Category: Finance

  • MIL-OSI: Varonis Acquires Cyral to Reinvent Database Activity Monitoring

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 17, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), the data security leader, today announced the acquisition of the next-generation database activity monitoring (DAM) provider Cyral.

    Cyral’s innovative approach to DAM uses agentless and stateless interception technology that deploys quickly and overcomes the challenges legacy vendors face in preventing data breaches and ensuring compliance.

    “By combining Cyral’s cloud-native DAM with Varonis’ robust and growing database security capabilities, customers can begin to upgrade their costly legacy solutions, shattering the silos that have traditionally separated structured and unstructured data security,” said Varonis CEO, President, and Co-founder Yaki Faitelson. “With this acquisition, we are addressing the most difficult database security challenges, and equipping our customers with a modern, end-to-end platform.”

    A structured data explosion fueled by cloud and AI

    The database market is set to explode to $225 billion by 2028. Giants like Databricks and Snowflake have unlocked virtually unlimited capacity and frictionless access to databases, data lakes, and data pipelines. Meanwhile, vector databases, the foundation of AI model training and processing, are challenging security teams with unprecedented scale, volume, and complexity.

    Organizations struggle to secure thousands of managed, unmanaged, and on-prem databases storing their most critical PII, intellectual property, and AI training data. Lack of competition and complex barriers to entry have stifled innovation in the DAM market. The AI era demands a new and novel approach to database security.

    A unified Data Security Platform

    The days of fragmented data security products are ending. Varonis protects data wherever it lives, at rest or in motion, from a single unified platform—enabling organizations to continuously reduce their sensitive data exposure and respond to threats in the age of AI.

    Cyral was co-founded by Manav Mital, who identified the crucial need to manage databases at scale using cloud-native technology. “Varonis’ acquisition of Cyral brings together a shared vision for securing customers’ data end-to-end as AI ushers in a new era of growth and innovation,” said Cyral Co-Founder and CEO Manav Mital. “The lifeblood of AI is data, and Varonis is leading the charge by driving automated data security outcomes at scale.”

    The acquisition is not expected to have a material impact on revenue this year.

    Additional Resources

    Forward-Looking Statements

    This press release contains “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance but are based on management’s expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: the impact of potential information technology, cybersecurity or data security breaches; risks associated with anticipated growth in Varonis’ addressable market; general economic and industry conditions, such as foreign currency exchange rate fluctuations and expenditure trends for data and cybersecurity solutions; Varonis’ ability to predict the timing and rate of subscription renewals and their impact on the Company’s future revenues and operating results; risks associated with international operations; the impact of global conflicts on the budgets of our clients and on economic conditions generally; competitive factors, including increased sales cycle time, changes in the competitive environment, pricing changes and increased competition; the risk that Varonis may not be able to attract or retain employees, including sales personnel and engineers; Varonis’ ability to build and expand its direct sales efforts and reseller distribution channels; risks associated with the closing of large transactions, including Varonis’ ability to close large transactions consistently on a quarterly basis; new product introductions and Varonis’ ability to develop and deliver innovative products; Varonis’ ability to provide high-quality service and support offerings; the expansion of cloud-delivered services; and risks associated with our convertible notes and capped-call transactions. These and other important risk factors are described more fully in Varonis’ reports and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. All information provided in this press release is as of the date hereof, and Varonis undertakes no duty to update or revise this information, whether as a result of new information, new developments or otherwise, except as required by law.

    About Varonis

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

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

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

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

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

    The MIL Network

  • MIL-OSI: Abaxx Announces C$20,000,000 Convertible Debenture Offering

    Source: GlobeNewswire (MIL-OSI)

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

    TORONTO, March 17, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announces it proposes to raise on a non-brokered private placement basis an aggregate principal amount of up to C$20,000,000 (the “Offering”) pursuant to the issuance of secured convertible debentures (the “Debentures”) due 36 months following the date of issuance (the “Maturity Date”).

    Each Debenture will consist of C$1,000 principal amount of secured convertible debentures of the Company and will be convertible into common shares of the Company (each, a “Debenture Share) at the option of the holder thereof at any time prior to the Maturity Date at a conversion price equal to C$13 per Debenture Share. The outstanding principal amount of the Debentures, together with any accrued and unpaid interest, will become due and payable in full on the Maturity Date and will be payable in cash.

    The Debentures will be issued at an original issue discount equal to 2.5% of the aggregate principal amount of the Debentures and shall bear interest at a rate of 7.0% per annum from the date of issue, payable semi-annually in arrears in cash. The Debentures will be secured against certain publicly-traded securities owned by the Company.

    The Offering is expected to close on or around March 25, 2025, and is subject to completion of final transaction documentation and all regulatory approvals, including the approval of Cboe Canada. The net proceeds of the Offering are expected to be used for general corporate and working capital purposes. The Debentures and Debenture Shares issuable pursuant to the Offering will be subject to statutory hold periods of four months and one day from the date of issuance thereof.

    The Company may pay a commission or finder’s fee to eligible parties in connection with the Offering, subject to the approval of Cboe Canada and compliance with applicable securities laws.

    The securities offered in the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release does not constitute an offer to sell or the solicitation of any offer to buy securities in the United States, nor in any other jurisdiction.

    About Abaxx Technologies
    Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is an indirect majority-owner of subsidiaries Abaxx Exchange and Abaxx Clearing, recognized by MAS as a “recognised market operator” (RMO) and “approved clearing house” (ACH), respectively.

    Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

    For more information please visit abaxx.techabaxx.exchange and smartermarkets.media.

    For more information about this press release, please contact:

    Steve Fray, CFO
    Tel: +1 647-490-1590

    Media and investor inquiries:

    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 246 271 0082
    E-mail: ir@abaxx.tech

    Cautionary Statement Regarding Forward-Looking Information

    This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward- looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

    Forward-looking information related to Abaxx in this press release includes, but is not limited to: the proposed terms of the Debentures, the closing and timing of closing of the Offering, regulatory approvals and the proposed use of proceeds from the Offering. Such factors impacting forward-looking information include, among others: the inability to receive regulatory approvals in connection with the Offering or inability to finalize transaction documentation; risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management discussion & analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network

  • MIL-OSI United Nations: Committee on Enforced Disappearances Opens Twenty-Eighth Session

    Source: United Nations – Geneva

    The Committee on Enforced Disappearances this morning opened its twenty-eighth session, during which it will examine the reports of the Central African Republic, the Gambia and Malta on their implementation of the provisions of the International Convention on the Protection of All Persons from Enforced Disappearance.

    The Committee will also review follow-up and addition information provided by Panama, Serbia and Belgium, as well as by Peru and Argentina, for the latter two States in the context of a special request made in the light of recent developments in these two countries.

    Opening the session, Antti Korkeakivi, Chief of the Human Rights Treaties Branch at the Office of the High Commissioner for Human Rights and Representative of the Secretary-General, said the global landscape today was fraught with challenges that continued to highlight the urgency and necessity of eradicating the heinous crime of enforced disappearances. 

    Mr. Korkeakivi welcomed that, since the last session, Poland became party to Convention, which now had 77 States parties.  The holding of the World Congress on Enforced Disappearances, held in Geneva two months ago, was a pivotal step in joining forces to address enforced disappearances and to encourage ratification of the Convention.  Since the last session, the Committee had registered 120 new urgent actions, bringing the number of registered urgent actions to a total of 2,003 since 2012.  Out of these cases, 518 have been closed following the location of the disappeared person, including 410 alive.

    Olivier de Frouville, Committee Chairperson, in his opening statement, said the substantive work, the day-to-day work of the treaty bodies, was carried out by the members of the Office of the High Commissioner for Human Rights, and they should be recognised.  Investing in human rights was an investment in security and development.  However, the crisis in which multilateral organizations were experiencing, which also affected the human rights protection system, could not be ignored. 

    It was practically impossible for the Committee to carry out regular monitoring, with more than 2,000 cases now recorded.  Yet the victims were counting on the Committee.  The Committee looked forward to the evaluation process under Measure 46, from the Pact of the Future, on adequate, predictable, more substantial and sustainable funding to enable the treaty bodies to carry out their mandates efficiently and effectively.

    During the meeting, Obeida Dabbagh, recounted his family’s searched for justice after the arrest and subsequent enforced disappearance of his brother Mazen Dabbagh, and his son Patrick in November 2013 by the Syrian Air Force intelligence. 

    Committee Expert Fidelis Kanyongolo thanked Mr. Dabbagh for sharing his story and underlined the importance of extra-territorial jurisprudence in the Committee’s work. 

    Before closing the meeting, the Committee adopted its agenda for the session.

    All the documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage. Webcasts of the meetings of the session can be found here, and meetings summaries can be found here.

    The Committee will next meet in public at 10 a.m. on Tuesday, 18 March, to review additional information on the report of Serbia (CED/C/SRB/AI/1).

    Statements 

    ANTTI KORKEAKIVI, Chief, Human Rights Treaties Branch at the Office of the High Commissioner for Human Rights and Representative of the Secretary-General, thanked the five Members of the Committee whose first mandate would come to an end next June.  In accordance with the Convention, some may be re-elected by the States parties. States parties were called on to nominate well qualified candidates, as the deadline had been extended. 

    The global landscape today was fraught with challenges that continued to highlight the urgency and necessity of eradicating the heinous crime of enforced disappearances. Enforced disappearances remained a pervasive violation of human rights, contributing to a climate of fear, despair and injustice.  It was therefore important to work towards universal ratification of the Convention. Since the last session, Poland became the seventy-seventh State party to the Convention, which should be celebrated. 

    The holding of the World Congress on Enforced Disappearances, held in Geneva two months ago, was a pivotal step in joining forces to address enforced disappearances and to encourage ratification of the Convention.  It gathered more than 620 participants in Geneva and 1,392 persons online, coming from 118 countries and all regions of the world.  The event concluded with a call to action and unveiling of key follow-up activities.  These initiatives included the creation of a victim-led regional network in Africa; the organization of regular meetings of women searchers; the promotion of civil society contributions to the sessions of the Committee; and the creation of a global youth network against enforced disappearances.  States were called on to support them without delay. 

    Enforced disappearances had a disproportionate impact on women.  During the session, the Committee would consider a draft concept note for the elaboration of a general comment on women and girls and enforced disappearances.  Since the last session in September, the Committee undertook a two week-visit to Colombia, the report of which would be considered during the session.  During the session, the Committee would address the situation of enforced disappearances in 14 other States parties to the Convention, and the consideration of an individual complaint. 

    Through the Committee’s work on urgent actions, the Committee could request a State party to take immediate action to search for a disappeared person and to investigate his or her disappearance.  Since the last session, the Committee had registered 120 new urgent actions, bringing the number of registered urgent actions to a total of 2,003 since 2012. Out of these cases, 518 have been closed following the location of the disappeared person, including 410 alive. This meant that 1,481 urgent actions remained active, requiring follow-up by the Committee.

    The periodic reports on urgent actions adopted at each session traced the general trends in the cases and the Committee’s jurisprudence on urgent actions.

    The Secretary-General’s latest report on the treaty body system highlighted the fact that due to insufficient staff resources, the Committee was facing challenges in handling urgent action requests and ensuring follow-up in a timely manner.  In addition to the chronic resource constraints, the liquidity crisis had hampered the planning and implementation of the Committee’s work.  While the Office was doing its utmost to ensure that the Committee and other treaty bodies could implement their mandates, all indications pointed to a continuation of the difficult liquidity situation for the foreseeable future. 

    Despite the challenging circumstances, the treaty body strengthening process remained active. It reached a key moment, with the adoption last December of the biennial resolution on the treaty body system by the General Assembly.  On the occasion of Human Rights Day last year, the Geneva Human Rights Platform, in cooperation with the Office and the Directorate of International Law of the Swiss Federal Department of Foreign Affairs, organised an informal meeting of the Chairs and focal points on working methods.  The meeting explored the latest developments on the treaty body system and sought to identify possible ways to improve harmonisation of procedures and brainstorm on the way forward. 

    Mr. Korkeakivi concluded by saying that the eradication and prevention of enforced disappearances demanded unwavering commitment and concerted action.  The work of the Committee was at the core of these efforts, despite the challenging circumstances.  The Office looked forward to continuing to support the Committee in implementing its imperative mandate. 

    OLIVIER DE FROUVILLE, Chairperson of the Committee on Enforced Disappearances, said the substantive work, the day-to-day work of the treaty bodies, was carried out by the members of the Office of the High Commissioner for Human Rights, and they should be recognised. 

    Human rights currently faced particularly vicious rhetoric.  Ideologues were using the art of reversing arguments that totalitarian movements were already practicing in the 1930s.  All those who had worked alongside the families of the disappeared were familiar with this misleading rhetoric: the disappeared were often stigmatised as nuisances to society or even as criminals.  All over the world today, the return of this madness could be seen, and with it the return of enforced disappearance, torture and executions to bring society to heel and silence all dissent.  It was important to continue to bear witness to this, and for the Committee to continue to meet and organise.

    The First World Congress on Enforced Disappearances was an extraordinary demonstration of the strength and resilience of the global movement against enforced disappearances. The families of the disappeared came in large numbers from all continents to testify and exchange their experiences, their challenges, their struggles, the adversity they faced, and the means to overcome it.  The Congress underscored the commitment of the major international non-governmental organizations and regional human rights protection organs. 

    Sixteen States came publicly to the opening to announce their commitments and pledges; 86 per cent of attendees felt that the Congress would have a direct impact on their work, while 90 per cent expressed their wish to actively contribute to the implementation of the priority actions identified during the Congress.  This week the report of the Congress would be published; it would summarise all the activities that took place there, but also all the commitments made.  It was now important that all partners organised themselves to follow up on these commitments within the year, including a significant acceleration in the pace of ratifications of the Convention to achieve near-universality within a reasonable time.  To do this, resources were needed.

    Investing in human rights was an investment in security and development.  However, the crisis which multilateral organizations were experiencing, which also affected the human rights protection system, could not be ignored.  It was practically impossible for the Committee to carry out regular monitoring, with more than 2,000 cases now recorded.  Yet the victims were counting on the Committee.  The Committee looked forward to the evaluation process under Measure 46, from the Pact of the Future, on adequate, predictable, more substantial and sustainable funding to enable the treaty bodies to carry out their mandates efficiently and effectively.

    The General Assembly, in its last resolution on the Committee system, did not take into consideration the pragmatic and realistic proposals made by the treaty bodies, particularly with a view to reforming the reporting procedure.  However, all parties agreed on a necessary reform. But the States seemed undecided and were presenting difficult conditions.  The thirty-sixth official meeting of the Presidents was an opportunity for a constructive exchange with a view to reaching new proposals for action and improvements. 

    The Committee was ahead of the curve and did not have a periodic reporting system.  States must submit a report within two years of ratification.  This was the subject of constructive dialogue and concluding observations, as would be the case at this session for the Gambia, the Central African Republic and Malta. States were then called upon to come back to the Committee after a few years to take stock of the implementation of the recommendations made in the concluding observations.  Thus, at the session, the Committee would consider follow-up and additional information provided by Panama, Serbia and Belgium, as well as by Peru and Argentina, in the context of a special request, made in light of recent developments in these two countries.

    OBEIDA DABBAGH, said his brother Mazen Dabbagh, an educational advisor at the French Lycée Charles de Gaulle in Damascus, and his son Patrick, a psychology student at Damascus University, were arrested in November 2013 by Syrian Air Force intelligence. Their arrest, at first arbitrary, turned into an enforced disappearance, then into an ordeal marked by atrocious torture, as revealed by testimonies and court documents.  In 2018, the Syrian regime declared them dead, years after their disappearance, while putting forward false causes of death.  These arrests were not motivated by substantiated charges; neither Mazen nor Patrick were involved in protests against the regime, which underscored the indiscriminate and systemic brutality of a regime that preyed on entire families to establish its rule through terror.

    In November 2013, the family took steps with the Syrian, French and international authorities, including the President of the French Republic, the Minister of Foreign Affairs, as well as several parliamentarians and human rights organizations, including the Red Cross and European Union.  In 2016, in collaboration with the International Federation for Human Rights, a complaint was filed with the Paris Prosecutor’s office for crimes against humanity.  This was a turning point in the fight, allowing the French justice system to open an investigation and collect crucial testimonies, particularly from Syrian deserters.  This investigation led to an indictment order in March 2023, sending three senior Syrian regime officials to trial for complicity in crimes against humanity and war crimes.

    There were many obstacles.  In Syria, asking for news of Mazen and Patrick exposed loved ones to serious reprisals.  The Syrian regime, in addition to torture and executions, extorted the family, eventually expelling Mazen’s wife and daughter from the family home in Damascus.  But despite these hardships, Mr. Dabbagh remained committed.  Through this legal action, he wanted not only to obtain justice for Mazen and Patrick, but to participate in the global fight against the atrocities committed by the Syrian regime.  The trial held in France from 21 to 24 May 2024 against Syrian officials was a historic step forward, which would hopefully inspire other families of Syrian victims to continue their quest for justice, despite the obstacles. 

    After the fall of the Assad regime, there was hope that the new authorities would take ownership of the issue of enforced disappearances, which concerned hundreds of thousands of people, through transitional justice.  The truth must be established, justice must be done, reparation must follow, without which reconciliation between communities could not be achieved.  Mr. Dabbagh hoped that in the near future the family would be able to know the place where his brother and nephew were buried, to give them a dignified burial, and to be able to finally mourn.

    FIDELIS KANYONGOLO, Committee Expert, conveyed sincere gratitude to Mr. Dabbagh for taking the time to present his testimony and for being willing to revisit painful memories.  The testimony reinforced the heavy responsibility that lay upon the shoulders of the members of the Committee.  The concept of extra-territorial jurisdiction was particularly important in the Committee’s work.  In a world where many States continued to demonstrate reluctance to ratify the Convention, the ability of courts of willing countries to punish human rights violations was critical.  In this case, it was important to note that Syria had not ratified the Rome Statute, no resolution from the United Nations Security Council to refer the situation to the International Criminal Courts, and the domestic justice system was neither independent nor accountable.  Extra-territorial jurisdiction affirmed the idea that human rights were universal.

    Mr. Dabbagh’s testimony showed that although the legal pathways existed for invoking extra-territorial jurisdiction, many practical hurdles continued to limit its potential as a tool for its application in specific cases.  It was hoped the testimony would act as a constant reminder for the Committee that they were dealing with the lives of real people who suffered the consequences of enforced disappearances, and that opportunities existed in jurisprudence to maximise the human rights protection extended to ordinary citizens of countries.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

     

     

    CED25.001E

     

    MIL OSI United Nations News

  • MIL-OSI: APA Corporation and Partners Lagniappe Alaska and Oil Search Announce Significant Oil Discovery in Alaska’s North Slope at Sockeye-2 Exploration Well; Partners Proceeding with Further Evaluation and Testing

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 17, 2025 (GLOBE NEWSWIRE) — APA Corporation (NYSE, Nasdaq: APA) and its partners Lagniappe Alaska, LLC, an Armstong company, and Oil Search (Alaska), LLC, a subsidiary of Santos Limited, today announced preliminary results of the Sockeye-2 exploratory well. Apache holds a 50% working interest, operator Lagniappe and partner Santos each hold 25%.

    The Sockeye-2 well was drilled to a depth of approximately 10,500 feet and successfully encountered a high-quality reservoir with approximately 25 feet of net oil pay in one blocky, Paleocene-aged sand with an average porosity of 20%. As compared to recent regional field analogues in the Brookian play, the porosity and permeability are both better than expected, with the permeability to be confirmed through a planned flow test. Additional zones of potential pay were also encountered in the shallower Staines Tongue formation.

    The Sockeye prospect is amplitude supported across 25,000 to 30,000 acres, and confirms the partners’ geologic and geophysical models, derisking numerous additional prospects in the area. Wireline logging is complete and additional data collection is underway, including acquiring core and flow testing the well. The partners will provide further updates following the flow test results.

    “The Sockeye-2 test is the second successful exploratory well drilled by the partnership on a 325,411-acre position on state lands. The first well, King Street-1, was a new field discovery with oil in two separate Brookian Zones. The Sockeye-2 well further demonstrates the potential of the play, presenting an exciting opportunity in an active area of the North Slope with significant existing infrastructure,” said Bill Armstrong, CEO of Armstrong Oil & Gas.

    “We are very encouraged by the results at the Sockeye-2 well, which further proves our geologic and geophysical models and confirms a working hydrocarbon system. We look forward to the results of the flow test and sharing more information about the broader opportunity in Alaska,” added John J. Christmann, APA Corporation CEO.

    About APA

    APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in APA’s Form 10-K for the year ended December 31, 2024, and in our quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

    Contacts

    Investor: (281) 302-2286
    Media: (713) 296-7276        
    Website: www.apacorp.com

    APA-G

    The MIL Network

  • MIL-OSI: Netcapital Announces Third Quarter Fiscal 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Management to Host Earnings Call on March 19, 2025 at 10:00 a.m. ET

    BOSTON, MA, March 17, 2025 (GLOBE NEWSWIRE) — Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced financial results for the third quarter of fiscal year 2025 ended January 31, 2025.

    “During the fiscal year, management shifted its focus to establishing the company’s wholly-owned broker-dealer subsidiary, Netcapital Securities Inc., which was approved by FINRA in November. We believe this major milestone will provide additional sources of revenue going forward,” said Martin Kay, CEO of Netcapital Inc. “We did face a tough quarter during an uncertain market environment. Looking forward, however, we are pleased that Algernon NeuroScience Inc. recently engaged Netcapital Securities for a planned Regulation A (Reg A) offering and to provide broker-dealer and administrative services.”

    Third Quarter Fiscal 2025 Financial Results

    • Revenue decreased approximately 85% year-over-year to $152,682, compared to revenue of $1,042,793 million in the third quarter of fiscal year 2024
    • Operating loss was ($1,687,692) in the third quarter fiscal 2025, compared to ($1,205,157) for the third quarter fiscal 2024
    • Net loss was ($3,006,537) in the third quarter fiscal 2025, compared to net loss of ($2,227,542) for the same period in the prior year
    • Loss per share was ($1.57) in the third quarter fiscal 2025, compared to loss per share of ($13.60) for the same period in the prior year
    • As of January 31, 2025, the Company had cash and cash equivalents of $614,304

    Conference Call Information

    The Company will host an investor conference call on Wednesday, March 19, 2025, at 10 a.m. ET.

    Participant access: 844-985-2012 or 973-528-0138
    Conference entry code: 165756

    For additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the three-month period ended January 31, 2025, which has been filed with the Securities and Exchange Commission.

    About Netcapital Inc.

    Netcapital Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company’s consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company’s funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. The Company’s broker-dealer, Netcapital Securities Inc., is also registered with the SEC and is a member of FINRA.

    Forward Looking Statements

    The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

    Investor Contact

    800-460-0815 
    ir@netcapital.com

    NETCAPITAL INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS

        January 31, 2025
    (Unaudited)
        April 30, 2024
    (Audited)
     
    Assets:                
    Cash and cash equivalents   $ 614,304     $ 863,182  
    Accounts receivable net           134,849  
    Other receivables     2,400       1,200  
    Note receivable     20,000       20,000  
    Prepaid expenses     36,115       23,304  
    Total current assets     672,819       1,042,535  
                     
    Deposits     6,300       6,300  
    Notes receivable – related parties     202,000       202,000  
    Purchased technology, net     14,706,398       14,733,005  
    Investment in affiliate     240,080       240,080  
    Equity securities     24,073,080       25,333,386  
    Total assets   $ 39,900,677     $ 41,557,306  
                     
    Liabilities and Stockholders’ Equity                
    Current liabilities:                
    Accounts payable   $ 2,160,727     $ 793,325  
    Accrued expenses     250,983       310,300  
    Deferred revenue     360       466  
    Interest payable     98,218       92,483  
    Current portion of SBA loans     1,885,800       1,885,800  
    Loan payable – bank     34,324       34,324  
    Total current liabilities     4,430,412       3,116,698  
                     
    Long-term liabilities:                
    Long-term SBA loans, less current portion     500,000       500,000  
    Total liabilities     4,930,412       3,616,698  
                     
    Commitments and contingencies            
                     
    Stockholders’ equity:                
    Common stock, $.001 par value; 900,000,000 shares authorized, 2,112,488 and 326,867 shares issued and outstanding     2,113       327  
    Shares to be issued     122,124       122,124  
    Capital in excess of par value     42,120,673       37,338,594  
    Retained earnings (deficit)     (7,274,645 )     479,563  
    Total stockholders’ equity     34,970,265       37,940,608  
    Total liabilities and stockholders’ equity   $ 39,900,677     $ 41,557,306  

    NETCAPITAL INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)
       

        Three Months Ended     Three Months Ended     Nine Months Ended     Nine Months Ended  
        January 31, 2025     January 31, 2024     January 31, 2025     January 31, 2024  
                             
    Revenues   $ 152,682     $ 1,042,793     $ 465,437     $ 4,604,260  
    Costs of services     7,155       58,875       37,156       97,062  
    Gross profit     145,527       983,918       428,281       4,507,198  
                                     
    Costs and expenses:                                
    Consulting expense     63,555       175,357       240,581       544,033  
    Marketing     12,887       32,198       31,993       320,817  
    Rent     20,178       19,544       58,736       57,533  
    Payroll and payroll related expenses     815,024       869,517       2,701,318       2,957,394  
    General and administrative costs     921,575       1,092,459       3,794,013       2,529,378  
    Total costs and expenses     1,833,219       2,189,075       6,826,641       6,409,155  
    Operating income (loss)     (1,687,692 )     (1,205,157 )     (6,398,360 )     (1,901,957 )
                                     
    Other income (expense):                                
    Interest expense     (10,376 )     (11,918 )     (30,441 )     (35,784 )
    Interest income     400             1,200        
    Impairment expense     (1,300,000 )           (1,300,000 )      
    Amortization of intangible assets     (8,869 )     (28,331 )     (26,607 )     (84,993 )
    Unrealized loss on equity securities           (2,696,135 )           (2,696,135 )
    Total other income (expense)     (1,318,845 )     (2,736,384 )     (1,355,848 )     (2,816,912 )
    Net income (loss) before taxes     (3,006,537 )     (3,941,541 )     (7,754,208 )     (4,718,869 )
    Income tax expense (benefit)           (1,713,999 )           (2,339,288 )
    Net income (loss)   $ (3,006,537 )   $ (2,227,542 )   $ (7,754,208 )   $ (2,379,581 )
                                     
    Basic earnings (loss) per share   $ (1.57 )   $ (13.60 )   $ (6.93 )   $ (17.61 )
    Diluted earnings (loss) per share   $ (1.57 )   $ (13.60 )   $ (6.93 )   $ (17.61 )
                                     
    Weighted average number of common shares outstanding:                                
    Basic     1,915,367       163,807       1,119,479       135,111  
    Diluted     1,915,367       163,807       1,119,479       135,111  

    The MIL Network

  • MIL-OSI: Greystone Housing Impact Investors LP Announces Regular Quarterly Cash Distribution

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., March 17, 2025 (GLOBE NEWSWIRE) — On March 17, 2025, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced that the Board of Managers of Greystone AF Manager LLC (“Greystone Manager”) declared a cash distribution to the Partnership’s Beneficial Unit Certificate (“BUC”) holders of $0.37 per BUC.

    The cash distribution will be paid on April 30, 2025 to all BUC holders of record as of the close of trading on March 31, 2025. The BUCs will trade ex-distribution as of March 31, 2025.

    Greystone Manager is the general partner of America First Capital Associates Limited Partnership Two, the Partnership’s general partner. Distributions to the Partnership’s BUC holders, including regular and any supplemental distributions, are determined by Greystone Manager based on a disciplined evaluation of the Partnership’s current and anticipated operating results, financial condition and other factors it deems relevant. Greystone Manager continually evaluates the factors that go into BUC holder distribution decisions, consistent with the long-term best interests of the BUC holders and the Partnership.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

    If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com
     
    INVESTOR CONTACT:
    Andy Grier
    Senior Vice President
    402-952-1235

    The MIL Network

  • MIL-OSI: Global Star Acquisition Inc. Commences Trading on the OTC Markets

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and SEOUL, South Korea, March 17, 2025 (GLOBE NEWSWIRE) — Global Star Acquisition Inc. (OTC Markets: GLST) (“Global Star” or the “Company”), a special purpose acquisition company, received a notification letter from The Nasdaq Stock Market, LLC (“Nasdaq”) on March 7, 2025, notifying the Company that it no longer meets continued listing requirements. As a result, Nasdaq pursuant to its discretionary authority under Listing Rules 5101,1 and IM-5101-12 suspended trading of the Company’s securities on March 7, 2025. Following the suspension of trading on Nasdaq, the Company’s securities began trading on the OTC Markets as of March 14, 2025.

    On February 3, 2025, Global Star’s shareholders approved the previously announced business combination between Global Star and K Enter Holdings, Inc. (“K Enter”). Both Global Star and K Enter remain committed to consummating the business combination and plan to have the securities of the post-business combination entity, K Wave Media, Ltd., to be listed on The Nasdaq Stock Market.

    About Global Star Acquisition Inc.

    Global Star Acquisition Inc., a Delaware corporation, is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

    About K Enter Holdings Inc.

    K Enter Holdings Inc. is a Delaware corporation that operates an internal K drama production team and is the owner of the controlling equity interests in six diversified entertainment operating companies based in Korea, engaged in the entertainment content, IP creation, merchandising and entertainment investment businesses (the “Six Korean Entities”). The Six Korean Entities include Play Company Co., Ltd, a Korean IP merchandising company, and Solaire Partners Ltd., a Korean IP content-specialized private equity firm, Studio Anseilen Co., Ltd., a K drama production company, and The LAMP Co., Ltd., Bidangil Pictures Co., Ltd., and Apeitda Co., Ltd., each of which is a K movie production company.

    Cautionary Statements Regarding Forward-Looking Statements

    This press release is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to the Proposed Business Combination and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, this press release. To the fullest extent permitted by law under no circumstances will Global Star, K Enter, or any of the Six Korean Entities, interest holders, affiliates, representatives, partners, directors, officers, employees, advisors or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this press release, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this press release have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither Global Star nor K Enter has independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. This data is subject to change. In addition, this press release does not purport to be all-inclusive or to contain all the information that may be required to make a full analysis of Global Star, K Enter or the Proposed Business Combination. Viewers of this press release should each make their own evaluation of Global Star and K Enter and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. This press release contains certain “forward-looking statements” within the meaning of the federal securities laws, including statements regarding the benefits of the Proposed Business Combination, including K Enter’s ability to accelerate the development of its products and bring them to market, the anticipated timing for completion of the Proposed Business Combination, and Global Star’s and K Enter’s expectations, plans or forecasts of future events and views as of the date of this press release. Global Star and K Enter anticipate that subsequent events and developments will cause Global Star’s and K Enter’s assessments to change. These forward-looking statements, which may include, without limitation, words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will”, “could,” “should,” “believes,” “predicts,” “potential,” “might,” “continues,” “think,” “strategy,” “future,” and similar expressions, involve significant risks and uncertainties (most of which factors are outside of the control of Global Star or K Enter).

    In addition, this press release includes a summary set of risk factors that may have a material impact on Global Star, K Enter or the Proposed Business Combination, which are not intended to capture all the risks to which Global Star, K Enter or the Proposed Business Combination is subject or may be subject. Factors that may cause such differences include but are not limited to: (1) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (2) the risk that the Proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of the securities; (3) the risk that the Proposed Business Combination may not be completed by Global Star’s business combination deadline; (4) the inability to complete the Proposed Business Combination, including but not limited to due to the failure to obtain approval of the stockholders of Global Star or K Enter for the Merger Agreement, to receive certain governmental, regulatory and third party approvals or to satisfy other conditions to closing in the Merger Agreement; (5) the failure to achieve the minimum amount of cash available following any redemptions by Global Star ‘s stockholders; (6) the inability to obtain or maintain the listing of Global Star’s common stock on Nasdaq following the Proposed Business Combination, including but not limited to redemptions exceeding anticipated levels or the failure to meet Nasdaq’s initial listing standards in connection with the consummation of the Proposed Business Combination; (7) the effect of the announcement or pendency of the Proposed Business Combination on K Enter’s business relationships, operating results, and business generally; (8) risks that the Proposed Business Combination disrupts current plans and operations of K Enter or the Six Korean Entities; (9) the inability to realize the anticipated benefits of the Proposed Business Combination and to realize estimated pro forma results and underlying assumptions, including but not limited to with respect to estimated stockholder redemptions and costs related to the Proposed Business Combination; (10) the possibility that Global Star or K Enter or the Six Korean Entities may be adversely affected by other economic or business factors; (11) changes in the markets in which K Enter and the Six Korean Entities compete, including but not limited to with respect to its competitive landscape, technology evolution, changes in entertainment choices or regulatory changes; (12) changes in domestic and global general economic conditions; (13) risk that K Enter may not be able to execute its growth strategies; (14) the risk that K Enter experiences difficulties in managing its growth and expanding operations after the Proposed Business Combination; (15) the risk that the parties will need to raise additional capital to execute the business plan, which may not be available on acceptable terms or at all; (16) the ability to recognize the anticipated benefits of the Proposed Business Combination to achieve its commercialization and development plans, and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of K Enter to grow and manage growth economically and hire and retain key employees; (17) risk that K Enter may not be able to develop and maintain effective internal controls; (18) the risk that K Enter may fail to keep pace with rapid technological developments or changes in entertainment tastes to provide new and innovative products and services, or may make substantial investments in unsuccessful new products and services; (19) the ability to develop, license or acquire new content, products and services; (20) the risk that K Enter is unable to secure or protect its intellectual property; (21) the risk of product liability or regulatory lawsuits or proceedings relating to K Enter’s business; (22) the risk of cyber security or foreign exchange losses; (23) changes in applicable laws or regulations; (24) the outcome of any legal proceedings that may be instituted against the parties related to the Merger Agreement or the Proposed Business Combination; (25) the impact of the global COVID-19 pandemic and response on any of the foregoing risks, including but not limited to supply chain disruptions; (26) the risk that K Enter fails to successfully and timely consummate its acquisition of one or more of the Six Korean Entities`; and (27) other risks and uncertainties identified in the registration statement on Form F-4, which included a proxy statement/prospectus filed in connection with the Proposed Business Combination (the “Registration Statement”), including those under “Risk Factors” therein, and in other filings with the U.S. Securities and Exchange Commission (“SEC”) made by Global Star. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Global Star’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the Registration Statement filed with the SEC with respect to the Proposed Business Combination, and other documents filed by Global Star from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The foregoing list of factors is not exhaustive, are provided for illustrative purposes only, and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Forward-looking statements speak only as of the date they are made. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Global Star nor K Enter presently know or that Global Star and K Enter currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. Global Star and K Enter anticipate that subsequent events and developments will cause Global Star’s and K Enter’s assessments to change. However, while Global Star and K Enter may elect to update these forward-looking statements at some point in the future, Global Star and K Enter specifically disclaim any obligation to do so. Neither Global Star nor K Enter gives any assurance that Global Star or K Enter, or the combined company, will achieve its expectations. Accordingly, undue reliance should not be placed upon the forward-looking statements, and they should not be relied upon as representing Global Star’s and K Enter’s assessments as of any date subsequent to the date of this press release.

    Contact

    Global Star Acquisition, Inc.
    Investor Contact
    MZ Group
    Shannon Devine/Rory Rumore
    +1 (203) 741-8811
    GLST@mzgroup.us

    The MIL Network

  • MIL-OSI Security: ‘Bearded Bandit’ Bank Robber Sentenced for New Year’s Eve 2019 Robbery

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

    PROVIDENCE, RI – A Cranston man, previously referred to as the “Bearded Bandit,” and who served more than six years in federal prison for robbing nine banks in 2012, was sentenced on Friday to time served (62 months) for robbing an East Providence bank on New Year’s Eve in December 2019, and for violating the terms of his supervised release related to his previous convictions, announced Acting United States Attorney Sara Miron Bloom.

    Justin Worley, 44, was sentenced on Friday by U.S. District Court Senior Judge William E. Smith. In addition to the imposition of a sentence of times served, Worley is ordered to serve a term of three years of supervised release, the first six months in a residential reentry center. Additionally, he was ordered to pay restitution in the amount of $11,569.

    Worley pleaded guilty on October 30, 2024, to charges of conspiracy to commit bank robbery and bank robbery. He has been detained since his arrest on January 21, 2020.

    In pleading guilty, Worley admitted to the court that on New Year’s Eve Day in December 2019,  he and a co-defendant approached bank tellers inside an East Providence bank branch and demanded that they empty their money drawers. The second man, Nicholas Lage, 39, brandished a knife during the robbery. Between them, the two men fled the bank with approximately $11,569. They were located and arrested later that evening at Twin River casino.

    The court found that Worley violated the terms of his federal supervised release imposed at sentencing related to his conviction for robbing nine banks in 2012.

    Nicholas Lage pleaded guilty on April 1, 2021, to charges of conspiracy to commit bank robbery and bank robbery.  He was sentenced on August 6, 2021, to 36 months of incarceration to be followed by three years of federal supervised release.

    The cases were prosecuted by Assistant United States Attorney Ronald R. Gendron.

    The matter was investigated by the East Providence Police Department and the FBI.

    ###

    MIL Security OSI

  • MIL-OSI Security: Orlando Man Sentenced To Two Years In Federal Prison For Trafficking Firearms

    Source: Office of United States Attorneys

    Orlando, Florida – U.S. District Judge John Antoon II has sentenced Jonen Castillo (24, Orlando) to two years in federal prison for smuggling goods from the United States. The court also ordered Castillo to forfeit two Glock pistols, which were involved in the offense. Castillo entered a guilty plea on November 25, 2024.

    According to court records, in June 2023, Castillo concealed five firearms and nine firearm magazines inside record players and mailed them to a friend residing in Canada.

    This case was investigated by Homeland Security Investigations and the Bureau of Alcohol, Tobacco, Firearms and Explosives. It was prosecuted by Assistant United States Attorney Diane Hu.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone.  On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI

  • MIL-OSI Security: Four Chinese Nationals Sentenced to Federal Prison in Scheme Targeting Hundreds of U.S. Consumers and Multiple U.S. Retailers

    Source: Office of United States Attorneys

    LOS ANGELES – Four Chinese nationals were sentenced to federal prison today for their participation in a complex scheme that involved the theft of hundreds of identities to defraud multiple domestic retailers out of at least $1.2 million.

    A fifth co-conspirator was previously sentenced to more than four years in prison, and a sixth is awaiting sentencing following a guilty plea.

    As part of the scheme, these six defendants stole the victims’ identities – including their Social Security numbers, dates of birth and home addresses – and used that information to make fake driver’s licenses that were used to access credit in the victims’ names at large national retailers, including Ulta Beauty, Sephora, Nordstrom, Macy’s, Kohl’s, Williams-Sonoma, Dillard’s, and Saks Fifth Avenue.

    The four defendants, all Chinese nationals who entered the country under false pretenses, were sentenced today by United States District Judge Stephen V. Wilson. All four pleaded guilty on January 6. They are:

    • Kar Kee “Steven” Cheung, 36, of Chino Hills, was sentenced to 42 months in federal prison after pleading guilty to one count of visa fraud, one count of possession of equipment used to manufacture false identification documents, and one count of conspiracy to commit access device fraud;
    • Qian Guo, 37, of Chino Hills, was sentenced to 33 months in federal prison for one count of possession of equipment used to manufacture false identification documents and one count of conspiracy to commit access device fraud;
    • Chongming “Ming” Wang, 28, of Temple City, was sentenced to 18 months in federal prison for one count of conspiracy to commit access device fraud and one count of aiding and abetting access device fraud in excess of $1,000; and
    • Jiaozhu “Yanny” Yan, 30, of Alhambra, was sentenced to 12 months and one day in federal prison for one count of visa fraud.

    Previously in this case, Sizhen “Rachel” Liu, 35, also a Chinese national and a resident of Chino Hills, was sentenced on January 6 to 50 months in federal prison for one count of conspiracy to commit access device fraud and one count of access device fraud in excess of $1,000.

    The sixth defendant in the case, Hyun Woo “Scott” Jung, 30, of Ontario, pleaded guilty on February 10 to one count of conspiracy to commit access device fraud and one count of possession with intent to use unlawfully five or more false identification documents. Jung is scheduled to be sentenced by Judge Wilson on May 5.

    The ongoing investigation in this matter is being conducted by the State Department’s Diplomatic Security Service. The DSS Los Angeles Field Office has created a tipline to solicit information confidentially from sources with information about this scheme. Security and loss prevention personnel from large national retailers, particularly those identified above, are encouraged to contact the DSS LA Retail Fraud Tipline if they have information about Los Angeles-area transactions closely matching this scheme. Suspects using fake driver’s licenses as part of this scheme may also be opening retail-branded credit accounts in the victims’ names.

    During this investigation, DSS has received substantial assistance from Homeland Security Investigations and the FBI, with additional support coming from the Alhambra Police Department, the Arcadia Police Department, and the Bel Air, Maryland Police Department.

    Assistant United States Attorney Kim Meyer of the Violent and Organized Crime Section prosecuted this case.

    MIL Security OSI

  • MIL-OSI Security: Santa Teresa Man Charged with Assaulting U.S. Customs and Border Protection Employees

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Santa Teresa man faces federal charges for multiple incidents involving U.S. Customs and Border Protection employees in Santa Teresa, New Mexico.

    According to court documents, on February 11, 2025, Andrew Josiah Segura, 28, allegedly verbally threatened a U.S. Border Patrol agent at a Love’s Travel Stop, calling him a “traitor” and saying, “I will smack the shit out of you.” This confrontation was followed by another incident on February 19, 2025, when Segura allegedly confronted two CBP employees wearing CBP-issued uniforms at a post office. He verbally threatened one employee, calling him a “traitor” and saying, “You better watch your back,” before physically assaulting a second employee by pushing him and engaging in a physical altercation that left bruises on the employee’s arm.

    Witnesses reported that Segura‘s actions appeared unprovoked and were specifically targeted at the CBP employees because of their employment, as he did not bother anyone else at the post office.

    Segura will remain in custody pending trial, which has not been set. If convicted of the current charges, Segura faces eight years in prison.

    Acting U.S. Attorney Holland S. Kastrin and Jason T. Stevens, Special Agent in Charge of Homeland Security Investigations (HSI) El Paso, made the announcement today.

    Homeland Security Investigations (HSI) El Paso investigated this case with assistance from U.S. Border Patrol. Assistant U.S. Attorneys Richard C. Williams and Grant Gardner are prosecuting the case.

    A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI Security: Davidson and Davie County Men Sentenced for Possession of Child Pornography

    Source: Office of United States Attorneys

    GREENSBORO, NC – Two North Carolina man have recently been sentenced to more than ten years in prison each for possession of child pornography by the Honorable Catherine C. Eagles, Senior United States District Judge in the United States District Court for the Middle District of North Carolina (MDNC) in unrelated cases, announced Randall S. Galyon, Acting United States Attorney for the MDNC. 

    DAVID ARNOLD SHARPE, 41, of Davidson County, was sentenced today to 228 months in prison plus 20 years of supervised release for possession of child pornography. The sentence will run consecutive to a 24-month sentence for the revocation of supervised release in a prior case.

    According to court documents, SHARPE, a registered sex offender, was on federal supervised release when he admitted to his probation officer that he possessed an unauthorized device and child pornography. United States Probation Officers searched SHARPE’s residence where they located a cell phone that contained child pornography. Less than three weeks later, SHARPE was identified by investigators from the Davidson County Sheriff’s Office (DCSO) after a National Center for Missing and Exploited Children (NCMEC) tip revealed that a Facebook user in Davidson County was suspected of uploading images of suspected child pornography to the platform. After going to Sharpe’s residence, investigators discovered SHARPE’s unauthorized phone had already been seized and they contacted the United States Probation Office and took over the investigation. Further investigation revealed SHARPE had been trading child pornography in groups online.    

    On March 14, 2025, LUIGI CARCIATI, age 49, of Davie County, was sentenced to 168 months imprisonment followed by 15 years of supervised release for possessing child pornography in October 2023. He was also ordered to pay $74,000 in restitution. According to court documents, multiple tips from NCMEC led to the execution of a search warrant at CARCIATI’s Mocksville residence where investigators located a tablet and cell phone containing child pornography. A review of the devices also revealed CARCIATI had secretly recorded minors in the bathroom at La Vita e Bella, a Mocksville restaurant CARCIATI owned and operated. During execution of a search warrant at the restaurant, investigators located two hidden cameras in the women’s restroom, and a third one in a drawer under the cash register.

    The Davidson County Sheriff’s Office, the North Carolina State Bureau of Investigation (NCSBI), the United States Probation Office, and Homeland Security Investigation (HSI) assisted with the SHARPE investigation. The Davie County Sheriff’s Office, NCSBI, and HSI assisted in the CARCIATI investigation. Both cases were prosecuted by Assistant United States Attorneys Kennedy Gates and Karla Painter.

    The cases were brought as part of Project Safe Childhood, a nationwide initiative by the Department of Justice to combat online child sexual exploitation and abuse. The initiative is led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), and focuses on coordinating federal, state, and local resources to better identify and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. www.projectsafechildhood.gov.

    ###

    MIL Security OSI

  • MIL-OSI Security: Beckley Woman Sentenced to Prison for Role in Beckley Drug Trafficking Organization

    Source: Office of United States Attorneys

    BECKLEY, W.Va. – Kimberly Rosetta Logan, 48, of Beckley, was sentenced today to two years and 10 months in prison, to be followed by three years of supervised release, for distribution of fentanyl. Logan admitted to her role in a drug trafficking organization (DTO) that distributed methamphetamine, fentanyl and cocaine base, also known as “crack,” in Beckley and elsewhere within the Southern District of West Virginia.

    According to court documents and statements made in court, on April 10, 2024, Logan sold a quantity of fentanyl to a confidential informant at her residence in Beckley. Logan admitted to the transaction and to distributing additional amounts of fentanyl and cocaine to other individuals while using some herself throughout May 2024. Logan ordered an average of 8 grams of fentanyl and 4 grams of cocaine per week from her Beckley-based supplier by phone during that time period, receiving the controlled substances at her residence.

    Logan has a long criminal history that includes prior convictions including for battery, obstruction of an officer, numerous shoplifting offenses, and controlled substances offenses.

    Logan is among 12 individuals indicted on charges alleging the defendants conspired to distribute methamphetamine, fentanyl, and cocaine base within the Southern District of West Virginia from in or about June 2023 to in or about May 2024. All 12 have pleaded guilty, including two defendants who pleaded guilty to separate charges in lieu of the offenses alleged in the indictment.

    Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the Federal Bureau of Investigation (FBI), the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the Beckley/Raleigh County Drug and Violent Crime Unit, which consists of officers from the West Virginia State Police, the Raleigh County Sheriff’s Department, and the Beckley Police Department.

    Chief United States District Judge Frank W. Volk imposed the sentence. Assistant United States Attorney Andrew D. Isabell prosecuted the case.

    The investigation was part of the Department of Justice’s Organized Crime Drug Enforcement Task Force (OCDETF). The program was established in 1982 to conduct comprehensive, multilevel attacks on major drug trafficking and money laundering organizations and is the keystone of the Department of Justice’s drug reduction strategy. OCDETF combines the resources and expertise of its member federal agencies in cooperation with state and local law enforcement. The principal mission of the OCDETF program is to identify, disrupt and dismantle the most serious drug trafficking organizations, transnational criminal organizations and money laundering organizations that present a significant threat to the public safety, economic, or national security of the United States.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 5:24-cr-90.

    ###

     

    MIL Security OSI

  • MIL-OSI Security: Woman who Possessed “Sawed-Off” Shotgun and Shared Guns with Felon-Husband Sentenced to Federal Prison

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    An Iowa woman who illegally possessed a sawed-off shotgun and shared multiple guns with her husband, a convicted felon who was prohibited from possessing firearms, was sentenced March 14, 2025, to 42 months’ imprisonment.

    Sarah Kay Johnson, age 38, from Mason City, Iowa, received the prison term after an October 17, 2024 guilty plea to possession of a national firearms destructive device not registered to possessor.

    In October 2023, law enforcement officers traffic stopped Ian Jon Duffy, Johnson’s then boyfriend, due to concerns about his wellbeing.  At that time, he possessed multiple loaded firearms.  Duffy had a prior domestic abuse conviction which prohibited him from possessing firearms.  After the traffic stop, Duffy had Johnson obtain a Glock handgun for him.  At this time, Duffy was also prohibited from possessing a firearm due to a felony conviction.  Johnson obtained several firearms that she shared with Duffy in their residence, including a sawed-off shotgun.

    Johnson was sentenced in Cedar Rapids by United States District Court Chief Judge C.J. Williams.  Johnson was sentenced to 42 months’ imprisonment.  She must also serve a three-year term of supervised release after the prison term.  There is no parole in the federal system.

    The case was prosecuted by Assistant United States Attorney Nicole L. Nagin, and it was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Federal Bureau of Investigation, the Waterloo Police Department, and the Cedar Falls Police Department.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    Court file information at https://ecf.iand.uscourts.gov/cgi-bin/login.pl.

    The case file number is 24-CR- 02031-1.

    Follow us on X @USAO_NDIA.

    MIL Security OSI

  • MIL-OSI: Hallador Energy Company Reports Fourth Quarter and Full Year 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    – Q4 2024 Total Revenue of $94.2 Million; FY’24 Total Revenue of $404.4 Million –
    – Q4 2024 Operating Cash Flow up Materially to $32.5 Million; FY’24 Operating Cash Flow of $65.9 Million –
    – Q4 2024 Adjusted EBITDA up ~3x YoY to $6.2 Million; FY’24 Adjusted EBITDA of $16.8 Million –

    TERRE HAUTE, Ind., March 17, 2025 (GLOBE NEWSWIRE) — Hallador Energy Company (Nasdaq: HNRG) (“Hallador” or the “Company”) today reported its financial results for the fourth quarter and full year ended December 31, 2024.

    “2024 was a transformative year for Hallador as we continued our evolution from a bituminous coal producer to a vertically integrated independent power producer (“IPP”), while also advancing our products and services up the energy value chain,” said Brent Bilsland, President and Chief Executive Officer. “This deliberate transition aligns with market trends and reflects our conviction in the superior economics of the IPP business model. In fall 2024, we reached an important milestone in our transformation by signing a non-binding term sheet with a leading global data center developer on a transaction that would, if completed, sell a majority of our power production and accredited capacity at enhanced margins for more than a decade to come. We are making meaningful progress toward finalizing definitive agreements for this transaction within the exclusivity period that runs from January through early June 2025, further strengthened by our partner’s commitment to pay up to $5 million during this period. While navigating these complex transactions requires coordination across multiple stakeholders and while there can be no assurance that definitive agreements will be entered into, we remain encouraged by our partner’s commitment and believe this strategic partnership will drive long-term value for our shareholders.”

    “The ongoing industry shift from dispatchable generators, such as coal and natural gas, to non-dispatchable resources like wind and solar, has increased the value of our Hallador Power subsidiary due to the enhanced reliability, resilience and consistency that we provide over the less predictable non-dispatchables. At the same time, the retirement of coal-based generation has reduced demand for coal supply, impacting the value of our Sunrise Coal subsidiary. In anticipation of these market dynamics, we proactively reduced production volume and shifted our focus away from the higher cost coal reserves, which lowered our operational cash costs in the fourth quarter. These strategic actions along with lower long-term coal price projections resulted in a fourth-quarter non-cash write-down of Sunrise Coal’s carrying value by approximately $215 million, which underscores the foresight of our transition to power generation in the coming years.”

    Bilsland continued, “Looking ahead, our focus remains on maximizing the value of our Merom Power Plant while actively pursuing opportunities to acquire additional dispatchable generators that can add durability, scale, and geographic expansion to our electric operations. Additionally, we are forging strong relationships with sophisticated counterparties to secure favorable collateral terms and effectively manage our forward power sales in 2025 and 2026, which we believe will enhance our financial flexibility in the short to medium term. During 2024, we also reduced our bank debt by more than 50% to $44 million at year-end. We are excited about our continued transformation from a commodity-focused coal producer to an IPP with a secure fuel supply, a strategy we believe will unlock expanding energy market margins, drive sustainable growth, and enhance cash flow generation for our shareholders.”

    Fourth Quarter 2024 Highlights

    • Hallador advanced its restructuring efforts for its subsidiary Sunrise Coal, focusing on production optimization and cost reductions to strengthen its operations.
      • During 2024, the Company reduced its coal production volume by approximately 40% and shifted its focus away from the higher cost portions of its coal reserves. This optimization of coal production reduced Hallador’s operational cash cost structure to better align its coal strategy to support its internal electric generation.
      • As a result of reducing coal production, optimizing its reserve base, and the declining price of contracted coal sales, Hallador realized an approximate $215 million non-cash write down in the fourth quarter associated with the carrying value of its Sunrise Coal subsidiary.
    • The Company continues to shift its revenue mix to prioritize electric sales as an independent power producer.
      • Fourth quarter electric sales were $69.7 million or 74% of total Q4 revenue, compared to $37.1 million or 31% of total Q4 revenue in the year-ago period.
      • Fourth quarter Coal sales were $23.4 million or 25% of total revenue, compared to $81.3 million or 68% of total revenue in the year-ago period.
    • Hallador continues to focus on forward sales to secure its energy position.
      • At year-end, Hallador had total forward energy, capacity and coal sales to 3rd party customers of $1.1 billion through 2029, up from $937.2 million at the end of the third quarter.
      • Subsequent to year end, Hallador signed an exclusive commitment agreement with a leading global data center developer, effective January 2, 2025. This agreement is in furtherance of the previously announced non-binding term sheet signed during the third quarter of 2024, reflecting an important milestone as both the Company and the developer seek to finalize a definitive transaction agreement to support the delivery of energy and capacity (through a utility partner) to a potential data center development within the State of Indiana. The completion of this proposed transaction is subject to, among other matters, the negotiation and execution of definitive agreements and there can be no assurance that definitive agreements will be entered into or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all.
    • The Company continues to strengthen its balance sheet.
      • Total bank debt was $44.0 million at December 31, 2024, compared to $70.0 million at September 30, 2024 and $91.5 million at December 31, 2023.
      • Total liquidity was $37.8 million at December 31, 2024 compared to $34.9 million at September 30, 2024 and $26.2 million at December 31, 2023.
     
    Financial Summary ($ in Millions and Unaudited)
                             
        Q1 2024   Q2 2024   Q3 2024   Q4 2024
    Electric Sales   $ 60.7     $ 59.4     $ 71.7     $ 69.7  
    Coal Sales– 3rd Party   $ 49.6     $ 32.8     $ 31.7     $ 23.3  
    Other Revenue   $ 1.3     $ 1.0     $ 1.4     $ 1.8  
    Total Operating Revenue   $ 111.6     $ 93.2     $ 104.8     $ 94.8  
    Net Income (Loss)   $ (1.7 )   $ (10.2 )   $ 1.6     $ (215.8 )
    Operating Cash Flow   $ 18.5     $ 26.1     $ (11.2 )   $ 32.5  
    Adjusted EBITDA*   $ 6.8     $ (5.8 )   $ 9.6     $ 6.2  

    _________________________________

    *   Non-GAAP financial measure, defined as operating cash flows less effects of certain subsidiary and equity method investment activity, plus bank interest, less effects of working capital period changes, plus other amortization

    Adjusted EBITDA should not be considered an alternative to net income, income from operations, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Our method of computing Adjusted EBITDA may not be the same method used to compute similar measures reported by other companies.

    Management believes the non-GAAP financial measure, Adjusted EBITDA, is an important measure in analyzing our liquidity and is a key component of certain material covenants contained within our Credit Agreement, specifically the minimum quarterly EBITDA. Noncompliance with the covenants could result in our lenders requiring the Company to immediately repay all amounts borrowed. If we cannot satisfy these financial covenants, we would be prohibited under our Credit Agreement from engaging in certain activities, such as incurring additional indebtedness, making certain payments, and acquiring and disposing of assets. Consequently, Adjusted EBITDA is critical to the assessment of our liquidity. The required amount of Adjusted EBITDA is a variable based on our debt outstanding and/or required debt payments at the time of the quarterly calculation based on a rolling prior 12-month period.

    Reconciliation of the non-GAAP financial measure, Adjusted EBITDA, to Income (Loss) before Income taxes, the most comparable GAAP measure, is as follows (in thousands) for the twelve months ended December 31, 2024 and 2023, respectively.

     
    Reconciliation of GAAP “Income (Loss) before Income Taxes” to non-GAAP “Adjusted EBITDA”
    (In $ Thousands and Unaudited)
                 
           Year Ended
           December 31, 
           2024       2023 
    NET INCOME (LOSS)   $ (226,138 )   $ 44,793  
    Interest expense     13,850       13,711  
    Income tax expense (benefit)     (9,404 )     4,465  
    Depreciation, depletion and amortization     65,626       67,211  
    EBITDA     (156,066 )     130,180  
    Other operating revenue     (275 )     10  
    Stock-based compensation     4,454       3,554  
    Asset impairment     215,136        
    Asset retirement obligations accretion     1,628       1,804  
    Other amortization     (46,310 )     (30,613 )
    (Gain) loss on disposal or abandonment of assets, net     (50 )     398  
    Loss on extinguishment of debt     2,790       1,491  
    Equity method investment (loss)     746       552  
    Settlement of litigation     2,750        
    Other reclassifications     (8,043 )      
    Adjusted EBITDA   $ 16,760     $ 107,376  
                     
     
    Solid Forward Sales Position – Segment Basis, Before Intercompany Eliminations (unaudited):
                                                     
        2025   2026   2027   2028   2029   Total
    Power                                                
    Energy                                                
    Contracted MWh (in millions)     4.25       3.36       1.78       1.09       0.27       10.75  
    Average contracted price per MWh   $ 37.24     $ 44.43     $ 54.66     $ 52.94     $ 51.33          
    Contracted revenue (in millions)   $ 158.27     $ 149.28     $ 97.29     $ 57.70     $ 13.86     $ 476.40  
                                                     
    Capacity                                                
    Average daily contracted capacity MWh     773       727       623       454       100          
    Average contracted capacity price per MWd   $ 201     $ 230     $ 226     $ 225     $ 230          
    Contracted capacity revenue (in millions)   $ 55.95     $ 61.12     $ 51.40     $ 37.33     $ 3.47     $ 209.27  
                                                     
    Total Energy & Capacity Revenue                                                
                                                     
    Contracted Power revenue (in millions)   $ 214.22     $ 210.40     $ 148.69     $ 95.03     $ 17.33     $ 685.67  
                                                     
    Coal                                                
    Priced tons – 3rd party (in millions)     2.95       2.50       2.50       0.50             8.45  
    Avg price per ton – 3rd party   $ 51.04     $ 55.49     $ 56.74     $ 59.00     $          
    Contracted coal revenue – 3rd party (in millions)   $ 150.57     $ 138.73     $ 141.85     $ 29.50     $     $ 460.65  
                                                     
    TOTAL CONTRACTED REVENUE (IN MILLIONS) – CONSOLIDATED   $ 364.79     $ 349.13     $ 290.54     $ 124.53     $ 17.33     $ 1,146.32  
                                                     
    Priced tons – Intercompany (in millions)     2.30       2.30       2.30       2.30             9.20  
    Avg price per ton – Intercompany   $ 51.00     $ 51.00     $ 51.00     $ 51.00     $          
    Contracted coal revenue – Intercompany (in millions)   $ 117.30     $ 117.30     $ 117.30     $ 117.30     $     $ 469.20  
                                                     
    TOTAL CONTRACTED REVENUE (IN MILLIONS) – SEGMENT   $ 482.09     $ 466.43     $ 407.84     $ 241.83     $ 17.33     $ 1,615.52  
                                                     

    Forward-Looking Statements
    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as “expects,” “believes,” “intends,” “anticipates,” “plans,” “estimates,” “guidance,” “target,” “potential,” “possible,” or “probable” or statements that certain actions, events or results “may,” “will,” “should,” or “could” be taken, occur or be achieved. Forward-looking statements include, without limitation, those relating to our ability to execute definitive agreements with respect to the non-binding term sheet with a leading global data center developer.   Forward-looking statements are based on current expectations and assumptions and analyses made by Hallador and its management in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in Hallador’s annual report on Form 10-K for the year ended December 31, 2024, and other Securities and Exchange Commission filings. Hallador undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.

    Conference Call and Webcast

    Hallador management will host a conference call on Monday, March 17, 2025 at 5:30 p.m. Eastern time to discuss its financial and operational results, followed by a question-and-answer period.

    Date: Monday, March 17, 2025
    Time: 5:30 p.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    The conference call will also be broadcast live and available for replay in the investor relations section of the Company’s website at www.halladorenergy.com.

     
    Hallador Energy Company
    Condensed Consolidated Balance Sheets
    As of December 31,
    (in thousands)
    (unaudited)
                 
        2024   2023
    ASSETS            
    Current assets:            
    Cash and cash equivalents   $ 7,232     $ 2,842  
    Restricted cash     4,921       4,281  
    Accounts receivable     15,438       19,937  
    Inventory     36,685       23,075  
    Parts and supplies     39,104       38,877  
    Prepaid expenses     1,478       2,262  
    Assets held-for-sale           1,540  
    Total current assets     104,858       92,814  
    Property, plant and equipment:            
    Land and mineral rights     70,307       115,486  
    Buildings and equipment     429,857       537,131  
    Mine development     92,458       158,642  
    Finance lease right-of-use assets     13,034       12,346  
    Total property, plant and equipment     605,656       823,605  
    Less – accumulated depreciation, depletion and amortization     (347,952 )     (334,971 )
    Total property, plant and equipment, net     257,704       488,634  
    Equity method investments     2,607       2,811  
    Other assets     3,951       5,521  
    Total assets   $ 369,120     $ 589,780  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current liabilities:            
    Current portion of bank debt, net   $ 4,095     $ 24,438  
    Accounts payable and accrued liabilities     44,298       62,908  
    Current portion of lease financing     6,912       3,933  
    Contract liabilities – current     97,598       66,316  
    Total current liabilities     152,903       157,595  
    Long-term liabilities:            
    Bank debt, net     37,394       63,453  
    Convertible notes payable           10,000  
    Convertible notes payable – related party           9,000  
    Long-term lease financing     8,749       8,157  
    Deferred income taxes           9,235  
    Asset retirement obligations     14,957       14,538  
    Contract liabilities – long-term     49,121       47,425  
    Other     1,711       1,789  
    Total long-term liabilities     111,932       163,597  
    Total liabilities     264,835       321,192  
    Commitments and contingencies (Note 22)            
    Stockholders’ equity:            
    Preferred stock, $.10 par value, 10,000 shares authorized; none issued            
    Common stock, $.01 par value, 100,000 shares authorized; 42,621 and 34,052 issued and outstanding, as of December 31, 2024 and December 31, 2023, respectively     426       341  
    Additional paid-in capital     189,298       127,548  
    Retained earnings (deficit)     (85,439 )     140,699  
    Total stockholders’ equity     104,285       268,588  
    Total liabilities and stockholders’ equity   $ 369,120     $ 589,780  
                     
     
    Hallador Energy Company
    Condensed Consolidated Statements of Operations
    For the years ended December 31,
    (in thousands, except per share data)
    (unaudited)
                 
        2024   2023
    SALES AND OPERATING REVENUES:            
    Electric sales   $ 261,527     $ 267,927  
    Coal sales     137,448       361,926  
    Other revenues     5,419       5,025  
    Total sales and operating revenues     404,394       634,878  
    EXPENSES:            
    Fuel     49,343       103,388  
    Other operating and maintenance costs     118,364       199,855  
    Cost of purchased power     10,888        
    Utilities     15,914       17,730  
    Labor     116,164       152,417  
    Depreciation, depletion and amortization     65,626       67,211  
    Asset retirement obligations accretion     1,628       1,804  
    Exploration costs     260       904  
    General and administrative     26,527       26,159  
    Asset impairment     215,136        
    (Gain) loss on disposal or abandonment of assets, net     (50 )     398  
    Settlement of litigation     2,750        
    Total operating expenses     622,550       569,866  
                 
    INCOME (LOSS) FROM OPERATIONS     (218,156 )     65,012  
                 
    Interest expense (1)     (13,850 )     (13,711 )
    Loss on extinguishment of debt     (2,790 )     (1,491 )
    Equity method investment (loss)     (746 )     (552 )
    NET INCOME (LOSS) BEFORE INCOME TAXES     (235,542 )     49,258  
                 
    INCOME TAX EXPENSE (BENEFIT):            
    Current     (169 )     (164 )
    Deferred     (9,235 )     4,629  
    Total income tax expense (benefit)     (9,404 )     4,465  
                 
    NET INCOME (LOSS)   $ (226,138 )   $ 44,793  
                 
    NET INCOME (LOSS) PER SHARE:            
    Basic   $ (5.72 )   $ 1.35  
    Diluted   $ (5.72 )   $ 1.25  
                 
    WEIGHTED AVERAGE SHARES OUTSTANDING            
    Basic     39,504       33,133  
    Diluted     39,504       36,827  
                     
     
    Hallador Energy Company
    Condensed Consolidated Statements of Cash Flows
    For the years ended December 31,
    (in thousands)
    (unaudited)
                 
        2024   2023
    CASH FLOWS FROM OPERATING ACTIVITIES:            
    Net income (loss)   $ (226,138 )   $ 44,793  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Deferred income tax (benefit)     (9,235 )     4,629  
    Equity method investment (loss)     746       552  
    Cash distribution – equity method investment           625  
    Depreciation, depletion and amortization     65,626       67,211  
    Asset impairment     215,136        
    Loss on extinguishment of debt     2,790       1,491  
    (Gain) loss on disposal or abandonment of assets, net     (50 )     398  
    Amortization of debt issuance costs     1,747       3,233  
    Asset retirement obligations accretion     1,628       1,804  
    Cash paid on asset retirement obligation reclamation     (1,407 )     (3,384 )
    Stock-based compensation     4,454       3,554  
    Amortization of contract asset and contract liabilities     (70,203 )     (97,018 )
    Director fees paid in stock     150        
    Change in current assets and liabilities:            
    Accounts receivable     4,499       9,952  
    Inventory     (13,610 )     15,548  
    Parts and supplies     (227 )     (10,582 )
    Prepaid expenses     784       1,186  
    Accounts payable and accrued liabilities     (14,580 )     (18,992 )
    Contract liabilities     103,181       33,804  
    Other     643       610  
    Net cash provided by operating activities   $ 65,934     $ 59,414  
                     
     
    Hallador Energy Company
    Condensed Consolidated Statements of Cash Flows
    For the years ended December 31,
    (in thousands)
    (continued)
    (unaudited)
                 
        2024   2023
    CASH FLOWS FROM INVESTING ACTIVITIES:            
    Capital expenditures   $ (53,367 )   $ (75,352 )
    Proceeds from sale of equipment     4,239       62  
    Proceeds from held-for-sale assets     3,200        
    Investment in equity method investments     (542 )      
    Net cash used in investing activities     (46,470 )     (75,290 )
                 
    CASH FLOWS FROM FINANCING ACTIVITIES:            
    Payments on bank debt     (147,000 )     (59,713 )
    Borrowings of bank debt     99,500       66,000  
    Payments on lease financing     (5,633 )      
    Proceeds from sale and leaseback arrangement     5,134       11,082  
    Issuance of related party notes payable     5,000        
    Payments on related party notes payable     (5,000 )      
    Debt issuance costs     (673 )     (6,013 )
    ATM offering     34,515       7,318  
    Taxes paid on vesting of RSUs     (277 )     (2,101 )
    Net cash provided by (used in) financing activities     (14,434 )     16,573  
    Increase in cash, cash equivalents, and restricted cash     5,030       697  
    Cash, cash equivalents, and restricted cash, beginning of year     7,123       6,426  
    Cash, cash equivalents, and restricted cash, end of year   $ 12,153     $ 7,123  
                 
    CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:            
    Cash and cash equivalents   $ 7,232     $ 2,842  
    Restricted cash     4,921       4,281  
        $ 12,153     $ 7,123  
                 
    SUPPLEMENTAL CASH FLOW INFORMATION:            
    Cash paid for interest   $ 10,511     $ 9,966  
                 
    SUPPLEMENTAL NON-CASH FLOW INFORMATION:            
    Change in capital expenditures included in accounts payable and prepaid expense   $ 356     $ 1,882  
                     

    About Hallador Energy Company

    Hallador Energy Company (Nasdaq: HNRG) is a vertically-integrated Independent Power Producer (IPP) based in Terre Haute, Indiana. The Company has two core businesses: Hallador Power Company, LLC, which produces electricity and capacity at its one Gigawatt (GW) Merom Generating Station, and Sunrise Coal, LLC, which produces and supplies fuel to the Merom Generating Station and other companies. To learn more about Hallador, visit the Company’s website at http://www.halladorenergy.com/.

    Company Contact

    Marjorie Hargrave
    Chief Financial Officer
    (303) 917-0777
    MHargrave@halladorenergy.com

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    (720) 330-2829
    HNRG@elevate-ir.com

    The MIL Network

  • MIL-OSI Europe: Written question – Commission payments to media in Europe – E-000839/2025

    Source: European Parliament

    Question for written answer  E-000839/2025
    to the Commission
    Rule 144
    Ondřej Knotek (PfE), Klara Dostalova (PfE), Jaroslav Bžoch (PfE), Ondřej Kovařík (PfE), Tomáš Kubín (PfE), Jana Nagyová (PfE), Jaroslava Pokorná Jermanová (PfE)

    According to reports from Il Fatto Quotidiano[1], Echo24[2] and Tichys Einblick[3] of 11 February 2025, the Commission allegedly distributed EUR 132.82 million to media outlets across Europe in a non-transparent manner. The allocation of these funds was reportedly decided upon by Parliament President Roberta Metsola, with the support of Commission President Ursula von der Leyen, the European Council, the European Investment Bank and the European Economic and Social Committee. These grants are in addition to the millions awarded annually to the media, which have already been subject to past criticism. Instead of using public tenders for media funding, the Commission allegedly relied on a so-called ‘framework contract’ under which all funds were channelled through the advertising agency Havas Media France (Vivendi Group). The agency then determined the actual distribution of the funds in consultation with the EU’s leadership, without public scrutiny.

    • 1.Which media outlets received these payments totalling EUR 132.82 million and for what specific purpose?
    • 2.Were those funds intended to influence the outcome of the 2024 European elections?
    • 3.In light of these revelations, how does the Commission intend to dispel concerns that it has interfered in independent, democratic elections?

    Submitted: 25.2.2025

    • [1] https://www.ilfattoquotidiano.it/in-edicola/articoli/2025/02/11/ben-130-milioni-dati-ai-media-cosi-lue-ottiene-buona-stampa/7872331/.
    • [2] https://www.echo24.cz/a/HVv3s/zpravy-svet-dalsi-skandal-v-bruselu-evropska-unie-poslala-desitky-milionu-medialnim-domum-pred-volbami#dop_ab_variant=1446310&dop_source_zone_name=hpfeed.sznhp.box.
    • [3] https://www.tichyseinblick.de/daili-es-sentials/geheime-millionen-eu-finanziert-medien/.
    Last updated: 17 March 2025

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: CCI approves the proposed acquisition of shareholding in Dhoot Transmission Private Limited by BC Asia Investments XV Limited and BC Asia Investments XVI Limited

    Source: Government of India

    Posted On: 17 MAR 2025 8:34PM by PIB Delhi

    The Competition Commission of India has approved the proposed acquisition of shareholding in Dhoot Transmission Private Limited by BC Asia Investments XV Limited and BC Asia Investments XVI Limited.

    The proposed combination envisages acquisition of shareholding in Dhoot Transmission Private Limited (DTPL) by BC Asia Investments XV Limited and BC Asia Investments XVI Limited. Certain inter-connected transaction is also envisaged.

    BC Asia Investments XV Limited and BC Asia Investments XVI Limited are indirectly owned and controlled by funds managed and/or advised by Bain Capital Partners LLC (Bain Capital). Bain Capital is a private equity investment firm that invests, through its family of funds.

    DTPL is engaged in the manufacturing and sale of auto-components in the electrical and electronics category (E & E Category) such as, wiring harnesses, automotive switches, electronic sensors and controllers (Flashers 24V), connectors, terminals, automotive cables, power cords, etc., to Original Equipment Manufacturers. DTPL also supplies wiring harnesses to the medical devices industry and the consumer durables industry.

    Detailed order of the Commission will follow.

    *****

     NB/AD

     

    (Release ID: 2112021) Visitor Counter : 24

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: CCI approves the acquisition of certain additional shareholding in Tata Play Limited (Tata Play) by Tata Sons Private Limited (Tata Sons) from Baytree Investments (Mauritius) Pte Ltd.

    Source: Government of India

    Posted On: 17 MAR 2025 8:32PM by PIB Delhi

    The Competition Commission of India has approved the acquisition of certain additional shareholding in Tata Play Limited (Tata Play) by Tata Sons Private Limited (Tata Sons) from Baytree Investments (Mauritius) Pte Ltd.

    The Proposed Combination involves the acquisition of 10% shareholding in Tata Play by Tata Sons.

    Tata Sons is an investment holding company, which is registered as a core investment company with the Reserve Bank of India and classified as a “Systemically Important Non-Deposit Taking Core Investment Company”.

    Tata Play, formerly known as Tata Sky, is one of India’s leading content distribution platforms providing Pay TV and Over-the-top (OTT) services. It provides Direct-to-Home (DTH) television, offering broadcaster’s satellite television channels and platform services across genres and languages. Tata Play also provides Tata Play Binge, an OTT platform that brings diverse and popular OTT apps on a single user interface.

    Detailed order of the Commission will follow.

    *****

    NB/AD

     

    (Release ID: 2112017) Visitor Counter : 35

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Smt. Nirmala Sitharaman launches PM Internship Scheme App in presence of MoS, Corporate Affairs Shri Harsh Malhotra

    Source: Government of India (2)

     Smt. Nirmala Sitharaman  launches PM Internship Scheme App  in presence of MoS, Corporate Affairs  Shri Harsh Malhotra

    PM Internship Scheme has the potential to bridge the gap between classroom learning and industry expectations- Finance Minister

    Posted On: 17 MAR 2025 8:18PM by PIB Delhi

    The Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, in the presence of MoS Corporate Affairs,  and MoS Road and Transport  Shri Harsh Malhotra launched  a dedicated mobile app for the Prime Minister’s Internship Scheme on 17th March, at Samanvay Hall No. 5, at Parliament, New Delhi.

    The App has the following features:

    • Intuitive interface with a clean design and effortless navigation
    • Easy registration through Aadhaar face authentication
    • Effortless navigation – Eligible candidates can sift through opportunities by location etc.
    • Personalized dashboard
    • Access to a dedicated support team
    • Real time alerts to keep candidates abreast of new updates

     

    Smt. Nirmala Sitharaman commended the Prime Minister’s vision in introducing a package of five schemes to promote employment, skilling, and opportunities. She emphasized that the PM Internship Scheme has the potential to bridge the gap between classroom learning and industry expectations, thereby enhancing youth employability. She further urged the industry to actively participate in the scheme, highlighting that their involvement would contribute to nation-building while fostering a skilled workforce in the country.

    The Minister of State, Shri Harsh Malhotra observed that the launch of the PMIS App will significantly enhance accessibility to internship opportunities for the youth.

    With the PMIS application, the users can also explore the referral program recently announced by Ministry of Corporate Affair (MCA). The referral program would enable the registered youth to refer other eligible candidates for the scheme and win rewards. The registered youth on the PM Internship portal (web browser) can also participate in this referral program.

    The Prime Minister’s Internship Scheme (PMIS Scheme) announced in the Budget 2024-25, aims to provide internship opportunities to one crore youth in top 500 companies in five years. As an initiation to this Scheme, the Pilot Project targeted at providing 1.25 lakh internship opportunities to the youth was launched on 03.10.2024 for the Financial Year 2024-25. Salient features of the Scheme are:

    • 12-month paid internships in top companies of India.
    • This scheme provides an opportunity to the youth to get training, and gain experience and skills within the real-life environment (at least six months) of the businesses or organizations that help in bridging the gap between academic learning and industry requirements, in turn, assisting enhancement of her/his employability.
    • The scheme targets individuals aged 21 to 24 who are currently not enrolled in any full-time academic program or not in full-time employment, offering them a unique chance to kick-start their careers.
    • Each intern will be supported with monthly financial assistance of ₹5,000, supplemented by one-time financial assistance of ₹6,000.

    In the round I of the pilot project (October – December 2024), over 1.27 lakh opportunities in about 745 districts were posted by around 280 companies across 25 sectors. Over 82,000 offers were made to the candidates.

    The round II of the Pilot Project commenced in January 2025 and about 327 companies have posted more than 1.18 lakh opportunities (both new and edited unfilled opportunities of the previous round) across the country.  Of these, around 37,000 opportunities are for graduates, 23,000 for ITI holders, 18,000 for diploma holders, 15,000 for 12th-grade and 25,000 are available for candidates with 10th qualifications. Opportunities spanning across various sectors such as Automobile, Travel & Hospitality, Banking & Finance etc. and varied job roles, such as sales and marketing, technical roles for ITI passouts, HR internships, and more, have been provided. These opportunities are spread across 735 districts in all states and union territories of the country.

    In Round II of the Pilot Project, initiatives have been undertaken to enhance access to and spread awareness about the PM Internship Scheme. The dashboard of the PMIS Portal has been simplified, made more user-friendly, and greater details of the opportunities and roles offered have been provided. Officials from the MCA, state governments, and industry partners interacted with the youth at more than 80 outreach events held at various educational institutes, such as colleges and Rozgar Melas.

    A framework for assessment of the implementation of the Pilot Project, and to acknowledge and reward the efforts of the State and UTs in the implementation of the PMIS, has been introduced in round II of PMIS.

    The internship application window for round II is open up till 31ST March, 2025. 

    Eligible youth can apply through the new mobile app or through the Portal accessible at https://pminternship.mca.gov.in/.

    ****

    NB/AD

    (Release ID: 2112011) Visitor Counter : 16

    MIL OSI Asia Pacific News

  • MIL-OSI USA: YORK COUNTY – Shapiro Administration to Highlight Proposed Multimillion Dollar Investments to Improve Care for Pennsylvanians in Long-Term Care Facilities

    Source: US State of Pennsylvania

    March 18, 2025York, PA

    ADVISORY – YORK COUNTY – Shapiro Administration to Highlight Proposed Multimillion Dollar Investments to Improve Care for Pennsylvanians in Long-Term Care Facilities

    Pennsylvania Department of Health (DOH) Secretary Dr. Debra Bogen and Department of Aging (PDA) representatives will visit Country Meadows of York-West to highlight Governor Josh Shapiro’s investments in the 2025-26 proposed budget that help improve care for Pennsylvania’s older adults.

    To curb the rise in nursing facility closures in communities where these older adults live, Governor Shapiro’s 2025-2026 budget proposal includes $7.5 million to continue support for these long-term care facilities by increasing investments that help solve staffing challenges. The budget also proposes a $21 million investment to increase wages for direct care workers who provide services to adults with disabilities and older adults.

    More than 80,000 Pennsylvanians reside in over 700 nursing homes throughout the state. Over the past two years, investments disbursed through DOH’s Long-Term Care Transformation Office (LTCTO) helped meet the needs of the Commonwealth’s growing older adult population through major quality improvements in long-term care facilities. Country Meadows used the funding it received to help optimize its workforce and strengthen resident safety with the implementation of anti-fall software.

    WHO:
    Department of Health Secretary Dr. Debra Bogen
    Special Advisor to the Secretary of Aging Gabrielle Szymanski
    Country Meadows Senior Vice President of Operations Amy Wagaman

    WHEN:
    Tuesday, March 18, 2025, at 1:30 PM

    WHERE:
    Country Meadows of York-West
    1920 Trolley Road
    York, PA 17408
    (Independent Living Dining Room)

    PARKING: Follow signs onsite to direct attendees to available parking.

    MEDIA RSVP: Media interested in attending must RSVP with the name of the reporter and photojournalist to ra-dhpressoffice@pa.gov.

    MIL OSI USA News

  • MIL-OSI: Baltic Horizon Fund completed the sale of Meraki Business Home in Vilnius, Lithuania

    Source: GlobeNewswire (MIL-OSI)

    The owner of Meraki Business Home in Vilnius, BH Meraki UAB, an SPV of Baltic Horizon Fund, closed a transaction at the end of last week, in accordance with which Groa Real Estate Opportunity Fund UAB, a fund managed by Groa Capital purchased Meraki Business Home in Vilnius, Lithuania.

    The sales price of the asset was approximately EUR 16 million. The proceeds of the transaction will be used to redeem EUR 3 million of Baltic Horizon Fund bonds and repay the loan from Bigbank.

    Baltic Horizon Fund informed the investors about the signing of the sale and purchase agreement via a stock exchange announcement published on 7 March 2025: https://view.news.eu.nasdaq.com/view?id=b44b29e9e4e39243051682af0fe3b84f5&lang=en&src=listed.

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, FacebookX and YouTube.

    The MIL Network

  • MIL-OSI Security: Two Executives of Louisiana Compounding Pharmacy Convicted of Defrauding TRICARE and New Jersey State Health Benefits Programs, Identity Theft, and Money Laundering

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

    CAMDEN, N.J. – Two former executives of a Louisiana compounding pharmacy were found guilty of conspiring to use the pharmacy to defraud New Jersey and military health benefits programs of approximately $100 million, conspiring to commit identity theft in connection with the fraud, and conspiring to transact in the criminal proceeds, U.S. Attorney John Giordano announced.

    Christopher Kyle Johnston, 46, of Baton Rouge, Louisiana and Trent Brockmeier, 62, of The Villages, Florida, were convicted on March 10, 2025 of one count of conspiracy to commit wire fraud and health care fraud, one count of conspiring to commit identity theft by fraudulently using a means of identification, and one count of conspiracy to commit money laundering by transacting in criminal proceeds following a six-week trial before U.S. District Judge Edward S. Kiel.

    According to documents filed in this case and the evidence at trial:

    Central Rexall Drugs was a pharmacy in Louisiana that prepared compounded medications, which are specialty medications mixed by a pharmacist to meet the specific medical needs of an individual patient.  In 2013, Johnston and Brockmeier entered into an agreement to take over the management of the pharmacy and expand the compounding business in exchange for 90 percent of the profits.  Brockmeier became chief operating officer of Central Rexall and Johnston became general counsel. 

    Johnston and Brockmeier learned that certain insurance plans would reimburse thousands of dollars for a one-month supply of certain compounded medications – including pain, scar, and antifungal creams, as well as vitamin combinations.  The health plans for New Jersey state and local government and education employees, including teachers, firefighters, municipal police officers, and state troopers, covered these medications, as did TRICARE, which insures current and former members of the U.S. military and their families.

    Johnston and Brockmeier designed compounded medications and manipulated the ingredients in the medications in order to obtain high insurance reimbursements rather than serve the medical needs of patients.  To determine which ingredients and combinations resulted in high insurance reimbursements, Johnston and Brockmeier directed Central Rexall employees to submit false prescription claims to test out different combinations of ingredients, but they did not have a valid prescription signed by a doctor for these formulas.   Central Rexall submitted these false claims using, without their consent, individuals’ names, dates of birth, and identifying information (including insurance information) from pre-existing Central Rexall prescriptions.

    By use of these false claims, Johnston and Brockmeier designed compounded medications with combinations of ingredients that were chosen solely based on the amount of money that insurance would pay rather than on the medications’ ability to serve the medical needs of patients.

    Johnston and Brockmeier retained and directed an outside sales force that used various methods to get doctors to prescribe these medications and patients to accept them, including having prescriptions signed without the patient seeing a doctor or knowing about the medications, having medications or refills ordered without the patients’ knowledge, paying patients to accept the medications, and paying doctors to prescribe them.

    Johnston and Brockmeier caused approximately $100 million in fraudulent insurance claims for compounded medications that were not medically necessary.  Johnston received approximately $34 million and Brockmeier received approximately $5 million in illicit profits.

    50 people have been convicted or pled guilty in the overarching conspiracy.

    The health care fraud and wire fraud conspiracy count carries a maximum potential penalty of 20 years in prison and a $250,000 fine, or twice the gain or loss from the offense.  The conspiracy to commit identity theft count carries a maximum penalty of five years in prison and a $250,000 fine, or twice the gross gain or loss from the offense.  The conspiracy to commit money laundering charge carries a maximum term of imprisonment of 10 years and a fine of $250,000 or twice the gross gain or loss from the offense or not more than twice the amount of the criminally derived property involved in the transactions.  Sentencing is scheduled for July 21, 2025.

    U.S. Attorney John Giordano credited special agents of the FBI’s Atlantic City Resident Agency, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark; special agents of IRS – Criminal Investigation, under the direction of Special Agent in Charge Jenifer Piovesan  in Newark; and the U.S. Department of Labor, Office of Inspector General, Northeast Region, under the direction of Special Agent in Charge Jonathan Mellone, with the investigation leading to today’s conviction.

    The government is represented by Assistant U.S. Attorneys R. David Walk, Jr. and Daniel A. Friedman of the Criminal Division.

                                                                 ###

    Defense counsel:

    Johnston: Lawrence S. Lustberg, Anne Collart, and Andrew Marino, Esqs. (Newark, NJ)

    Brockmeier: Marc Agnifilo and David Gelfand, Esqs. (New York, NY)

    MIL Security OSI

  • MIL-OSI Security: Trinitarios Gang Member Sentenced to 10 Years in Prison

    Source: Office of United States Attorneys

    Defendant was on probation for armed robbery when he sold fentanyl and methamphetamine to an undercover officer

    BOSTON – A Lynn, Mass. man was sentenced today in federal court in Boston for drug offenses relating to an ongoing investigation of fentanyl distribution. 

    Ricardo Bratini-Perez, a/k/a “Rico,” a/k/a “Ricofromthesin,” 26, was sentenced by U.S. District Court Judge Leo T. Sorokin to 10 years years in prison, to be followed by five years of supervised release. In November 2024, Bratini-Perez pleaded guilty to four counts of distribution and possession with intent to distribute fentanyl, fentanyl analog and methamphetamine and one count of possession with intent to distribute 400 grams or more of a mixture and substance containing a detectable amount of fentanyl. A federal grand jury returned an indictment charging Bratini-Perez on Oct. 3, 2024. 

    According to court papers, Bratini-Perez is a member of the Trinitarios gang and was on probation following his release in 2023 from state custody on armed robbery and firearm charges. While on state probation, Bratini-Perez sold fentanyl and methamphetamine to an undercover officer on three occasions in March 2024 and April 2024. On April 8, 2024, Bratini-Perez was arrested following a fourth sale to the undercover officer. A search of Bratini-Perez’s residence resulted in the recovery of over 5,000 grams of counterfeit pills containing fentanyl. 
               
    United States Attorney Leah B. Foley; Michael J. Krol, Special Agent in Charge of Homeland Security Investigations in New England; Colonel Geoffrey D. Noble, Superintendent of the Massachusetts State Police; and Lynn Police Chief Christopher P. Reddy made the announcement today. Valuable assistance was provided by the Essex County District Attorney’s Office. Assistant U.S. Attorney Philip A. Mallard of the Organized Crime and Gang Unit prosecuted the case.
     

    MIL Security OSI

  • MIL-OSI Security: Spencer Woman Charged with Bank Fraud

    Source: Office of United States Attorneys

    BOSTON – A Spencer woman was charged today in federal court in Worcester with scheming to fraudulently obtain Social Security benefits.

    Gina Llerena-Donohue, 62, was charged with one count of bank fraud. Llerena-Donohue will make an appearance in federal court in Worcester at a later date.

    The charging document alleges that from February 2006 through May 2021, Llerena-Donohue, fraudulently obtained approximately $41,954.20 in Social Security benefits. Llerena-Donohue is alleged to have held a power of attorney (POA) for a Social Security beneficiary that died in January 2006. She is further alleged to have not reported the beneficiary’s death to either the Social Security Administration or the bank where the benefits were deposited. Instead, Llerena-Donohue allegedly accessed the improperly paid benefits through several counter cash withdrawals. Further, she is alleged to have submitted four false affidavits to the bank in 2018 and 2019 stating that the POA was still in effect because it had not been terminated by the death of the beneficiary.

    The charge of bank fraud provides for a sentence of up to 30 years in prison, five years of supervised release and a fine of up to $250,000 or twice the gross gain or loss, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

    United States Attorney Leah B. Foley and Amy Connelly, Special Agent-in-Charge of the Social Security Administration, Office of the Inspector General, Office of Investigations, Boston Field Division made the announcement. Special Assistant U.S. Attorney James J. Nagelberg of the Major Crimes Unit is prosecuting the case.

    The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
     

    MIL Security OSI

  • MIL-OSI Security: Miami Inspector Pleads Guilty in a Scheme to Obstruct the U.S. Department of Health and Human Services’ Oversight of the Medicare Program

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

    MIAMI – Manuel Delgado, 64, has pleaded guilty to accepting cash bribes and self-dealing as part of a conspiracy to impede and obstruct the lawful functions of the U.S. Department of Health and Human Services (“HHS”) and the Center for Medicare and Medicaid Services (“CMS”) in their administration and oversight of the Medicare program. 

    According to court documents, Manuel Delgado was a contractor for the Board of Certification/Accreditation, International (“BOC”), who performed inspections of durable medical equipment (“DME”) companies to determine if they complied with CMS quality standards.  BOC accreditation was required before CMS would approve a company to bill Medicare for supplying durable medical equipment to Medicare patients.

    Delgado accepted cash bribes from numerous owners of DME companies to facilitate and expedite the accreditation process so those companies could be enrolled with and bill Medicare.  Delgado also formed DME companies in the names of family members in order to conceal his own personal interest in the companies.  Delgado himself inspected these companies and obtained BOC accreditation and CMS approval for the companies. Delgado then sold the companies to others, having made them valuable as Medicare-enrolled suppliers of durable medical equipment.  The estimated value of the fraudulently accredited DME companies that Delgado inspected was over $1.4 million.  

    Delgado entered his guilty plea during a hearing before U.S. Magistrate Judge Ellen D’ Angelo, who will prepare a report and recommendation pursuant to a referral and instructions from U.S. District Judge K. Michael Moore.      

    Delgado faces up to five years in prison. Any further proceedings will be set by the court.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida; Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division; Acting Special Agent in Charge Ryan P. Lynch of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Miami Regional Office; and Acting Special Agent in Charge Brett Skiles of the FBI Miami Field Office made the announcement.

    FBI Miami and HHS-OIG investigated the case. 

    Assistant U.S. Attorney Aimee C. Jimenez and Trial Attorney Jacqueline DerOvanesian of the Criminal Division’s Fraud Section are prosecuting the case.  Assistant U.S. Attorney Daren Grove is handling the asset forfeiture.

    You may find a copy of this press release (and any updates) on the website of the United States Attorney’s Office for the Southern District of Florida at www.justice.gov/usao-sdfl.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 25-cr-20006.

    ###

    MIL Security OSI

  • MIL-OSI Security: Phoenix Man Sentenced to Prison for Alien Smuggling Resulting in Death

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

    TUCSON, Ariz. – Steven Beltran-Lugo, 19, of Glendale, was sentenced on March 11, 2025, by United States District Judge Angela M. Martinez to 38 months in prison for his role in transporting two illegal aliens in March 2024, one of whom suffered fatal injuries after jumping out of the vehicle while it was moving. Beltran-Lugo pleaded guilty to Conspiracy to Transport Illegal Aliens for Profit Placing in Jeopardy the Life of Any Person and Resulting in Death on October 1, 2024.

    On March 6, 2024, Beltran-Lugo and his co-defendant, Cesar Velazquez-Munoz, picked up two illegal aliens near the border to transport them further into the United States. Beltran-Lugo was riding as a passenger in the front seat of the vehicle, and he was on the phone with a Phoenix-based smuggling coordinator throughout the event. When law enforcement began to follow the vehicle, the victim aliens were told to get out of the vehicle. One of the victims then jumped out of the vehicle while it was still moving at about 45 miles per hour. The driver accelerated as the second victim exited the moving vehicle and hit the pavement, causing a brain hemorrhage and internal bleeding. The victim eventually succumbed to these injuries and passed away at the hospital two days later. Cesar Velazquez-Munoz is scheduled to be sentenced on March 31, 2025.

    The sentencing is the result of the coordinated efforts of Joint Task Force Alpha (JTFA). JTFA, a partnership with DHS, has been elevated and expanded with a mandate to target cartels and transnational criminal organizations to eliminate human smuggling and trafficking operating in Mexico, Guatemala, El Salvador, Honduras, Panama, and Colombia. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the southwest border, including the Southern District of California, District of Arizona, District of New Mexico, and Western and Southern Districts of Texas. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section (HRSP) and supported by the Money Laundering and Asset Recovery Section; Office of Enforcement Operations; and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, DEA, and other partners. To date, JTFA’s work has resulted in more than 355 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 300 U.S. convictions; more than 250 significant jail sentences imposed; and forfeitures of substantial assets.

    Homeland Security Investigations conducted the investigation in this case. The United States Attorney’s Office, District of Arizona, Tucson, handled the prosecution.
     

    CASE NUMBER:           CR-24-01674-TUC-AMM
    RELEASE NUMBER:    2025-035_Beltran-Lugo

    # # #

    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

     

    MIL Security OSI

  • MIL-OSI Security: First-Degree Murder Suspect Arrested by U.S. Marshals

    Source: US Marshals Service

    Memphis, TN – Luck ran out today for Anntenika Brown as she was arrested for first-degree murder by the U.S. Marshals Service (USMS) in Memphis.

    On January 13, 2025, Jeffery Washington was shot to death at a residence in the 4200 block of Cottonwood in Memphis. The next day, an arrest warrant was issued charging Anntenika Brown, 45, with first-degree murder. The fugitive investigation was adopted by the USMS Two Rivers Violent Fugitive Task Force (TRVFTF) in Memphis.

    Today, March 17, 2025, Investigators with the USMS TRVFTF tracked Brown to a residence in the 3300 block of McCorkle Road in Memphis. She initially made false statements about her identity; however, Deputy marshals and task force officers positively identified her as the wanted person, Anntenika Brown. She was taken into custody without incident and transported to the Shelby County Detention Center.

    The U.S. Marshals Service Two Rivers Violent Fugitive Task Force is a multi-agency task force within Western Tennessee. The TRVFTF has offices in Memphis and Jackson, and its membership is primarily composed of Deputy U.S. Marshals, Shelby, Fayette, Tipton, and Gibson County Sheriff’s Deputies, Memphis and Jackson Police Officers, Tennessee Department of Correction Special Agents and the Tennessee Highway Patrol. Since 2021, the TRVFTF has captured over 3,000 violent offenders and sexual predators.

    MIL Security OSI

  • MIL-Evening Report: ASIC puts payday lenders on notice they may be breaching the law

    Source: The Conversation (Au and NZ) – By Jeannie Marie Paterson, Professor of Law (consumer protections and credit law), The University of Melbourne

    Late last week, corporate watchdog the Australian Securities and Investments Commission (ASIC) issued a warning to lenders that provide high-fee small-amount loans – known as payday lenders – that they may be breaching consumer-lending laws.

    Trying to provide effective protections to borrowers of these small loans is fiendishly difficult. People in financial hardship turn to payday loans, even though they are expensive. Lenders can charge high fees for such loans but may change products to avoid regulation.

    If access to payday loans dries up, borrowers in need are likely to turn to other products. And so the cycle begins again.

    The regulator’s report might be a prompt to government to think about other strategies.

    What is payday lending and why is it a concern?

    Payday lending is the name commonly given to loans of small amounts (under A$2,000) for short periods of time (16 days to one year) that promise quick credit checks and don’t require collateral.

    They are called payday loans because the original idea was borrowers would pay them back when they got their next pay cheque. But often that is not how it works, and borrowers struggle to repay.

    Payday lenders offer fast cash, but there are strings attached.

    ASIC said the total value of small and medium loans provided to consumers in 2023–24 was $1.3 billion. An earlier study by Consumer Action Law Centre found 4.7 million individual payday loans were written over three years to July 2019.

    Why do borrowers use (expensive) payday loans?

    Small, short-term loans like payday loans have been around for a long time – and in part, they respond to a reality that, for many people, their income is not sufficient to give them buffers.

    Payday loans can be used by borrowers who don’t have savings or credit cards to pay for one-off unexpected bills – a broken fridge, an emergency medical appointment or even utilities bills. But they can also be used to meet daily living expenses.

    There are limited other practical options – for some types of bills, there are hardship schemes, but these are not always well-known. For one-off expenses, there are low and no-interest loan schemes but they can be quite restrictive. Free financial counselling may also help, but knowledge and access can be an issue.

    Payday lenders have been moving customers into bigger loans that are harder to repay.
    Doucefleur/Shutterstock

    Why were new laws dealing with payday loans introduced?

    Payday lenders have typically charged very high fees. In 2013, concerns about the high cost of payday loans led to specific provisions to limit the fees that could be charged.

    Nonetheless, regulators and consumer advocates remain concerned these kinds of loans lock borrowers into debt spirals because they keep accumulating and that lenders manage to avoid many of the restrictions.

    Further reforms in 2022 introduced a presumption a loan is unsuitable if the borrower has already taken out two payday loans in the preceding 90 days. The reforms also prohibit payday lenders from offering loans where the repayments would exceed a prescribed proportion of a borrower’s income.

    What did ASIC say?

    ASIC said it found a trend of payday lenders moving borrowers who previously might have borrowed relatively small amounts ($700 to $2,000) to medium-sized loans ($2,000 to $5,000), which are not subject to the same consumer protections.

    The regulator said small loan credit contracts fell from 80% of loans in the December quarter of 2022 to less than 60% of loans by the August 2023 quarter.

    It said it was concerned by this approach and reminded lenders they were still subject to the reasonable lending regime. This effectively means not lending amounts that would be unsuitable for borrowers.

    Why are payday lenders moving consumers to larger loans?

    It’s a concern that lenders change products to avoid restrictive rules. But it is not altogether surprising.

    One response from increasing restrictions on one form of credit might be that lenders decide to focus on other, less restricted, products like medium-sized loans – this is what ASIC seems to have found.

    This is problematic if those larger loans are not meeting consumers’ needs and objectives (for instance, if they only needed a smaller amount), or complying with the loan would cause substantial hardship. It’s important to remind lenders that the responsible lending obligations apply to medium size loans, and for ASIC to take enforcement action where appropriate.

    What might be a better approach?

    The ASIC report highlights the increasing complexity of the National Consumer Credit Act regime – with the standard obligations complemented by specific and unique rules for a range of credit products. These include small amount credit, standard home loans, credit cards, reverse mortgages, and Buy Now Pay Later.

    It’s worth thinking about whether a better strategy might be to go back to a simpler approach, where one set of rules applied to all consumer credit products. Regulatory exceptions and qualifications are minimised.

    If access to payday loans becomes more restrictive, borrowers are likely to turn to other products. This means ASIC should also be looking at other products that are used to provide short-term small loans. These are likely to include buy now pay later schemes and pawn broking.

    Buy now pay later products are subject to their own regulations, including responsible lending obligations. But
    pawn brokers aren’t covered by the Consumer Credit laws and are subject to little regulatory scrutiny. This is also something that should change.

    We also need to consider whether there are financial inclusion options not dependent on lenders out to make a profit from borrowers struggling with the cost of living.

    Jeannie Marie Paterson receives funding from the Australian Research Council for a project on Treating Consumers Fairly.

    Nicola Howell receives funding from funding from the Australian Research Council for a project on Treating Consumers Fairly. She is affiliated with the Consumers’ Federation of Australia, as a member of the CFA Executive.

    ref. ASIC puts payday lenders on notice they may be breaching the law – https://theconversation.com/asic-puts-payday-lenders-on-notice-they-may-be-breaching-the-law-252375

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Why build nuclear power in place of old coal, when you could have pumped hydropower instead?

    Source: The Conversation (Au and NZ) – By Timothy Weber, Research Officer for School of Engineering, Australian National University

    Phillip Wittke, Shutterstock

    Australia’s energy policy would take a sharp turn if the Coalition wins the upcoming federal election. A Dutton government would seek to build seven nuclear power plants at the sites of old coal-fired power stations.

    The Coalition says its plan makes smart use of the existing transmission network and other infrastructure. But solar and wind power would need to be curtailed to make room in the grid for nuclear energy. This means polluting coal and gas power stations would remain active for longer, releasing an extra 1 billion to 2 billion tonnes of carbon dioxide.

    So is there another option? Yes: pumped hydro storage plants. This technology is quicker and cheaper to develop than nuclear power, and can store solar and wind rather than curtail it. It’s better suited to Australia’s electricity grid and would ultimately lead to fewer emissions. Drawing on our recent global analysis, we found the technology could be deployed near all but one of the seven sites the Coalition has earmarked for nuclear power.

    The Coalition is likely to spend anywhere from A$116 billion to $600 billion of taxpayers’ money to deliver up to 14 gigawatts of nuclear energy. Experts say the plan will not lower power prices and will take too long to build. Our findings suggest cheap storage of solar and wind, in the form of pumped hydro, is a better way forward.

    This way, we can continue to build renewable energy capacity while stabilising the grid. More than 45GW of solar and wind is already up and running, with a further 23GW being supported by the Capacity Investment Scheme until 2027. Only a handful of the pumped hydro sites we found would be needed to decarbonise the energy system, reaching the 1,046 gigawatt-hours of storage CSIRO estimates Australia needs.

    Building pumped hydro storage systems near old coal-fired power generators has some advantages, such as access to transmission lines – although more will be needed as electricity demand increases. But plenty of other suitable sites exist, too.

    Filling the gaps

    Pumped hydro is a cheap, mature technology that currently provides more than 90% of the world’s electrical energy storage.

    It involves pumping water uphill from one reservoir to another at a higher elevation for storage. Then, when power is needed, water is released to flow downhill through turbines, generating electricity on its way to the lower reservoir.

    Together with battery storage, pumped hydro solves the very real problem of keeping the grid stable and reliable when it is dominated by solar and wind power.

    By 2030, 82% of Australia’s electricity supply is expected to come from renewables, up from about 40% today.

    But solar panels only work during the day and don’t produce as much power when it’s cloudy. And wind turbines don’t generate power when it’s calm. That’s where storage systems come in. They can charge up when electricity is plentiful and then release electricity when it’s needed.

    Grid-connected batteries can fill short-term gaps (from seconds to a few hours). Pumped hydro can store electricity overnight, and longer still. These two technologies can be used together to supply electricity through winter, and other periods of calm or cloudy weather.

    Two types of pumped-storage hydropower, one doesn’t require dams on rivers.
    NREL

    Finding pumped hydro near the Coalitions’s proposed nuclear sites

    Australia has three operating pumped hydro systems: Tumut 3 in the Snowy Mountains, Wivenhoe in Queensland, and Shoalhaven in the Kangaroo Valley of New South Wales.

    Two more are under construction, including Snowy 2.0. Even after all the cost blowouts, Snowy 2.0 comes at a modest construction cost of A$34 per kilowatt-hour of energy storage, which is ten times cheaper than the cost CSIRO estimates for large, new batteries.

    We previously developed a “global atlas” to identify potential locations for pumped hydro facilities around the world.

    More recently, we created a publicly available tool to filter results based on construction cost, system size, distance from transmission lines or roads, and away from environmentally sensitive locations.

    In this new analysis, we used the tool to find pumped hydro options near the sites the Coalition has chosen for nuclear power plants.

    Mapping 300 potential pumped hydro sites

    The proposed nuclear sites are:

    • Liddell Power Station, New South Wales
    • Mount Piper Power Station, New South Wales
    • Loy Yang Power Stations, Victoria
    • Tarong Power Station, Queensland
    • Callide Power Station, Queensland
    • Northern Power Station, South Australia (small modular reactor only)
    • Muja Power Station, Western Australia (small modular reactor only).

    We used our tool to identify which of these seven sites would instead be suitable for a pumped hydro project, using the following criteria:

    • low construction cost (for a pumped hydro project)

    • located within 85km of the proposed nuclear sites.

    We included various reservoir types in our search:



    Exactly 300 sites matched our search criteria. No options emerged near the proposed nuclear site in Western Australia, but suitable sites lie further north in the mining region of the Pilbara.

    One option east of Melbourne, depicted in the image below, has a storage capacity of 500 gigawatt-hours. Compared with Snowy 2.0, this option has a much shorter tunnel, larger energy capacity, and larger height difference between the two reservoirs (increasing the potential energy stored in the water). And unlike Snowy 2.0, it is not located in a national park.



    Of course, shortlisted sites would require detailed assessment to confirm the local geology is suitable for pumped hydro, and to evaluate potential environmental and social impacts.

    More where that came from

    We restricted our search to sites near the Coalition’s proposed nuclear plants. But there are hundreds of potential pumped hydro sites along Australia’s east coast.

    Developers can use our free tool to identify the best sites.

    So far, the Australian electricity transition has mainly been driven by private investment in solar and wind power. With all this renewable energy entering the grid, there’s money to be made in storage, too.

    Large, centralised, baseload electricity generators, such as coal and nuclear plants, are becoming a thing of the past. A smarter energy policy would balance solar and wind with technologies such as pumped hydro, to secure a reliable electricity supply.

    Timothy Weber receives funding from the Australian government Department of Foreign Affairs and Trade, and the Australian Centre for Advanced Photovoltaics.

    Andrew Blakers receives funding from the Australian government Department of Foreign Affairs and Trade and other organisations.

    ref. Why build nuclear power in place of old coal, when you could have pumped hydropower instead? – https://theconversation.com/why-build-nuclear-power-in-place-of-old-coal-when-you-could-have-pumped-hydropower-instead-252017

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: I’m avoiding a hearing test because I don’t want chunky hearing aids. What are my options?

    Source: The Conversation (Au and NZ) – By Katie Ekberg, Senior Lecturer, College of Nursing and Health Sciences, Flinders University

    Ksenia Shestakova/Shutterstock

    One in six Australians have hearing loss and, for most adults, hearing starts to decline from middle age onwards.

    Many of us, however, hesitate to seek help or testing for our hearing. Perhaps you’re afraid you’ll be told to wear hearing aids, and envision the large and bulky hearing aids you might have seen on your grandparents decades ago.

    In fact, hearing aids have changed a lot since then. They’re often now very small; some are barely noticeable. And hearing aids aren’t the only option available for people experiencing hearing loss.

    The earlier you do something about your hearing, the greater the likelihood that you can prevent further hearing decline.
    PeopleImages.com – Yuri A/Shutterstock

    Why you shouldn’t ignore hearing loss

    Acquired hearing loss can have a serious impact on our life. It is associated with or can contribute to:

    • social isolation
    • loneliness
    • not being able to work as much, or at all
    • memory problems
    • trouble thinking clearly
    • conditions such as dementia.

    Hearing loss has also been associated with depression, anxiety and stress. A systematic review and meta-analysis found adults with hearing loss are 1.5 times more likely to experience depression than those without hearing loss.

    A large population study in the US found self-reported hearing loss was associated with:

    • higher levels of psychological distress
    • increased use of antidepressant and anti-anxiety medications, and
    • greater utilisation of mental health services.

    The good news is that doing something about your hearing loss can help you live a happier and longer life.

    So why don’t people get their hearing checked?

    Research has found adults with hearing loss typically wait ten years to seek help for their hearing.

    Less than a quarter of those who need hearing aids actually go ahead with them.

    Hearing declines slowly, so people may perceive their hearing difficulties aren’t concerning. They may feel they’re now used to not being able to hear properly, without fully appreciating the impact it’s having on their life.

    Some people harbour negative attitudes to hearing aids or don’t think they’ll actually help.

    Others may have overheard their partner, family or friends say negative things or make jokes about hearing aids, which can put people off getting their hearing checked.

    Stigma can play a big part.

    People often associate hearing loss with negative stereotypes such as ageing, weakness and “being different”.

    Our recent research found that around one in four people never tell anyone about their hearing loss because of experiences of stigma.

    Adults with hearing loss who experience stigma and choose not to disclose their hearing loss were also likely not to go ahead with hearing aids, we found.

    Modern hearing aids may be a lot smaller than you realise.
    Daisy Daisy/Shutterstock

    What are my options for helping my hearing?

    The first step in helping your hearing is to have a hearing check with a hearing care professional such as an an audiologist. You can also speak to your GP.

    If you’ve got hearing loss, hearing aids aren’t the only option.

    Others include:

    • other assistive listening devices (such as amplified phones, personal amplifiers and TV headphones)
    • doing a short course or program (such as the Active Communication Education program developed via University of Queensland researchers) aimed at giving you strategies to manage your hearing, for instance, in noisy environments
    • monitoring your hearing with regular checkups
    • strategies for protecting your hearing in future (such as wearing earplugs or earmuffs in loud environments, and not having headphone speakers too loud)
    • a cochlear implant (if hearing loss is severe)

    Hearing care professionals should take a holistic approach to hearing rehabilitation.

    That means coming up with individualised solutions based on your preferences and circumstances.

    What are modern hearing aids like?

    If you do need hearing aids, it’s worth knowing there are several different types. All modern hearing aids are extremely small and discrete.

    Some sit behind your ear, while others sit within your ear. Some look the same as air pods.

    Some are even completely invisible. These hearing aids are custom fitted to sit deep within your ear canal and contain no external tubes and wires.

    Some types of hearing aids are more expensive than others, but even the basic styles are discrete.

    In Australia, children and many adults are eligible for free or subsidised hearing services and many health funds offer hearing aid rebates as part of their extras cover.

    Despite being small, modern hearing aids have advanced technology including the ability to:

    • reduce background noise
    • direct microphones to where sound is coming from (directional microphones)
    • use Bluetooth so you can hear audio from your phone, TV and other devices directly in your hearing aids.

    When used with a smartphone, some hearing aids can even track your health, detect if you have fallen, and translate languages in real time.

    Modern hearing aids use Bluetooth so you can hear audio from your phone.
    Daisy Daisy/Shutterstock

    What should I do next?

    If you think you might be having hearing difficulties or are curious about the status of your hearing, then it’s a good idea to get a hearing check.

    The earlier you do something about your hearing, the greater the likelihood that you can prevent further hearing decline and reduce other health risks.

    And rest assured, there’s a suitable option for everyone.

    Katie Ekberg has previously received funding from the Hearing Industry Research Consortium, which funded research into stigma associated with hearing loss and hearing aids.

    Barbra Timmer is a part-time employee of Sonova AG, a global hearing care company. She was a Chief Investigator on a Hearing Industry Research Consortium grant that investigated the experiences of stigma for adults with hearing loss. She is the president of Audiology Australia.

    ref. I’m avoiding a hearing test because I don’t want chunky hearing aids. What are my options? – https://theconversation.com/im-avoiding-a-hearing-test-because-i-dont-want-chunky-hearing-aids-what-are-my-options-250925

    MIL OSI AnalysisEveningReport.nz