demonstrated the controllability of the inductively coupled neighboring coils, thereby validating that the coils can be controlled individually despite the strong magnetic interactions between them.

    “A herculean effort from the Thea Energy team to establish the processes, infrastructure, and know-how to manufacture and test all magnets in-house has resulted in the successful hardware validation of the peer-reviewed physics basis of our novel system architecture that shows stellarators can be built without complicated coils,” said David Gates, Ph.D., co-founder and chief technology officer of Thea Energy. “The operation and notably, the controllability of this magnet array demonstrates a new key enabler to commercialized fusion energy. We have built a system that uses simpler hardware paired with dynamic software controls to adjust magnet parameters in real time.”

    Brian Berzin, co-founder and chief executive officer of Thea Energy, added, “Shifting system complexity from hardware to software means we can make rapid progress, resulting in the successful construction and operation of this magnet array in a matter of months. Using these mass-manufacturable magnets, we look forward to further testing to show that we can eliminate hardware defects and system wear and tear via scalable software controls. This will enable systems to continually work with high uptime under real-world conditions. These advantages of a practical system architecture will carry through to future generations of Thea Energy fusion power plants.”

    Steven Cowley, Ph.D., laboratory director at the U.S. Department of Energy’s Princeton Plasma Physics Laboratory (PPPL), which is managed by Princeton University, added, “The stellarator is a well-studied form of fusion technology and the practicality brought to the design by the team at Thea Energy, combined with the established physics basis since its invention over 70 years ago at PPPL, presents another possible fusion system design. This magnet array milestone confirms a concept that was created at PPPL – that arrays of planar magnets can be utilized to create and control the magnetic fields required to stabilize the plasma to produce sustained fusion energy. I am excited to see the Company build and scale its hardware while sharing its breakthroughs and results with the broader community.”

    Specific campaign results:

    • The magnet array operated at 20 K, with up to ±140 A in all coils and an estimated maximum total stored energy achieved in the array of 34.5 kJ.
    • The array achieved a magnetic field strength of 47.2 mT at 25 cm from the coils, with maximum field at the coils calculated to be greater than 3 T.
    • The magnet array recreated multiple unique iso-surfaces derived from Eos within 1% error of simulated predictions via fixed physical hardware and dynamic software controls.

    Future testing of unique single-coil and multi-coil quench scenarios will support analytical models showing recovery and reliability of systems leveraging the planar coil stellarator architecture, where systems can continue to operate if a coil fails. Additional work is also planned to further demonstrate the resiliency of this architecture and its ability to actively control and tune out hardware errors via Thea Energy’s closed-loop software control system.

    The U.S. Department of Energy has also certified the completion of this test campaign that included performance markers outlined in the Milestone-Based Fusion Development Program.

    About Thea Energy, Inc.
    Thea Energy, Inc. is building an economical and scalable fusion energy system utilizing arrays of mass-manufacturable magnets and dynamic software controls. Commercial fusion energy can uniquely provide an abundant source of zero-emission power for a sustainable future. Thea Energy is leveraging recent breakthroughs in computation and controls to reinvent the stellarator, a scientifically mature form of magnetic fusion technology. Thea Energy was founded in 2022 as a spin-out of the Princeton Plasma Physics Laboratory and Princeton University, where the stellarator was originally invented. Thea Energy is currently designing its first integrated fusion system, Eos, based on its planar coil stellarator architecture which will produce fusion neutrons at scale and in steady state. To learn more about Thea Energy’s mission, visit https://thea.energy/ and follow us on X and LinkedIn.

    Investor Contact
    Robin Brown
    robin@thea.energy

    Media Contact
    Madeline Joanis
    maddy@thea.energy

    The MIL Network

  • MIL-OSI: Federal Home Loan Bank of Atlanta Announces $50 Million Available Through 2025 Affordable Housing Program General Fund

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, March 20, 2025 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will allocate $50 million through its 2025 Affordable Housing Program (AHP) General Fund, which opens for applications on April 21, 2025. Developers and housing organizations partner with a FHLBank Atlanta member financial institution to apply for grant funding to support affordable housing projects that involve the purchase, construction and rehabilitation of owner-occupied, rental, or transitional housing.

    This year, FHLBank Atlanta is increasing the maximum subsidy amount per project to $1.25 million, up from $1 million in 2024, given the current market environment of higher construction costs and home prices.  

    “Each year we offer the AHP General Fund to provide much needed support for the development of affordable housing, and we are pleased to work with our members to distribute grants to worthwhile projects across our district,” said FHLBank Atlanta President and CEO Kirk Malmberg. “Importantly, our funds assist both for-profit and non-profit developers and community organizations to increase single family and multifamily affordable housing inventory.”

    AHP General Fund applications will be accepted through May 22, 2025. A one-time registration is required by May 9, 2025 for all first-time AHP project sponsors. Visit the FHLBank Atlanta website for information on registration as well as webinars detailing the application process, scoring and financial guidelines.

    “The General Fund plays a vital role in addressing housing challenges by funding a range of projects from new construction to adaptive reuse and expansion initiatives,” said FHLBank Atlanta Director of Community Investment Services Tomeka Strickland. “We look forward to another successful year of collaboration with our members and community partners to drive meaningful, lasting change in the housing sector.”

    Developers or community organizations seeking to identify an FHLBank Atlanta member financial institution can visit the Bank’s Find a Member page, or contact Community Investment Services at 800.536.9650, Option 3 or ahpprog@fhlbatl.com.

    About FHLBank Atlanta
    FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.  

    For more information, visit www.fhlbatl.com.

    CONTACT: Sheryl Touchton
    Federal Home Loan Bank of Atlanta
    stouchton@fhlbatl.com

    The MIL Network

  • MIL-OSI: Safe Harbor Financial Names Mike Regan as Head of Investor Relations and Data Science

    Source: GlobeNewswire (MIL-OSI)

    GOLDEN, Colo., March 20, 2025 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a fintech leader in facilitating financial services and credit facilities to the regulated cannabis industry, is proud to announce that Michael (Mike) Regan has joined the team as Head of Investor Relations and Data Science.

    In this role, Mike will help investors gain a deeper understanding of the Company’s growth initiatives, while also spearheading the development of innovative, differentiated new products leveraging Safe Harbor’s extensive databases. He earned an MBA from MIT Sloan, where he was the TA for a class on creating and quantitatively analyzing new institutional investment strategies, and a Bachelor of Science in Business Administration majoring in Finance from Georgetown University. His career spans research roles at Credit Suisse, Deutsche Bank, hedge funds Roubaix Capital and Hawkshaw Capital, as well as product innovation at Liberty Mutual. Since 2019, Mike has focused on the legal cannabis sector, most recently as Founder and Director of Research at Excelsior Equities, an investment bank and broker-dealer that provided research, custody, and trading of cannabis equities.

    “We are thrilled to welcome Mike Regan to Safe Harbor as Head of Investor Relations and Data Science,” said Terry Mendez, CEO of Safe Harbor. “Mike’s exceptional track record in investment analysis, product innovation, and his thorough understanding of the legal cannabis sector make him uniquely qualified to advance our growth initiatives. His expertise will be instrumental in developing new solutions for our growth strategies Safe Harbor Protects, Safe Harbor Lends, Safe Harbor Connects, and Safe Harbor Enables programs, ensuring we continue to lead and grow in this evolving industry.”

    “I am excited to join Safe Harbor and contribute to its mission of driving innovation and growth to better serve operators in the legal cannabis sector and beyond,” said Mike Regan. “I see tremendous potential to create meaningful value for our shareholders and clients, and to develop solutions that will shape the future of this industry.”

    About Safe Harbor
    Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD and ancillary operators, making communities safer, driving growth in local economies and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than $25 billion in deposit transactions for businesses with operations spanning more than 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; success or viability of new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that have been or may be brought by or against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    Contact Information
    Mike Regan, Head of Safe Harbor Investor Relations
    ir@SHFinancial.org
    (720) 826-6282

    KCSA Strategic Communications
    Ellen Mellody
    safeharbor@kcsa.com

    The MIL Network

  • MIL-OSI: VERB to Host Fourth Quarter and Full Year 2024 Earnings Call on Tuesday, March, 25, 2025, at 1:00 p.m. ET

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS and LOS ALAMITOS, Calif., March 20, 2025 (GLOBE NEWSWIRE) — Verb Technology Company, Inc. (NASDAQ: VERB) (“VERB” or the “Company”), the company behind MARKET.live, the livestream social shopping platform, telehealth platforms VANITYPrescribed.com and GoodGirlRx.com, and GO FUND YOURSELF.show, the TV show disrupting crowdfunding, today announced that VERB CEO Rory J. Cutaia will host a conference call to discuss the Company’s financial results for the fourth quarter and year ended December 31, 2024 on Tuesday, March 25, 2025, at 1:00 p.m. Eastern time (10:00 a.m. Pacific time). Financial results will be issued in a press release prior to the call.

    VERB Q4 and FY 2024 Earnings Call
    Date: Tuesday, March 25, 2025
    Time: 1:00 p.m. Eastern time (10:00 a.m. Pacific time)

    To access by phone: Please call the conference telephone number 10-15 minutes prior to the start time. An operator will register your name and organization.

    Meeting Link: https://callme.viavid.com/viavid/?callme=true&passcode=13728166&h=true&info=company&r=true&B=6
    Toll Free: 1-877-407-4018
    Toll/International: 1-201-689-8471

    A telephonic replay of the conference call will be available after 04:00 p.m. Eastern time on the same day through Tuesday, April 08, 2025 at 11:59 PM ET.
    Toll Free:1-844-512-2921
    Toll/International: 1-412-317-6671
    Replay Pin Number: 13752553
    Replay Expiry: April 8th at 11:59 PM ET

    ABOUT VERB

    Verb Technology Company, Inc. (NASDAQ: VERB), is the innovative force behind interactive video-based social commerce. The Company operates three business units, each of which leverages its social commerce technology and video marketing expertise. The Company’s MARKET.live platform is a multi-vendor, livestream social shopping destination at the forefront of the convergence of e-commerce and entertainment, where brands, retailers, creators, and influencers engage their customers, clients, fans, and followers across multiple social media channels simultaneously. GO FUND YOURSELF!, is a revolutionary interactive social crowd funding platform for public and private companies seeking broad-based exposure across social media channels for their crowd-funded Regulation CF and Regulation A offerings. The platform combines a ground-breaking interactive TV show with MARKET.live’s back-end capabilities allowing viewers to tap, scan or click on their screen to facilitate an investment, in real time, as they watch companies presenting before the show’s panel of “Titans”. Presenting companies that sell consumer products are able to offer their products directly to viewers during the show in real time through shoppable onscreen icons. VANITYPrescribed.com and GoodGirlRx.com are telehealth portals, intended to redefine telehealth by offering a seamless, digital-first experience that empowers individuals to take control of their healthcare needs. They were designed and developed to disrupt the traditional healthcare model by providing tailored healthcare solutions at affordable, fixed prices — without hidden fees, membership costs, or inflated pharmaceutical markups. GoodGirlRx.com, a partnership with Savannah Chrisley, a well-known lifestyle personality and advocate for health and wellness, offers customers access to convenient, no-hassle telehealth services and pharmaceuticals, including the new weight-loss drugs, with fixed pricing regardless of dosage, breaking away from the industry’s traditional model of excessive pricing and pharmaceutical gatekeeping.

    The Company is headquartered in Las Vegas, NV and operates full-service production and creator studios in Los Alamitos, California.

    For more information, please visit: www.verb.tech.

    Follow VERB AND MARKET.live here: 

    FORWARD-LOOKING STATEMENTS

    This communication contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance, or achievements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, those identified in our filings with the Securities and Exchange Commission (the “SEC”), including our annual, quarterly and current reports filed with the SEC and the risk factors included in our annual report on Form 10-K filed with the SEC on April 1, 2024. Any forward-looking statement made by us herein is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.

    Investor Relations Contact:
    investors@verb.tech

    The MIL Network

  • MIL-OSI: Data Storage Corporation to Participate in the 2025 iAccess Alpha Virtual Conference

    Source: GlobeNewswire (MIL-OSI)

    MELVILLE, N.Y., March 20, 2025 (GLOBE NEWSWIRE) — Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a leading provider of multi-cloud hosting, managed cloud services, disaster recovery, cybersecurity, and IT automation, that integrates with AWS, Microsoft Azure, and Google Cloud,  today announced that its management will be participating in the iAccess Alpha Virtual Best Ideas Spring Investment Conference 2025 being held March 25 and 26, 2025.

    Why Investors Should Tune In:

    • Gain insight into DSC’s expanding footprint in cloud hosting and IT modernization.
    • Learn about the Company’s scalable, secure, and high-performance cloud solutions.
    • Understand how DSC leverages partnerships with AWS, Microsoft Azure, and Google Cloud to drive innovation.

    Chuck Piluso, CEO of Data Storage Corporation, and Chris Panagiotakos, CFO of Data Storage Corporation, will be presenting at 10:00 a.m. ET on March 25, sharing insights into DSC’s business strategy, growth trajectory, and market opportunities. Management will also participate in one-on-one meetings with investors on March 26. The live webcast of the Company’s presentation will be available at https://www.webcaster4.com/Webcast/Page/3083/52117, and a replay will be accessible afterward. The presentation will also be available on the company’s website under the “News & Events” tab, https://www.dtst.com/news-events/ir-calendar.

    For more information about the iAccess Alpha Virtual Best Ideas Spring Investment Conference 2025, or to register and schedule a one-on-one meeting with Data Storage Corporation, please visit the conference website at: https://www.iaccessalpha.com/home.

    About Data Storage Corporation
    Data Storage Corporation (Nasdaq: DTST) through its subsidiaries is a leading provider of multi-cloud hosting, fully managed cloud services, disaster recovery, cybersecurity, IT automation, and voice & data solutions. Recognizing that data migration is a critical step in transitioning from on-premises systems to the cloud, DTST provides comprehensive migration services to ensure seamless, secure, and efficient data transfer, minimizing downtime and optimizing performance.

    Through its CloudFirst platform, built on IBM Power Cloud infrastructure, DTST delivers high-performance, scalable, and secure cloud solutions with interoperability across its infrastructure partners, AWS, Microsoft Azure, and Google Cloud.

    With data centers supporting cloud platform deployments across the United States, Canada, and the United Kingdom, DTST provides mission-critical cloud services to a diverse clientele, including Fortune 500 companies, government agencies, educational institutions, and healthcare organizations.

    As a leader in the multi-billion-dollar cloud hosting and business continuity market, DTST is recognized for its expertise in cloud infrastructure, IT modernization, and data migration, enabling clients to transition to the cloud with confidence and operational continuity.

    For more information, please visit www.dtst.com or follow us on X @DataStorageCorp.

    Safe Harbor Provision

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include the Company’s ability to grow its presence in Europe. These risks should not be construed as exhaustive and should be read together with the other cautionary statements included in the Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or otherwise.

    Contact:
    Crescendo Communications, LLC
    212-671-1020
    DTST@crescendo-ir.com

    The MIL Network

  • MIL-OSI Economics: AGNICO EAGLE ANNOUNCES ADDITIONAL INVESTMENT IN CARTIER RESOURCES INC.

    Source: Agnico Eagle Mines

    Stock Symbol:  AEM (NYSE and TSX)

    TORONTO, March 20, 2025 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle”) announced today that it has agreed to subscribe for 20,770,000 units (“Units”) of Cartier Resources Inc. (“Cartier”) in a non-brokered private placement at a price of C$0.13 per Unit for total consideration of C$2,700,100 (the “Private Placement”). Each Unit is comprised of one common share of Cartier (a “Common Share”) and one common share purchase warrant of Cartier (each, an “Offering Warrant”). Each Offering Warrant entitles the holder to acquire one Common Share at a price of C$0.18 for a period of five years following the closing date of the Private Placement, subject to acceleration in certain circumstances. Closing is expected to occur on or about April 10, 2025 and is subject to certain conditions.

    Agnico Eagle currently owns, or exercises control and direction over, an aggregate of 97,022,944 Common Shares and 7,000,000 Common Share purchase warrants entitling Agnico Eagle to acquire 7,000,000 Common Shares (the “Existing Warrants”), representing approximately 26.6% of the issued and outstanding Common Shares on an undiluted basis and 28.0% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the exercise of the Existing Warrants). On closing of the Private Placement, assuming that 39,432,000 Common Shares are issued by Cartier in connection with the concurrent “best efforts” private placement offering announced by Cartier, Agnico Eagle will own 117,792,944 Common Shares, 20,770,000 Offering Warrants and 7,000,000 Existing Warrants, representing approximately 27.7% of the issued and outstanding Common Shares on an undiluted basis and approximately 32.2% of the Common Shares on a partially-diluted basis (assuming the exercise of the Existing Warrants and Offering Warrants held by Agnico Eagle).

    Agnico Eagle and Cartier were party to an amended and restated investor rights agreement dated May 20, 2022 (the “Existing Agnico IRA”), pursuant to which Agnico Eagle was entitled to certain rights (subject to maintaining certain ownership thresholds), including: (a) the right to participate in certain equity financings by Cartier in order to acquire up to a 19.97% ownership interest in Cartier; and (b) the right to nominate one person (and in the case of an increase in the size of the board of directors of Cartier to 10 or more directors, two persons) to the board of directors of Cartier. In addition, Agnico Eagle Abitibi Acquisition Corp. (successor to O3 Mining Inc.), an indirect wholly-owned subsidiary of Agnico Eagle, and Cartier were party to an investor rights agreement dated April 21, 2022 (the “Existing O3 IRA”), pursuant to which Agnico Eagle Abitibi Acquisition Corp. was entitled to certain rights (subject to maintaining certain ownership thresholds), including: (i) the right to participate in certain equity financings by Cartier in order to maintain its then-current ownership interest in Cartier; and (ii) the right to nominate one person to the board of directors of Cartier.

    Immediately prior to entering into the subscription agreement in respect of the Private Placement, the Existing O3 IRA was terminated and the Existing Agnico IRA was amended and restated in order to, among other things: (a) increase the ownership interest ceiling in the participation right and top-up right from 19.97% to the greater of Agnico Eagle’s pro rata ownership interest in Cartier at the applicable time and 32%; (b) amend the nomination right to permit Agnico Eagle to nominate between one and three individuals to the board of directors of Cartier (based on certain ownership thresholds and the size of the board of directors of Cartier); and (c) grant Agnico Eagle demand registration and piggy-back registration rights in respect of the potential sale of Common Shares by Agnico Eagle.

    Agnico Eagle is acquiring the Common Shares and Offering Warrants for investment purposes. Depending on market conditions and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares, common share purchase warrants or other securities of Cartier or dispose of some or all of the Common Shares, Offering Warrants, Existing Warrants or other securities of Cartier it owns at such time.

    An early warning report will be filed by Agnico Eagle in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact:

    Agnico Eagle Mines Limited
    c/o Investor Relations
    145 King Street East, Suite 400
    Toronto, Ontario M5C 2Y7
    Telephone: 416-947-1212
    Email: investor.relations@agnicoeagle.com

    Agnico Eagle’s head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. Cartier’s head office is located at 1740, chemin Sullivan, bureau 1000, Val d’Or, Québec J9P 7H1.

    About Agnico Eagle

    Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico, with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

    Forward-Looking Statements

    The information in this news release has been prepared as at March 20, 2025. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “may”, “will” or similar terms.

    Forward-looking statements in this news release include, without limitation, statements relating to the expected closing of the Private Placement (including the expected closing date), Agnico Eagle’s ownership interest in Cartier upon closing of the Private Placement and Agnico Eagle’s acquisition or disposition of securities of Cartier in the future.

    Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.

    View original content to download multimedia:https://www.prnewswire.com/news-releases/agnico-eagle-announces-additional-investment-in-cartier-resources-inc-302406980.html

    SOURCE Agnico Eagle Mines Limited

    MIL OSI Economics

  • MIL-OSI: Alarum Technologies Announces Fourth Quarter and Annual 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    A Pivotal Year, Marking Accomplishment of Strategic Shift to Data Collection,
    Hits Milestones Toward Becoming a Driving Force in the AI Revolution

    2024 revenue increased to $31.8 million, of which $7.4 million was in the fourth quarter;
    2024 net profit rose to $5.8 million and adjusted EBITDA reached $9.4 million;
    Cash and liquid investments balance at year-end amounted to $25 million

    TEL AVIV, Israel, March 20, 2025 (GLOBE NEWSWIRE) — Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) (“Alarum” or the “Company”), a global provider of web data collection solutions, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    Shachar Daniel, Chief Executive Officer of Alarum, said: “2024 was a landmark year for Alarum, as we successfully executed our strategic vision, to focus on data collection. This transformation comes at a time when AI is reshaping the world at an unprecedented pace. As data fuels intelligence, the companies that will lead this revolution are those that anticipate change, build a strong foundation, and position themselves for long-term success. This is exactly what we are striving for – taking it step by step.”

    Market Trends Shaping Business Short-and Long-Term

    • Alarum Engaged in AI Model Training Trial Projects: as AI trends accelerated toward the end of 2024, collecting accurate data at massive scales has become increasingly critical. In the fourth quarter of 2024 and the first quarter of 2025, leading global companies, including one of the world’s largest online marketplace corporates, have selected Alarum’s Data Collection solutions for initial AI model training of mega-scale trial projects.
       
    • Industry Trends and Market Dynamics: With the growing demand for data, AI companies and data providers are forced to adapt to a rapidly evolving landscape, with websites implementing new technological barriers to data collection. This dynamic environment has led to revenue fluctuation across the industry. Alarum’s financial strength and operational efficiency allow it to capitalize on long-term market growth, leveraging its robust technological foundation, established customer base, and strategic engagements with industry leaders.
       
    • Financial Resilience: Alarum’s solid balance sheet and efficient operations enable it to stay ahead of the competition, seize opportunities promptly and adapt its long-term plans as required.
       
    • Long-term Product Strategy and Vision: Evolving market needs validate Alarum’s focus on in-depth research and aligned roadmaps. Recognizing the current era as a paramount opportunity, the Company continues to prioritize and allocate resources to seize and focus mainly on long-term growth opportunities, aiming to elevate its position to the next level.

    Recent Developments and Business Highlights

    • Network Expansion: Alarum significantly scaled its IP network (IPPN) infrastructure in 2024, reinforcing its position as a key player in large-scale data collection. Its leadership was also acknowledged in the comprehensive public report on the IPPN industry, the 2024 PROXYWAY Market Research1, which named Alarum’s NetNut Ltd. (“NetNut”) as a top performer.
    • Introducing Innovative Data Collection & Labeling Solutions: Alarum has introduced cutting-edge solutions, designed to provide seamless and scalable access to high-quality data. In the second half of 2024, the Company recorded initial sales from the Website Unblocker and SERP API (Search Engine Results Page Application Programming Interface) products, and it also made progress with the development of an AI Data Collector.
    • NetNut’s Net Retention Rate (“NRR”)2 reached 1.27 as of December 31, 2024, compared to 1.53 as of December 31, 2023, yet another consecutive quarter of achieving an NRR well-above 1.

    Chen Katz, Chairman of The Board of Alarum, commented: “Our 2024 results showcase the success of our strategic shift, which is well supported by our financial resilience. With a sharp focus on data collection, we have built a solid foundation for long term sustainability in the AI data-driven era. I am excited to see how our continued innovation and execution will shape the future of our company.”

     
    Summary of Financial Results3
    (in millions of U.S. dollars, rounded, except per share amounts and margins)
     
      For the
    Year Ended
    December 31,
      For the
    Three Months Ended
    December 31,
      2024     2023   2024   2023
      (Audited)   (Audited)   (Unaudited)   (Unaudited)
                   
    Total Revenue   31.8       26.5       7.4       7.1  
    of which, Web Data Collection Revenue was   30.9       21.3       7.2       6.7  
    Gross profit   23.9       18.8       5.3       5.3  
    Gross margin (in percentage)   75.1 %     70.9 %     72.4 %     75.0 %
    Non-IFRS gross margin (in percentage)   77.0 %     74.3 %     74.3 %     77.2 %
    Total operating expenses   17.2       24.3       5.0       3.6  
    Financial income (expense), net   0.3       (0.6 )     0.2       (0.1 )
    Tax benefit (expense)   (1.2 )     0.5       (0.1 )     (* )
    Net profit (loss) from continuing operations   5.8       (5.6 )     0.4       1.7  
    Adjusted EBITDA from continuing operations   9.4       5.2       1.5       2.2  
    Basic earnings (loss) per ADS from continuing operations (in U.S. dollars) $ 0.87     $ (1.35 )   $ 0.06     $ 0.28  
    Non-IFRS basic earnings (loss) per American Depository Share (“ADS”) from continuing operations (in U.S. dollars) $ 1.26     $ (1.14 )   $ 0.20     $ 0.38  
                                 
    Cash, cash equivalents and debt investments (including accrued interest)4   25.0       10.9       25.0       10.9  
    Shareholders’ equity3   26.4       13.2       26.4       13.2  
                                   
    * Less than $0.1 million                        
                             

    Fourth Quarter and Full Year 2024 Financial Analysis

    • Revenue in Q4 2024 grew 4% year-over-year to $7.4 million (Q4 2023: $7.1 million). The increase is attributed to our NetNut web data collection business, which grew 7% to $7.2 million in Q4 2024, up from $6.7 million in Q4 2023. Revenue for the whole year 2024 grew 20%, rising to a record of $31.8 million (2023: $26.5 million). The Web Data Collection revenue reached a Company record $30.9 million in 2024, achieving 45% year-over-year growth (2023: $21.3 million).
    • Cost of revenue in Q4 2024 was $2.0 million (Q4 2023: $1.8 million). Full year 2024, cost of revenue was $7.9 million, (2023: $7.7 million). During these periods, costs have shifted towards investment in the Company’s IP network, as per its strategic decision announced in July 2023 to focus solely on its web data collection business.
    • Operating expenses in Q4 2024 totalled $5.0 million (Q4 2023: $3.6 million). The quarterly change was driven mainly by the increase in the NetNut Data Collection operations, primarily research and development salary costs. For the full year 2024, operating expenses were down to $17.2 million (2023: $24.3 million), mainly due to 2023-related impairment costs of goodwill and intangible assets and the strategic decision to scale down the Company’s consumer internet access business operations, partially offset by the increase in Data Collection operating expenses.
    • Financial income, net, in Q4 2024 was $0.2 million (Q4 2023: financial expense, net, of $0.1 million). Financial income, net, for 2024, increased to $0.3 million (2023: financial expense, net, of $0.6 million). This shift to financial income, net, from an expense, net, was mainly due to the increase in interest income from cash deposits as well as lower financial expenses related to short- and long-term loans.
    • 2024 cash flow from operating activities rose 93%, to $8.9 million, compared to last year (2023: $4.6 million).
    • Bottom line, 2024 net profit from continuing operations rose to a record $5.8 million (2023: loss of $5.6 million), and the corresponding 2024 Adjusted EBITDA was up at a Company record $9.4 million (2023: $5.2 million).
    • As of December 31, 2024, shareholders’ equity doubled, totalling $26.4 million, up from $13.2 million as of December 31, 2023. The increase was driven by the switch to net profit from net loss as well as warrants and options exercises.
    • Outstanding ordinary share count as of December 31, 2024, was approximately 69.1 million shares, or 6.9 million in ADSs.

    Financial Outlook

    “In line with our guidance, total fourth quarter 2024 revenues increased to $7.4 million, of which $7.2 million were attributed to Web Data Collection, and fourth quarter 2024 Adjusted EBITDA reached $1.5 million. Our cash and liquid investment balance on December 31, 2024, increased to $25 million, demonstrating once again success in cashflow generation,” said Mr. Shai Avnit, Chief Financial Officer of Alarum.

    “As we look ahead, our revenue guidance reflects the ongoing shifts in the global data collection. First quarter 2025 revenues are estimated at $7.3 million ±3% and Adjusted EBITDA for the first quarter 2025 is expected to range from $0.8 million to $1.2 million. We are navigating a period of adjustment as the industry evolves, and while short-term revenue growth may be lower than in previous quarters, we remain focused on the bigger picture, and on generating long-term and sustainable value for the Company’s stakeholders,” Mr. Avnit concluded.

    We are unable to present a reconciliation of our estimated Adjusted EBITDA to net profit from continuing operations as we are unable to predict with reasonable certainty, and without unreasonable effort, the impact and timing of certain expenses on our net profit from continuing operations. The financial impact of these expenses is uncertain and is dependent on various factors, including timing, and could be material to our consolidated statements of profit or loss and other comprehensive income (loss).

    Fourth Quarter 2024 Financial Results Conference Call

    Mr. Shachar Daniel, Chief Executive Officer of Alarum, and Mr. Shai Avnit, Chief Financial Officer of Alarum, will host a conference call today, March 20, 2025, at 8:30 a.m. ET, 5:30 a.m. Pacific time, 2:30 p.m. Israel, to discuss the fourth quarter and full year 2024 results and the first quarter 2025 outlook, followed by a Q&A session. To attend, please dial one of the following numbers, at least five minutes before the call starts: 1-877-407-0789 or 1-201-689-8562. If you are unable to connect using the toll-free number, please try the international dial-in number. An Israeli toll-free number is: 1 809 406 247. Participants will be required to state their name and company upon dialling in. 

    Replay: The conference call will be broadcast live and available for replay here, after 11:30 a.m. ET on March 20, 2025, through April 20, 2025. Toll-free replay numbers: 1-844-512-2921 or 1-412-317-6671, ID: 13751807.

    Forward-Looking Statements

    • This press release contains forward-looking statements within the meaning of the “safe harbor” words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Alarum is using forward-looking statements in this press release when it discusses strategic vision, benefits, advantages and capabilities of Alarum’s solutions, the growing demand for data, that Alarum’s financial strength and operational efficiency allow it to capitalize on long-term market growth, that Alarum’s solid balance sheet and efficient operations enable it to stay ahead of the competition, seize opportunities promptly and adapt its long-term plans as required, that the Company continues to prioritize and allocate resources to seize and focus mainly on long-term growth opportunities and its aim to elevate its position to the next level, the estimates of the revenues for the first quarter 2025 revenues and Adjusted EBITDA, that short-term revenue growth may be lower than in previous quarters, and the Company’s focus on the bigger picture, and on generating long-term and sustainable value for the Company’s stakeholders. Because such statements deal with future events and are based on Alarum’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Alarum could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Alarum’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 20, 2025, and in any subsequent filings with the SEC. Except as otherwise required by law, Alarum undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Alarum is not responsible for the contents of third-party websites.
     
    Condensed Consolidated Statements of Financial Position
    (in thousands of U.S. dollars)
       
      December 31,
      2024   2023  
      (Audited)
    Assets      
    Current assets:      
    Cash and cash equivalents 15,081     10,872  
    Trade receivables, net 3,231     1,994  
    Other receivables 503     399  
      18,815     13,265  
           
    Non-current assets:      
    Long-term deposits 121     104  
    Other non-current assets 85     145  
    Property and equipment, net 130     88  
    Right-of-use assets 498     779  
    Deferred tax assets 422     181  
    Debt investments at fair value through other comprehensive income 9,256      
    Debt investments at fair value through profit or loss 555      
    Intangible assets, net 811     1,386  
    Goodwill 4,118     4,118  
    Total non-current assets 15,996     6,801  
    Total assets 34,811     20,066  
           
    Liabilities and equity      
    Current liabilities:      
    Trade payables 251     369  
    Other payables 4,484     2,439  
    Current maturities of long-term loan 938     290  
    Contract liabilities 1,987     1,983  
    Derivative financial instruments 148     109  
    Short-term lease liabilities 359     370  
    Total current liabilities 8,167     5,560  
           
    Non-current liabilities:      
    Long-term lease liabilities 261     523  
    Long-term loans, net of current maturities 32     802  
    Total non-current liabilities 293     1,325  
    Total liabilities 8,460     6,885  
           
    Equity:      
    Ordinary shares      
    Share premium 111,892     100,576  
    Other equity reserves 11,012     14,938  
    Accumulated deficit (96,553 )   (102,333 )
    Total equity 26,351     13,181  
    Total liabilities and equity 34,811     20,066  
               
               
     
    Condensed Consolidated Statements of Profit or Loss
    (in thousands of U.S. dollars, except per share amounts)
     
      For the
    Year Ended
    December 31,
      For the
    Three Months Ended
    December 31,
      2024   2023   2024   2023
      (Audited)   (Audited)   (Unaudited)   (Unaudited)
    Continuing operations              
    Revenue   31,824     26,521     7,370     7,107  
    Cost of revenue   7,915     7,711     2,032     1,778  
    Gross profit   23,909     18,810     5,338     5,329  
                     
    Operating expenses:                
    Research and development   4,495     3,557     1,210     795  
    Sales and marketing   7,033     10,035     1,988     1,579  
    General and administrative   5,661     4,406     1,749     1,207  
    Impairment of goodwill       6,311          
    Total operating expenses   17,189     24,309     4,947     3,581  
                     
    Operating profit (loss)   6,720     (5,499 )   391     1,748  
                     
    Financial income (expense), net   281     (590 )   163     (54 )
    Profit (loss) from continuing operations before income tax   7,001     (6,089 )   554     1,694  
    Tax benefit (expense)   (1,221 )   482     (112 )   (22 )
    Profit (loss) from continuing operations, net of income tax   5,780     (5,607 )   442     1,672  
    Profit from discontinued operations, net of income tax       82          
    Net profit (loss) for the period   5,780     (5,525 )   442     1,672  
    Other comprehensive income (loss) for the period
    Change in fair value of debt investments
      (80 )       (80 )    
    Total comprehensive income (loss) for the period   5,700     (5,525 )   362     1,672  
                     
    Basic profit (loss) per share:                
    Continuing operations $ 0.09     (0.14 )   0.01     0.03  
                     
    Discontinued operations       *        
      $ 0.09     (0.14 )   0.01     0.03  
                     
    Diluted profit (loss) per share:                
    Continuing operations $ 0.08     (0.14 )   0.01     0.03  
                     
    Discontinued operations       *        
      $ 0.08     (0.14 )   0.01     0.03  
                     
    Basic profit (loss) per ADS:              
                   
    Continuing operations $ 0.87     (1.35 )   0.06     0.28  
                     
    Discontinued operations       *        
      $ 0.87     (1.35 )   0.06     0.28  
    * Less than $0.01
     

    Use of Non-IFRS Financial Results

    In addition to disclosing financial results calculated in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, this press release contains non-IFRS financial measures of EBITDA (EBITDA loss), Adjusted EBITDA (Adjusted EBITDA loss), non-IFRS net profit (loss), non-IFRS gross profit, non-IFRS gross margin and non-IFRS basic earnings (loss) per share or ADS for the periods presented. The Company defines EBITDA (EBITDA loss) as net profit (loss) from continuing operations before depreciation, amortization and impairment of intangible assets, financial income (expense) and income tax; defines Adjusted EBITDA (Adjusted EBITDA loss) as EBITDA (EBITDA loss) as further adjusted to remove the impact of (i) impairment of goodwill (if any); and (ii) share-based compensation; defines non-IFRS net profit (loss) as net profit (loss) from continuing operations before depreciation, amortization and impairment of intangible assets, impairment of goodwill, financial income (expense) effects primarily related to derivative financial instruments as well as long-term loans, deferred tax effects and share-based compensation; defines non-IFRS gross profit as gross profit from continuing operations adjusted to remove the impact of depreciation, amortization and impairment of intangible assets and share-based compensation recorded under cost of revenues; defines non-IFRS gross margin as the percentage of the non-IFRS gross profit out of revenues; and defines non-IFRS basic earnings (loss) per share or ADS as non-IFRS net profit (loss) divided by the weighted average number of ordinary shares or ADSs. The Company’s management believes the non-IFRS financial information provided in this press release is useful to investors’ understanding and assessment of the Company’s ongoing operations. Management also uses both IFRS and non-IFRS information in evaluating and operating its business internally, and as such deemed it important to provide this information to investors. The non-IFRS financial measures disclosed by the Company should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with IFRS, and the financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated. Investors are encouraged to review the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures provided in the financial statement tables herein.

    Other Metrics

    Net retention rate (NRR) is a key indicator of customer base health and revenue expansion. It is based on NRR point in time, which measures the revenue growth of customers over the past four quarters, compared to the revenue generated from these customers during the same period a year earlier.
    NRR is calculated as an average of the NRR points in time for the end of the current period and the three preceding quarters.
    NRR > 1 (or 100%): Indicates revenue growth driven by existing customers, where upsells and cross-sells outweigh churn.
    NRR < 1 (or 100%): Shows revenue loss due to churn exceeding gains from upsells or cross-sells.

    Non-IFRS Financial Measures
    (in millions of U.S. dollars, rounded)

    The following tables present the reconciled effect of the above on the Company’s Adjusted EBITDA (EBITDA loss); non-IFRS net profit (loss); and non-IFRS gross profit for the year and three months ended December 31, 2024 and 2023:

      For the
    Year Ended
    December 31,
      For the
    Three Months Ended
    December 31,
      2024   2023   2024   2023
                   
    Net profit (loss) from continuing operations 5.8     (5.6 )   0.4     1.7
    Adjustments:              
    Depreciation, amortization and impairment of intangible assets 0.6     3.5     0.2     0.1
    Financial expense (income), net (0.4 )   0.6     (0.1 )   0.1
    Tax expense (benefit) 1.4     (0.5 )   0.1     *
    EBITDA (EBITDA loss) 7.4     (2.0 )   0.6     1.9
    Adjustments:              
    Impairment of goodwill     6.3        
    Share-based compensation 2.0     0.9     0.9     0.3
    Adjusted EBITDA for the period 9.4     5.2     1.5     2.2
    * Less than $0.1 million
                         
       
      For the
    Year Ended
    December 31,
      For the
    Three Months Ended
    December 31,
      2024   2023   2024   2023
    Net profit (loss) from continuing operations 5.8     (5.6 )   0.4     1.7
    Adjustments:              
    Depreciation, amortization and impairment of
    intangible assets
    0.6     3.5     0.2     0.1
    Financial expense (income), net effects 0.1     0.1     (* )   0.2
    Deferred tax effects (0.1 )   (0.5 )   (0.1 )   *
    Impairment of goodwill     6.3        
    Share-based compensation 2.0     0.9     0.9     0.3
    Non-IFRS net profit for the period 8.4     4.7     1.4     2.3
    * Less than $0.1 million
                         
           
      For the
    Year Ended
    December 31,
      For the
    Three Months Ended
    December 31,
      2024   2023   2024   2023
    Gross profit from continuing operations 23.9   18.8   5.3   5.3
    Adjustments:              
    Depreciation, amortization and impairment of
    intangible assets
    0.6   0.9   0.2   0.2
    Share-based compensation *   *   *   *
    Non-IFRS gross profit for the period 24.5   19.7   5.5   5.5
    * Less than $0.1 million
                   

    About Alarum Technologies Ltd.

    Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) is a global provider of web data collection solutions, empowering organizations to gain a competitive edge by streamlining the collection, extraction, and analysis of large-scale structured data from public online sources. Our data collection solutions by NetNut, are based on our world’s fastest and most advanced and secured hybrid proxy network, which comprises both exit points based on our proprietary reflection technology and hundreds of servers located at our ISP partners around the world. Pushing the boundaries of innovation in data collection, we are building a robust platform, complemented by the Website Unblocker, Data Collector, Data Sets and AI data collector. As the impact of the AI revolution unfolds, Alarum, with its robust market-leading data collection offerings is preparing itself to play a meaningful role as the world reshapes in a new form.

    For more information about Alarum and its web data collection solutions, please visit www.alarum.io.

    Follow us on Twitter

    Subscribe to our YouTube channel

    Investor Relations Contact:
    investors@alarum.io

    ________________________
    1https://proxyway.com/research/proxy-market-research-2024
    2 See definition under “Other Metrics”
    3 The table below contains certain non-IFRS financial measures. See “Use of Non-IFRS Financial Results” for additional information regarding these measures and reconciliations to the most comparable IFRS measures.
    4 As of the last day of the period.

    The MIL Network

  • MIL-OSI: Alm. Brand A/S – Chairman Jørgen Hesselbjerg Mikkelsen will not be standing for re-election at upcoming annual general meeting

    Source: GlobeNewswire (MIL-OSI)

    Chairman of the Board of Directors of Alm. Brand A/S Jørgen Hesselbjerg Mikkelsen will not be standing for re-election at the upcoming general meeting. The Board of Directors nominates Jais Valeur as new chairman.

    Jais Valeur has been a member of the Board of Directors since 2023, and he has many years of experience with complex corporate structures, business development, transformation and M&A. Jais Valeur also has extensive board experience, including as deputy chairman of Royal Unibrew A/S. With Jais Valeur as chairman of the Board of Directors, Alm. Brand A/S will be ensured both continuity and sustained growth.

    “I am extremely honoured to be nominated as chairman of Alm. Brand A/S. I would like to take this opportunity to thank Jørgen Hesselbjerg Mikkelsen for his many years of dedication to Alm. Brand Group and for his efforts in spearheading the extensive transformation of the group, including the acquisition of Codan. Together with the other members of the Board of Directors and in close dialogue with management, I will ensure that Alm. Brand Group continues on a strong trajectory in the upcoming strategy period,” says Jais Valeur.

    Jørgen Hesselbjerg Mikkelsen has made comprehensive changes in Alm. Brand Group over the past couple of years. Alm. Brand Group has transitioned from being a financial supermarket spanning banking, insurance and pension services to being a fully-focused, major Danish non-life insurance company.

    “I want to thank Alm. Brand’s shareholders and the Board of Directors for their confidence during the transformation of the group and not least management and the many dedicated employees for delivering on the long-term goals we have set for Alm. Brand Group. Together, we have changed and strengthened the group, and in particular with the acquisition of Codan and the divestment of the Energy & Marine business, we have created a strong launch pad for the future. I am therefore pleased to pass the baton to Jais Valeur, who is every bit as dedicated to continuing the strong trajectory,” says Jørgen Hesselbjerg Mikkelsen.

    A list of candidates for the Board of Directors is included as part of the agenda for the 2025 annual general meeting, which is available on the company’s website under “Investors”.

    The elected members of the Board of Directors will appoint the new chairman immediately after the annual general meeting.

    The CV for Jais Valeur is included as an attachment to this announcement.

    Contact

    Please direct any questions regarding this announcement to:

    Investors and equity analysts:

    Head of IR, Rating & ESG Reporting
    Mads Thinggaard
    Mobile no. +45 2025 5469

    Press:

    Head of Communications and Media Relations
    Mikkel Luplau Schmidt
    Mobile no. +45 2052 3883

    Attachments

    The MIL Network

  • MIL-OSI United Kingdom: Manchester tech companies shut down for suspected monthly direct debit scam

    Source: United Kingdom – Executive Government & Departments

    Press release

    Manchester tech companies shut down for suspected monthly direct debit scam

    Consumers appeared to be signed up for monthly payments without their consent

    • Concerns were raised that tech companies Affinity Technology Solutions Limited and RCSR Tech Limited were operating a direct debit scam 

    • Monthly payments of around £30 were made without customers’ knowledge or permission, complainants said 

    • Both companies have now been shut down in court following investigations by the Insolvency Service 

    Two connected tech companies which claimed to protect people online and enhance their social media image have been shut down following concerns they were running a direct debit scam.  

    Manchester-based companies Affinity Technology Solutions Limited and RCSR Tech Limited were both wound-up at the High Court in Manchester on Tuesday 18 March. 

    Affinity claimed to offer a service called IDSafeGuard which protected their customers’ online identity.  

    RCSR claimed to provide a service called ReportCurve which it said boosted a person’s online and social media footprint, making them more attractive to would-be employers and improving their eligibility for financial products. 

    However, individuals reported that they had monthly subscription fees of around £29.99 removed from their bank accounts for services they had never subscribed to. 

    The unwanted subscription services appeared to have been set up as part of an online loan application through an affiliated marketing company’s website. 

    Complaints were also made that the two companies would not cancel the unwanted subscriptions or offer refunds to customers. 

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

    Numerous complaints were made that Affinity and RCSR were tricking consumers into monthly subscriptions for products they did not want or were entirely unaware of. 

    Indeed, from our investigations, it is not clear that either company provided any of the services to their unwitting customers. 

    Both Affinity and RSCR completely failed to co-operate with our investigations, leaving us with no option but to take this robust action to stop the companies from trading in the future and protect the public from further financial harm.

    Affinity and RCSR were incorporated within two days of each other in February 2020. Both were described on Companies House as providing business and domestic software development. 

    Insolvency Service investigations concluded that the companies were linked through the same controlling force who was not listed as the official director. The registered office for both companies was also the same address on Wilmslow Road in south Manchester. 

    Investigators contacted the official directors of both Affinity and RSCR as well as the individual believed to be in actual control of the companies. All of them failed to comply with the investigation. 

    Both companies also failed to file accounts at Companies House as they were required to do. 

    The Official Receiver has been appointed as liquidator of Affinity Technology Solutions Limited and RCSR Tech Limited. 

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

    Affinity is not linked to a number of companies with similar names. 

    Further information 

    Updates to this page

    Published 20 March 2025

    MIL OSI United Kingdom

  • MIL-OSI: RYVYL Secures Major Payments-as-a-Service Contracts, Set to Onboard Nearly One Million New Accounts in the next 12 Months

    Source: GlobeNewswire (MIL-OSI)

    First contract has onboarded over 1,000 accounts with 50,000+ more accounts expected in 2025

    Second contract to onboard over 900,000 accounts over a 12-month period beginning Q2 2025

    These new contracts reinforce 2025 revenue outlook of $80 million to $90 million

    SAN DIEGO, CA, March 20, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading provider of cutting-edge payment solutions, announced that its subsidiary RYVYL EU has secured two Payments-as-a-Service (PaaS) contracts, which are expected to onboard nearly one million new accounts over the next 12 months. These agreements significantly expand RYVYL’s footprint in Europe and strengthen its long-term growth trajectory.

    Fredi Nisan, CEO of RYVYL, said: “Following the successful launch of our first digital Payments-as-a-Service (PaaS) contract, we have now secured a second, larger partnership with a fully digital bank serving tens of millions of customers across 180 countries. With over 80% of its transactions involving cross-border payments, this partner chose RYVYL PaaS for our extensive presence in Europe and North America, robust security infrastructure, and seamless multi-currency settlement capabilities.”

    “These agreements further validate our ability to serve high-growth financial platforms and support their global expansion. Our advanced payment solutions provide seamless onboarding, compliance expertise, and the operational scale required to power modern digital banking ecosystems.”

    • The first contract, with a leading international money service provider, offers both virtual and physical payment cards managed through RYVYL’s payments platform and mobile app. RYVYL has already successfully onboarded 1,000 client accounts, with over 50,000 more accounts expected in 2025.
    • The second contract, with one of the world’s largest fully digital banking platforms, is projected to onboard 900,000 new customer accounts over a 12-month period, starting in Q2 2025. API integrations and testing have already started, and initial onboarding is set to begin in the coming months.

    “These contracts reinforce our 2025 revenue guidance of $80 million to $90 million and are also expected to contribute operational efficiencies and increasing gross margin that will drive positive annual adjusted EBITDA and positive operating cash flow in the second half of 2025,” added Nisan.

    The foregoing guidance is based on the Company’s continuation of the business, as currently conducted. On January 24, 2025, the Company entered into an agreement with a financing source that was structured as a pre-funded asset sale with a 90-day closing period, which ends on April 23, 2025 and may be extended an additional 30 days to May 23, 2025, if the Company pays $500,000 for such extension. Shares in the Company’s RYVYL EU subsidiary were placed in escrow during the closing period. Although there are no guarantees, the Company intends to terminate the asset sale within the closing period by paying $16.5 million in consideration of such termination. The Company’s financial guidance for 2025 is based on fully retaining its RYVYL EU subsidiary.

    About RYVYL

    RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding timely payment of the second tranche, the benefit to stockholders from the repayment of the Note and repurchase of the Preferred Stock, and the timing and expectation of revenues from the license described herein and are charactered by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the licensee understands and complies with various banking laws and regulations that may impact the licensee’s ability to process transactions. For example, federal money laundering statutes and Bank Secrecy Act regulations discourage financial institutions from working with operators of certain industries – particularly industries with heightened cash reporting obligations and restrictions – as a result of which, banks may refuse to process certain payments and/or require onerous reporting obligations by payment processors to avoid compliance risk. These statements are also subject to any damages the Company could suffer as the result of previously announced litigation or actions of any governmental agencies. These and other risk factors affecting the Company are discussed in detail in the Company’s periodic filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether because of the latest information, future events or otherwise, except to the extent required by applicable laws.

    Disclaimer Regarding Financial Information

    The financial information presented in this press release, for the year ended December 31, 2024, is based on preliminary financial statements prepared by management, for the year ended December 31, 2024. Accordingly, such financial information may be subject to change. All such information contained in this press release will be qualified with reference to the audited financial results for the year ended December 31, 2024, which the Company intends to release on or before March 27, 2025, and in any event by March 31, 2025, and will be posted on www.sec.gov. While the Company does not expect there to be any material changes to the financial information provided in this press release, any variation between the Company’s actual results and the preliminary financial information set forth herein may be material.

    IR Contact:
    David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

    The MIL Network

  • MIL-OSI: Baker Hughes to Provide Fully Integrated Completions for Petrobras’ Offshore Fields

    Source: GlobeNewswire (MIL-OSI)

    • New solutions will support remote operations in deepwater fields
    • Technology allows real-time response to evolving well conditions across multiple zones

    HOUSTON and LONDON, March 20, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, announced Thursday a major, multi-year fully integrated completions systems contract with Petrobras. The award followed an open tender and will leverage Baker Hughes’ innovative completions technology portfolio and extensive experience in Brazil to optimize production across multiple deepwater fields.

    A range of technologies from Baker Hughes has been specifically tailored to meet the needs of Petrobras’ offshore developments. The intelligent completions technologies, combined with conventional upper and lower completions solutions, will provide remote operations capabilities and multizone control, limiting water and gas breakthroughs and reducing the risk of any costly interventions.

    “Deepwater, high pressure wells require an unmatched level of reliability, and our completion technologies have proven themselves in these harsh environments,” said Amerino Gatti, executive vice president, Oilfield Services & Equipment at Baker Hughes. “Through continual innovation, improvement and testing, and in close collaboration with Petrobras, the Baker Hughes team has pioneered new ways to help develop Brazil’s natural resources safely and efficiently for decades to come.”

    Through this agreement, Petrobras will utilize Baker Hughes’ new SureCONTROL Premium interval control valve (ICV), which provides enhanced reliability in the high flowrates of Petrobras’ offshore fields. This technology was developed to meet Petrobras’ industry-leading standards and allows operators to respond remotely to evolving well conditions across multiple zones in real time.

    Petrobras will deploy a number of additional Baker Hughes completions technologies, including SureSENS QPT ELITE downhole gauges, SureSENS B-Annulus monitoring system, SureTREAT chemical injection system, Sur-Set flow control system, Orbit Premium barrier valves, a gas lift system, REACH subsurface safety valves, DeepShield subsurface safety valves, Premier packers, screens and gravel pack system.

    Baker Hughes has played a key role in the development of Brazil’s offshore oil and gas fields for decades, and the company’s localization strategy contributes to the nation’s economy while strengthening its energy supply chain.

    Delivery will begin in late 2025.

    About Baker Hughes
    Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Media Relations

    Brian Reynolds
    +1 346-315-6663
    brian.reynolds@bakerhughes.com

    Investor Relations

    Chase Mulvehill
    +1-346-297-2561
    investor.relations@bakerhughes.com

    The MIL Network

  • MIL-OSI: Intermap’s Insurance Business Starts 2025 With Strong Growth

    Source: GlobeNewswire (MIL-OSI)

    Year-to-date insurance awards surpass $1.1 million

    Two new strategic partnerships with major insurance customers

    DENVER, March 20, 2025 (GLOBE NEWSWIRE) — Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced that its global insurance business is off to a strong start in 2025 with awards surpassing $1.1 million from new client subscriptions and multiple renewals.

    Intermap is pleased to announce a new, large multiyear subscription with a major bank-insurance group operating in five European countries. Serving retail, private banking, SME and mid-cap clients, the group has adopted the latest generation of Intermap’s Aquarius RMA solution for natural hazards and climate change risk quantification. Using AI-powered modeling and continually updated 3D terrain data, the solution delivers precise risk assessments throughout the policy lifecycle—from underwriting to claims adjustment—empowering the group to deploy innovative, data-driven strategies for climate and sustainability challenges.

    Intermap also recently secured a major partnership with PREMIUM Insurance Company Limited, which adopted Intermap’s next-generation Aquarius RMA natural hazard solution. This collaboration marks a significant step forward for flood risk management in Europe, ensuring that homeowners and businesses in these markets benefit from more informed and reliable insurance decisions.

    “Providing property insurance in the Czech Republic and Slovakia without high-quality flood maps and robust risk assessment would be increasingly time and labor-intensive,” said Marek Benko, Member of the Board of Directors at PREMIUM Insurance. “By integrating Intermap’s advanced mapping solutions, we are enhancing our underwriting precision, building greater trust with our reinsurers, and ensuring our clients receive the most sustainable coverage possible.”

    “We are seeing increased demand for our applications and solutions in our insurance vertical, driving record revenue early in the year,” said Patrick A. Blott, Intermap Chairman and CEO. “Our data products are one of a kind, making our subscriber base sticky with de-minimis churn.” Mr. Blott continued, “Insurance companies are increasingly leveraging 3D geospatial data to enhance risk assessment and evaluate property vulnerabilities such as flood or wildfire exposure with greater precision. Building upon our 3D foundation data, Intermap incorporates artificial intelligence and machine learning techniques into our NEXTMap solution to create globally available digital elevation models at resolutions as fine as a single meter, offering our insurance clients and other verticals the ability to make unparalleled, data-driven decisions. We look forward to updating the market as we build upon these new wins and execute against our current pipeline of insurance industry opportunities.”

    Fourth Quarter and Full Year 2024 Results and Conference call

    As a reminder, Intermap will report its fourth quarter and full year 2024 results on Thursday, March 27, 2025 at 5:00 pm ET. The Company’s CEO Patrick Blott, CFO Jennifer Bakken and COO Jack Schneider will host a live webinar to review the results, provide Company updates and answer investor questions following the presentation.

    CONFERENCE CALL DETAILS

    Date Thursday, March 27, 2025
    Time 5:00 pm ET
    Link Register
       

    Learn more about Intermap’s global insurance solutions at intermap.com/insurance.

    Intermap Reader Advisory 
    Certain information provided in this news release, including reference to revenue growth, constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast”, “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

    About Intermap Technologies 
    Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. 

    For more information, please visit www.intermap.com or contact:
    Jennifer Bakken
    Executive Vice President and CFO
    CFO@intermap.com
    +1 (303) 708-0955

    Sean Peasgood
    Investor Relations
    Sean@SophicCapital.com
    +1 (647) 260-9266

    The MIL Network

  • MIL-OSI: MEXC Introduces Bedrock (BR) Listing with Spot & Futures Trading, Offering 150,000 USDT to Power Next-Gen DeFi Restaking

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 20, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announced the listing of Bedrock (BR) on both spot and futures markets, scheduled for March 20, 2025, 12:05 (UTC), subject to sufficient liquidity. To celebrate the launch, MEXC is introducing an Airdrop+ rewards pool totaling 150,000 USDT, strengthening its support for innovative multi-asset liquid restaking solutions in the DeFi ecosystem.

    Revolutionizing DeFi: MEXC Lists Bedrock (BR) to Drive Multi-Asset Restaking Adoption

    Bedrock (BR) is an innovative blockchain project offering a multi-asset liquid restaking protocol, enabling users to earn enhanced yields on Ethereum, Bitcoin, and DePIN rewards while retaining liquidity. By integrating with DeFi ecosystems such as EigenLayer, Babylon, and the Bedrock Diamonds rewards system, Bedrock helps users maximize asset efficiency and compound returns. With 278,627 token holders, $441.77M total restaked, and 4,628.28 BTC in reserves, it delivers a robust suite of solutions that seamlessly integrate staking and restaking functionalities. The BR token serves as a key utility and governance component, driving growth and adoption across multiple blockchain networks. Learn more about Bedrock (BR) here.

    By listing Bedrock (BR), MEXC underscores its dedication to championing transformative DeFi protocols. Leveraging its robust trading environment, deep liquidity, and expansive global reach, MEXC provides Bedrock with a powerful launchpad to scale the adoption of its multi-asset liquid restaking technology. Through strategic marketing initiatives, trading events, and ecosystem collaborations, MEXC amplifies Bedrock’s visibility, showcasing its pioneering contributions to yield optimization, governance, and cross-chain synergy. This approach allows MEXC to bridge cutting-edge innovations with global markets, empowering participants across the DeFi spectrum.

    Celebrate the BR Listing with a 150,000 USDT Prize Pool

    MEXC continues its mission to support innovative blockchain projects by listing Bedrock (BR) in the Innovation Zone on March 20, 2025(UTC). The BR/USDT spot market will be available first, followed by the BR USDT perpetual futures launch , offering up to 50x leverage in both cross and isolated margin modes.

    To mark the occasion, a 150,000 USDT prize pool will be available through a series of exclusive events from March 18, 2025, at 11:00 (UTC) to April 1, 2025, at 11:00 (UTC).

    Event 1: Airdrop+ Rewards

    • Deposit and share 90,000 USDT (New user exclusive).
    • Futures Challenge — Trade to share 50,000 USDT in futures bonuses (Open to all users).
    • Invite friends and share 10,000 USDT (Open to all users).

    Your Easiest Way to Trending Tokens

    MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 34 million by offering a diverse selection of tokens, high-frequency airdrops, competitive fees, and comprehensive liquidity. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

    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, 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.

    MEXC Official WebsiteXTelegramHow to Sign Up on MEXC

    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.

    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/12e5bc85-cc42-49ed-8284-6cd27fb0f6c6

    The MIL Network

  • MIL-OSI Africa: R10 billion to eThekwini Municipality infrastructure

    Source: South Africa News Agency

    The eThekwini Municipality has allocated about R10 billion to rebuild its water, electricity, and solid waste management infrastructure.

    This comes as Minister of Finance Enoch Godongwana announced a R3.33 billion grant allocation to eThekwini for trading services reforms over the next three years.

    The municipality said the performance grant will be used to upgrade water and sanitation, electricity, and solid waste management so as to ensure that trading services are self-sufficient.

    The city said the reforms for trading services will initially affect water and electricity for the first year, starting in the 2025/26 financial year.

    “With respect to eThekwini Water and Sanitation (EWS) Unit, the city has adopted a Water and Sanitation Turnaround Strategy (TAS) and further developed the Business and Investment plan, and an Institutional and Governance Reform Road map.

    “The latter has the six strategic pillars that underpin the reform of EWS into a ring-fenced commercial business unit, as echoed by Minister Godongwana in the recent budget speech,” the city located in KwaZulu-Natal said.

    The strategic pillars included institutionalisation of single point of accountability; acquisition of management, technical and change leadership capabilities; improvement of the governance model and the financial ring-fencing of the Water and Sanitation Business Unit, among others.

    Pursuant to the implementation of this strategy, the city said it intends to increase investment into priority capital and operational programmes that will help realise the envisaged financial turnaround, as well as stabilise the water and sanitation services to meet customer needs.

    “The turnaround strategy, as adopted by Council, is in progress with 22% of the goals achieved to date. As the city aligns its budget priorities, the additional funds will be directed to the EWS TAS programmes that seek to reduce water losses, improve customer call centre systems, water metering, as well as intermittent water supply while reducing inefficiencies in all operations,” the municipality said.

    The city through the Mayor’s Office will continue to engage all stakeholders on the EWS TAS, to ensure that the performance and outcome required are achieved.

    “The R3.33bn incentive grant will therefore help the city gear up its existing resources to accelerate the reforms required and reposition the trading services to attract the required investments to improve the business, as per the business and investment plans that have been developed for the next five years,” the municipality said.

    Additionally, the municipality has commended the indicative allocations, as provided in the budget, and commited to align them to its budget for approval in May 2025. – SAnews.gov.za
     

    MIL OSI Africa

  • MIL-OSI United Kingdom: Berge Mawson report published

    Source: United Kingdom – Executive Government & Departments

    News story

    Berge Mawson report published

    Fatal accident on board a bulk carrier at Bunyu Island anchorage, Indonesia.

    Image courtesy of Komite Nasional Keselamatan Transportasi

    Today, we have published our accident investigation report into the deaths of three stevedores in a cargo hold access space on board Berge Mawson on 27 June 2022 at Bunyu Island anchorage, Indonesia.

    Chief Inspector of Marine Accidents, Andrew Moll OBE, said:

    Cargo operations on board bulk carriers require stevedores and other shore workers to carry out tasks on board, often working separately from the crew. In this accident, it is evident that the stevedores did not have sufficient understanding of the hazards posed by coal cargoes nor, more worryingly, had they received training about the dangers associated with entering enclosed spaces.

    Although Berge Mawson’s crew were well-trained in their emergency response to enclosed space accidents, their drill scenarios did not involve shore workers who could be on board at the time. In the crew’s rush to collect rescue equipment they left the entry point to an enclosed space containing a noxious atmosphere unguarded, and this oversight tragically led to the second and third stevedores dying in a well-intentioned but misguided attempt to rescue their colleague.

    Despite international and industry guidance on the training stevedores should receive before working on bulk carriers, InterManager data shows that, of the 257 enclosed space fatalities reported between 1999 and 2023, 67 (26%) were stevedores or shore workers. To help prevent further loss of life it is essential that bulk carrier and terminal operating procedures, practices and training equip shore workers to operate safely on board the vessels they attend.

    This investigation was carried out by the UK Marine Accident Investigation Branch (MAIB) on behalf of the Isle of Man Administration in accordance with the Memorandum of Understanding between the MAIB and the Red Ensign Group Category 1 registries of Isle of Man, Cayman Islands, Bermuda and Gibraltar.

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    Updates to this page

    Published 20 March 2025

    MIL OSI United Kingdom

  • MIL-OSI USA: Governor Newsom announces appointments 3.19.25

    Source: US State of California 2

    Mar 19, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Emily Warren, of Orinda, has been appointed Deputy Secretary for Innovative Mobility Solutions at the California State Transportation Agency. Warren has been an Advisory Venture Parter at Fontinalis Partners, LLC since 2019. She was Head of Public Policy at EverCharge from 2023 to 2024. Warren was Head of Public Policy at Embark Trucks from 2022 to 2023. Warren was Senior Manager of Public Policy at Amazon from 2021 to 2022. She was Senior Policy Advisor at NelsonNygaard Consulting Associates from 2020 to 2021. Warren was Senior Director of Policy and Public Affairs at Lime from 2018 to 2019. She held several roles at Lyft from 2012 to 2019, including Senior Director of Transportation Policy, Director of Transportation Policy, Director of Community Relations, Director of Community Engagement, and Community Manager. Warren was a Municipal Financial Consultant at Public Financial Management from 2011 to 2012. She was Assistant Director of External Affairs for the University of Pennsylvania from 2009 to 2010. Warren is a member of the National Center of Sustainable Transportation Leadership Council and the University of California, Los Angeles Institute of Transportation Studies Advisory Board. She earned a Master of Public Administration degree in Public Finance from the University of Pennsylvania, and a Bachelor of Arts degree in Political Science and Critical Gender Studies from the University of California, San Diego. This position does not require Senate confirmation, and the compensation is $176,004. Warren is a Democrat.

    Eva Spiegel, of Davis, has been appointed Deputy Director of Communications at the California Department of Motor Vehicles. Spiegel was Senior Communications Specialist at Kearns & West from 2021 to 2025. She was Founder and Principal of Spiegel Communications from 2019 to 2021. Spiegel was Director of Communications for the League of California Cities from 2007 to 2019. She was Director of Broadcast Operations and Special Projects at the American Communications Foundation from 1995 to 2006. Spiegel earned a Master of Arts degree in Broadcast and Electronic Communication Arts from California State University, San Francisco, and a Bachelor of Arts degree in Political Science for the University of California, Davis. This position does not require Senate confirmation, and the compensation is $150,000. Spiegel is a Democrat.

    Suzy Shuster, of Beverly Hills, has been appointed to the California Film Commission. Shuster has been Co-Host and Executive Producer of Women’s Sports Now on RokuChannel since 2025, Co-Host of the What the Football Podcast since 2023, and Guest Host on The Rich Eisen Show since 2014. Shuster was a Host/Reporter for University of Southern California Trojans Pregame Show on ESPN 710 from 2003 to 2009. Shuster was a reporter for ABC Sports from 2003 to 2006. She was a Reporter for the NBA on TNT from 2004 to 2006. Shuster was a Reporter/Host of Fox Sports Net and Fox Sports West from 2000 to 2002. She was a Producer for Real Sports with Bryant Gumbel from 1988 to 1999. Shuster was a Producer for ESPN’s SportsCenter from 1997 to 1999. She is a member of the Board of Hillel at Columbia. Shuster earned a Bachelor of Arts degree in History and Art History from Columbia University. This position does not require Senate confirmation, and there is no compensation. Shuster is a Democrat.

    Thomas “Tom” Huntington, of San Francisco, has been appointed to the State Park and Recreation Commission. Huntington has been a Consultant in Non-Profit Organization and Foundation Management since 2013. He was the Western Regional Development Director for the Environmental Defense Fund from 1985 to 2013. Huntington was a River Protection Campaign Coordinator and the Executive Director for the Friends of the River Foundation from 1977 to 1984. He was the Regional Manager and River Guide at OARS Inc. Adventure Travel from 1974 to 1984. Huntington earned a Bachelor of Arts degree in Communications and Teaching from the University of Oregon. This position requires Senate confirmation, and the compensation is $100 per diem. Huntington is a Democrat.

    Press Releases, Recent News

    Recent news

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring March 2025, as Developmental Disabilities Awareness Month.The text of the proclamation and a copy can be found below: PROCLAMATIONCalifornia is proud to join states around the…

    News What you need to know: In the first two months of 2025, California National Guard’s Counter Drug Task Force has seized 1,045 pounds of illicit fentanyl with a street valuation of $6.8 million. SACRAMENTO – Continuing an enhanced focus in 2025 to combat the…

    News What you need to know: 51 projects — including 46 independent features — will generate nearly $580 million in economic activity and employ over 6,490 cast and crew thanks to California’s Film & Television Tax Credit Program. HOLLYWOOD — Governor Newsom today…

    MIL OSI USA News

  • MIL-OSI: Orezone Gold Reports Record Revenue and Net Income for 2024

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 20, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) is pleased to report its operational and financial results for the fourth quarter and full year ended December 31, 2024, and its 2025 guidance.   All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.

    Highlights

    • Q4-2024 gold production of 36,502 oz, a 37% increase from the previous quarter.  
    • 2024 gold production of 118,746 oz, exceeding the mid-point of guidance.
    • AISC per oz sold of $1,273 for Q4-2024 and $1,447 for 2024.
    • Record revenue of $283.5M from the sale of 118,697 gold oz at an average realized price of $2,384 per oz in 2024. Gold sales remain unhedged to rising gold prices.
    • 2024 Adjusted EBITDA of $117.2M, Net Income attributable to Orezone shareholders of $55.7M and Earnings per Share attributable to Orezone shareholders of $0.14 and $0.13 on a basic and diluted basis, respectively.
    • Liquidity of $103.2M at year-end with cash of $74.0M and undrawn debt of $29.2M available to finance 2025 growth plans.
    • Stage 1 of hard rock expansion progress continues with first gold on track for Q4-2025.
    • Advancing work towards a secondary listing on the Australian Securities Exchange in mid-2025.

    Patrick Downey, President and CEO, commented “Strong Q4-2024 gold production of 36,502 oz helped deliver another record year for revenue of $283.5 million and net income of $64.1 million while meeting annual production guidance for a second consecutive year. Importantly, Orezone commenced construction of its hard rock expansion in the second half of 2024, a main step towards sustained production growth and setting the foundation for a transformational 2025 where we expect to pour first gold on this brownfield expansion in Q4-2025. First stage of the hard rock expansion is expected to increase the Company’s annual gold production to 170,000 – 185,000 oz in 2026.

    With continued strong gold prices and the closing of recent financings, the Company is well-placed to make further strategic investments in its Bomboré Mine by undertaking additional discovery-focused exploration on high potential targets and evaluating an accelerated start to the second stage of the hard rock expansion which would further increase annual gold production to 220,000 – 250,000 oz.

    The accomplishments achieved in 2024 is a testament to the strength of our team underpinned by the support of our community and government partners, and new and existing shareholders. We remain steadfast in our goal of creating lasting value for all stakeholders.”

    Highlights for Fourth Quarter and Year Ended December 31, 2024 and Significant Subsequent Events

    (All mine site figures on a 100% basis)   Q4-2024 Q4-2023 FY2024 FY2023
    Operating Performance          
    Gold production oz 36,502 33,916 118,746 141,425
    Gold sales oz 34,833 33,782 118,697 139,696
    Average realized gold price $/oz 2,632 1,986 2,384 1,940
    Cash costs per gold ounce sold1 $/oz 1,077 1,083 1,233 972
    All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,273 1,246 1,447 1,127
    Financial Performance          
    Revenue $000s 91,837 67,580 283,517 271,491
    Earnings from mine operations $000s 45,321 16,108 117,710 97,150
    Net income attributable to shareholders of Orezone1 $000s 30,091 4,012 55,711 43,146
    Net income per common share attributable to shareholders of Orezone          
    Basic $ 0.06 0.01 0.14 0.12
    Diluted $ 0.06 0.01 0.13 0.12
    EBITDA1 $000s 48,139 15,308 128,307 108,418
    Adjusted EBITDA1 $000s 45,058 26,702 117,233 120,036
    Adjusted earnings attributable to shareholders of Orezone1 $000s 27,550 14,267 45,977 53,665
    Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.06 0.04 0.11 0.15
    Cash and Cash Flow Data          
    Operating cash flow before changes in working capital $000s 52,520 28,167 98,444 123,029
    Operating cash flow $000s 28,020 13,891 57,697 79,950
    Free cash flow1 $000s 12,543 682 11,725 36,172
    Cash, end of period $000s 74,021 19,483 74,021 19,483

    1 Cash costs, AISC, EBITDA, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.

    Full Year 2024 Highlights

    • Outstanding Safety Performance: 5.4M hours worked without a lost-time injury and a low total recordable injury frequency rate of 0.75.
    • Strong Liquidity: Available liquidity of $103.2M at year-end with $74.0M in cash and XOF 17.5 billion ($29.2M) available to be drawn on the Phase II debt facility with Coris Bank International (“Coris Bank”). The Company is well-funded to carry out its 2025 growth plans including the completion of stage 1 of the Phase II hard rock expansion and a minimum 20,000 m diamond drilling exploration program.    
    • Gold Production Guidance Achieved: Gold production of 118,746 oz which exceeded the mid-point of guidance, marking the second consecutive year that the Bomboré Mine has met production guidance since the start up of operations.
    • AISC Per Oz Within Updated Guidance: AISC per oz of $1,447 was within the updated guidance range with operating costs impacted by higher-than-anticipated government royalties and power costs. Relative to original guidance, government royalties were $31 per oz higher due to a better realized gold price and power costs were $57 per oz higher from lower-than-normal grid availability due to regional power issues in the H1-2024. These two cost overrun contributors were both out of the Company’s control and if their cost impacts were removed, original AISC guidance of $1,300 per oz to $1,375 per oz would have been met.
    • Record Annual Revenue: Revenue of $283.5M from the sale of 118,697 gold oz at a realized gold price of $2,384 per oz. The Company’s gold sales remain unhedged to rising gold prices.
    • Record EBITDA, Net Income, and Earnings Per Share: Reported record EBITDA of $128.3M and net income attributable to Orezone shareholders of $55.7M, primarily driven by a 23% increase in the realized gold price from the prior year. Net income per share attributable to Orezone shareholders was a record $0.14 per share on a basic basis and $0.13 per share on a diluted basis.
    • Continued Free Cash Flow Generation: Generated free cash flow of $11.7M with cash flow from operating activities totalling $98.4M after deducting taxes paid of $26.2M but before changes in non-cash working capital. Non-cash working capital increased by $40.7M primarily from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $46.0M as capital expenditures remained elevated as the Company executes on its growth initiatives including the Phase II hard rock expansion.
    • Phase II Hard Rock Expansion on Track for First Gold in 2025: The Company’s Board approved a positive construction decision on stage 1 of the Phase II hard rock expansion on July 10, 2024 after the Company had secured $105M in binding debt and equity commitments described below for the construction. Under stage 1, a 2.5M tonnes per annum (“tpa”) process plant will be built to recover gold from hard rock mineral reserves which is expected to increase future production levels by 50% to over 170,000 oz per annum. First gold for stage 1 of the Phase II expansion remains on track for Q4-2025 with commercial production expected shortly thereafter in early 2026.
    • Phase I Debt Reduced, Bridge Loan Repaid, and Phase II Expansion Financing Secured: Principal repayments totalling XOF 24.0 billion ($39.3M) were made on the Company’s senior borrowings with Coris Bank, including the extinguishment of the XOF 12.0 billion ($19.8M) bridge loan. On August 8, 2024, the Company completed a non-brokered private placement for net proceeds of C$64.8M ($47.3M) with a new cornerstone investor, Nioko Resources Corporation (“Nioko”), a leading West African investment group. On December 19, 2024, the Company successfully upsized its senior debt facility with Coris Bank through a new term loan for XOF 35.0 billion ($58.3M) (“Phase II Term Loan”) to be drawn in multiple tranches as construction progresses. The Company made its first drawdown of XOF 17.5 billion ($27.9M) on the Phase II Term Loan in December 2024.
    • Multi-year Exploration Drill Program Initiated: In August 2024, the Company initiated a multi-year discovery focused drill program with an initial 30,000 m of drilling designed to test the broader size and scale of the Bomboré mineralized system. Initial results from drilling at the North Zone intercepted mineralization 240 m below the current reserve pit limit, including 1.67 g/t gold over 46.00 m, demonstrating the continuity and robustness of the mineralized system at depth, both in terms of grade and overall width (see October 10, 2024 news release).

    Q4-2024 Highlights

    • Gold Production: Quarterly gold production of 36,502 oz increased 37% from Q3-2024 as a result of record plant throughput and improved head grades. Mining extended to Siga East and Siga South pits for a full quarter which contributed a greater blend of soft oxide ore at higher grades to the mill feed.
    • AISC Per Oz: AISC per oz sold was $1,273 per oz, a 23% decrease from Q3-2024, driven mainly by improved gold production as a result of higher grades and better plant throughput.
    • EBITDA, Net Income, and Earnings Per Share: Reported EBITDA of $48.1M and net income attributable to Orezone shareholders of $30.1M. Net income per share attributable to Orezone shareholders was $0.06 per share on both a basic and diluted basis.
    • Free Cash Flow: Generated free cash flow of $12.5M with cash flow from operating activities totalling $52.5M after deducting taxes paid of $6.3M but before changes in non-cash working capital. Cash flow used in investing activities totalled $15.5M as expenditures for the Phase II hard rock expansion began to ramp up.

    Events Subsequent to 2024 Year-End

    • Bought Deal Offering: On March 13, 2025, the Company closed on a public offering of common shares on a bought deal basis with Canaccord Genuity Corp. (“Canaccord”) pursuant to which the Company agreed to sell 42,683,000 common shares at a price of C$0.82 per share for aggregate gross proceeds of C$35,000,060. Net proceeds from the offering will be used to conduct early works for stage 2 of the Phase II hard rock expansion and for additional exploration. Under stage 2, processing capacity of the hard rock plant will double from the 2.5Mtpa design in stage 1 to 5.0Mtpa after completion of stage 2.
    • Over-allotment Exercise: Canaccord has exercised its over-allotment in full on the bought deal offering and has agreed to purchase an additional 6,402,450 common shares at a price of C$0.82 per share for aggregate gross proceeds of C$5,250,009. The purchase of shares from the over-allotment closed on March 19, 2025.
    • Private Placement with Nioko: The Company has announced that Nioko intends to acquire, on a non-brokered private placement basis, for 10,719,659 additional common shares at a price of C$0.82 per share for aggregate gross proceeds of C$8,790,121 to maintain its 19.9% share ownership (before the over-allotment exercise). Closing of this private placement is subject to approval of the TSX and is anticipated to occur in late March 2025.
    • Intention to List on the Australian Securities Exchange (“ASX”): The Company intends to pursue a secondary listing on the ASX by mid-2025, subject to market conditions and the satisfaction of ASX listing requirements as announced in its February 23, 2025 press release. The Company believes a dual listing on the ASX will increase trading liquidity and allow it to access a deeper pool of investors, including specialist mining focused funds.

    2024 Performance and 2025 Guidance

    2024 Performance Compared Against Guidance

    Bomboré Mine (100% basis) Unit Original
    FY2024 Guidance
    Revised
    FY2024 Guidance4
    FY2024
    Actuals
    Gold production Au oz 110,000 – 125,000 Unchanged  118,746
    All-In Sustaining Costs123 $/oz Au sold $1,300 – $1,375 $1,400 – $1,475 $1,447
    Sustaining capital12 $M $14 – $15 Unchanged $16.0
    Growth capital – non Phase II Expansion12 $M $16 – $17 Unchanged $17.6
    Growth capital – Phase II Expansion early works12 $M No guidance provided $3.6 $3.6
    Growth capital – Phase II Expansion12 $M No guidance provided $15.0 – $18.0 $15.3
    1. Non-IFRS measures. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.30.
    3. Government royalties of $160/oz included in original AISC guidance based on an assumed gold price of $2,000 per oz. Government royalties of $200/oz were estimated in the revised AISC guidance from a better gold price realized.
    4. Revised guidance details presented in Q3-2024 MD&A.

    2025 Guidance

    Bomboré Mine (100% basis) Unit FY2025 Guidance
    Gold production Au oz 115,000 – 130,000
    All-In Sustaining Costs123 $/oz Au sold $1,400 – $1,500
    Sustaining capital12 $M $9 – $10
    Growth capital (excluding Phase II Expansion)12 $M $44 – $51
    Growth capital – Stage 1 of Phase II Expansion12 $M $75 – $80
    1. Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.35.
    3. Government royalties included in AISC guidance based on an assumed gold price of $2,600 per oz.

    Gold production in 2025 is forecasted to range between 115,000 to 130,000 oz, with the highest production expected in the fourth quarter from the scheduled start-up of the Phase II hard rock plant. Projected gold production from hard rock reserves is between 5,000 to 10,000 oz with actual production dependent on the timing and ramp-up of the new hard rock circuit. Gold production from the existing Phase I oxide plant is guided between 110,000 to 120,000 oz, similar to that achieved in 2024.

    Mining will be concentrated within three main pits delivering most of the direct feed ore with the H pit in the North Zone, and the Siga East and Siga South pits in the South Zone. The 2025 mine plan calls for 22.4M tonnes to be mined by the mining contractor at a strip ratio of approximately 1.8.   The mining contractor placed new excavators, dump trucks, and support equipment into service in November 2024 and is organizing to mobilize additional equipment to site later this year in preparation for the start-up of hard rock mining.

    AISC in 2025 is expected to range between $1,400 to $1,500 per oz sold. AISC per oz is expected to be comparable to 2024 with a small decrease in head grades, an increased strip ratio, and greater government royalties from a higher assumed gold price offset by lower sustaining capital, higher grid utilization, and higher plant throughput from fewer power interruptions and enhanced maintenance practices.

    Sustaining capital is budgeted to fall within the range of $9M to $10M with expenditures directed towards the completion of tailings storage facility (“TSF”) stage 4 lift, extension of the main haul road and perimeter fencing at the southern end of the mining permit, and other capital improvements to the process plant, camp, and mine support equipment and facilities.

    Growth capital is expected to range between $119M to $131M on four major growth projects:

    No. Growth Capital Description Unit FY2025 Guidance
    I. Phase II Hard Rock Expansion – Stage 1 $M $75 – $80
    II. Permanent Back-up Diesel Power Plant $M $22 – $24
    III. TSF Footprint Expansion – Cell 2 $M $11 – $13
    IV. Resettlement Action Plan (“RAP”) $M $11 – $14
      Growth Capital Total $M $119 – $131
           
      Phase II Hard Rock Expansion – Stage 2 $M No guidance provided

    The Company has reserved guidance on 2025 expenditures for stage 2 of the Phase II hard rock expansion until the Company’s Board of Directors has issued a final investment decision to proceed with stage 2 expected later this year. Stage 2 would increase annual gold production to 220,000 – 250,000 oz.  

    I.      Phase II Hard Rock Expansion – Stage 1

    A new 2.5Mtpa hard rock plant to process fresh and lower transition ore is currently under construction and once completed, will operate in tandem with the existing Phase I oxide plant. The current flowsheet for stage 1 of this brownfield expansion consists of a primary jaw crusher, an 18-hour crushed ore stockpile, a single stage 9MW SAG mill, hydrocyclones, and a carbon-in-leach (“CIL”) circuit consisting of five 15.8 m diameter leach tanks. Loaded carbon will be treated in the shared gold recovery circuit, producing gold doré bars from the existing gold room. Tailings from the CIL circuit will be pumped into the expanded tailings facility.

    The Company completed a comprehensive review of the construction progress and costing as part of its annual budgeting exercise for 2025. From this review, schedule to first gold remains in Q4-2025 with a project budget of $90M – $95M with $75M – $80M forecasted in 2025.

    II.      Permanent Back-Up Diesel Power Plant

    A new diesel power plant will be installed to provide continuous power to both the Phase I oxide plant and Phase II hard rock plant when the national grid is unavailable or unable to provide stable power.

    Following a competitive tender, the Company awarded the engineering, supply, installation, and commissioning of this new power plant to Africa Power Services (“APS”). APS will supply 18 Caterpillar diesel gensets with 1.8MW rated capacity each that will function as back-up units to the grid to meet the 18MW to 20MW load demand of both processing circuits. This new power plant is scheduled for final commissioning in October 2025 and will replace the APS genset rentals that are currently providing power on a back-up basis.

    III.      TSF Footprint Expansion – Cell 2

    The TSF starter dam over the Cell 1 footprint was completed prior to the start of processing operations in 2022. Lifts of the Cell 1 embankment walls have been completed each year to add storage to hold the volume of tailings expected to be generated by the mine for the upcoming year. The stage 4 lift is currently in progress and is slated for completion in June 2025 with costs captured under sustaining capital.

    To optimize costs of future tailings lifts and to meet the higher annual storage requirements from the Phase II hard rock expansion, work to expand the TSF footprint southwards into Cell 2 will begin in 2025 and continue into 2026, and include the HDPE lining of the Cell 2 basin and installation of underdrainage to improve water recovery and dam stability. Cell 2 will cover the ultimate TSF footprint and is designed to ensure that future annual lifts will provide sufficient storage of tailings generated each year by the combined oxide and expanded stage 2 (5Mtpa) hard rock operations.

    IV.      Resettlement Action Plan – Phases II, III, and IV

    RAP Phases II and III commenced in 2023 and will see the construction of three new resettlement communities (MV3, MV2, and BV2) to help relocate households occupying areas within the southern half of the Bomboré mining permit. Both MV3 and MV2 were successfully completed in 2024 followed by the start of BV2 construction in late 2024.

    RAP Phase IV was presented as part of the Environment Social Impact Assessment (“ESIA”) submitted by the Company in 2024 to expand the current mining permit by an additional 5.56 km2.

    Construction costs of $8.0M to $10.0M are forecasted in 2025 to complete the remaining construction of BV2 by October 2025 and for the anticipated start of RAP Phase IV construction in Q4-2025. RAP costs of $3.0M to $4.0M are estimated for compensation, consultants, relocation allowances, and livelihood restoration programs.

    Revenue Protection Program for 2025

    The Company has implemented a low-cost revenue protection program for approximately half of its forecasted gold production in 2025 by purchasing 60,000 oz of put options with a strike price of $2,300 per oz at a cost of $0.8M. These options were acquired in November 2024 from a leading Canadian chartered bank and are structured as a monthly program of 5,000 oz options with option expiries at each month-end.

    The purchase of put options allows the Company to secure margin on its gold sales should gold prices fall significantly while retaining full upside to rising gold prices. The Company invested in these put options due to the large capital programs planned for 2025.

    Bomboré Gold Mine, Burkina Faso (100% Basis)

    Operating Highlights   Q4-2024   Q4-2023   FY2024 FY2023  
    Safety          
    Lost-time injuries frequency rate per 1M hrs 0.00   0.00   0.00 0.00  
    Personnel-hours worked 000s hours 1,326   1,301   5,366 4,394  
    Mining Physicals          
    Ore tonnes mined tonnes 2,063,262   2,883,006   7,889,973 9,247,175  
    Waste tonnes mined tonnes 2,655,783   3,048,669   11,921,398 11,237,079  
    Total tonnes mined tonnes 4,719,045   5,931,675   19,811,370 20,484,254  
    Strip ratio waste:ore 1.29   1.06   1.51 1.22  
    Processing Physicals          
    Ore tonnes milled tonnes 1,652,844   1,449,769   5,928,599 5,749,163  
    Head grade milled Au g/t 0.77   0.82   0.71 0.85  
    Recovery rate % 89.1   88.9   88.2 90.4  
    Gold produced Au oz 36,502   33,916   118,746 141,425  
    Unit Cash Cost          
    Mining cost per tonne $/tonne 3.50   3.05   3.49 3.01  
    Mining cost per ore tonne processed $/tonne 7.37   6.31   8.44 6.77  
    Processing cost $/tonne 7.00   10.84   8.27 10.14  
    Site general and admin (“G&A”) cost $/tonne 4.07   4.85   3.90 3.95  
    Cash cost per ore1tonne processed $/tonne 18.44   22.00   20.61 20.86  
    Cash Costs and AISC Details          
    Mining cost (net of stockpile movements) $000s 12,174   9,146   50,008 38,932  
    Processing cost $000s 11,563   15,719   49,049 58,285  
    Site G&A cost $000s 6,719   7,036   23,124 22,707  
    Refining and transport cost $000s 193   141   497 519  
    Government royalty cost $000s 7,512   5,163   22,739 17,508  
    Gold inventory movements $000s (647 ) (606 ) 892 (2,190 )
    Cash costs on a sales basis $000s 37,514   36,599   146,309 135,761  
    Sustaining capital $000s 4,245   3,558   15,997 14,002  
    Sustaining leases $000s 73   73   292 301  
    Corporate G&A cost $000s 2,511   1,874   9,154 7,325  
    All-In Sustaining Costs1on a sales basis $000s 44,343   42,104   171,752 157,389  
    Gold sold Au oz 34,833   33,782   118,697 139,696  
    Cash costs per gold ounce sold1 $/oz 1,077   1,083   1,233 972  
    All-In Sustaining Costs per gold ounce sold1 $/oz 1,273   1,246   1,447 1,127  

    1 Non-IFRS measure. See “Non-IFRS Measures” section below for additional details.

    Bomboré Production Results

    Q4-2024 vs Q4-2023

    Gold production in Q4-2024 was 36,502 oz, an increase of 8% from the 33,916 oz produced in Q4-2023. The higher gold production is attributable to a 14% increase in plant throughput offset by a 6% decrease in head grades.

    The better head grades in Q4-2023 were from the sequencing of higher-grade pits in earlier periods of the mine plan and greater ore release from more tonnes mined allowing for the stockpiling of lower-grade ore. More tonnes were mined in Q4-2023 as a second mining contractor was utilized to assist with mining volumes.

    Plant throughput of 1.65M tonnes in Q4-2024 hit a new quarterly record as processing operations benefitted from higher hourly throughput, greater blend of soft oxide ore, and less maintenance. Improvements to hourly plant throughput were successfully instituted in July 2024 by increasing the mill power and reducing residence time in the CIL circuit with only a minor effect to recovery rates. Mining at the new Siga East and Siga South pits for a full quarter in Q4-2024 resulted in the release of more tonnes of softer oxide ore while completion of all scheduled major plant maintenance in earlier quarters of the year combined with high grid availability resulted in less plant downtime.

    2024 vs 2023

    Gold production in 2024 was 118,746 oz, a decline of 16% from the 141,425 oz produced in 2023. The lower gold production is attributable to a 16% decrease in head grades and a 2% decrease in plant recoveries, partially offset by a 3% increase in plant throughput.

    Head grades in 2023 were higher from the sequencing of higher-grade pits in earlier periods of the mine plan and the processing of high-grade stockpiles accumulated during the Phase I construction, with such stockpiles being fully depleted by June 2023.

    Plant recoveries were lower in 2024 as a direct result of lower head grades, a greater blend of transition ore, and less residence in the CIL circuit.

    Plant throughput was higher in 2024 from the operating procedures followed in the H2-2024 to maximize hourly plant throughput.

    Bomboré Operating Costs

    Q4-2024 vs Q4-2023

    AISC per gold oz sold in Q4-2024 was $1,273, a 2% increase from $1,246 per oz sold in Q4-2023. The higher AISC is the result of: (a) lower head grades; (b) greater per oz royalty costs from a 33% increase in the realized gold price ($2,632/oz vs $1,986/oz) coupled with higher royalty rates that took effect in October 2023; and (c) increased mining costs attributable to deeper pits, drill-and-blast associated with harder transition ore, and higher strip ratio. This cost increase was partially offset by a reduction in power costs from the switch to lower-cost grid power in February 2024 (92% grid utilization in Q4-2024) and from a 14% jump in plant throughput resulting in economies for fixed costs.

    Cash cost per ore tonne processed in Q4-2024 was $18.44 per tonne, a decrease of 16% from $22.00 per tonne in Q4-2023, as a result of the use of lower-cost grid power and a 14% increase in plant throughput positively impacting unit cost for processing ($7.00/tonne vs $10.84/tonne) and site G&A ($4.07/tonne vs $4.85/tonne), partially offset by a 17% increase in mining costs per ore tonne processed ($7.37/tonne vs $6.31/tonne) attributable to higher strip ratio and unit mining cost.

    Mining cost per tonne has increased in Q4-2024 when compared to Q4-2023 ($3.50/tonne vs $3.05/tonne) as lower benches in the pits in the Northern Zone are mined resulting in longer hauls and more transition material that requires some drill-and-blast prior to excavation and greater rehandle prior to feeding into the dump pocket on the ROM pad combined with more grade control drilling for the new Siga pits.

    Processing costs per ore tonne decreased in Q4-2024 when compared to Q4-2023 ($7.00/tonne vs $10.84/tonne) mainly from the continuing cost benefit of utilizing grid power which has lowered power cost from $5.57/tonne in Q4-2023 to $2.39/tonne in Q4-2024, a drop of $3.18/tonne. Grid performance remained reliable and steady in Q4-2024 with 92% utilization, consistent with utilization in Q3-2024, and a significant improvement from Q2-2024 when grid utilization was 34% as issues with the supply system in Ghana and Côte D’Ivoire temporarily reduced power export into Burkina Faso.

    2024 vs 2023

    AISC per gold oz sold in 2024 was $1,447, a 28% increase from $1,127 per oz sold in 2023. The higher AISC is primarily the result of a 16% decline in head grades, higher government royalties from a better realized gold price and higher royalty rates, higher strip ratio and unit cost for mining, and moderate increases in sustaining capital and corporate G&A, partially offset by a reduction in processing costs from the switch to grid power as the primary power source in February 2024.

    Bomboré Growth Capital Projects

    Grid Power Connection

    The powerline to connect Bomboré to Burkina Faso’s national energy grid was successfully energized in February 2024. As of December 31, 2024, the Company has incurred costs of $19.9M, of which $0.2M was incurred in Q4-2024 and $1.6M in 2024. The Company plans to make minor upgrades to the grid connection in 2025 by installing equipment and software that will reduce the quantity of reactive power and hence, surcharges imposed by SONABEL, the state-owned electricity company of Burkina Faso.

    RAP Phases II and III

    Construction of MV3 and MV2 resettlement sites and the relocation of families to their new homes at these sites were completed in 2024. Construction on the BV2 resettlement site commenced in Q4-2024. Compensation payments to affected residents for loss of land, crops, trees, and private structures were also made in the year.

    As of December 31, 2024, the Company has incurred project-to-date costs of $26.5M for RAP Phases II and III, of which $4.3M was incurred in Q4-2024 and $16.0M in 2024.

    Phase II Hard Rock Expansion

    First gold remains on schedule and costs are trending in line with the most recent control budget. The concentrated scope of this expansion when compared to a greenfield project significantly reduces schedule and budget risks with start-up to benefit from the well-established mining, processing, and maintenance teams already on site.

    Construction of stage 1 of Phase II hard rock expansion was officially approved by the Company’s Board in early July 2024. To maintain first gold by Q4-2025, the Company undertook early work activities in H1-2024 which included front-end engineering and design, geotechnical investigations, additional office and camp accommodations, 18MW SAG mill order placement (subsequently cancelled), and bulk earthworks on the new plant layout.

    Lycopodium Minerals Canada (“Lycopodium”) was awarded the engineering and procurement contract and was chosen for their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s oxide plant that is currently in operations and exceeding nameplate design.

    Progress and milestones achieved on the expansion in 2024 include:

    • Engineering and drafting progress stood at 52% and ahead of plan. All bulk quantities, including concrete, structural steel, and platework, remain in line with budget.
    • Procurement was at 82% of total supply value with all long lead equipment ordered, including a 9MW SAG mill.
    • Early mobilization of concrete contractor with first concrete pour completed in November, three months ahead of schedule.
    • Tender of the structural, mechanical, and piping (“SMP”) contract with contract awarded shortly after year-end.

    All major site installation contracts (concrete, SMP, electrical and instrumentation, and mill installation) have been awarded to the same contractors that successfully delivered on the Phase I oxide construction.

    As of December 31, 2024, the Company has incurred $15.3M in costs for the Phase II hard rock expansion exclusive of the $3.6M spent on early work activities in 2024.

    NON-IFRS MEASURES

    The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the year ended December 31, 2024 which is incorporated by reference herein.

    CONFERENCE CALL AND WEBCAST

    The consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss its fourth quarter and full year 2024 results on March 20, 2025:

    Webcast
    Date:    Thursday, March 20, 2025
    Time:    8:00 am Pacific time (11:00 am Eastern time)
    Please register for the webcast here:  Orezone 2024 Year-End Results and 2025 Guidance

    Conference Call 
    Toll-free in U.S. and Canada: 1-800-715-9871
    International callers: +646-307-1963
    Event ID: 9731374

    QUALIFIED PERSONS

    The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.

    ABOUT OREZONE GOLD CORPORATION

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Company completed construction of its oxide only process plant in August 2022 and achieved commercial production on its oxide operations on December 1, 2022. The Company is expanding operations and gold production by constructing stage 1 of a Phase II hard rock plant that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves.   Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A.   

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Kevin MacKenzie
    Vice President, Corporate Development and Investor Relations

    Tel: 1 778 945 8977
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion will increase annual gold production and is expected to pour first gold in Q4-2025.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements.

    Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network

  • MIL-OSI: FactSet Reports Results for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    • Q2 GAAP revenues of $570.7 million, up 4.5% from Q2 2024.
    • Organic Q2 ASV of $2,276.2 million, up 4.1% year over year.
    • Q2 GAAP operating margin of 32.5%, down approximately 80 bps year over year, and adjusted operating margin of 37.3%, down 100 bps year over year.
    • Q2 GAAP diluted EPS of $3.76, up 3.0% from the prior year, and adjusted diluted EPS of $4.28, up 1.4% year over year.
    • Fiscal 2025 guidance updated. Expected organic ASV growth of $100 million to $130 million (approximately 4.4% to 5.8%), GAAP revenues in the range of $2,305 million to $2,325 million, adjusted operating margin in the range of 36% to 37%, and adjusted diluted EPS in the range of $16.80 to $17.40.

    NORWALK, Conn., March 20, 2025 (GLOBE NEWSWIRE) — FactSet (“FactSet” or the “Company”) (NYSE:FDS) (NASDAQ:FDS), a global financial digital platform and enterprise solutions provider, today announced results for its second quarter fiscal 2025 ended February 28, 2025.

    Second Quarter Fiscal 2025 Highlights

    • GAAP revenues increased 4.5%, or $24.8 million, to $570.7 million for the second quarter of fiscal 2025 compared with $545.9 million in the prior year period. Organic(1) revenues grew 4.0% year over year to $568.0 million during the second quarter of fiscal 2025. Growth in GAAP and Organic revenues this quarter was driven by wealth and institutional buy-side clients.
    • Annual Subscription Value (“ASV”) was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up 4.1% or $90.7 million year over year(2).
    • Organic ASV increased $19.6 million over the last three months. Please see the “ASV” section of this press release for details.
    • GAAP operating margin decreased to 32.5% compared with 33.3% for the prior year period, mainly due to an increase in acquisition-related professional fees and technology-related expenses, partially offset by growth in revenues and a decrease in employee compensation costs. Adjusted operating margin decreased to 37.3% compared with 38.3% in the prior year period, mainly due to higher technology related expenses offset by lapping of the prior year’s lower bonus accrual.
    • GAAP diluted earnings per share (“EPS”) increased 3.0% to $3.76 compared with $3.65 for the same period in fiscal 2024, primarily due to growth in revenues, partially offset by an increase in acquisition-related professional fees and technology-related expenses. Adjusted diluted EPS increased 1.4% to $4.28 compared with $4.22 in the prior year period, driven by growth in revenues, offset by higher operating expenses and a higher tax rate on an adjusted basis.
    • Net cash provided by operating activities was $174.0 million for the second quarter of fiscal 2025. Free cash flow increased to $150.2 million for the second quarter of fiscal 2025, compared with $121.9 million for the prior year period, an increase of 23.3%, primarily due to higher net cash provided by operating activities.
    • GAAP effective tax rate for the second quarter of fiscal 2025 decreased to 15.9% compared with 16.4% for the second quarter of fiscal 2024. The decrease was primarily due to lower U.S. tax on foreign earnings, partially offset by certain discrete items, mainly lower excess tax benefits related to stock-based compensation.

    (1) References to “organic” figures in this press release exclude the current year impact of acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency.

    (2) Beginning in fiscal 2025, FactSet is reporting Organic ASV, rather than Organic ASV plus Professional Services, to focus on the recurring nature of its revenues. This underscores the shift of FactSet’s offerings toward providing more managed services and less project-based services.

    “With increased visibility into the remainder of the fiscal year, we are reaffirming the 5% midpoint of our organic ASV growth guidance and narrowing the range of anticipated top-line outcomes,” said Phil Snow, CEO of FactSet. “The strength of our full-year pipeline and constructive dialogue with our clients position our business positively for growth acceleration in the second half of the year.”

    Key Financial Measures*

    (Condensed and Unaudited) Three Months Ended  
      February 28, February 29,  
    (In thousands, except per share data)   2025     2024   Change
    Revenues $ 570,660   $ 545,945   4.5 %
    Organic revenues $ 567,985   $ 545,945   4.0 %
    Operating income $ 185,492   $ 181,942   2.0 %
    Adjusted operating income $ 212,669   $ 209,326   1.6 %
    Operating margin   32.5 %   33.3 %  
    Adjusted operating margin   37.3 %   38.3 %  
    Net income $ 144,860   $ 140,940   2.8 %
    Adjusted net income $ 164,976   $ 163,067   1.2 %
    EBITDA $ 224,646   $ 216,826   3.6 %
    Diluted EPS $ 3.76   $ 3.65   3.0 %
    Adjusted diluted EPS $ 4.28   $ 4.22   1.4 %

    * See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release.

    “We achieved solid financial performance in the first half of the fiscal year by maintaining our focus on cost discipline and increased efficiency, while continuing to invest in our strategic priorities,” said Helen Shan, FactSet’s CFO. “We are reaffirming our guidance range for adjusted operating margin and adjusted diluted EPS, despite modest dilution from our recent acquisitions.”

    Annual Subscription Value (ASV)

    ASV at any given point in time represents the forward-looking revenues for the next 12 months from all subscription services currently supplied to clients.

    ASV was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up $90.7 million from the prior year, for a growth rate of 4.1%. Organic ASV increased $19.6 million over the last three months.

    The buy-side and sell-side organic ASV annual growth rates as of February 28, 2025 were 4.1% and 2.2%, respectively. Buy-side clients, including institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients, accounted for 82% of organic ASV. The remaining organic ASV came from sell-side firms, including broker-dealers, banking and advisory firms, and private equity and venture capital firms. Supplementary tables covering organic buy-side and sell-side ASV growth rates may be found on the last page of this press release.

    Segment Revenues and ASV

    ASV from the Americas was $1,501.1 million compared with ASV in the prior year period of $1,413.6 million. Organic ASV from the Americas increased 4.4% to $1,474.9 million. Americas revenues for the quarter increased to $369.7 million compared with $352.6 million in the second quarter of last year. The Americas quarterly organic revenues growth rate was 4.0% over the prior year period.

    ASV from EMEA was $571.3 million compared with ASV in the prior year period of $556.5 million. Organic ASV from EMEA increased 2.6% to $571.4 million. EMEA revenues were $143.4 million compared with $139.2 million in the second quarter of fiscal 2024. The EMEA quarterly organic revenues growth rate was 3.1% over the prior year period.

    ASV from Asia Pacific was $233.7 million compared with ASV in the prior year period of $215.5 million. Organic ASV from Asia Pacific increased 6.8% to $229.9 million. Asia Pacific revenues were $57.6 million compared with $54.1 million in the second quarter of fiscal 2024. The Asia Pacific quarterly organic revenues growth rate was 6.8% over the prior year period.

    Operational Highlights – Second Quarter Fiscal 2025

    • Client count as of February 28, 2025 was 8,645, a net increase of 396 clients in the past three months, mainly due to corporates, which now includes clients from the Irwin acquisition. The count includes clients with ASV of $10,000 and more and does not reflect the LiquidityBook acquisition.
    • User count was 219,141 as of February 28, 2025, a net increase of 874 users in the past three months, mainly driven by an increase in wealth management users. The user count does not reflect the Irwin and LiquidityBook acquisitions.
    • Annual ASV retention was greater than 95%. When expressed as a percentage of clients, annual retention was 91%.
    • Employee headcount was 12,598 as of February 28, 2025, up 2.6% over the last 12 months, with the increase primarily in the sales and technology groups, mainly from the Irwin and LiquidityBook acquisitions. FactSet’s Centers of Excellence account for approximately 67% of the Company’s employees.
    • A quarterly dividend of $39.5 million, or $1.04 per share, is being paid on March 20, 2025, to holders of record of FactSet’s common stock at the close of business on February 28, 2025.
    • FactSet acquired LiquidityBook, a provider of cloud-native trading solutions. The acquisition adds technology-forward order management (OMS) and investment book of record (IBOR) capabilities to the FactSet Workstation to seamlessly link adjacent steps in the front office trade workflow and enhance FactSet’s ability to serve the integrated workflow needs of clients across the entire portfolio lifecycle.
    • FactSet launched Pitch Creator, an AI-powered tool that streamlines pitchbook creation for investment banks. By automating the time-consuming tasks of model analysis and presentation building, FactSet Pitch Creator can reduce hours of manual work into minutes, creating the productivity gains necessary for junior bankers to prioritize high-value, strategic initiatives.
    • After the quarter end, FactSet acquired LogoIntern, a productivity solution that helps financial services professionals create well formatted logo outputs for presentations faster. This acquisition reinforces FactSet’s commitment to improving junior banker productivity and complements Pitch Creator to bring automation to another time-consuming, manual aspect of a junior banker’s daily workflow.
    • FactSet appointed Kevin Toomey as Head of Investor Relations. Toomey is replacing Yet He, who was acting as Interim Head of Investor Relations and now will continue in his role as FactSet’s Treasurer and Head of Financial Planning & Analysis.

    Share Repurchase Program

    FactSet repurchased 136,714 shares of its common stock for $64.4 million at an average price of $470.70 during the second quarter of fiscal 2025 under the Company’s share repurchase program. As of February 28, 2025, $186.9 million remained available for share repurchases under this program.    

    Annual Business Outlook

    FactSet is updating its outlook for fiscal 2025. The following forward-looking statements reflect FactSet’s expectations as of today’s date. Given the risk factors, uncertainties, and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements prior to its next quarterly results announcement.

    Fiscal 2025 Expectations (with reference to most recent previous guidance):

    • Organic ASV is expected to grow in the range of $100 million to $130 million during fiscal 2025 (narrowing from $90 million to $140 million).
    • GAAP revenues are expected to be in the range of $2,305 million to $2,325 million (up from $2,285 million to $2,305 million).
    • GAAP operating margin is expected to be in the range of 32.0% to 33.0% (down from 32.5% to 33.5%).
    • Adjusted operating margin is expected to be in the range of 36.0% to 37.0% (unchanged).
    • FactSet’s annual effective tax rate is expected to be in the range of 17% to 18% (unchanged).
    • GAAP diluted EPS is expected to be in the range of $14.80 to $15.40 (down from $15.10 to $15.70).
    • Adjusted diluted EPS is expected to be in the range of $16.80 to $17.40 (unchanged).

    Adjusted operating margin and adjusted diluted EPS guidance do not include certain effects of any non-recurring benefits or charges that may arise in fiscal 2025. Please see the back of this press release for a reconciliation of GAAP to adjusted metrics.

    Conference Call

    Second Quarter 2025 Conference Call Details

    Please register for the conference call using the above link before the call start time. The conference call platform will register your name and organization and provide dial-in numbers and a unique access pin. The conference call will have a live Q&A session.

    A replay will be available on the Company’s investor relations website after 11:00 a.m. Eastern Time on March 20, 2025, through March 20, 2026. The earnings call transcript will be available via FactSet CallStreet.

    Forward-looking Statements

    This news release contains forward-looking statements based on management’s current expectations, estimates, forecasts and projections about industries in which FactSet operates and the beliefs and assumptions of management. All statements that address expectations, guidance, outlook or projections about the future, including statements about the Company’s strategy for growth, product development, revenues, future financial results, anticipated growth, market position, subscriptions, expected expenditures, trends in FactSet’s business and financial results, are forward-looking statements. Forward-looking statements may be identified by words like “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “intends,” “projects,” “indicates,” “predicts,” “potential,” or “continue,” and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in FactSet’s filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K and quarterly reports on Form 10-Q, as well as others, could cause results to differ materially from those stated. Forward-looking statements speak only as of the date they are made, and FactSet assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

    About Non-GAAP Financial Measures

    Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted earnings per share and cash provided by operating activities, have been adjusted.

    FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Investors may benefit from referring to these adjusted financial measures in assessing the Company’s performance and when planning, forecasting and analyzing future periods, and may also facilitate comparisons to its historical performance. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

    Organic revenues excludes the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. Adjusted operating income and margin, adjusted net income, and adjusted diluted earnings per share exclude acquisition-related intangible asset amortization and non-recurring items. EBITDA represents earnings before interest expense, provision for income taxes and depreciation and amortization expense, while adjusted EBITDA further excludes non-recurring non-cash expenses. The Company believes that these adjusted financial measures help to fully reflect the underlying economic performance of FactSet.

    Cash flows provided by operating activities have been reduced by purchases of property, equipment, leasehold improvements and capitalized internal-use software to report non-GAAP free cash flow. FactSet uses this financial measure both in presenting its results to stockholders and the investment community and in the Company’s internal evaluation and management of the business. Management believes that this financial measure is useful to investors because it is an indication of cash flow that may be available to fund further investments in future growth initiatives.

    About FactSet

    FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to more than 8,600 global clients, including over 219,000 individual users. Clients across the buy-side and sell-side as well as wealth managers, private equity firms, and corporations achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P 500, we are committed to sustainable growth and have been recognized amongst the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on X and LinkedIn.

    FactSet
    Investor Relations Contact:                         
    Yet He                                
    +1.212.973.5701
    yet.he@factset.com

    Media Contact:
    Megan Kovach
    +1.512.736.2795
    megan.kovach@factset.com   

    Consolidated Statements of Income (Unaudited)            
      Three Months Ended   Six Months Ended
      February 28,   February 29,   February 28,   February 29,
    (In thousands, except per share data)   2025       2024       2025       2024  
    Revenues $ 570,660     $ 545,945     $ 1,139,327     $ 1,088,161  
    Operating expenses              
    Cost of services   269,604       255,142       528,383       506,763  
    Selling, general and administrative   115,564       108,861       234,117       210,416  
    Total operating expenses   385,168       364,003       762,500       717,179  
                   
    Operating income   185,492       181,942       376,827       370,982  
                   
    Other income (expense), net              
    Interest income   273       2,847       2,974       5,859  
    Interest expense   (13,916 )     (16,599 )     (28,316 )     (33,337 )
    Other income (expense), net   471       455       574       337  
    Total other income (expense), net   (13,172 )     (13,297 )     (24,768 )     (27,141 )
                   
    Income before income taxes   172,320       168,645       352,059       343,841  
                   
    Provision for income taxes   27,460       27,705       57,177       54,346  
    Net income $ 144,860     $ 140,940     $ 294,882     $ 289,495  
                   
    Basic earnings per common share $ 3.81     $ 3.70     $ 7.76     $ 7.61  
    Diluted earnings per common share $ 3.76     $ 3.65     $ 7.66     $ 7.49  
                   
    Basic weighted average common shares   38,015       38,103       38,010       38,059  
    Diluted weighted average common shares   38,510       38,650       38,513       38,646  

    Certain prior year figures have been conformed to the current year’s presentation.

    Consolidated Balance Sheets (Unaudited)  
    (In thousands) February 28, 2025 August 31, 2024
    ASSETS    
    Cash and cash equivalents $ 278,548   $ 422,979  
    Investments   8,471     69,619  
    Accounts receivable, net of reserves of $14,998 at February 28, 2025 and $14,581 at August 31, 2024   277,636     228,054  
    Prepaid taxes   75,931     55,103  
    Prepaid expenses and other current assets   67,055     60,093  
    Total current assets   707,641     835,848  
         
    Property, equipment and leasehold improvements, net   79,739     82,513  
    Goodwill   1,245,315     1,011,129  
    Intangible assets, net   1,935,488     1,844,141  
    Deferred taxes   53,546     61,337  
    Lease right-of-use assets, net   118,129     130,494  
    Other assets   101,584     89,578  
    TOTAL ASSETS $ 4,241,442   $ 4,055,040  
         
    LIABILITIES    
    Accounts payable and accrued expenses $ 131,103   $ 178,250  
    Current debt       124,842  
    Current lease liabilities   32,560     31,073  
    Accrued compensation   70,846     93,279  
    Deferred revenues   177,325     159,761  
    Current taxes payable   30,483     40,391  
    Dividends payable   39,511     39,470  
    Total current liabilities   481,828     667,066  
         
    Long-term debt   1,472,162     1,241,131  
    Deferred taxes   14,772     8,452  
    Deferred revenues, non-current   446     1,344  
    Taxes payable   46,313     40,452  
    Long-term lease liabilities   158,419     177,521  
    Other liabilities   10,585     6,614  
    TOTAL LIABILITIES $ 2,184,525   $ 2,142,580  
         
    STOCKHOLDERS’ EQUITY    
    TOTAL STOCKHOLDERS’ EQUITY $ 2,056,917   $ 1,912,460  
         
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,241,442   $ 4,055,040  

    Consolidated Statements of Cash Flows (Unaudited)
     
      Six Months Ended
      February 28, February 29,
    (In thousands)   2025     2024  
    CASH FLOWS FROM OPERATING ACTIVITIES    
    Net income $ 294,882   $ 289,495  
    Adjustments to reconcile net income to net cash provided by operating activities    
    Depreciation and amortization   74,127     58,650  
    Amortization of lease right-of-use assets   15,177     15,263  
    Stock-based compensation expense   30,139     30,962  
    Deferred income taxes   8,763     5,632  
    Other, net   3,268     7,034  
    Changes in assets and liabilities, net of effects of acquisitions    
    Accounts receivable   (46,225 )   (39,468 )
    Prepaid expenses and other assets   (3,889 )   (14,690 )
    Accounts payable and accrued expenses   (61,915 )   10,377  
    Accrued compensation   (21,470 )   (40,456 )
    Deferred revenues   11,934     22,133  
    Taxes payable, net of prepaid taxes   (24,810 )   (26,150 )
    Lease liabilities, net   (19,654 )   (19,840 )
    Net cash provided by operating activities   260,327     298,942  
         
    CASH FLOWS FROM INVESTING ACTIVITIES    
    Purchases of property, equipment, leasehold improvements and capitalized internal-use software   (49,610 )   (38,383 )
    Acquisition of businesses, net of cash and cash equivalents acquired   (342,461 )    
    Purchases of investments   (4,208 )   (44,936 )
    Proceeds from maturity or sale of investments   58,155      
    Net cash provided by (used in) investing activities   (338,124 )   (83,319 )
         
    CASH FLOWS FROM FINANCING ACTIVITIES    
    Proceeds from debt   305,000      
    Repayments of debt   (200,000 )   (125,000 )
    Dividend payments   (78,817 )   (74,141 )
    Proceeds from employee stock plans   60,344     66,544  
    Repurchases of common stock   (113,142 )   (112,165 )
    Deferred acquisition consideration   (4,699 )    
    Other financing activities   (14,228 )   (14,465 )
    Net cash provided by (used in) financing activities   (45,542 )   (259,227 )
         
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   (8,048 )   (132 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (131,387 )   (43,736 )
    Cash and cash equivalents at beginning of period   422,979     425,444  
    Cash, cash equivalents and restricted cash at end of period $ 291,592   $ 381,708  
         
    Reconciliation of total cash, cash equivalents and restricted cash:    
    Cash and cash equivalents $ 278,548   $ 381,708  
    Restricted cash included in Prepaid expenses and other current assets   6,522      
    Restricted cash included in Other assets   6,522      
    Total cash, cash equivalents and restricted cash $ 291,592   $ 381,708  

    Certain prior year figures have been conformed to the current year’s presentation.

    Reconciliation of U.S. GAAP Results to Adjusted Financial Measures

    Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted EPS and cash provided by operating activities, have been adjusted below. FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Adjusted measures may also facilitate comparisons to FactSet’s historical performance.

    Organic Revenues

    Organic revenues exclude the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. The table below provides a reconciliation of revenues to organic revenues:

    (Unaudited) Three Months Ended  
      February 28, February 29,  
    (In thousands)   2025     2024 Change
    Revenues $ 570,660   $ 545,945 4.5 %
    Acquisition revenues   (3,793 )    
    Currency impact   1,118      
    Organic revenues $ 567,985   $ 545,945 4.0 %


    Non-GAAP Financial Measures

    The table below provides a reconciliation of operating income, operating margin, net income and diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, adjusted EBITDA and adjusted diluted EPS.

      Three Months Ended  
      February 28, February 29,  
    (in thousands, except per share data)   2025     2024   % Change
    Operating income $ 185,492   $ 181,942   2.0 %
    Intangible asset amortization   18,137     16,674    
    Business acquisitions and related costs(1)   9,040        
    Restructuring/severance       10,710    
    Adjusted operating income $ 212,669   $ 209,326   1.6 %
    Operating margin   32.5 %   33.3 %  
    Adjusted operating margin(2)   37.3 %   38.3 %  
    Net income $ 144,860   $ 140,940   2.8 %
    Intangible asset amortization   13,425     12,579    
    Business acquisitions and related costs(1)   6,691        
    Restructuring/severance       8,080    
    Income tax items       1,468    
    Adjusted net income(3) $ 164,976   $ 163,067   1.2 %
    Net income   144,860     140,940   2.8 %
    Interest expense   13,916     16,599    
    Income taxes   27,460     27,705    
    Depreciation and amortization expense   38,410     31,582    
    EBITDA $ 224,646   $ 216,826   3.6 %
    Non-recurring non-cash expenses       1,285    
    Adjusted EBITDA $ 224,646   $ 218,111   3.0 %
    Diluted EPS $ 3.76   $ 3.65   3.0 %
    Intangible asset amortization   0.35     0.32    
    Business acquisitions and related costs(1)   0.17        
    Restructuring/severance       0.21    
    Income tax items       0.04    
    Adjusted diluted EPS(3) $ 4.28   $ 4.22   1.4 %
    Weighted average common shares (diluted)   38,510     38,650    

    (1)   Primarily related to the acquisition of LiquidityBook.
    (2)   Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.
    (3)   For purposes of calculating Adjusted net income and Adjusted diluted EPS, all adjustments for the three months ended February 28, 2025 and February 29, 2024 were taxed at an adjusted tax rate of 26.0% and 24.6%, respectively.


    Business Outlook Operating Margin, Net Income and Diluted EPS

    (Unaudited)    
    Figures may not foot due to rounding Annual Fiscal 2025 Guidance
    (In millions, except per share data) Low end of range High end of range
    Revenues $ 2,305   $ 2,325  
    Operating income $ 761   $ 744  
    Operating margin   33.0 %   32.0 %
         
    Intangible asset amortization   80     81  
    Other adjustments (net)   12     12  
    Adjusted operating income $ 853   $ 837  
    Adjusted operating margin (a)   37.0 %   36.0 %
         
    Net income $ 588   $ 567  
    Intangible asset amortization   66     66  
    Other adjustments (net)   10     10  
    Discrete tax items   (4 )   (4 )
    Adjusted net income $ 660   $ 640  
         
    Diluted earnings per common share $ 15.40   $ 14.80  
    Intangible asset amortization   1.73     1.73  
    Other adjustments (net)   0.30     0.30  
    Discrete tax items   (0.03 )   (0.03 )
    Adjusted diluted earnings per common share $ 17.40   $ 16.80  

    (a)   Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.

    Free Cash Flow

    (Unaudited) Three Months Ended  
      February 28, February 29,  
    (In thousands)   2025     2024   Change
    Net Cash Provided for Operating Activities $ 173,955   $ 143,798    
    Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software   (23,736 )   (21,917 )  
    Free Cash Flow $ 150,219   $ 121,881   23.3 %

    Supplementary Schedules of Historical ASV by Client Type

    The following table presents the percentages and growth rates of organic ASV by client type, excluding the impact of currency movements, and may be useful to facilitate historical comparisons. Organic ASV excludes acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements.

    The numbers below do not include professional services or issuer fees.

      Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 Q4’23 Q3’23
    % of ASV from buy-side clients 82.3%   82.1%   82.0%   82.3%   82.0%   82.0%   81.8%   82.1%  
    % of ASV from sell-side clients 17.7%   17.9%   18.0%   17.7%   18.0%   18.0%   18.2%   17.9%  
                     
    ASV Growth rate from buy-side clients 4.1%   4.3%   4.9%   5.3%   5.6%   7.2%   6.9%   7.3%  
    ASV Growth rate from sell-side clients 2.2%   3.5%   3.8%   3.7%   5.5%   7.6%   9.3%   12.3%  

    The following table presents the calculation of organic ASV.

    (In millions) As of February 28, 2025
    As reported ASV $ 2,306.1  
    Currency impact (a)   1.9  
    Acquisition ASV (b)   (31.8 )
    Organic ASV $ 2,276.2  
    Organic ASV annual growth rate   4.1 %

    (a)   The impact from foreign currency movements.
    (b)   Acquired ASV from acquisitions completed within the last 12 months.

    The MIL Network

  • MIL-OSI: Global Net Lease, Inc. Announces Preferred Stock Dividends

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 20, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (“GNL” or the “Company”) (NYSE: GNL/ GNL PRA / GNL PRB / GNL PRD / GNL PRE) announced today that it declared quarterly dividends on its outstanding preferred stock. Specifically, GNL declared (i) a dividend of $0.453125 per share on its 7.25% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), payable on April 15, 2025, to holders of record of shares of its Series A Preferred Stock at the close of business on April 4, 2025, (ii) a dividend of $0.4296875 per share on its 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”) payable on April 15, 2025 to holders of record of shares of its Series B Preferred Stock at the close of business on April 4, 2025, (iii) a dividend of $0.46875 per share on its 7.50% Series D Cumulative Redeemable Perpetual Preferred Stock (“Series D Preferred Stock”) payable on April 15, 2025 to holders of record of shares of its Series D Preferred Stock at the close of business on April 4, 2025, and (iv) a dividend of $0.4609375 per share on its 7.375% Series E Cumulative Redeemable Perpetual Preferred Stock (“Series E Preferred Stock”) payable on April 15, 2025 to holders of record of shares of its Series E Preferred Stock at the close of business on April 4, 2025.

    About Global Net Lease, Inc.

    Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

    Important Notice

    The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the proposed sale of the multi-tenant portfolio) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

    Contacts:
    Investor Relations
    Email: investorrelations@globalnetlease.com
    Phone: (332) 265-2020

    The MIL Network

  • MIL-OSI: BFCM Communiqué de mise à disposition des Final Terms de l’émission séries 582 tranche 3

    Source: GlobeNewswire (MIL-OSI)

    Paris, le 20 mars 2025

    Communiqué information réglementée

    Communiqué précisant les modalités de mise à disposition des Final Terms de l’émission de la BFCM séries 582 tranche 3.

    La Banque Fédérative du Crédit Mutuel informe que ce document est à la disposition du public sur le site de l’émetteur à l’adresse suivante :

    https://www.bfcm.creditmutuel.fr/en/programs/standard.html

    Des exemplaires de ce document sont disponibles, sans frais auprès de l’émetteur :
    https://www.bfcm.creditmutuel.fr/fr/informations/contact.html

    Contact Relation Investisseurs
    Banque Fédérative du Crédit Mutuel : Sandrine Cao Dac Viola :  bfcm-web@creditmutuel.fr

    Attachment

    The MIL Network

  • MIL-OSI United Kingdom: Aberdeen among knowledge exchange award winners The University of Aberdeen were among the winners at the 10th Scottish Knowledge Exchange Awards on 19 March.

    Source: University of Aberdeen

    Winners at the 10th Scottish Knowledge Exchange AwardsThe University of Aberdeen were among the winners at the 10th Scottish Knowledge Exchange Awards on 19 March.
    The University, along with partners Vertebrate Antibodies-EpitogenX Ltd, picked up the Powerful Partnership award for their work developing AI-powered diagnostics using Epitogen® technology to detect autoimmune and infectious diseases.
    The internationally recognised collaboration was praised by organisers for yielding “world-first solutions, fostering global recognition, creating skilled talent, and driving economic and health advancements.”
    Read more about this collaborative project
    The event held at the Edinburgh Futures Institute brought together Scotland’s rich ecosystem of talent to celebrate transformational collaborations between businesses, communities, universities, colleges, and research institutes which are solving industry challenges, improving productivity, advancing research and supporting Scotland’s ambition to be one of the most innovative small nations in the world.
    Developments in renewable energy, mental health, medicine and food and drink scooped awards across 10 categories.
    Business Minister Richard Lochhead said: “It was good to see the full breadth of academic and business-led innovation on show at Interface’s annual awards.
    “It demonstrated why our expertise in so many sectors is revered around the world, from renewable energy and health technology, to food and drink.
    “Scotland has been at the forefront of many of the world’s most impactful innovations, from the MRI Scanner and penicillin to televisions and telephones. Yet, by combining research and business, so many new and exciting Scottish breakthroughs are just on the horizon and that is something we should all champion.”
    Amelia Whitelaw, Director of Interface, which organises the Awards, said: “The Scottish Knowledge Exchange Awards celebrate successful partnerships where knowledge is shared to create new solutions. The nominees and winners we are celebrating exemplify how collaboration drives valuable advancements. These partnerships have led to the development of new technologies, products, and services that contribute to economic progress and societal benefit. Their innovations are not only transforming Scotland but also have the potential to make a global impact.”
    The in full:
    Innovation of the Year – sponsored by HGF Ltd
    SolarSub Ltd, in collaboration with the National Manufacturing Institute Scotland (NMIS) at the University of Strathclyde, for refining the design of a solar panel cooling system, optimising it for manufacturing and scalability. Additionally, in partnership with Heriot-Watt University, the technology underwent rigorous field trials to evaluate its performance under extreme heat conditions, ensuring its robustness and efficacy.
    Innovator of the Future – sponsored by Highlands and Islands Enterprise
    Joint winners: Dr Dayi Zhang and Matthew Gibson
    Dr Dayi Zhang, Knowledge Transfer Partnership (KTP) Associate working with the University of Strathclyde and Inspectahire Instrument Co. Ltd for developing a portable, non-invasive ultrasonic device that revolutionises whisky cask monitoring. Designed for Scotland’s iconic whisky industry, the device enhances safety, reduces costs, and minimises carbon emissions, aligning with net zero goals. This innovation preserves cultural heritage while driving environmental progress and local economic growth.
    Matthew Gibson, KTP Associate working with the University of Strathclyde and Ailsa Reliability Solutions Ltd, is creating the next generation of data-driven condition monitoring solutions for the oil and gas sector. This project is developing the Vision© reliability platform and has demonstrated reduced machine downtime and energy waste, in pursuit of net zero and sustainable engineering processes.
    Inward Investment Impact – sponsored by International Social Enterprise Observatory

    Canon Medical Research Europe and the University of Edinburgh for bringing new AI Innovation and thinking to the heart of the business. The relationship contributed to increased inward investment and headcount in Canon Edinburgh as well as new collaborative research funding opportunities in the research and translation of Causal AI.
    Knowledge Exchange Champion – sponsored by Knowledge Exchange UK
    Winner: Professor John Bachtler
    Professor John Bachtler has transformed Scotland’s regional policy knowledge exchange through 40 years of leadership at the European Policies Research Centre at the University of Strathclyde. He advanced policy innovation via networks such as EoRPA and IQ-Net, linking Scotland with European policy frameworks. His strategic insights, mentoring, and impactful KE collaborations strengthened regional development policy, inspired future leaders, and enhanced Scotland’s European policy influence.
    Highly Commended: Dr Andrea Rodriguez and Dr Bryan McCann
    Dr Andrea Rodriguez, the University of Dundee, for sustaining engagement and impact on non-academic audiences by co-designing an international knowledge exchange programme on youth homelessness. Helping Young People Feel at Home took a multi-agency approach, involving critical thinking and dialogue with young people in Scotland and Brazil to improve service provision and professional practices.
    Dr Bryan McCann, Glasgow Caledonian University, has championed knowledge exchange throughout his academic career, establishing several strategic partnerships within the physical activity and mental health sectors. These partnerships have facilitated innovative and high-quality student placements, generated income for impactful knowledge exchange programmes, and contributed to health and wellbeing across Scotland.
    Knowledge Exchange Heroes – team and individual – sponsored by Azets Ltd
    Individual
    Susan Armstrong, KE Lead at Glasgow Caledonian University, has been instrumental in transforming the knowledge exchange landscape at the university through her strategic and collaborative approach. Her efforts, dedication, and unwavering support have significantly advanced the university’s KE initiatives, benefiting both the academic community and industry partners.
    Team
    The Scottish Centre for Food Development and Innovation (SCFDI) at Queen Margaret University has for 10 years championed KE in the food and drink sector in Scotland. They have developed progressive models for industry/academia KE career pathways, supported an impressive SME client portfolio and attracted increasing attention from global food companies and retailers.
    Making a Social Difference
    Scottish Action for Mental Health (SAMH) and Glasgow Caledonian University are collaborating to review, redesign and deliver SAMH’s Psychological Wellbeing services. Through partnership SAMH and GCU have developed the Time for You service, supporting mental health of thousands of members of the public via immediate access to free mental health support, delivered by GCU Trainee Psychologists.
    Making an Environmental Difference
    Renewable Parts Ltd and the University of Strathclyde’s collaboration applies circular economy principles within the wind turbine decommissioning process, promoting the refurbishment and remanufacturing of high-integrity, high-value parts within the wind energy sector, instead of being recycled and returned to raw materials or, worse still, landfill. This circularity approach will have a significant impact on the UK economy and net-zero targets.
    Multiparty Collaboration
    Winner:
    Medical Device Manufacturing Centre (MDMC) – Heriot-Watt University, the University of Edinburgh, the University of Glasgow, the University of Dundee, Robert Gordon University and over 170 medical device companies, to develop and commercialise innovative medical devices.
    Highly Commended:
    The Underwater Intervention for Offshore Renewable Energies (UNITE) project, a partnership between The National Robotarium, Heriot-Watt University, Imperial College London, Frontier Robotics and Fugro, is developing advanced AI and autonomous systems for undertaking remote inspections of offshore wind farms to offer a safe, efficient and sustainable solution for global energy providers.
    Place-based Impact sponsored by Business Gateway
    Winner:
    Digital Dairy Chain – Scotland’s Rural College (SRUC), the University of Strathclyde, the University of the West of Scotland, First Milk, Lactalis, NMR, SmartSTEMs, Kendal Nutricare, CENSIS and Cows & Co, is transforming the dairy sector across the South and West of Scotland and Cumbria. This partnership is driving innovation, enhancing productivity, and stimulating job creation, contributing to sustained economic growth in the region.
    Highly Commended:
    Control of Sheep Scab – Moredun Research Institute, Lewis and Harris Sheep Producers Association, The Old Mill Veterinary Practice, Scottish Government, The Crofters of Lewis & Harris, Lewis Crofters, Neil Fell Mobile Dipping Ltd, Zoetis Animal Health Ltd and Bimeda Ltd has developed a community-led approach to prevent and control sheep scab. This project demonstrates how a coordinated, collaborative effort can effectively prevent disease, improve sheep welfare and productivity, and rekindle a strong sense of community.
    Powerful Partnership sponsored by Skillfluence
    Vertebrate Antibodies-EpitogenX Ltd and the University of Aberdeen have developed transformative AI-powered diagnostics leveraging the innovative Epitogen® recombinant technology for diagnosing autoimmune and infectious diseases. This long-term collaboration has yielded world-first solutions, fostering global recognition, creating skilled talent, and driving economic and health advancements.
    Join the conversation on X at #SKEAwards and LinkedIn at @Interface.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Liverpool City Council set to extend contract for crisis household scheme

    Source: City of Liverpool

    A scheme which provides furniture and domestic appliances to people in crisis in Liverpool is set to be extended.

    The ‘homes needs’ element of the Citizens Support Scheme supports residents who can’t afford to buy essential goods including a fridge, oven, sofa or bed.

    Last year the £1.4 million scheme, which is delivered by Liverpool-based social enterprise The Furniture Resource Centre, made 12,000 awards.

    A report to the Cabinet meeting on Tuesday 25 March is recommending the ‘home needs’ element of the contract is extended for a further 12 months. A fresh procurement process to award a new long-term contract will take place later in the year.

    Separately, the Citizens Support Scheme also helps people with ‘urgent needs’ including food and fuel costs and last year made 11,000 awards worth £800,000.

    Examples of other support provided by the Council to low-income households includes:

    • The Council Tax Support Scheme – which is one of the most generous among big ‘core’ cities and in the Liverpool City Region. It has recently been changed to give eligible households a 12 month award to provide certainty and help them budget
    • In the 2025/26 budget, the Council committed to increasing the size of the Benefits Maximisation Service team by 50 per cent. Over the last year, they increased income for the most vulnerable households by £7,643,529 – up £433,583 compared to January 2024

    Deputy Council Leader and Cabinet Member for Finance, Resources and Transformation, Cllr Ruth Bennett, said: “The Citizens Support Scheme is a lifeline for thousands of low-income households in Liverpool.

    “This is a scheme that is discretionary but that we choose to provide because it is absolutely vital that residents – whatever their background – have access to basic household appliances and furniture.

    “It is an integral part of our work to support vulnerable households which also includes the Council Tax Support Scheme and our hugely successful Benefits Maximisation Service which ensures residents are claiming all the support they are entitled to.”

    Shaun Doran, CEO of FRC Group, said: “Liverpool City Council’s Home Needs Scheme is a vital lifeline for residents across Liverpool who would otherwise be unable to access essential furniture and appliances, lifting them out of Furniture Poverty.

    “We are delighted to be continuing to work with the council on this scheme as it aligns perfectly with FRC Group’s core mission to end furniture poverty.

    “We know from the work of our national End Furniture Poverty campaign that Liverpool’s scheme is one of the best in England, playing a crucial role in improving living standards for households across the city, and we congratulate the council on continuing to provide this support.”

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: CE meets Secretary of CPC Heilongjiang Provincial Committee (with photo)

    Source: Hong Kong Government special administrative region

    CE meets Secretary of CPC Heilongjiang Provincial Committee (with photo) 
    Mr Lee welcomed Mr Xu and his delegation to Hong Kong for the Heilongjiang-Hong Kong Investment Cooperation Conference. Mr Lee said he is pleased to meet Mr Xu again since they last met during his visit to Harbin in February. Noting that Hong Kong and Heilongjiang maintain close economic and trade relations, Mr Lee said Hong Kong has been the largest source of external investment in Heilongjiang, with total investments exceeding US$ 34 billion as of last year. Hong Kong will continue to leverage its advantage as a bridge between the Mainland and the world under the “one country, two systems” principle to serve Mainland enterprises in going global while attracting more foreign investment to the country.
     
    Mr Lee highlighted that Heilongjiang’s successful hosting of the 9th Asian Winter Games Harbin 2025 sets an excellent example for the 15th National Games to be jointly held by Hong Kong, Guangdong, and Macao in November this year. Heilongjiang’s integration of winter sports with cultural tourism development, along with its full promotion of the ice and snow economy, provides inspiration for Hong Kong’s cultural tourism development.
     
    Noting that the Individual Visit Scheme has been extended to include Harbin in Heilongjiang Province, while direct flights between Harbin and Hong Kong have been launched, Mr Lee said that these developments will further foster economic, trade, and cultural exchanges between Heilongjiang and Hong Kong. He welcomed more enterprises and talent from Heilongjiang to organise and participate in various activities in Hong Kong, and he also encouraged more tourists from Heilongjiang to visit Hong Kong to experience its unique charm as a metropolis where East meets West.
     
    Mr Lee said that the Beijing Office and Liaoning Liaison Unit of the Hong Kong Special Administrative Region Government will continue to serve as a bridge to promote deeper co-operation between Hong Kong and Heilongjiang in various areas such as sports, economic and trade investment, tourism, education, and youth exchanges, jointly making new and greater contributions to the country’s high-quality development.
    Issued at HKT 14:15

    NNNN

    MIL OSI Asia Pacific News