Category: Finance

MIL-OSI Asia-Pac: Tsing Yi logistics site sold

Source: Hong Kong Information Services

The tender for a logistics site at the junction of Tsing Hung Road and Tsing Yi Road in Tsing Yi has been awarded on a 50-year land grant at a premium of $3.68 billion, the Lands Department announced today.

Tsing Yi Town Lot No. 202 was awarded to Titanium 2 (HKSAR) Limited, a subsidiary of Mapletree Investments Pte Ltd.

It has a site area of about 44,318 sq m and is designated for logistics services and public vehicle park purposes. The site’s maximum gross floor area is 227,836 sq m for developing multi-storey modern logistics facilities and a public vehicle park, thereby achieving multiple uses on one site.

The Action Plan on Modern Logistics Development promulgated in 2023 is committed to providing a stable supply of quality logistics sites by releasing four such sites near the Kwai Tsing Container Terminals to address the industry’s need for modern, high-end, multi-storey logistics facilities primed for high value-added logistics operations with synergy with our port.

The Transport & Logistics Bureau said the positive market response to this land lot, which is the first of these sites, clearly reflects the trade’s continual confidence in Hong Kong’s role as an international logistics hub.

The Government will release the remaining three logistics sites in a timely manner, taking into consideration the market situation, the bureau added.

MIL OSI Asia Pacific News –

February 26, 2025
MIL-OSI: ChampionX Announces Definitive Agreement to Sell US Synthetic Corporation

Source: GlobeNewswire (MIL-OSI)

THE WOODLANDS, Texas, Feb. 25, 2025 (GLOBE NEWSWIRE) — ChampionX Corporation (“ChampionX” or the “Company”) (NASDAQ: CHX), a global leader in oilfield technology, announced today that it has entered into a definitive agreement to sell all of its equity interests in US Synthetic Corporation (“US Synthetic”) to LongRange Capital, L.P. (“LongRange Capital”).

US Synthetic, located in Orem, Utah, offers innovative, best-in-class polycrystalline diamond cutter inserts, bearings, valves, and mining tools to help customers drill the world’s most demanding oil exploration and development projects. US Synthetic comprises the Drilling Technologies segment of ChampionX.

“I have been pleased to see the growth of US Synthetic over the years, which is a testament to their innovation ethos, impactful technologies, and strong culture of customer service and continuous improvement,” said Sivasankaran “Soma” Somasundaram, President and CEO of ChampionX. “I want to thank the dedicated and talented employees of US Synthetic for their many contributions to ChampionX over the years. We believe that LongRange Capital will be the right home for US Synthetic to further foster their growth.”

“We are excited about the future of US Synthetic, and this transition represents a significant milestone in our journey. We are very optimistic about the opportunities it will bring,” commented Rob Galloway, President, Drilling Technologies of ChampionX. “With LongRange Capital as our new partner, we look forward to accelerating our growth strategy while continuing our commitment to delivering exceptional value to our customers and stakeholders.”

The transaction, which is subject to customary closing conditions, as well as the closing of the previously announced transaction between ChampionX and SLB, is expected to close shortly after the closing of the ChampionX and SLB transaction.

About ChampionX

ChampionX is a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world. ChampionX’s products provide efficient functioning throughout the lifecycle of a well with a focus on the production phase of wells. To learn more about ChampionX, visit www.championX.com.

About LongRange Capital

Founded in 2019, LongRange Capital is a private equity firm formed to apply a longer-term perspective to investments and employ a company-focused, customer-first philosophy to building better businesses. LongRange Capital seeks to create value by partnering with its portfolio companies and their management teams to ensure that the strategy, resources, capital, execution, and incentives are aligned to achieve their collective goals. The LongRange Capital team has a successful track record of investing in and growing businesses across a range of industries, including industrial products, chemicals, industrial technology, and consumer goods and services, among other segments. LongRange Capital is currently investing a highly flexible, committed capital pool backed by long-term institutional holders. For more information, please visit www.longrangecapital.com.

Contacts

Investor Contact: Byron Pope, byron.pope@championx.com, 281-602-0094

Media Contact: John Breed, john.breed@championx.com, 281-403-5751

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act.

Such forward-looking statements include statements relating to the proposed transaction between SLB and ChampionX and the related sale of USS to LongRange Capital, including statements regarding the benefits of the transaction and the anticipated timing of the transaction, and information regarding the businesses of SLB and ChampionX, including expectations regarding outlook and all underlying assumptions, SLB’s and ChampionX’s objectives, plans and strategies, information relating to operating trends in markets where SLB and ChampionX operate, statements that contain projections of results of operations or of financial condition and all other statements other than statements of historical fact that address activities, events or developments that SLB or ChampionX intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” “intends,” “plans,” “seeks,” “targets,” “may,” “can,” “believe,” “predict,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “ambition,” “goal,” “scheduled,” “think,” “could,” “would,” “will,” “see,” “likely,” and other similar expressions or variations, but not all forward-looking statements include such words. These forward-looking statements involve known and unknown risks and uncertainties, and which may cause SLB’s or ChampionX’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to those factors and risks described in Part I, “Item 1. Business”, “Item 1A. Risk Factors”, and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in SLB’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (the “SEC”) on January 22, 2025 and Part 1, Item 1A, “Risk Factors” in ChampionX’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 5, 2025, and each of their respective, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These include, but are not limited to, and in each case as a possible result of the proposed transaction on each of SLB and ChampionX: the ultimate outcome of the proposed transaction between SLB and ChampionX, including the effect of the announcement of the proposed transaction; the ability to operate the SLB and ChampionX respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain favorable business relationships with customers, suppliers and other business partners; the terms and timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the anticipated or actual tax treatment of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction; other risks related to the completion of the proposed transaction and actions related thereto; the ability of SLB and ChampionX to integrate the business successfully and to achieve anticipated synergies and value creation from the proposed transaction; changes in demand for SLB’s or ChampionX’s products and services; global market, political and economic conditions, including in the countries in which SLB and ChampionX operate; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; the extent of growth of the oilfield services market generally, including for chemical solutions in production and midstream operations; the global macro-economic environment, including headwinds caused by inflation, rising interest rates, unfavorable currency exchange rates, and potential recessionary or depressionary conditions; cyber-attacks, information security and data privacy; the impact of public health crises, such as pandemics (including COVID-19) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; trends in crude oil and natural gas prices, including trends in chemical solutions across the oil and natural gas industries, that may affect the drilling and production activity, profitability and financial stability of SLB’s and ChampionX’s customers and therefore the demand for, and profitability of, their products and services; litigation and regulatory proceedings, including any proceedings that may be instituted against SLB or ChampionX related to the proposed transaction; failure to effectively and timely address energy transitions that could adversely affect the businesses of SLB or ChampionX, results of operations, and cash flows of SLB or ChampionX; and disruptions of SLB’s or ChampionX’s information technology systems.

These risks, as well as other risks related to the proposed transaction, are included in the Form S-4 and proxy statement/prospectus that was filed with the SEC in connection with the proposed transaction between SLB and ChampionX. While the list of factors presented here is, and the list of factors presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to SLB’s and ChampionX’s respective periodic reports and other filings with the SEC, including the risk factors identified in SLB’s and ChampionX’s Annual Reports on Form 10-K, respectively, and SLB’s and ChampionX’s subsequent Quarterly Reports on Form 10-Q. The forward-looking statements included in this communication are made only as of the date hereof. Neither SLB nor ChampionX undertakes any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

The MIL Network –

February 26, 2025

MIL-OSI: CECO Environmental Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Record Bookings in the Quarter of $219M Elevated Year-End Backlog to a Record $541M
Reaffirms 2025 Full Year Outlook

ADDISON, Texas, Feb. 25, 2025 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO) (“CECO”), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the fourth quarter and full year of 2024.

Highlights for the Quarter⁽¹⁾

Orders of $218.9 million, up 71 percent
Backlog of $540.9 million, up 46 percent
Revenue of $158.6 million, up 3 percent
Gross profit of $56.7 million, up 7 percent; Gross margin of 35.8 percent, up 120 basis points
Net income of $4.9 million, up 26 percent; non-GAAP net income of $9.9 million, down 2 percent
GAAP EPS (diluted) of $0.13, up 18 percent; non-GAAP EPS (diluted) of $0.27, down 4 percent
Adjusted EBITDA of $19.0 million, down 2 percent
Free cash flow of ($4.4) million, down $16.6 million

Highlights for the Year⁽¹⁾

Orders of $667.3 million, up 14 percent
Revenue of $557.9 million, up 2 percent
Gross profit of $196.1 million, up 15 percent; Gross margin of 35.2 percent, up 380 basis points
Net income of $13.0 million, up 1 percent; non-GAAP net income of $26.7 million
GAAP EPS (diluted) of $0.36, down 3 percent; non-GAAP EPS (diluted) of $0.73, down 2 percent
Adjusted EBITDA of $62.8 million, up 9 percent
Free cash flow of $7.4 million, down 80 percent
Completed three acquisitions (EnviroCare International, WK Group and Verantis Environmental Solutions Group), advancing our Industrial Air market leadership

⁽¹⁾_A_{ll comparisons are versus the comparable prior year period, unless otherwise stated.}
_{Reconciliations of GAAP (reported) to non-GAAP measures are in the attached financial tables.}

Todd Gleason, CECO’s Chief Executive Officer commented, “While we acknowledge mixed results in 2024 driven by customer project and market related order delays, we are energized by our fourth quarter record orders bookings of $219 million, which provides incredible momentum moving into 2025. The steady progress we continue to make on expanding margins and upgrading our portfolio through organic and inorganic investments will help us maximize the tremendous opportunities that exist in key growth markets we serve such as power generation, reshoring of industrial manufacturing, global infrastructure and data center expansion.”

Fourth quarter operating income was $11.3 million, down $1.4 million or 11 percent when compared to $12.7 million in the fourth quarter 2023. On an adjusted basis, non-GAAP operating income was $15.6 million, down $0.7 million or 4 percent when compared to $16.3 million in the fourth quarter of 2023. Net income was $4.9 million in the quarter, up $1.0 million or 26 percent when compared to $3.9 million in the fourth quarter of 2023. Non-GAAP net income was $9.9 million, down $0.2 million or 2 percent when compared to $10.1 million in the fourth quarter of 2023. Adjusted EBITDA of $19.0 million, reflecting a margin of 12.0 percent, was down 2 percent compared to $19.4 million in the fourth quarter of 2023. Free cash flow in the quarter was $(4.4) million, down $16.6 million compared to $12.2 million in the fourth quarter of 2023.

Full year operating income was $35.4 million, up $0.8 million in the year, compared to $34.6 million in 2023. On an adjusted basis, non-GAAP operating income was $49.4 million, up $1.3 million in the year, compared to $48.1 million in 2023. Net income was $13.0 million in the year, compared to $12.9 million in 2023. Non-GAAP net income was $26.7 million, compared to $26.6 million in 2023. Adjusted EBITDA of $62.8 million, reflecting a margin of 11.3 percent, was up 9 percent compared to $57.7 million in 2023, reflecting a margin of 10.6 percent. Free cash flow was $7.4 million, down $28.8 million compared to $36.2 million in 2023.

“Over the past six months we have completed four strategic and accretive M&A transactions – including the Profire Energy acquisition in early January 2025. Each of our acquisitions adds important new growth markets, technologies and solutions, and service capabilities to further advance our niche, industrial leadership positions and improve our overall business mix while improving our margin profile. In addition, we upgraded our credit facility, which now includes a $400M Revolver, along with capacity for $150M in additional unsecured debt, and we expect to finalize the sale of our Fluid Handling Business in late Q1 2025. Our core businesses remain robust – evident by our record backlog – and we continue to add tremendous talent to our team and our experienced leadership bench,” added Gleason.

2025 Full Year Guidance

The Company maintains its previously announced full year 2025 outlook which includes expected Revenue of $700 to $750 million, up approximately 30 percent at the midpoint year over year, and Adjusted EBITDA of $90 to $100 million, up approximately 50 percent at the midpoint versus 2024. The Company expects 2025 free cash flow to be between 60 and 75 percent of Adjusted EBITDA, approximately 10 percentage points higher than standard cash flow guidance, given expected working capital timing. The full year guidance incorporates the net impact of completed acquisitions and the expected late-Q1 divestiture of the Fluid Handling business.

“Our full year 2025 outlook reflects the strong visibility we have with our record backlog, strong bookings, 2024 related project push outs, and the impact from our acquisitions. So far in early 2025, we are experiencing a continuation of the strong power generation, data center, general industrial and natural gas infrastructure markets that drove our strong Q4 orders. Our early 2025 working capital performance – specifically receivables – is very strong as we have collected significant cash payments that pushed out of 2024 by just a few weeks. The integrations associated with our recent acquisitions are on-or-ahead of schedule, and we continue to open international sales and service centers to support our global footprint. We expect to deliver an outstanding 2025, affirmed by our full year guidance, as we progress our operating model supported by strong organic growth, coupled with steady margin expansion,” concluded Gleason.

EARNINGS CONFERENCE CALL

A conference call is scheduled for today at 8:30 a.m. ET to discuss the fourth quarter and full year 2024 financial results. Please visit the Investor Relations portion of the website (https://investors.cecoenviro.com) to listen to the call via webcast. The conference call may also be accessed by visiting https://edge.media-server.com/mmc/p/wr6yr8ri.

A replay of the conference call will be available on the Company’s website for a period of one year. The replay may also be accessed by visiting https://edge.media-server.com/mmc/p/wr6yr8ri.

ABOUT CECO ENVIRONMENTAL

CECO Environmental is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally providing innovative solutions and application expertise. CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. CECO solutions improve air and water quality, optimize emissions management, and increase energy efficiency for highly-engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, electric vehicle production, polysilicon fabrication, semiconductor and electronics, battery production and recycling, specialty metals and steel production, beverage can, and water/wastewater treatment and a wide range of other industrial end markets. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Addison, Texas. For more information, please visit www.cecoenviro.com.

Company Contact:
Peter Johansson
Chief Financial and Strategy Officer
888-990-6670
investor.relations@onececo.com

Investor Relations Contact:
Steven Hooser and Jean Marie Young
Three Part Advisors, LLC
214-872-2710
investor.relations@onececo.com


CECO ENVIRONMENTAL CORP.CONSOLIDATED BALANCE SHEETS

	December 31,
(dollars in thousands, except share data)	2024			2023
ASSETS
Current assets:
Cash and cash equivalents	$	37,832		$	54,779
Restricted cash		369			669
Accounts receivable, net of allowances of $8,863 and $6,460		159,572			112,733
Costs and estimated earnings in excess of billings on uncompleted contracts		69,889			66,574
Inventories, net		42,624			34,089
Prepaid expenses and other current assets		16,859			11,769
Prepaid income taxes		3,826			824
Total current assets		330,971			281,437
Property, plant and equipment, net		33,810			26,237
Right-of-use assets from operating leases		25,102			16,256
Goodwill		269,747			211,326
Intangible assets – finite life, net		74,050			50,461
Intangible assets – indefinite life		9,466			9,570
Deferred income tax assets		966			304
Deferred charges and other assets		15,587			4,700
Total assets	$	759,699		$	600,291
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of debt	$	1,650		$	10,488
Accounts payable		109,671			87,691
Accrued expenses		47,528			44,301
Billings in excess of costs and estimated earnings on uncompleted contracts		81,501			56,899
Notes payable		1,700			2,500
Income taxes payable		2,612			1,227
Total current liabilities		244,662			203,106
Other liabilities		14,362			12,644
Debt, less current portion		217,230			126,795
Deferred income tax liabilities		11,322			8,838
Operating lease liabilities		20,230			11,417
Total liabilities		507,806			362,800
Commitments and contingencies (See Note 12)
Shareholders’ equity:
Preferred stock, $.01 par value; 10,000 shares authorized, none issued		—			—
Common stock, $.01 par value; 100,000,000 shares authorized, 34,978,009 and 34,835,293 shares issued and outstanding at December 31, 2024 and 2023, respectively		349			348
Capital in excess of par value		255,211			254,956
Retained earnings (accumulated loss)		6,570			(6,387	)
Accumulated other comprehensive loss		(14,441	)		(16,274	)
Total CECO shareholders’ equity		247,689			232,643
Noncontrolling interest		4,204			4,848
Total shareholders’ equity		251,893			237,491
Total liabilities and shareholders’ equity	$	759,699		$	600,291

CECO ENVIRONMENTAL CORP. CONSOLIDATED STATEMENTS OF INCOME (unaudited)

	Three months ended December 31,						Year ended December 31,
(in thousands, except share and per share data)	2024			2023			2024			2023
Net sales	$	158,566		$	153,711		$	557,933		$	544,845
Cost of sales		101,865			100,526			361,786			373,829
Gross profit		56,701			53,185			196,147			171,016
Selling and administrative expenses		41,062			36,862			146,698			122,944
Amortization and earnout expenses		2,028			2,192			9,064			8,180
Acquisition and integration expenses		2,337			298			4,213			2,508
Executive transition expenses		—			48			—			1,465
Restructuring expenses		—			1,133			544			1,350
Asbestos litigation expenses		—			—			225			—
Income from operations		11,274			12,652			35,403			34,569
Other (expense) income, net		(2,103	)		1,042			(4,692	)		372
Interest expense		(3,705	)		(3,918	)		(13,020	)		(13,416	)
Income before income taxes		5,466			9,776			17,691			21,525
Income tax expense		606			5,447			3,270			7,024
Net income		4,860			4,329			14,421			14,501
Noncontrolling interest		18			(450	)		(1,464	)		(1,590	)
Net income attributable to CECO Environmental Corp.	$	4,878		$	3,879		$	12,957		$	12,911
Income per share:
Basic	$	0.14		$	0.11		$	0.37		$	0.37
Diluted	$	0.13		$	0.11		$	0.36		$	0.37
Weighted average number of common shares outstanding:
Basic		34,978,382			34,823,663			34,927,313			34,665,473
Diluted		36,559,198			35,687,092			36,381,910			35,334,090

CECO ENVIRONMENTAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year ended December 31,
(dollars in thousands)	2024			2023
Cash flows from operating activities:
Net income	$	14,421		$	14,501
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		14,523			12,507
Unrealized foreign currency loss (gain)		2,664			(1,041	)
Fair value adjustments to earnout liabilities		134			296
Earnout payments		—			—
Loss on sale of property and equipment		191			110
Amortization of debt discount		498			427
Share-based compensation expense		7,514			4,533
Bad debt expense		295			1,593
Inventory reserve expense		1,056			1,099
Deferred income tax benefit		(3,606	)		(118	)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		(52,355	)		(26,851	)
Cost and estimated earnings of billings on uncompleted contracts		(4,149	)		5,040
Inventories		(9,814	)		(6,896	)
Prepaid expenses and other current assets		(8,347	)		1,196
Deferred charges and other assets		(12,736	)		(1,420	)
Accounts payable		36,181			13,852
Accrued expenses		7,119			8,340
Billings in excess of costs and estimated earnings on uncompleted contracts		24,923			21,575
Income taxes payable		1,425			(1,976	)
Other liabilities		4,891			(2,120	)
Net cash provided by operating activities		24,828			44,647
Cash flows from investing activities:
Acquisitions of property and equipment		(17,368	)		(8,384	)
Net proceeds from sale of assets		4			—
Cash paid for acquisitions, net of cash acquired		(87,948	)		(48,102	)
Net cash used in investing activities		(105,312	)		(56,486	)
Cash flows from financing activities:
Borrowings on revolving credit lines		309,300			106,600
Repayments on revolving credit lines		(112,400	)		(150,600	)
Borrowings of long-term debt		—			75,000
Repayments of long-term debt		(113,982	)		(4,985	)
Repayments of notes payable		—			—
Deferred financing fees paid		(1,924	)		(363	)
Deferred consideration paid for acquisitions		(2,050	)		(1,247	)
Payments on capital leases and sale-leaseback financing liability		(925	)		(907	)
Earnout payments		(2,831	)		(2,123	)
Equity awards surrendered by employees for tax liability, net of proceeds from employee stock purchase plan and exercise of stock options		(2,169	)		1,435
Distributions to non-controlling interest		(2,109	)		(1,666	)
Common stock repurchases		(5,000	)		—
Net cash provided by financing activities		65,910			21,144
Effect of exchange rate changes on cash and cash equivalents		(2,673	)		(442	)
Net (decrease) increase in cash, cash equivalents and restricted cash		(17,247	)		8,863
Cash, cash equivalents and restricted cash at beginning of year		55,448			46,585
Cash, cash equivalents and restricted cash at end of year	$	38,201		$	55,448
Cash paid during the period for:
Interest	$	13,335		$	12,098
Income taxes	$	9,550		$	9,916

CECO ENVIRONMENTAL CORP. RECONCILIATION OF GAAP TO NON-GAAP MEASURES

	Year Ended December 31,
(dollars in millions)	2024			2023			2022
Gross profit as reported in accordance with GAAP	$	196.1		$	171.0		$	128.2
Gross profit margin in accordance with GAAP		35.1	%		31.4	%		30.3	%
Legacy design repairs		—			—			2.0
Plant, property and equipment valuation adjustment		—			—			0.6
Non-GAAP gross profit	$	196.1		$	171.0		$	130.8
Non-GAAP gross profit margin		35.1	%		31.4	%		31.0	%

	Three months ended December 31,						Year ended December 31,
(in millions, except share data)	2024			2023			2024			2023
Net income as reported in accordance with GAAP	$	4.9		$	3.9		$	13.0		$	12.9
Amortization and earnout expenses		2.0			2.2			9.1			8.2
Acquisition and integration expenses		2.3			0.3			4.2			2.5
Executive transition expenses		(0.5	)		—			—			1.5
Restructuring expenses		1			1			0.5			1.3
Asbestos litigation expense		—			—			0.2			—
Foreign currency remeasurement		2.5			(1.0	)		4.3			(1.0	)
Tax benefit (expense) of adjustments		(1.8	)		3.6			(4.6	)		1.2
Non-GAAP net income	$	9.9		$	10.1		$	26.7		$	26.6
Depreciation		1.8			1.7			5.8			5.1
Non-cash stock compensation		1.7			1.5			7.5			4.5
Other (income) expense		(0.4	)		(0.1	)		0.4			0.8
Interest expense		3.7			3.9			13.0			13.4
Income tax expense		2.3			1.8			7.9			5.7
Noncontrolling interest		—			0.5			1.5			1.6
Adjusted EBITDA	$	19.0		$	19.4		$	62.8		$	57.7

Earnings per share:
Basic	$	0.14		$	0.11		$	0.37		$	0.37
Diluted	$	0.13		$	0.11		$	0.36		$	0.37

Adjusted earnings per share:
Basic	$	0.28		$	0.29		$	0.77		$	0.77
Diluted	$	0.27		$	0.28		$	0.73		$	0.75

	Three months ended December 31,						Year ended December 31,
(in millions)	2024			2023			2024			2023
Net cash (used in) provided by operating activities	$	1.8		$	15.1		$	24.8		$	44.6
Acquisitions of property and equipment		(6.2	)		(2.9	)		(17.4	)		(8.4	)
Free cash flow	$	(4.4	)	$	12.2		$	7.4		$	36.2

NOTE REGARDING NON-GAAP FINANCIAL MEASURES

CECO is providing certain non-GAAP historical financial measures as presented above as we believe that these figures are helpful in allowing individuals to better assess the ongoing nature of CECO’s core operations. A “non-GAAP financial measure” is a numerical measure of a company’s historical financial performance that excludes amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP.

Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow, as we present them in the financial data included in this press release, have been adjusted to exclude the effects of amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. Management believes that these items are not necessarily indicative of the Company’s ongoing operations and their exclusion provides individuals with additional information to better compare the Company’s results over multiple periods. Management utilizes this information to evaluate its ongoing financial performance. Our financial statements may continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent.

Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of CECO’s results as reported under GAAP. Additionally, CECO cautions investors that non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.

In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow stated in the tables above are reconciled to the most directly comparable GAAP financial measures.

Non-GAAP measures presented on a forward-looking basis were not reconciled to the comparable GAAP financial measures because the reconciliation could not be performed without unreasonable efforts. The GAAP measures are not accessible on a forward-looking basis because we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items may include amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. The unavailable information could have a significant impact on our GAAP financial results.

SAFE HARBOR

Any statements contained in this Press Release, other than statements of historical fact, including statements about management’s beliefs and expectations, are 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, both as amended, and should be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance. We use words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “plan,” “should” and similar expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Potential risks and uncertainties, among others, that could cause actual results to differ materially are discussed under “Part I – Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and may be included in subsequently filed Quarterly Reports on Form 10-Q, and include, but are not limited to: our ability to consummate the planned divestiture of our Fluid Handling business, the effect of recently announced acquisitions and planned divestiture of our Fluid Handling Business (together, the “transactions”) on business relationships, operating results, and business generally, disruption of current plans and operations and potential difficulties in employee retention as a result of the transactions, diversion of management’s attention from ongoing business operations in connection with the integration of recent acquisitions, the outcome of any legal proceedings that have been or may in the future be instituted related to the Profire Energy, Inc. (“Profire Energy”) transaction or other transactions, the amount of the costs, fees, expenses and other charges related to the transactions, the achievement of the anticipated benefits of transactions, the ability of Profire Energy to achieve its earnings guidance, our ability to successfully integrate acquired businesses and realize the synergies from acquisitions, as well as a number of factors related to our business, including the sensitivity of our business to economic and financial market conditions generally and economic conditions in CECO’s service areas; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on our infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation as a result of on-going or worsening supply chain challenges or other customer considerations; liabilities arising from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects; the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges, and rising energy costs; inflationary pressures relating to rising raw material costs and the cost of labor; the substantial amount of debt incurred in connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; our ability to repurchase shares of our common stock and the amounts and timing of repurchases; our ability to successfully realize the expected benefits of our restructuring program; economic and political conditions generally; our ability to optimize our business portfolio by identifying acquisition targets, executing upon any strategic acquisitions or divestitures, integrating acquired businesses and realizing the synergies from strategic transactions; and the unpredictability and severity of catastrophic events, including cyber security threats, acts of terrorism or outbreak of war or hostilities or public health crises, as well as management’s response to any of the aforementioned factors. Many of these risks are beyond management’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.

The MIL Network –

February 26, 2025

MIL-OSI: Cipher Mining Provides Fourth Quarter and Full Year 2024 Business Update

Source: GlobeNewswire (MIL-OSI)

Fourth Quarter 2024 Net Earnings of $18m, and Adjusted Earnings of $51m

Completed upgrade of Odessa fleet, increasing total self-mining hashrate to ~13.5 EH/s

Completed acquisition of Stingray data center site, featuring 100 MW of front-of-the-meter capacity, all necessary regulatory approvals, and 250 acres of land adjacent to transmission assets

Completed acquisition of additional 337 acres of land adjacent to Barber Lake site and entered into 60-day exclusivity for negotiations to build an additional 500 MW HPC data center adjacent to the current site

NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced its fourth quarter and full year 2024 financial results, with an update on its operations and business strategy.

“We had an extremely productive fourth quarter at Cipher, as we continued the on-time execution of our growth and expansion plans,” said Tyler Page, CEO. “We successfully upgraded our Odessa fleet, which grew our total self-mining hashrate to approximately 13.5 EH/s. We are also nearing the completion of Phase I of Black Pearl, which remains on track to energize in the second quarter of this year.”

In addition, Cipher closed on the acquisition of Stingray, a data center site in West Texas with 100 MW of front-of-the-meter capacity. The Company also acquired 337 additional acres of land adjacent to its Barber Lake site, as well as entered into 60 days of exclusivity with Priority Power to negotiate building an additional 500 MW HPC data center adjacent to the current site.

“With our 2.8 GW pipeline and proven track record of execution, we are confident in our vision of becoming a leading data center developer for HPC infrastructure while remaining best-in-class in bitcoin mining,” said Mr. Page.

Finance and Operations Highlights

Completed upgrade of the Odessa fleet, increasing total self-mining hashrate to ~13.5 EH/s
Completed acquisition of 100 MW Stingray data center site
Completed acquisition of additional 337 acres adjacent to Barber Lake site
Entered into exclusivity with Priority Power to negotiate building an additional 500 MW HPC data center adjacent to the Barber Lake site
Grew pipeline to 2.8 GW of site capacity with optionality for both HPC or bitcoin mining data centers
Construction of Phase I of Black Pearl, featuring 150 MW of capacity and expected to generate over ~9.5 EH/s, remains on track to energize in the second quarter of this year
Exercised S21 XP Bitmain option to support Phase I of Black Pearl
Q4 2024 net earnings of $18 million, or $0.05 per diluted share, and adjusted earnings of $51 million, or $0.14 per diluted share

Business Update Call and Webcast

The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher’s website at https://investors.ciphermining.com/. To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

About Cipher

Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about the Company’s beliefs and expectations regarding its future results of operations and financial position, its planned business model and strategy, its bitcoin mining and HPC data center development, timing and likelihood of success, capacity, functionality and timing of operation of data centers, expectations regarding the operations of data centers, potential strategic initiatives, such as joint ventures and partnerships, and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts it may make to modify aspects of its business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Cipher’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 to be filed with the Securities and Exchange Commission (“SEC”), and in Cipher’s subsequent filings 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. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Website Disclosure

The company maintains a dedicated investor website at https://investors.ciphermining.com/investors (“Investors’ Website”). Financial and other important information regarding the Company is routinely posted on and accessible through the Investors Website. Cipher uses its Investors’ Website as a distribution channel of material information about the Company, including through press releases, investor presentations, reports and notices of upcoming events. Cipher intends to utilize its Investors’ Website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the “Email Alerts” option under the Investors Resources section of Cipher’s Investors’ Website and submitting your email address.

Non-GAAP Financial Measures
This press release includes supplemental financial measures for Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share – diluted, in each case that exclude the impact of (i) the non-cash change in fair value of derivative asset, (ii) share-based compensation expense, (iii) depreciation and amortization, (iv) deferred income tax expense, (v) nonrecurring gains and losses and (vi) the non-cash change in fair value of warrant liability. These supplemental financial measures are not measurements of financial performance under accounting principles generally accepted in the United Stated (“GAAP”) and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate our business performance and to help make operating decisions. We believe the use of these non-GAAP financial measures can also facilitate comparison of our operating results to those of our competitors by excluding certain items that vary in our industry based on company policy.

Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. For example, we expect that share-based compensation expense, which is excluded from the non-GAAP financial measure, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers and directors. Similarly, we expect that depreciation and amortization will continue to be a recurring expense over the term of the useful life of the related assets. Our non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with our consolidated financial statements included elsewhere in this press release, which have been prepared in accordance with GAAP. We rely primarily on such consolidated financial statements to understand, manage and evaluate our business performance and use the non-GAAP financial measures only supplementally.

Contacts:
Investor Contact:
Courtney Knight
Head of Investor Relations at Cipher Mining
Courtney.knight@ciphermining.com

Media Contact:
Ryan Dicovitsky / Kendal Till
Dukas Linden Public Relations
CipherMining@DLPR.com

CIPHER MINING INC. CONSOLIDATED BALANCE SHEETS (in thousands, except for share and per share amounts)

	December 31, 2024			December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$	5,585		$	86,105
Accounts receivable		596			622
Receivables, related party		2,090			245
Prepaid expenses and other current assets		3,387			3,670
Bitcoin		92,651			32,978
Receivable for bitcoin collateral		32,248			—
Derivative asset		31,648			31,878
Total current assets		168,205			155,498
Restricted cash		14,392			–
Property and equipment, net		480,865			243,815
Deposits on equipment		38,872			30,812
Intangible assets, net		8,881			8,109
Investment in equity investees		53,908			35,258
Derivative asset		54,022			61,713
Operating lease right-of-use asset		12,561			7,077
Security deposits		19,782			23,855
Other noncurrent assets		3,958			–
Total assets	$	855,446		$	566,137
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	22,699		$	4,980
Accounts payable, related party		–			1,554
Accrued expenses and other current liabilities		69,824			22,439
Finance lease liability, current portion		3,798			3,404
Operating lease liability, current portion		3,127			1,166
Short-term borrowings		32,330			–
Warrant liability		–			250
Total current liabilities		131,778			33,793
Asset retirement obligation		20,282			18,394
Finance lease liability		7,331			11,128
Operating lease liability		9,833			6,280
Deferred tax liability		4,269			5,206
Total liabilities		173,493			74,801
Commitments and contingencies (Note 13)
Stockholders’ equity
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of December 31, 2024, and December 31, 2023		–			–
Common stock, $0.001 par value, 500,000,000 shares authorized, 361,432,449 and 296,276,536 shares issued as of December 31, 2024 and December 31, 2023, respectively, and 350,783,817 and 290,957,862 shares outstanding as of December 31, 2024, and December 31, 2023, respectively		361			296
Additional paid-in capital		863,015			627,822
Accumulated deficit		(181,412	)		(136,777	)
Treasury stock, at par, 10,648,632 and 5,318,674 shares at December 31, 2024 and December 31, 2023, respectively		(11	)		(5	)
Total stockholders’ equity		681,953			491,336
Total liabilities and stockholders’ equity	$	855,446		$	566,137

CIPHER MINING INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except for share and per share amounts)

	Year Ended December 31,
		2024			2023
Revenue – bitcoin mining	$	151,270		$	126,842
Costs and operating (expenses) income
Cost of revenue		(62,364	)		(50,309	)
Compensation and benefits		(60,796	)		(57,399	)
General and administrative		(32,655	)		(27,796	)
Depreciation and amortization		(102,448	)		(59,093	)
Change in fair value of derivative asset		(7,921	)		26,836
Power sales		5,405			9,941
Equity in losses of equity investees		(384	)		(2,530	)
Unrealized gains on fair value of bitcoin		11,313			3,299
Realized gains on sale of bitcoin		51,548			7,739
Other gains		3,333			2,355
Total costs and operating expenses		(194,969	)		(146,957	)
Operating loss		(43,699	)		(20,115	)
Other income (expense)
Interest income		3,384			164
Interest expense		(1,708	)		(1,999	)
Change in fair value of warrant liability		250			(243	)
Other expense		(2,544	)		(17	)
Total other income (expense)		(618	)		(2,095	)
Loss before taxes		(44,317	)		(22,210	)
Current income tax expense		(1,255	)		(201	)
Deferred income tax benefit (expense)		937			(3,366	)
Total income tax benefit (expense)		(318	)		(3,567	)
Net loss	$	(44,635	)	$	(25,777	)
Loss per share – basic and diluted	$	(0.14	)	$	(0.10	)
Weighted average shares outstanding – basic and diluted		323,103,303			252,439,461

Non-GAAP Financial Measures

The following are reconciliations of our Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share – diluted, in each case excluding the impact of (i) the non-cash change in fair value of derivative asset, (ii) share-based compensation expense, (iii) depreciation and amortization, (iv) deferred income tax expense, (v) nonrecurring gains and losses and (vi) the non-cash change in fair value of warrant liability, to the most directly comparable GAAP measures for the periods indicated (in thousands, except for per share amounts):

	Year Ended December 31,
		2024			2023
Reconciliation of Adjusted Earnings:
Net loss	$	(44,635	)	$	(25,777	)
Change in fair value of derivative asset		7,921			(26,836	)
Share-based compensation expense		42,132			38,470
Depreciation and amortization		102,448			59,093
Deferred income tax expense		(937	)		3,366
Other gains – nonrecurring		–			(2,355	)
Change in fair value of warrant liability		(250	)		243
Adjusted (loss) earnings	$	106,679		$	46,204


	Year Ended December 31,
		2024			2023
Reconciliation of Adjusted Earnings per share – diluted:
Net loss per share – diluted	$	(0.14	)	$	(0.10	)
Change in fair value of derivative asset per diluted share		0.02			(0.11	)
Share-based compensation expense per diluted share		0.13			0.15
Depreciation and amortization per diluted share		0.32			0.23
Deferred income tax expense per diluted share		—			0.01
Other gains – nonrecurring per diluted share		—			(0.01	)
Change in fair value of warrant liability per diluted share		—			—
Adjusted (loss) earnings per diluted share	$	0.33		$	0.17

The MIL Network –

February 26, 2025

MIL-OSI: Bitdeer Reports Unaudited Financial Results for the Fourth Quarter and Full Year of 2024

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 25, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today released its unaudited financial results for the fourth quarter ended December 31, 2024.

Q4 2024 Financial Highlights
All amounts compared to Q4’23 unless otherwise noted

Total revenue was US$69.0 million vs. US$114.8 million.
Cost of revenue was US$63.9 million vs. US$87.8 million.
Gross profit was US$5.1 million vs. US$27.0 million.
Net loss was US$531.9 million vs. US$5.0 million.
Adjusted EBITDA¹ was negative US$3.8 million, vs. positive US$33.3² million.
Cash and cash equivalents were US$476.3 million as of December 31, 2024.
Crypto balance: US$77.5 million as of December 31, 2024.

Management Commentary

“Last year, we strategically prioritized resources to the development of our proprietary ASIC technology, which temporarily limited our hashrate growth and impacted our financial performance. However, this investment resulted in substantial progress in our ASIC technology roadmap, strengthening our competitive moat and positioning Bitdeer for a transformative 2025 and beyond. Owning and deploying our own mining ASICs is an integral part of our full vertical integration strategy. It will provide us distinct advantages – such as rapid hashrate deployment, a lower cost structure, enhanced capital efficiency, and a dramatically improved supply chain compared to the broader industry. In addition, commercializing SEALMINER ASICs allows us to diversify our revenue streams into the multi-billion dollar ASICs market where we see strong demand for alternative suppliers of ASIC solutions,” stated Matt Kong, Chief Business Officer at Bitdeer.

Mr. Kong added, “In 2025, for our self-mining operation, we plan to energize all of our mass production SEALMINER A1s and 28 EH/s of SEALMINER A2s on top of our existing 8.7 EH/s of self-mining hashrate for the time being. This will bring Bitdeer’s total self-mining hashrate to approximately 40 EH/s by Q4 2025. This target does not factor in additional wafer allocation anticipated from TSMC for SEAL02 or SEAL03, which could be additive to the Q4 2025 target of 40 EH/s, depending on manufacturing schedule. For sales to external customers, the approximately 7 EH/s of SEALMINER A2s that we allocated was quickly over-subscribed, 20% of the total price as the down payment has been fully collected and volume shipments to these customers will begin in March 2025.”

Mr. Kong continued, “In Q4 2024, we also advanced the development of our 3^rd and 4^th generation chips. Upon successful tapeouts, we believe these chips will position Bitdeer as the leading supplier of the world’s most energy efficient mining ASICs. Having the most efficient ASIC is the key factor to winning share of the growing ASICs market, as energy efficiency remains most important single metric influencing buying decisions. We look forward to the substantial value these chips will unlock for our company and our shareholders.”

Mr. Kong concluded, “In terms of our energy assets, our global power capacity now exceeds 2.6 GWs, following the Foxcreek, Alberta acquisition, and over 1 GW is scheduled to be energized over the course of 2025. This puts us in an advantageous position to deploy our SEALMINER machines for self-mining and also capitalize on the significant demand for HPC and AI datacenters. We are actively working with top datacenter developers and advisors to establish long-term partnerships, which will position Bitdeer to play a significant role in addressing the shortage of reliable power for AI datacenters.”

Operational Summary

Metrics	Three Months Ended Dec 31
	2024	2023
Total hash rate under management (EH/s)	21.6	21.0
– Proprietary hash rate	8.9	8.4
– Self-mining	8.5	6.7
– Cloud Hash Rate	0.0	1.7
– Delivered but not yet hashing	0.4	–
– Hosting	12.7	12.6
Mining rigs under management	175,000	215,000
– Self-owned	85,000	86,000
– Hosted	90,000	129,000
Bitcoin mined (self-mining only)	469	1,299
Bitcoins held	594	43
Total power usage (MWh)	857,000	1,336,000
Average cost of electricity ($/MWh)	41	44
Average miner efficiency (J/TH)	30.4	31.7

Power Infrastructure Summary

Site / Location	Capacity (MW)	Status	Timing³
Electrical capacity
– Rockdale, Texas	563	Online	Completed
– Knoxville, Tennessee	86	Online	Completed
– Wenatchee, Washington	13	Online	Completed
– Molde, Norway	84	Online	Completed
– Tydal, Norway	50	Online	Completed
– Gedu, Bhutan	100	Online	Completed
Total electrical capacity	895⁴
Pipeline capacity
– Tydal, Norway Phase 1	40	In progress	Pending Regulatory Approval
– Tydal, Norway Phase 2	135	In progress	Mid 2025
– Massillon, Ohio	221	In progress	Mid-to-late 2025
– Clarington, Ohio Phase 1	266	In progress	Q3 2025
– Clarington, Ohio Phase 2	304	Pending approval	Estimate 2026
– Jigmeling, Bhutan	500	In progress	Mid-to-late 2025
– Rockdale, Texas	179	In planning	Estimate 2026
– Alberta, Canada	99	In planning	Q4 2026
Total pipeline capacity	1,744
Total global electrical capacity	2,639

Financial MD&A
All variances are current quarter compared to the same quarter last year. All figures in this section are rounded.

Q4 2024 High-Level P&L and Disaggregated Revenue Details:

US $ in millions	Three Months Ended
	Dec 31, 2024	Sep 30, 2024	Dec 31, 2023
Total revenue	69.0	62.0	114.8
Cost of revenue	(63.9)	(59.2)	(87.8)
Gross profit	5.1	2.8	27.0
Net loss	(531.9)	(50.1)	(5.0)
Adjusted EBITDA	(3.8)	(8.5)	33.3²
Cash and cash equivalents	476.3	291.3	144.7

US $ in millions	Three Months Ended Dec 31, 2024
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting
Revenue	41.5	2.3	8.5	12.4
Cost of revenue
– Electricity cost in operating mining rigs	(22.3)	(0.1)	(5.8)	(7.0)
– Depreciation and share-based payment expenses	(12.2)	(0.6)	(1.2)	(1.8)
– Other cash costs	(4.0)	(0.3)	(0.8)	(1.2)
Total cost of revenue	(38.5)	(1.0)	(7.8)	(10.0)
Gross profit	3.0	1.3	0.7	2.4

US $ in millions	Three Months Ended Dec 31, 2023
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting
Revenue	46.9	16.2	25.2	23.4
Cost of revenue
– Electricity cost in operating mining rigs	(20.3)	(4.3)	(16.1)	(17.2)
– Depreciation and share-based payment expenses	(9.7)	(3.8)	(2.6)	(2.4)
– Other cash costs	(3.0)	(1.0)	(1.6)	(1.6)
Total cost of revenue	(33.0)	(9.1)	(20.3)	(21.2)
Gross profit	13.9	7.1	4.9	2.2

Full Year 2024 High-Level P&L and Disaggregated Revenue Details:

US $ in millions	Years Ended
	Dec 31, 2024	Dec 31, 2023
Total revenue	349.8	368.5
Cost of revenue	(283.4)	(290.7)
Gross profit	66.4	77.8
Net loss	(599.2)	(56.7)
Adjusted EBITDA	39.4	97.0²
Cash and cash equivalents	476.3	144.7

US $ in millions	Year Ended Dec 31, 2024
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting
Revenue	163.1	39.8	67.6	64.0
Cost of revenue
– Electricity cost in operating mining rigs	(91.1)	(7.5)	(39.6)	(41.0)
– Depreciation and share-based payment expenses	(39.1)	(8.4)	(8.4)	(8.2)
– Other cash costs	(11.8)	(2.5)	(4.3)	(4.5)
Total cost of revenue	(142.0)	(18.4)	(52.3)	(53.7)
Gross profit	21.1	21.4	15.3	10.3

US $ in millions	Year Ended Dec 31, 2023
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting
Revenue	111.7	67.9	97.3	79.9
Cost of revenue
– Electricity cost in operating mining rigs	(52.3)	(17.1)	(54.6)	(55.5)
– Depreciation and share-based payment expenses	(29.2)	(19.7)	(13.2)	(10.7)
– Other cash costs	(8.3)	(5.3)	(7.5)	(6.6)
Total cost of revenue	(89.8)	(42.1)	(75.3)	(72.8)
Gross profit	21.9	25.8	22.0	7.1

Q4 2024 Management’s Discussion and Analysis (compared to Q4 2023)

Revenue

Total revenue was US$69.0 million vs. US$114.8 million.
Self-mining revenue was US$41.5 million vs. US$46.9 million, primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 20.0% to 8.4 EH/s from 7.0 EH/s last year and higher year-over-year Bitcoin prices.
Cloud Hash Rate revenue was US$2.3 million vs. US$16.2 million. The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations over the course of 2024.
General Hosting revenue was US$8.5 million vs. US$25.2 million. The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics.
Membership Hosting revenue was US$12.4 million vs. US$23.4 million. Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics.

Cost of Revenue

Cost of revenue was US$63.9 million vs US$87.8 million. The decrease was primarily driven by lower depreciation expenses as certain mining rigs became fully depreciated and the decrease of power usage along with the reduced hosted mining rigs.

Gross Profit and Margin

Gross profit was US$5.1 million vs. US$27.0 million.
Gross margin was 7.4% vs. 23.5%.

Operating Expenses

The sum of the operating expenses below was US$42.5 million vs. US$27.4 million.
- Selling expenses were US$2.0 million vs. US$2.0 million, flat year-over-year.
- General and administrative expenses were US$17.7 million vs. US$17.1 million. The increase was primarily due to an increase in staff costs for general and administrative personnel and consulting fee for capital market and compliance activities, partially offset by lower share-based payment expenses.
- Research and development expenses were US$22.9 million vs. US$8.3 million, primarily due to higher R&D costs related to higher engineering costs related to the Company’s ASIC development roadmap and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain.

Other Net Loss

In Q4 2024, we recorded US$479.8 million other net loss primarily due to the non-cash expense of fair value changes of derivative liabilities, which are the US$413.7 million of loss on fair value changes for the convertible notes issued in August and November and the US$55.8 million of loss on fair value changes for the Tether warrants.

Net Loss

Net loss was US$531.9 million vs. US$5.0 million.

Adjusted Profit / (Loss) (Non-IFRS)⁵

Adjusted loss was US$36.9 million vs. adjusted profit of US$4.5² million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher operating expenses as described above.

Adjusted EBITDA (Non-IFRS)

Adjusted EBITDA was negative US$3.8 million vs. positive US$33.3² million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D as described above.

Cash Flows

Net cash used in operating activities was US$325.1 million, primarily driven by electricity costs and operating expenses for the quarter as well working capital payments to TSMC of US$190.6 million for SEAL02 and US$52.8 million for the tapeout of SEAL03, including risk wafers.
Net cash used in investing activities was US$10.0 million, which included US$48.4 million of capital expenditures for infrastructure construction and mining rigs, offset by US$38.8 million of proceeds from disposal of cryptocurrencies received from our principal business.
Net cash generated from financing activities was US$522.8 million, primarily driven by the proceeds from our convertible note issuance in November and ATM program.

Balance Sheet
As of December 31, 2024 unless stated otherwise (compared to December 31, 2023)

US$476.3 million in cash and cash equivalents, US$77.5 million in cryptocurrencies and US$208.1 million in borrowing.
US$310.2 million prepayments and other assets, up from US$97.1 million. Change primarily driven by advanced payments to TSMC for our SEAL02 mass volume production.
US$64.9 million inventories, up from nearly zero. Increase mainly including wafers, chips, WIP and finished SEALMINER inventory.
US$83.2 million intangible assets and US$35.8 million goodwill mainly raised from acquisition of Norway and Freechain during the year of 2024.
US$763.9 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August and November.

Further information regarding the Company’s fourth quarter 2024 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.

CEO 10b5-1 Trading Plan
In December 2024, Jihan Wu, Chairman of the Board and Chief Executive Officer of the Company, entered into a plan designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Plan”). The Plan provides for sales of securities of the Company and is in accordance with the Company’s Insider Trading Policy. Subject to minimum price thresholds specified in the Plan, up to 4,000,000 of ordinary shares of the Company may be sold on multiple pre-determined dates starting in March 2025 and ending no later than the earlier of June 15, 2025 or the date that the aggregate number of ordinary shares sold under the Plan reaches 4,000,000.

About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	As of December 31,	As of December 31,
(US $ in thousands)	2024	2023
ASSETS
Cash and cash equivalents	476,270	144,729
Cryptocurrencies	77,537	15,371
Trade receivables	9,627	17,277
Amounts due from a related party	15,512	187
Prepayments and other assets	310,173	97,087
Inventories	64,888	346
Financial assets at fair value through profit or loss	42,521	37,775
Restricted cash	17,356	9,538
Mining rigs	67,324	63,477
Right-of-use assets	69,273	58,626
Property, plant and equipment	251,377	154,860
Investment properties	30,723	34,346
Intangible assets	83,235	4,777
Goodwill	35,818	–
Deferred tax assets	6,220	991
TOTAL ASSETS	1,557,854	639,387

LIABILITIES
Trade payables	31,471	32,484
Other payables and accruals	42,267	32,151
Amounts due to a related party	8,747	33
Income tax payables	2,729	3,367
Derivative liabilities	763,939	–
Deferred revenue	129,229	144,337
Borrowings	208,127	22,618
Lease liabilities	78,133	70,211
Deferred tax liabilities	16,614	1,620
TOTAL LIABILITIES	1,281,256	306,821

NET ASSETS	276,598	332,566

EQUITY
Share capital	*	*
Treasury equity	(160,926)	(2,604)
Accumulated deficit	(649,004)	(49,853)
Reserves	1,086,528	385,023
TOTAL EQUITY	276,598	332,566

* Amount less than US$1,000

BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Three months ended Dec 31,		Years ended Dec 31,
(US $ in thousands)	2024	2023	2024	2023

Revenue⁶	69,018	114,848	349,782	368,554
Cost of revenue	(63,919)	(87,804)	(283,382)	(290,745)
Gross profit	5,099	27,044	66,400	77,809
Selling expenses	(1,952)	(2,005)	(8,044)	(8,246)
General and administrative expenses	(17,668)	(17,134)	(64,317)	(66,454)
Research and development expenses	(22,898)	(8,306)	(76,946	(29,534)
Listing fee	–	–	–	(33,151)
Other operating income / (expenses)	(3,670)	3,073	727	3,791
Other net gain / (loss)	(479,778)	1,068	(507,479)	3,538
Profit / (loss) from operations	(520,867)	3,740	(589,659)	(52,247)
Finance income / (expenses)	(11,811)	1,179	(11,935)	1,276
Profit / (loss) before taxation	(532,678)	4,919	(601,594)	(50,971)
Income tax benefit / (expenses)	761	(9,950)	2,443	(5,685)
Loss for the periods	(531,917)	(5,031)	(599,151)	(56,656)
Other comprehensive loss
Loss for the periods	(531,917)	(5,031)	(599,151)	(56,656)
Other comprehensive loss for the periods
Item that may be reclassified to profit or loss
– Exchange differences on translation of financial statements	(234)	(43)	(218)	(26)
Other comprehensive loss for the periods, net of tax	(234)	(43)	(218)	(26)
Total comprehensive loss for the periods	(532,151)	(5,074)	(599,369)	(56,682)

Loss per share (Basic and diluted)	(3.22)	(0.05)	(4.36)	(0.51)

Weighted average number of shares outstanding (thousands) (Basic and diluted)	165,427	111,055	137,426	110,494

BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months ended Dec 31,			Years ended Dec 31,
(US $ in thousands)	2024		2023	2024	2023

Cash flows from operating activities
Cash used in operating activities	(321,629)		(76,963)	(613,167)	(283,868)
Interest paid on leases	(902)		(659)	(3,473)	(2,605)
Interest paid on borrowings	(2,216)		(940)	(3,952)	(2,181)
Interest received	1,653		2,033	7,115	7,572
Income tax paid	(1,964)		(1,347)	(8,596)	(1,500)
Income tax refund	–		10,795	–	10,795
Net cash used in operating activities	(325,058	)	(67,081)	(622,073)	(271,787)

Cash flows from investing activities
Purchase of property, plant and equipment, investment properties and intangible assets	(42,617)		(25,324)	(119,487)	(63,305)
Purchase of mining rigs	(5,766)		(107)	(7,731)	(63,041)
Purchase of financial assets at fair value through profit or loss, net of refund received	(425)		–	(2,776)	(4,400)
Proceeds from disposal of financial assets at fair value through profit or loss	–		–	–	31,111
Repayments from a related party	–		322	–	322
Lending to a third party	–		–	–	(61)
Proceeds from disposal of property, plant and equipment	54		44	298	73
Proceeds from disposal of mining rigs	–		27	–	27
Proceeds from disposal of cryptocurrencies	38,794		97,083	248,447	299,128
Cash paid for business acquisitions, net of cash acquired	–		–	(6,051)	–
Net cash generated from / (used in) investing activities	(9,960)		72,045	112,700	199,854

Cash flows from financing activities
Capital element of lease rentals paid	(6,540)		(1,183)	(9,676)	(5,191)
Net payment related to Business Combination	–		–	–	(7,662)
Repayments of borrowings	(10,000)		–	(15,000)	(7,000)
Proceeds from issuance of shares for exercise of share rewards	4,412		412	5,170	412
Proceeds from issuance of ordinary shares and warrants, net of transaction costs	321,918		9,494	485,108	9,494
Payment for the future issuance cost	–		(942)	–	(942)
Acquisition of treasury shares	–		(2,495)	(617)	(2,604)
Proceeds from convertible senior notes, net of transaction costs	387,917		–	554,214	–
Repayment to convertible senior notes in connection with note extinguishment	(14,932)		–	(14,932)	–
Purchase of zero-strike call option	(160,000)		–	(160,000)	–
Net cash generated from / (used in) financing activities	522,775		5,286	844,267	(13,493)

Net increase / (decrease) in cash and cash equivalents	187,757		10,250	334,894	(85,426)
Cash and cash equivalents at the beginning of the period	291,314		134,512	144,729	231,362
Effect of movements in exchange rates on cash and cash equivalents held	(2,801)		(33)	(3,353)	(1,207)
Cash and cash equivalents at the end of the period	476,270		144,729	476,270	144,729

Use of Non-IFRS Financial Measures
In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.

The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

The following table presents a reconciliation of loss for the relevant period to adjusted EBITDA and adjusted profit / (loss), for the three and twelve months ended December 31, 2024 and 2023.

BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION

	Three months ended Dec 31,		Years ended Dec 31,
(US $ in thousands)	2024	2023	2024	2023

Adjusted EBITDA
Loss for the periods	(531,917)	(5,031)	(599,151)	(56,656)
*Add：*
Depreciation and amortization	25,116	19,654	81,096	75,541
Income tax (benefit) / expenses	(761)	9,950	(2,443)	5,685
Interest (income) / expense, net	8,729	(753)	10,050	(2,872)
Listing fee	–	–	–	33,151
Share-based payment expenses	8,658	11,322	33,968	45,488
Changes in fair value of derivative liabilities	469,501	–	498,167	–
Loss on extinguishment of debt	8,172	–	8,172	–
Changes in fair value of holdback shares for acquisition of FreeChain	2,970	–	3,186	–
Changes in fair value of cryptocurrency-settled receivables and payables	5,733	(1,810)	6,362	(3,305)
Total of Adjusted EBITDA	(3,799)	33,332²	39,407	97,032²

Adjusted Profit / (loss)
Loss for the periods	(531,917)	(5,031)	(599,151)	(56,656)
*Add：*
Listing fee	–	–	–	33,151
Share-based payment expenses	8,658	11,322	33,968	45,488
Changes in fair value of derivative liabilities	469,501	–	498,167	–
Loss on extinguishment of debt	8,172	–	8,172	–
Changes in fair value of holdback shares for acquisition of FreeChain	2,970	–	3,186	–
Changes in fair value of cryptocurrency-settled receivables and payables	5,733	(1,810)	6,362	(3,305)
Total of Adjusted Profit / (loss)	(36,883)	4,481²	(49,296)	18,678²

For investor and media inquiries, please contact:

Investor Relations
Yujia Zhai
Orange Group
bitdeerIR@orangegroupadvisors.com

Public Relations
Nishant Sharma
BlocksBridge Consulting
bitdeer@blocksbridge.com

¹ “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
² During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.8 million and US$3.3 million revision to Q4 2023 and Year-ended 2023 metrics, respectively, reflects non-cash fair value changes in crypto settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
³ Indicative timing. All timing references are to calendar quarters and years.
⁴ Figures may not add due to rounding.
⁵ “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
⁶ Included nil and approximately US$17.2 million generated from hosting service provided to a related party for the three months and year ended December 31, 2024.

The MIL Network –

February 26, 2025

MIL-OSI: RYVYL Announces 2024 Preliminary Revenue of $56.0 Million and Introduces 2025 Revenue Guidance of $80 Million to $90 Million

Source: GlobeNewswire (MIL-OSI)

– Expects 2025 gross margin to expand to mid-40s percentage –

SAN DIEGO, CA, Feb. 25, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions leveraging electronic payment technology for diverse international markets, announced it expects to report 2024 total revenue of $56.0 million, within the range of 2024 full year revenue guidance of $56 million to $60 million. Management intends to report financial results in mid-March 2025.

“Robust business development and sales initiatives in 2024 have positioned us to resume strong growth in 2025,” said Fredi Nisan, CEO of RYVYL. “In addition, our efforts to grow our high-margin, banking-related revenue at RYVYL EU are coming to fruition. Our product mix has been shifting. As this continues, we expect to drive significantly higher overall gross margin in 2025.”

RYVYL 2025 Guidance

Based on the strength of its RYVYL EU as well as newly signed business and a solid pipeline for both RYVYL EU and NEMS, the Company expects 2025 revenue to be in the range of $80 million to $90 million. This represents over 50% growth at the mid-point of the range in comparison to 2024 preliminary revenue results. The Company also expects to increase gross margins to the mid-40s percent, which would yield a positive annual adjusted EBITDA and positive operating cash flow in the second half of the year.

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

Strengthened Balance Sheet

With the recent January 27, 2025 payment of $13.0 million to the Securityholder, the outstanding balance of the Series B Convertible Preferred Stock (“Preferred Stock”) was fully retired and the 8% Senior Secured Note (the “Note”) balance was reduced to $4.0 million. The Company previously had converted $55.0 million of the Note principal into the Preferred Stock.

George Oliva, CFO of RYVYL, stated, “I am very pleased that the net effect of these two transactions was to increase shareholder equity by over $50 million without any associated dilution to the common shareholders. We expect the impact of this balance sheet restructuring will lower the cost of capital as we invest in our growth in 2025.”

The Company has recently filed an S-1 registration statement to raise up to $24 million, including the overallotment, and intends to explore all fund-raising options, including term debt, equity or some combination to fund the termination payment of $16.5 million. There is an option to extend the closing period 30 days to May 23, 2025, in exchange for a payment of an additional $500,000.

Transaction Processing Volumes as a Percentage of Revenue

Transaction processing volumes in the Company’s merchant acquiring business is one measure of the Company’s business, and this has been correlated with overall revenue growth. The Company is providing the following additional information regarding processing volumes in relation to revenue for the period from January 1, 2021 through December 31, 2024 (estimated). During this period, the blended percentage has been trending lower due to the rapid growth in the Company’s International business, which, as compared to North America, has a higher mix of banking revenues that carry a lower residual rate versus acquiring. The Company expects this trend to continue in 2025 as its International revenue is expected to increase as a percentage of total revenue compared to 2024.

$ in Millions

Processing		2021			2022			2023		2024E			Q1 24			Q2 24			Q3 24			Q4 24E
North America	$	1,514.5		$	1,000.5		$	1,360.0		$	738.5		$	239.0		$	152.6		$	170.6		$	176.3
International		–		$	683.0		$	1,690.0		$	3,746.4		$	755.0		$	902.1		$	952.3		$	1,137.1
Total	$	1,514.5		$	1,683.5		$	3,050.0		$	4,485.0		$	994.0		$	1,054.6		$	1,122.9		$	1,313.5
Revenue
North America	$	26.4		$	28.6		$	48.9		$	18.2		$	9.7		$	3.0		$	2.8		$	2.7
International		–		$	4.3		$	16.9		$	37.8		$	7.1		$	8.9		$	10.4		$	11.4
Total	$	26.4		$	32.9		$	65.9		$	56.0		$	16.8		$	11.9		$	13.2		$	14.1
Revenue as % Processing
North America		1.7	%		2.9	%		3.6	%		2.5	%		4.1	%		2.0	%		1.6	%		1.5	%
International		–			0.6	%		1.0	%		1.0	%		0.9	%		1.0	%		1.1	%		1.0	%
Total		1.7	%		2.0	%		2.2	%		1.2	%		1.7	%		1.1	%		1.2	%		1.1	%

About RYVYL

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

Cautionary Note Regarding Forward-Looking Statements

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

Disclaimer Regarding Financial Information

The financial information presented in this press release, for the year ended December 31, 2024, is based on preliminary financial statements prepared by management, for the year ended December 31, 2024. Accordingly, such financial information may be subject to change. All such information contained in this press release will be qualified with reference to the audited financial results for the year ended December 31, 2024, which the Company intends to release or before March 13, 2025, and in any event by March 31, 2025, and will be posted on www.sec.gov. While the Company does not expect there to be any material changes to the financial information provided in this press release, any variation between the Company’s actual results and the preliminary financial information set forth herein may be material.

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

The MIL Network –

February 26, 2025

MIL-OSI: PEL 83 Second Campaign – Update 5 Additional Discoveries at Mopane 3-X

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following further update regarding the second campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin. The blocks are governed by Petroleum Exploration License 83 (“PEL 83”) which is operated by a subsidiary of Galp Energia, SGPS, S.A. (“Galp”). Sintana maintains an indirect 49% interest in Custos Energy (Pty) Ltd. (“Custos”), which owns a 10% working interest in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.

With reference to Galp’s corporate website (at galp.com) and updates provided therein in addition to a release from Custos (available at newswire.com), we are pleased to announce that the PEL 83 Joint Venture partners have successfully drilled, cored and logged the Mopane-3X well (Well #5) on PEL 83, which spud on January 2^nd, 2025.

Mopane-3X, located 18km from the Mopane-1X well, targeted two stacked prospects, AVO-10 and AVO- 13, as well as a deeper sand, in the southeast region of the Mopane complex at an approximate water depth of 1,200 meters.

Preliminary data has confirmed significant columns of light oil and gas-condensate in high-quality sandstones across AVO-10. Further, the presence of light oil columns was confirmed in AVO-13 and the deeper sand, again in high-quality sandstones.

Reservoir log measures confirm good porosities, high pressures and high permeabilities. Initial fluid samples show low oil viscosity and minimum CO2 and H2S concentrations. Samples have been sent for lab testing.

Higher-than-estimated pressures and preliminary results at Mopane 3X unlock further exploration and appraisal opportunities in the southeast region of the Mopane complex. All acquired data will be integrated into the reservoir model and support the planning of potential further activities.

The proprietary 3D development seismic acquisition campaign is on track to be completed in Q125, with processing of the data acquired to follow.

“These additional discoveries in an entirely new section further demonstrate the scale and quality of the Mopane complex.” said Robert Bose, Chief Executive Officer of Sintana. “Our exposure to this world class asset together with the balance of our portfolio give us an unmatched position in the heart of Namibia’s Orange Basin.” he added.

“The stacked discoveries in this most recent exploration program at Mopane are emblematic of the size and potential of the complex.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos and a director of Sintana. “We congratulate our Joint Venture partners on another safe and successful outing.” he added.

ABOUT SINTANA ENERGY:

The Company is engaged in petroleum and natural gas exploration and development activities on six large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and in Colombia’s Magdalena Basin.

On behalf of Sintana Energy Inc.,

“A. Robert Bose”
Chief Executive Officer

For additional information or to sign-up to receive periodic updates about Sintana’s projects, and corporate activities, please visit the Company’s website at www.sintanaenergy.com

Corporate Contacts:		Investor Relations Advisor:

Robert Bose	Sean Austin	Jonathan Paterson
Chief Executive Officer	Vice-President	Founder & Managing Partner
212-201-4125	713-825-9591	Harbor Access
		475-477-9401

Forward-Looking Statements

Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to potential future farmout agreements on PEL 83 and/or PEL 87, and proposed future exploration and development activities on PEL 83 and/or PEL 90 and neighbouring properties, as well as the prospective nature of the Company’s property interests. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to risks relating to the receipt of all applicable regulatory approvals, results of exploration and development activities, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company’s public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b09d852-01f1-4a7b-83ac-0ca264f297c4

The MIL Network –

February 26, 2025

MIL-OSI Asia-Pac: The Department of Administrative Reforms and Public Grievances (DARPG) released the 33rd Monthly Report on Centralized Public Grievance Redress and Monitoring System (CPGRAMS) of Central Ministries/ Departments performance for the month of January, 2025
Source: Government of India

The Department of Administrative Reforms and Public Grievances (DARPG) released the 33rd Monthly Report on Centralized Public Grievance Redress and Monitoring System (CPGRAMS) of Central Ministries/ Departments performance for the month of January, 2025

A total of 1,25,789 Grievances were Redressed by Central Ministries/Departments in January, 2025

For the 31st month in a row, the monthly disposal crossed 1 lakh cases in the Central Secretariat

Department of Posts, Department of Telecommunications, andDepartment of Revenuetopped in Group A category in the rankings released for the month of January, 2025

Department of Land Resources, Ministry of Parliamentary Affairs and Department of Heavy Industry topped in Group B category in the rankings released for the month of January, 2025

Posted On: 25 FEB 2025 4:19PM by PIB Delhi

The Department of Administrative Reforms and Public Grievances (DARPG) released the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) monthly report for January 2025, which provides a detailed analysis of types and categories of public grievances and the nature of disposal. This is the 33^rdreport on Central Ministries/Departments published by DARPG.

The progress for January 2025 indicates 1,25,789 Grievances Redressed by Central Ministries/Departments. The Average Grievance Disposal Time in the Central Ministries/Departments from 1^st January to 31^stJanuary 2025 is 15 days. These reports are part of the 10-step CPGRAMS reform process which was adopted by DARPG to improve the quality of disposal and reduce the timelines.

The report provides the data for new users registered through the CPGRAMS Portal in the month of January 2025. A total of 56,214new users registered in the month of January 2025, with maximum registrations from Uttar Pradesh (8,843) registrations.

The said report also provides the Ministry/Department-wise analysis on the grievances registered through Common Service Centres in January 2025. CPGRAMS has been integrated with the Common Service Centre (CSC) portal and is available at more than 5 lakh CSCs, associating with 2.5 lakh Village Level Entrepreneurs (VLEs). 5,863 grievances were registered through CSCs in the month of January 2025. It also highlights the major issues/categories for which the maximum grievances were registered through CSCs.

In January 2025, the Feedback Call Centre collected 53,821feedbacks. 33,028 feedbacks (61%) were collected for Central Ministries/Departments by the Feedback Call Centre.

The following are the Key Highlights of the DARPG’s monthly CPGRAMS report for January 2025 for Central Ministries/ Departments:
1. PG Cases:
- In January 2025, 1,25,442 PG cases were received on the CPGRAMS portal, 1,25,789 PG cases were redressed and there exists a pendency of 58,425PG cases, as of 31^stJanuary 2025.
1. PG Appeals:
- In January 2025, 21,175appeals were received and 20,086 appeals were disposed.
- The Central Secretariat has a pendency of 25,160 PG Appeals at the end of January 2025.
1. Grievance Redressal Assessment and Index (GRAI) – January 2025
- Department of Posts, Department of Telecommunications, and Department of Revenue are amongst the top performers in the Grievance Redressal Assessment & Index within the Group A (more than equal to 500 grievances) for January 2025.
- Department of Land Resources, Ministry of Parliamentary Affairs and Department of Heavy Industry are amongst the top performers in the Grievance Redressal Assessment & Index within the Group B (less than 500 grievances) for January 2025.
The report also features 4 success stories of effective grievance resolution from Central Ministries/Departments:
1. Grievance of Shri Selva Kumar – HDFC Account under debit freeze
Shri Selva Kumar received a notification from HDFC Bank stating that a Debit/Withdrawal Block had been placed on his account due to non-compliance with account guidelines. Following this, he visited the branch, completed the e-KYC process, and submitted the required documents as instructed. Despite repeating this process three times at the bank’s request, his debit account remained frozen. Upon further inquiry, the bank informed Shri Kumar that the freeze was due to excessive UPI P2P transactions. The branch manager suggested converting his Farmer’s Savings Account into a regular Savings Account as an alternative solution. However, this conversion was not processed, and the account’s debit freeze remained unresolved. Frustrated by the delays and lack of resolution, Shri Kumar escalated the matter by filing a grievance on the CPGRAMS Portal, seeking immediate action. In response, HDFC Bank provided a written confirmation stating that the debit freeze on his account had been successfully removed. The grievance was resolved within a week to complainant’s satisfaction.
1. Grievance of Shri Ram Prasad Dhakar – Transfer of balance to new HDFC Smart Hub Vypaar Prepaid Card
Shri Ram Prasad Dhakar reported that his HDFC Smart Hub Vypaar Prepaid Card, which had a balance of Rs. 10,500, was accidentally lost. He promptly lodged a complaint with the customer care center and received a new card. However, the balance of Rs. 10,500 from the lost card was not credited to the new card. Despite filing multiple complaints with the HDFC Branch Manager over the past two years, the issue remained unresolved. Frustrated by the lack of action, Shri Dhakar raised a grievance on the CPGRAMS Portal, seeking a prompt resolution. In response, HDFC Bank provided a written confirmation that the balance of Rs. 10,500 had been successfully transferred from the lost card to the new one. The issue was resolved within two weeks, and Shri Dhakar praised the CPGRAMS platform for its efficient and effective grievance redressal mechanism.
1. Grievance of Shri Rama Shankar Singh – Non-receipt of gratuity payment
Shri Rama Shankar Singh, who retired as Chief Travelling Ticket Inspector (CCTT) from Northeast Frontier Railways on 30th June 2024, faced delays in receiving his gratuity amount of approximately Rs. 16 lakhs, despite having submitted all the required No Dues certificates. Seeking intervention for the prompt release of his gratuity along with applicable interest, he filed a grievance on the CPGRAMS Portal. In response, the gratuity amount of Rs. 16,33,500 was transferred to Shri Singh, resolving the grievance within 10 days to his utmost satisfaction.
1. Grievance of Smt. Swati – Removal of EMI lock from device
Smt. Swati purchased a mobile phone on EMI, financed by Bajaj Finance. Despite completing all the EMI payments, her phone was locked by the financier. Seeking immediate resolution, she filed a grievance on the CPGRAMS portal. In response, Bajaj Finance confirmed in a written reply that the loan had been successfully closed and the EMI lock has been removed from her device. The grievance was successfully resolved to complainant’s satisfaction.

***

NKR/PSM

(Release ID: 2106128) Visitor Counter : 58

MIL OSI Asia Pacific News –
February 26, 2025
MIL-OSI Asia-Pac: Tender awarded for Tsing Yi modern logistics development site

Source: Hong Kong Government special administrative region

The Lands Department announced today (February 25) that the tender for a site, Tsing Yi Town Lot No. 202 at the junction of Tsing Hung Road and Tsing Yi Road, Tsing Yi, New Territories, has been awarded to Titanium 2 (HKSAR) Limited (parent company: Mapletree Investments Pte Ltd), on a 50-year land grant at a premium of $3,678,600,000.

There was one tender for Tsing Yi Town Lot No. 202.

A spokesman for the Transport and Logistics Bureau said, “The Government attaches great importance to logistics development in Hong Kong, which is crucial for complementing the growth of the city as an international maritime centre and international trade centre. To realise our vision of Hong Kong as a premier international logistics hub in the region with a focus on handling high-value goods, we have committed in the Action Plan on Modern Logistics Development, promulgated in October 2023, to providing a stable supply of quality logistics sites by releasing four quality logistics sites near the Hong Kong Kwai Tsing Container Terminals to address the industry’s need for modern, high-end, multi-storey logistics facilities primed for high value-added logistics operations with synergy with our port. The positive market response to Tsing Yi Town Lot No. 202, which is the first of such sites, clearly reflects the trade’s continual confidence in Hong Kong’s role as an international logistics hub. The Government will release the remaining three logistics sites in a timely manner, taking into consideration the market situation.”

Tsing Yi Town Lot No. 202 has a site area of about 44 318 square metres and is designated for logistics services and public vehicle park purposes. The maximum gross floor area that may be attained is 227 836 sq m for developing multi-storey modern logistics facilities and a public vehicle park, thereby achieving multiple uses on one site.

MIL OSI Asia Pacific News –

February 26, 2025
MIL-OSI Asia-Pac: Raksha Mantri confers 32 gallantry, distinguished service & meritorious service medals to ICG personnel

Source: Government of India

Raksha Mantri confers 32 gallantry, distinguished service & meritorious service medals to ICG personnel

ICG has grown into a formidable, trustworthy & one of the world’s most efficient marine forces: Shri Rajnath Singh

RM exhorts marine forces to remain alert of conventional and unconventional threats

Posted On: 25 FEB 2025 1:25PM by PIB Delhi

Raksha Mantri Shri Rajnath Singh conferred gallantry, distinguished service, and meritorious service medals to the personnel of the Indian Coast Guard (ICG) during the 18th ICG Investiture Ceremony held at Bharat Mandapam in New Delhi on February 25, 2025. A total of 32 medals – six President’s Tatrakshak Medals (Distinguished Service), 11 Tatrakshak Medals (Gallantry) and 15 Tatrakshak Medals (Meritorious Service) – for 2022, 2023 and 2024 were presented to the personnel for their exemplary service, acts of valour, and selfless dedication to duty, often in challenging & extreme conditions.

List of Awardees of PTM & TM

Congratulating the personnel, Raksha Mantri described the medals as not just a memento, but a symbol of bravery, perseverance and unwavering resolve towards maintaining the honour of the tricolour. He commended the personnel for their efforts in ensuring coastal security, organisational efficiency, seizure of drugs, rescue operations and international exercises.

Shri Rajnath Singh highlighted the growth of ICG into a formidable, trustworthy and one of the most efficient marine forces in the world. “Geographically, India is surrounded by sea on three sides and its coastline is vast. The nation’s strategic security faces two types of threats. The first is war which is dealt by the Armed Forces, and the second are the challenges of piracy, terrorism, infiltration, smuggling & illegal fishing for which the marine forces, especially ICG, are always alert. ICG, working proactively to tackle these challenges, is a key player in ensuring strategic security,” he said.

In the last one year, ICG has achieved significant achievements in maritime safety, security and humanitarian operations. It apprehended 14 boats and 115 pirates, apart from carrying out a major drug seizure of about Rs 37,000 crore. In addition, ICG saved 169 lives through various rescue operations and provided medical assistance to 29 seriously injured people.

Raksha Mantri termed these achievements as not just statistics, but a story of ICG’s courage and dedication towards national security. By being alert on the maritime borders, ICG not only stops illegal infiltration, but also helps in positively impacting India’s sovereignty and internal security, he said. Shedding light on the emergence of unconventional threats due to the latest technological advancements, he called upon the marine forces, especially ICG, to remain alert of challenges such as cyber attacks, data breach, signal jamming, radar disruption and GPS spoofing, in addition to the conventional threats.

Shri Rajnath Singh asserted that the vision of a secure & prosperous India can only be realised if its security system is robust and the forces are strong. He reiterated Prime Minister Shri Narendra Modi-led Government’s commitment to increasing the efficiency of ICG. “Indian Coast Guard has been allocated Rs 9,676.70 crore for the Financial Year 2025-26, which is 26.50% more than the previous budget. It is a crucial step towards modernising ICG. In addition, the procurement of 14 Fast Patrol Vessels, six Air Cushion Vehicles, 22 Interceptor Boats, six Next Generation Offshore Patrol Vessels and 18 Next Generation Fast Patrol Vessels has been approved to make ICG stronger,” he said.

Raksha Mantri acknowledged ICG’s focus on technological advancements, while commending the foundation laying of the Digital Coast Guard project. All these efforts will continuously strengthen the ICG to effectively deal with conventional and unconventional threats, he said, assuring the Government’s full support in achieving this objective.

Prior to the ceremony, Raksha Mantri inspected the Ceremonial Guard of Honour, reflecting the solemnity and importance of the occasion. The awardees and their families also interacted with Shri Rajnath Singh, marking a fitting conclusion to the event. Raksha Rajya Mantri Shri Sanjay Seth, Defence Secretary Shri Rajesh Kumar Singh, ICG Director General Paramesh Sivamani, other senior officials of ICG & Ministry of Defence and the families of the awardees were present on the occasion.

***

SR/Savvy

(Release ID: 2106053) Visitor Counter : 75

MIL OSI Asia Pacific News –

February 26, 2025
MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi inaugurates Advantage Assam 2.0 Investment & Infrastructure Summit 2025

Source: Government of India

Prime Minister Shri Narendra Modi inaugurates Advantage Assam 2.0 Investment & Infrastructure Summit 2025

Assam’s dynamic workforce and rapid growth are driving its transformation into a leading investment destination: PM

Even in global uncertainty, one thing is certain – India’s rapid growth: PM

We have built a complete ecosystem to promote industry, an innovation-driven culture and Ease of Doing Business: PM

India is driving its manufacturing sector in Mission Mode, We are promoting Low Cost Manufacturing under Make in India: PM

The global progress depends on the digital revolution, innovation and tech-driven progress: PM

Assam is becoming a crucial hub for semiconductor manufacturing in India: PM

The world sees our Renewable Energy Mission as a model practice and is following it; In the last 10 years, India has taken policy decisions understanding its environmental responsibilities: PM

Posted On: 25 FEB 2025 1:22PM by PIB Delhi

The Prime Minister Shri Narendra Modi inaugurated the Advantage Assam 2.0 Investment & Infrastructure Summit 2025 in Guwahati, Assam today. Welcoming all the dignitaries to the event, Shri Modi said “East India and North East India are embarking on a new journey of future today and Advantage Assam is a mega initiative to intertwine the incredible potential and progress of Assam with the world”. He added that history is a witness to the major role played by Eastern India in India’s prosperity. Expressing hope, the Prime Minister said, “Today, when we are progressing towards Viksit Bharat, Eastern India and North East will display their true potential”. He said that Advantage Assam was a representation of the same spirit and congratulated the Government and Chief Minister of Assam for organising such a grand event. He recalled his words from 2013, when he had said that it was not very far when ‘A for Assam’ would be the norm.

“Despite global uncertainties, experts unanimously agree on one certainty: India’s rapid growth”, said the Prime Minister. He emphasized that today’s India is working with a long-term vision for the next 25 years of this century. He highlighted that the world has immense trust in India’s young population, which is rapidly becoming skilled and innovative. He also noted the growing confidence in India’s neo-middle class, emerging from poverty with new aspirations. Underscoring the trust the world places in India’s 140 crore people who support political stability and policy continuity, Shri Modi highlighted India’s governance that continues to implement reforms. Furthermore, he pointed out that India is strengthening its local supply chains and entering free trade agreements with various global regions. He also mentioned the robust connectivity with East Asia and the new India-Middle East-Europe Economic Corridor, bringing new opportunities.

Highlighting the growing global trust in India, as witnessed by the gathering in Assam, Shri Modi remarked, “Assam’s contribution to India’s growth is steadily increasing”. He noted that the first edition of the Advantage Assam Summit was held in 2018, at which time Assam’s economy was valued at ₹2.75 lakh crore. Today, Assam has become a state with an economy of approximately ₹6 lakh crore, he added, emphasizing that under their government, Assam’s economy has doubled in just six years. Furthermore, he said that this is the double effect of their Governments at the Center and the state. The numerous investments in Assam have turned it into a state of unlimited possibilities, he stated. The Prime Minister highlighted that the Assam government is focusing on education, skill development, and creating a better investment environment. He noted that their Government had worked extensively on connectivity-related infrastructure in recent years. He provided an example, stating that before 2014, there were only three bridges over the Brahmaputra river, built over 70 years. However, in the past 10 years, four new bridges have been constructed. One of these bridges is named after Bharat Ratna Bhupen Hazarika. Shri Modi remarked that between 2009 and 2014, Assam received an average rail budget of ₹2,100 crore but their Government increased Assam’s railway budget more than four times to ₹10,000 crore. He added that over 60 railway stations in Assam are being modernized and also mentioned that the first semi high-speed train in the North East is now operational between Guwahati and New Jalpaiguri.

Touching upon the rapid expansion of air connectivity in Assam, the Prime Minister said that until 2014, flights operated on only seven routes, but now there are flights on nearly 30 routes. This expansion has provided a significant boost to the local economy and created employment opportunities for the youth, he added. Shri Modi emphasized that these changes are not limited to infrastructure alone, but there were unprecedented improvements in law and order, with numerous peace accords signed in the past decade and long-pending border issues resolved. He underscored that every region, every citizen, and every youth in Assam is working tirelessly for the state’s development.

“India is undergoing significant reforms across all sectors and levels of the economy and continuous efforts have been made to enhance the Ease of Doing Business, and a comprehensive ecosystem has been established to promote industry and an innovation culture”, emphasised Shri Modi. He highlighted that excellent policies have been formulated for startups, manufacturing through PLI schemes, and tax exemptions for new manufacturing companies and MSMEs. He also noted the substantial investment the Government is making in the country’s infrastructure. Prime Minister underscored that the combination of institutional reform, industry, infrastructure, and innovation forms the foundation of India’s progress. He stated that this progress is also being seen in Assam, which is advancing at double engine speed. He pointed out that Assam has set a target to achieve a $150 billion economy by 2030. He expressed confidence that Assam can achieve this goal, attributing it to the capable and talented people of Assam and the commitment of their Government. Remarking that Assam is emerging as a gateway between South East Asia and India, Shri Modi said, to further this potential, the Government has launched the North East Transformative Industrialization Scheme, ‘Unnati.’ He highlighted that the ‘Unnati’ scheme will accelerate industry, investment, and tourism across the entire North East region, including Assam. He urged industry partners to take full advantage of this scheme and Assam’s unlimited potential. The Prime Minister noted that Assam’s natural resources and strategic location make it a preferred destination for investment. He cited Assam tea as an example of Assam’s potential, stating that it has become a global brand over the past 200 years, inspiring progress in other sectors as well.

Highlighting the significant changes occurring in the global economy, with a growing demand for resilient supply chains worldwide, the Prime Minister said, “India has initiated mission-mode efforts to advance its manufacturing sector”. He emphasized that under the Make in India initiative, the focus is on promoting low-cost manufacturing in sectors such as pharmaceuticals, electronics, and automobiles. He noted that India’s industry is not only meeting domestic demands but also setting new benchmarks for manufacturing excellence in international markets. He pointed out that Assam is playing a significant role in this manufacturing revolution.

Stressing that Assam has always had a share in global trade, Shri Modi remarked that today, over 50 percent of India’s on-shore natural gas production comes from Assam and there has been a significant increase in the capacity of Assam’s refineries in recent years. He also pointed out that Assam is rapidly emerging in sectors such as electronics, semiconductors, and green energy. He emphasized that due to Government policies, Assam is becoming a hub for high-tech industries as well as startups.

Highlighting that in the recent budget, the Central government has approved the Namrup-4 plant, the Prime Minister remarked that this urea production plant will meet the demand of the entire North East and the country in the future. He said, “the day is not far when Assam will become a major manufacturing hub in Eastern India”. He emphasized that the Central Government is fully supporting the state Government of Assam in achieving this goal.

Emphasising that the progress of the 21st century world depends on digital revolution, innovation, and technological advancements, Shri Modi stated, “The better prepared we are, the stronger we will be globally”. He added that the Government was advancing with 21st century policies and strategies. He highlighted India’s significant leap in electronics and mobile manufacturing over the past decade and expressed the desire to replicate this success story in semiconductor production. Prime Minister proudly noted that Assam is developing as an important center for semiconductor manufacturing in India and mentioned the recent inauguration of the Tata Semiconductor Assembly & Test facility in Jagiroad, Assam, which will promote technological growth in the Northeast. He emphasized the collaboration with IIT for innovation in the semiconductor sector and the ongoing work on a semiconductor research center in the country. The Prime Minister projected that by the end of this decade, the value of the electronic sector will reach $500 billion. He confidently stated, “With India’s speed and scale, the country will emerge as a major force in semiconductor production, creating employment for millions and benefiting Assam’s economy”.

“India has made policy decisions over the past decade while understanding its environmental responsibilities and the world considers India’s Renewable Energy Mission as a model practice”, said the Prime Minister. He highlighted that India has made significant investments in solar, wind, and sustainable energy resources over the past ten years. This has not only fulfilled ecological commitments but also expanded the country’s renewable energy production capacity multiple times, he added. Shri Modi noted that the country has set a target to add 500 GW of renewable energy capacity by 2030. “Government is working on a mission to achieve an annual green hydrogen production of 5 million metric tons by 2030”, he said. Pointing out that the growing gas infrastructure in the country has led to increased demand, and the entire gas-based economy sector is rapidly expanding, Shri Modi remarked that Assam has a significant advantage in this journey. He emphasized that the Government has created many pathways for industries, including PLI schemes and policies for green initiatives. He expressed his desire for Assam to emerge as a leader state in the renewable energy sector and urged industry leaders to maximize the potential of Assam.

Impressing that Eastern India will play a significant role in making India a developed nation by 2047, Shri Modi remarked, “today, the Northeast and Eastern India are rapidly advancing in infrastructure, logistics, agriculture, tourism, and industry”. He expressed confidence that the day is not far when the world will see this region leading India’s development journey. He invited everyone to be partners and companions in this journey with Assam and concluded by calling for collective efforts to make Assam a state that elevates India’s capabilities to new heights across the global south. The Prime Minister boosted the confidence of the investors and industry leaders by saying that he stood by them in the journey of Viksit Bharat by fully supporting their contributions.

The Governor of Assam, Shri Lakshman Prasad Acharya, Chief Minister of Assam, Shri Himanta Biswa Sarma, Union Ministers Dr. S Jaishankar, Shri Sarbananda Sonowal, Shri Jyotiraditya Scindia, Chief Minister of Tripura, Dr. Manik Saha, Union Minister of State, Shri Pabitra Margherita were present among other dignitaries at the event.

Background

The Advantage Assam 2.0 Investment and Infrastructure Summit 2025 in Guwahati, is being held from 25th to 26th February. It includes an inaugural Session, seven ministerial sessions and 14 thematic sessions. It also includes a comprehensive exhibition illustrating the state’s economic landscape, with a focus on its industrial evolution, global trade partnerships, booming industries, and the vibrant MSME sector, featuring over 240 exhibitors.

Various international organisations, global leaders and investors, policymakers, industry experts, startups, and students among others will participate in the Summit.

Speaking at the Advantage Assam Summit. The state’s dynamic workforce and rapid growth are driving its transformation into a leading investment destination. https://t.co/RM23eXAvY4

— Narendra Modi (@narendramodi) February 25, 2025

[embedded content]

***

MJPS/SR

(Release ID: 2106052) Visitor Counter : 122

MIL OSI Asia Pacific News –

February 26, 2025
MIL-OSI: TransUnion to Present at the 2025 RBC Capital Markets Global Financial Institutions Conference

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Feb. 25, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) today announced that Todd Cello, Executive Vice President, Chief Financial Officer, will present at the RBC Capital Markets Global Financial Institutions Conference on Tuesday, March 4, 2025. The presentation is scheduled to begin at 9:00 a.m. CT (10:00 a.m. ET). A live webcast of the presentations will be made available on the TransUnion Investor Relations website at http://www.transunion.com/tru. A replay will also be available on the company’s website following the conclusion of the presentation.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

http://www.transunion.com/business

E-mail investor.relations@transunion.com

Telephone 312-985-2860

The MIL Network –

February 26, 2025
MIL-OSI Australia: Historic road to World Heritage site transformed

Source: New South Wales Government 2

Headline: Historic road to World Heritage site transformed

Published: 25 February 2025

Released by: Minister for Regional Transport and Roads

The Minns and Albanese Labor Governments have partnered with Balranald Shire Council to deliver a major road upgrade which is improving safety and access to the World Heritage Mungo National Park and Willandra Lakes Region.

Marma Box Creek Road is a critical link to the World Heritage listed sites in remote south-western New South Wales and historically, around 26 kilometres of the road was dirt.

Now thanks to a $3.25 million investment from the NSW Government’s Fixing Local Roads program and $900,000 from Balranald Shire Council, a 23.1 kilometre stretch of the road has been sealed.

Additionally, with investment from the Australian Government’s Roads to Recovery program of over $1.35 million, council is working to seal the final 2.9 kilometres of Marma Box Creek Road before the end of 2025, weather permitting.

These upgrades will significantly reduce road closures during wet weather and improve safety for local farmers, families and school students.

Tourists who visit the site will also benefit from safer journeys in the world-famous region where Mungo Lady and Mungo Man were discovered.

For the Mutthi Mutthi, Paakantji and Ngyimpaa people, the 40,000-year-old remains, and other evidence of their ancestors found in the area are an important part of their communal history.

The remains of Mungo Lady were returned to Lake Mungo in 1992, while Mungo Man’s remains were repatriated in 2017, both via Marma Box Creek Road.

Quotes attributable to Minister for Regional Transport and Roads Jenny Aitchison:

“The upgraded Marma Box Creek Road represents more than just improved tourism and freight infrastructure; it signifies a crucial link to the ancient cultural heritage of First Peoples.

“This investment not only enhances access to the area but also supports the preservation and sharing of Indigenous history dating back over 40,000 years.

“By facilitating safer and more accessible travel, this initiative promises to enrich tourism experiences and foster greater appreciation for the profound cultural significance of this unique landscape.”

Quotes attributable to Deborah O’Neill, Senator for New South Wales:

“This is a very special part of the world and a place that all Australians can be proud of.

“The Australian Government’s Roads to Recovery program provides critical funding directly to local councils for maintenance and upgrades like these works for Marma Box Creek Road. Investments like this mean better local roads for residents, and for tourists – and less pressure on councils and ratepayers.”

Quotes attributable to Member for Murray, Helen Dalton:

“Government investment in maintaining and upgrading rural and remote transport infrastructure is vital to keeping our communities connected, and for their economic growth. It’s reassuring to see continued investment in rural and remote NSW.

“Mungo National Park is a spectacular location in my electorate, a significant cultural site and hidden gem.

“It’s fantastic that the government is making this incredible part of the world more accessible for us to improve our knowledge of the heritage, culture and history of our First Nations people.”

Quotes attributable to Balranald Shire Council Mayor, Cr Louie Zaffina:

“This road is ‘the gateway’ to major tourism attractions in the area and an integral freight route for the area’s mining interests and local farms.

“Ensuring the road’s safety and resilience supports the longevity of the significant economic benefits and employment opportunities that are fed back into the nearby communities through these industries.”

Quotes attributable to Tanya Charles, Discovery Ranger at Mungo National Park:

“The improved all weather access to Mungo National Park and the Willandra Lakes World Heritage Area brings added safety for visitors, tour operators, local and staff using the new road.”

MIL OSI News –

February 26, 2025
MIL-OSI: Barnwell Industries, Inc. Informs Ned Sherwood of Defective and Insufficient Director Nomination Notice and Investigation of Circumstances that May Have Triggered Shareholder Rights Plan
Source: GlobeNewswire (MIL-OSI)

Actions Continue Ned Sherwood’s Long History of Disruption, Breaches of Settlement Agreements and Blatant Disregard for Established Bylaws and Shareholder Protections

Board Forms Executive Committee to Protect Shareholder Interests

Executive Committee Believes Sherwood’s Nomination of Himself, His Friends and His Affiliates Underscores Desire to Take Control of Barnwell at Shareholders’ Expense and Without Paying a Premium for Control

HONOLULU, Feb. 25, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) (“Barnwell” or the “Company”) today announced that it has informed Ned Sherwood, a shareholder who recently submitted a control slate of five nominees comprising friends and affiliates, that his nomination notice is defective and insufficient. Sherwood’s nomination notice fails to include material information required by the Company’s bylaws, and in light of these material deficiencies and omissions required both by the bylaws and federal securities regulations, the Executive Committee of the Barnwell Board of Directors is strongly inclined to reject the nomination notice as defective and insufficient and to disqualify Sherwood’s nominees.

In light of the inherent conflicts of interest of Sherwood’s candidates, one of who is a current Board member, the Board has formed an Executive Committee comprising independent Vice Chairman, Kenneth Grossman, independent director Joshua Horowitz and Executive Chairman, Alexander Kinzler, to protect the interests of all other shareholders.

The Executive Committee has requested that a Special Committee consisting of independent directors Grossman and Horowitz investigate, among other things, the facts and circumstances of the relationship between Sherwood and his board nominee, Ben Pierson, who has privately purchased shares of Barnwell while also currently serving as the Chief Investment Officer of Sherwood’s family office, to determine whether a distribution under the Company’s Shareholder Rights Plan has been triggered.

Sherwood is Nominating Himself, His Friends and His Business Associates to
Steal Control of the Company

Notwithstanding the obvious conflicts, the Board remains open to considering new candidates and intends to vet the individuals proposed by Sherwood through its usual governance process. However, the Executive Committee cautions shareholders that a preliminary review shows clearly that two of the four nominees other than Sherwood cannot be expected to exercise judgement independent of Sherwood, and three of Sherwood’s five nominees have no public company Board experience.
- Ben Pierson has been employed by the Sherwood Family Office as its Chief Investment Officer since 2021.
- Doug Woodrum has been a Director at Barnwell since 2020 as Sherwood’s designee having joined the Board following an earlier proxy contest and then through a prior settlement with the Company. Woodrum has been the mouthpiece for all of Sherwood’s misguided policy proposals, including the sale of assets at fire sale prices and various attempts at co-opting day-to-day control, which have only resulted in damaging management morale and creating distrust of Sherwood’s motives, as well as incurring significant costs for the Company to address these matters.
- Woodrum has been reprimanded on multiple occasions for leaking confidential board matters to Sherwood. Woodrum has also attempted to end-run the Board of Directors by directly interfering with management. Sherwood has stated many times he would elevate Woodrum to CEO or CFO, but no member of management or director not affiliated with Sherwood has endorsed or supports Woodrum as qualified for either position.
The Company further notes that Sherwood’s nomination of a control slate continues his long history of disrupting the Company’s governance processes and interfering with the Company’s operations, while creating significant expense to the Company. Sherwood’s nomination of himself, his friends and business associates, without any credible plan for the Company and without paying a premium to shareholders for control, flies directly in the face of shareholder interests.

Sherwood and His Director Appointees Have Hid Investments and
Acted to Intentionally Undermine Management and the Board
- Sherwood made a significant investment in a Canadian Oil and Gas venture founded and operated by one of his former director designees, which investment was only belatedly and incompletely disclosed. The Executive Committee believes this arrangement was undertaken as a quid pro quo so that Sherwood’s nominee would execute on Sherwood’s self-serving agenda.
- From 2021-2022, Sherwood and Woodrum offered a then-new member of the Board, Colin O’Farrell, the Company’s CEO position. Sherwood and Woodrum did so without consulting the Board and seemingly to co-opt O’Farrell’s independence. This conduct was in breach of a then-valid standstill agreement, resulted in a costly investigation, severely damaged the morale of the Canadian-based management team, and resulted in O’Farrell’s resignation from the Board only seven months after his appointment.
- In April 2024, without prior Board discussion or direction, Sherwood and his director appointee Woodrum demanded that management immediately begin a search for a Calgary-based CFO and that Woodrum would help lead the search.
- Sherwood continues to interfere with the Company’s executive leadership transition. Ten months ago, Craig Hopkins succeeded Kinzler as CEO of the Company with the support of Sherwood’s nominees and as part of an overall succession plan for the retirement of the Company’s prior senior management and expense reduction efforts. Both Kinzler and Russell Gifford, the Company’s longtime CFO, have expressed their desire to retire from day-to-day operations of the Company by the end of the fiscal year and have indicated their willingness to support CEO Craig Hopkins during the transition to the extent desired by him and the Board. Multiple directors supported by Sherwood, including former director Laurance Narbut, have expressed the belief that the decades of experience and knowledge held by Kinzler and Gifford will enable the Company to undertake a smooth transition and maintain its excellent track record of accounting and legal compliance.
Despite Repeated Requests, Sherwood Has Failed to Propose a Different Plan or
Business Strategy

Sherwood has NO PLAN for Barnwell Other than to Take Over the Company
Without Paying a Control Premium

The Company has repeatedly asked Sherwood to specify what Company plans and policies he opposes or would change. The only response has been incessant demands “to shut down Hawaii,” which lacks any semblance of thoughtful consideration. It has no backing from a single budget, spreadsheet or alternative strategy that would adequately support the back-office functions of a publicly listed company. Barnwell can only conclude that Sherwood’s current nomination notice is merely an attempt to take full control of a company where he holds a 30% stake and no articulated plan to change any personnel, policies or business practices. Sherwood and his designees on the Board have been engaged in a steady stream of actions interfering with management and compromising Board confidentiality and function, all in pursuit of full control of the Company and often in violation of the standstill agreement that the Company and Sherwood entered into in 2023.

Sherwood has accused the Company of excessive expenditures for lawyers and other professionals when the vast majority of these expenditures were necessitated by the abusive, improper and often illegal actions of Sherwood and his designees on the Board. Sherwood’s group recently served the Company with a books and records request, which will require significant legal expense to address, ironically asking for shareholder records when Sherwood’s own group has played fast and loose with their own Section 16 and Section 13 SEC reporting obligations.

The Barnwell Executive Committee Comprises Majority Independent and
Highly Experienced Directors Acting on Behalf of All Shareholders

The current Board was expressly approved by Sherwood under a 2023 settlement whereby the Company and Sherwood each designated two directors and a fifth director, Joshua Horowitz, was selected as a compromise board member who was vetted by Sherwood and expressly endorsed by both parties to the settlement agreement.

The current Board is overseeing the transition out of the Company’s water well drilling activities and is currently completing its final well project. The water well subsidiary recently sold one of its rigs for approximately $585,000 and will shut down its operations and sell its remaining assets in the near term. This is part of a larger plan to transition out of the Company’s Hawaii main office and move those executives to transitional roles, to streamline the Company’s accounting operations and further reduce general and administrative expenses in order to increase funds available for investment.

The Company’s Twining oil & gas property in Alberta continues to be the engine for the Company’s future growth. We are pleased that our newest development well is online and producing as expected. There are approximately 50 additional wells that can be drilled, which would enable the Company to grow its revenues and results organically, as a major portion of the costs of the operations are fixed.

Forward-Looking Statements

The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

Important Additional Information and Where to Find It

Barnwell Industries, Inc. (the “Company”) plans to file proxy materials with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Company’s 2025 annual meeting of stockholders (the “2025 Annual Meeting”). Prior to the 2025 Annual Meeting, the Company will file a definitive proxy statement (the “Proxy Statement”) together with a WHITE proxy card. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain, free of charge, copies of the Proxy Statement, any amendments or supplements thereto and any other documents (including the WHITE proxy card) when filed by the Company with the SEC in connection with the 2025 Annual Meeting at the SEC’s website (http://www.sec.gov) or at the Company’s website at https://ir.brninc.com/ or by contacting Alexander Kinzler, Secretary and General Counsel of the Company, by phone at (808) 531-8400, by email at akinzler@brninc.com or by mail at Barnwell Industries, Inc., 1100 Alakea Street, Suite 500, Honolulu, Hawaii 96813.

Certain Information Regarding Participants

The Company, its directors and certain of its executive officers and other employees may be deemed to be “participants” (as defined in Section 14(a) of the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from stockholders in connection with the 2025 Annual Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Proxy Statement and other materials to be filed with the SEC in connection with the 2025 Annual Meeting. Information relating to the foregoing can also be found in the Company’s definitive proxy statement for its 2024 annual meeting of stockholders, filed with the SEC on April 2, 2024. To the extent holdings of such participants in the Company’s securities have changed since the amounts described in the Proxy Statement, such changes have been reflected on Statements of Change in Ownership on Form 3 and Form 4 filed with the SEC: Form 3, filed by Craig Hopkins, with the filings of the Company on May 16, 2024; Form 4, filed by Craig Hopkins, with the filings of the Company on May 20, 2024, August 29, 2024, January 13, 2025 and January 17, 2025; Form 4, filed by Joshua Horowitz, with the filings of the Company on August 23, 2024 and October 28, 2024; Form 4, filed by Kenneth Grossman, with the filings of the Company on October 28, 2024; and Form 4, filed by Douglas Woodrum, with the filings of the Company on October 28, 2024. These filings can be found at the SEC’s website at www.sec.gov. More detailed and updated information regarding the identity of potential participants, and their direct or indirect interests (by security holdings or otherwise), will be set forth in the proxy statement and other materials to be filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

CONTACT: Kenneth S. Grossman

Vice Chairman of the Board of Directors

Email: kensgrossman@gmail.com

The MIL Network –
February 26, 2025
MIL-OSI: JOYY Closes Sale of YY Live

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 25, 2025 (GLOBE NEWSWIRE) — JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”), a global technology company, today announced that JOYY entered into agreements with Baidu, Inc. (NASDAQ: BIDU) (“Baidu”) with respect to the sale of the video-based entertainment live streaming business in mainland China previously owned by the Company (known as YY Live), for an aggregate purchase price of approximately US$2.1 billion in cash. The Company previously received approximately US$1.86 billion in February 2021, and, today, the Company received additional cash consideration of approximately US$240 million.

About JOYY Inc.

JOYY is a leading global technology company with a mission to enrich lives through technology. JOYY currently operates several social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social networking, an instant messaging product, and others. The Company has created a highly engaging and vibrant user community for users across the globe. JOYY’s ADSs have been listed on the NASDAQ since November 2012.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in JOYY’s filings with the SEC. All information provided in this press release is as of the date of this press release, and JOYY does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

JOYY Inc.
Jane Xie/Maggie Yan
Email: joyy-ir@joyy.com

ICR, Inc.
Robin Yang
Email: joyy@icrinc.com

The MIL Network –

February 26, 2025
MIL-OSI: CLEAR, an Official TSA PreCheck® Enrollment Provider, Expands Enrollment and Renewal Options by Opening a New Location at Plaza Las Américas

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — CLEAR (NYSE: YOU), an authorized TSA PreCheck® enrollment provider, continues to expand locations outside the airport environment to enroll and renew consumers in the Trusted Traveler program by opening a new location at Plaza Las Américas in San Juan, Puerto Rico. This marks CLEAR’s first non-airport location in San Juan for TSA PreCheck enrollment and renewal services, complementing its 55 airport-based enrollment and renewal locations across the U.S. TSA PreCheck enrollment and renewal services through CLEAR are also available at select Staples stores nationwide.

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

“TSA PreCheck Enrollment through CLEAR provides a fast and efficient travel experience,” said CLEAR CEO Caryn Seidman-Becker. “We’re excited to bring this trusted traveler program to Plaza Las Américas, the Caribbean’s largest shopping center, delivering greater convenience with expanded enrollment options beyond the airport.”

“Plaza Las Américas is proud to offer TSA PreCheck enrollment with CLEAR,” said Edwin Tavárez, General Manager at Plaza Las Américas.“As the Caribbean’s largest shopping center and a key destination for travelers, this new service provides added convenience for our visitors, making it easier than ever to prepare for a seamless airport experience.”

Hours of operation at Plaza Las Américas are Monday through Saturday from 11 a.m. AST to 7 p.m. AST, and Sunday from Noon AST to 7 p.m. AST. The location is on level 1 of Plaza Las Americas, across from the Lacoste store. Enter via the entrance near the Genesis store, proceed straight ahead, and take a right before the escalator. Look for the TSA PreCheck through CLEAR standing banners and pods.

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

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

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

About TSA PreCheck®

TSA PreCheck is a Department of Homeland Security (DHS) Trusted Traveler program that allows enrolled travelers expedited screening through airport security. TSA PreCheck lanes are located at over 200 airports with nearly 100 airlines participating. Since TSA first launched the TSA PreCheck application program as a DHS Trusted Traveler Program for low-risk travelers in December 2013, active membership in the program has grown to more than 20 million members.

About CLEAR
CLEAR’s mission is to create frictionless experiences. With over 27 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell Member data. For more information, visit clearme.com.

About Plaza Las Américas
Plaza Las Américas is the leading shopping center in Puerto Rico and the Caribbean. It is part of a family-owned group of Puerto Rican companies with a commercial tradition that began at the 19th century. The shopping center has over 300 retailers and services, including around 50 food stands or restaurants, and 15 movie theaters. With 2 million square feet, Plaza Las Américas is located in the heart of the San Juan Metropolitan Area, adjacent to the central business district of the Island, and 15 minutes away from the port of San Juan, the Luis Muñoz Marín International Airport, the Convention Center and most of the hotels in the metropolitan area.

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

CLEAR
media@clearme.com

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

The MIL Network –

February 26, 2025
MIL-OSI United Kingdom: Government to increase Higher Level Stewardship payments and re-open Capital Grants Offer
Source: United Kingdom – Executive Government & Departments

Press release

Government to increase Higher Level Stewardship payments and re-open Capital Grants Offer

The government is increasing payment rates for those in existing Higher Level Stewardship and confirming the ELM standalone Capital Grants offer worth £45m in 2025/26 will re-open in the summer.
Farmers and land managers who have been at the forefront of nature-friendly farming in England will see an uplift to Higher Level Stewardship (HLS) payment rates, the government has announced today (Monday 24 February).

The increased payment rates, which will apply for agreement holders across a range of HLS options will provide a boost for farmers – often living and working in upland areas – who have been the pioneers of nature-friendly farming.

It will bolster support for farmers delivering high-quality environmental outcomes to maintain species-rich grasslands, managing our most important habitats and delivering a range of high-quality environmental outcomes.

In a further boost for nature recovery and the environment, the popular standalone ELM Capital Grants scheme will re-open in the summer, worth around £45 million in 2025/26.

The Rural Payments Agency is now processing the remaining 4,000 applications held when the scheme paused. These agreements will be worth £120 million over their lifetime.

We are also supporting farmers to improve productivity and protect the environment with a £110 million investment in equipment and technology grants.

The newly designed grant competitions launching this spring will focus on helping the sector transition to net zero and unlock opportunities from the Precision Breeding Act.

Minister for Food Security and Rural Affairs Daniel Zeichner said:

This government’s focus is on ensuring farming becomes more profitable and businesses are viable for the future – delivering the long-term food security this country needs.

Investing in innovation and technology will help farmers produce food more sustainably and profitably, and get the equipment they need to help their bottom line.

And with nature being so crucial to long-term food security, we’re rewarding the pioneers of nature-friendly farming – including many upland farmers.

Our £110 million investment in innovation, equipment, technology includes:

The launch of one round of the Farming Equipment and Technology (FETF) Fund in the spring, providing grants of between £1,000 and £25,000.

New Farming Innovation Programme (FIP) grants worth more than £42.5 million, including competitions focussed on unlocking the benefits of precision breeding and supporting the net zero transition.

Our new ADOPT fund will provide £20 million of additional funding for farmer-led trials that bridge the gap between new technologies and their real-world application, giving farmers the confidence investments in tech will deliver the returns they need.

Alongside these grants, we are also extending the Farming in Protected Landscapes (FiPL) programme to continue to support and improve England’s most precious areas of natural beauty, and improving animal health and welfare through government funded vet visits.

Through the Animal Health and Welfare Pathway farmers will be able to apply for visits to cover every eligible species they have from this week, and from summer they will also be able to apply for a visit for every eligible herd or flock of the same species.

Additionally, the recruitment campaign for the Commissioner for Tenant Farming Sector role is now live. The Commissioner will encourage behaviour in the sector to meet standards set out in the Agricultural Landlord and Tenant Code of Practice for England.

As part of the government’s Plan for Change, we are delivering on the Government’s New Deal for Farmers, with the first steps set out by the Secretary of State at the Oxford Farming Conference.

We will work with the sector to boost profitability through fair competition across the supply chain, use planning reforms to support food production and monitor food currently bought in the public sector and where it is bought from.

We will help farmers diversify income streams and make additional money from selling surplus energy from solar panels and wind turbines by accelerating connections to the grid.

We are going further to develop a 25-year farming roadmap to make the sector more profitable in the decades to come.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 25 February 2025
MIL OSI United Kingdom –
February 26, 2025
MIL-OSI: Bitget Enhances Recruitment Efficiency with AI, Cutting Hiring Time by 38%
Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 25, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has released a report highlighting the transformative impact of artificial intelligence on the hiring process. The findings reveal that utilizing AI Bitget has reduced hiring timelines by 38%, streamlined talent acquisition, and improved candidate-job alignment, significantly increasing workforce efficiency.

Key Takeaways
- The introduction of AI in recruitment reduced Bitget’s average hiring time by 38%.
- AI-powered resume screening reduced manual processing by 76%, allowing HR department to focus on higher-level candidates.
- Recruitment costs dropped by 25% due to automated hiring workflows.
- Employee retention improved by 15%, as a better candidate-job fit led to a lower first-year attrition rate.
- AI-driven candidate ranking and skill-job matching increased hiring accuracy, lowering bias in recruitment decisions by 38%.
Traditional hiring methods often result in slow recruitment cycles, high costs, and mismatches between candidates and job roles. Bitget implemented an AI-driven recruitment solution that automates resume screening, interview scheduling, and candidate evaluation. By leveraging machine learning and predictive analytics, the platform optimized hiring decisions based on skill-job compatibility, past performance metrics, and cultural fit. This transition to AI-driven recruitment has accelerated the company’s hiring process while maintaining high selection standards.

Before implementing AI-driven hiring, Bitget relied on manual candidate screening and external recruitment agencies, which made recruitment costly and time-consuming. The average hiring cycle lasted 48 days, with some technical positions taking up to 50 days to fill. High dependence on third-party agencies accounted for nearly 40% of total hiring costs, while internal HR teams processed up to 500 resumes per month, leading to operational inefficiencies. Despite the company’s rapid growth, traditional hiring methods limited its ability to scale into new markets and product sectors efficiently.

To address these challenges, Bitget introduced an AI-powered recruitment system designed to streamline hiring by automating resume screening, optimizing candidate-job matching, and improving decision-making. The AI model was trained using historical hiring data, evaluating key indicators such as skill compatibility, previous performance, and cultural fit. Integrated with existing HR systems, the technology enabled rapid candidate ranking and selection while reducing human bias.

The results were significant. The average time to hire dropped by 38%, cutting recruitment cycles from 48 to 30 days. Resume screening efficiency improved by 76%, allowing HR specialists to focus on high-value candidates rather than manual filtering. Cost savings reached 25%, primarily due to reduced reliance on external agencies and the automation of administrative hiring processes. Employee retention improved by 15%, as better candidate-job alignment led to a decrease in first-year attrition. Additionally, AI-driven evaluations helped minimize unconscious bias in hiring decisions, resulting in a 38% improvement in hiring accuracy.

“With AI, we’re not just hiring faster — we’re hiring smarter,” said Gracy Chen, CEO of Bitget. “This technology is helping us attract top talent more efficiently while optimizing costs and improving long-term retention.”

Bitget’s AI hiring transformation underscores how automation can enhance workforce efficiency in highly competitive industries. By integrating AI into recruitment, the company has set a new benchmark for efficiency, accuracy, and cost-effectiveness, offering a model that could reshape talent acquisition strategies across the cryptocurrency and technology sectors.

To know more about Bitget’s AI usage in hiring, check the full report here.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, Bitget is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6645e120-7461-4af0-9253-b5353f2d5350

The MIL Network –
February 25, 2025
MIL-OSI United Kingdom: Yorkshire engineer jailed for breaching director ban and bankruptcy offence
Source: United Kingdom – Executive Government & Departments

Press release

Yorkshire engineer jailed for breaching director ban and bankruptcy offence

Father and son sentenced after multiple offences committed
Repeat offender Leslie Crossland again breached the rules of his director disqualification by managing two companies when he was not allowed to do so

He also committed a bankruptcy offence in 2020 during the course of interviews with Insolvency Service officials

Crossland was assisted in breaking his director ban by his son, Richard Crossland, who was given a suspended sentence at the same hearing

A Yorkshire electrical engineer who continued to manage his businesses while he was disqualified as a company director has been jailed.

Leslie Crossland, of Netherfield Croft, Shafton, Barnsley, was sentenced to 16 months in prison when he appeared at Sheffield Crown Court on Friday 21 February.

The 75-year-old had previously admitted acting as a director of R&L Electrical Engineers Ltd (R&L) and R&L (BMS) Installations Ltd (BMS) when he was banned from doing so.

He also failed to inform Insolvency Service officials that he had withdrawn four of his pensions, disposing of £23,300 in assets in the months before he was declared bankrupt.

Crossland was already serving a 14-year director disqualification, which began in November 2008, at the time he was managing R&L and BMS. His 2008 disqualification was for failing to deliver accounting records to the liquidator and ignoring a previous 10-year director ban from September 2005.

He was also jailed in 2014 for breaching the 14-year disqualification.

Crossland was supported in breaching his most recent directorship ban by Richard Crossland, his son, who was also sentenced after failing to deliver records to the liquidator for R&L.

Richard Crossland, 45, and also of Netherfield Croft, Shafton, Barnsley, was sentenced to 10 months in prison, suspended for two years, at the same hearing.

He was also ordered to complete 300 hours of unpaid work, five days of rehabilitation activity, and pay £2,000 in costs.

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

Leslie Crossland clearly breached the terms of his director disqualification, making all the executive decisions and using deceptive tactics such as impersonating those who were named as directors of his companies.

He is a repeat offender, with this not being the only time he has blatantly ignored director bans in the past.

Crossland was actively enabled to carry out these actions by his son, who allowed him to continue as a company director in all but name.

The public deserves to be protected from those who are unfit to direct or manage company affairs, putting them at risk of financial harm.

We will continue to work hard to ensure the UK remains a safe and fair place to do business.

R&L was established in September 2016, continuing the business of RL Installations run by Leslie and Richard Crossland but as a limited company, not sole tradership as had been the case before.

BMS was incorporated in November 2018 when it became clear that R&L would be entering administration.

Leslie Crossland was serving his 14-year director ban at the time both companies were trading.

Richard Crossland was appointed as director of R&L in January 2018 and BMS when it was set up in November 2018.

In interviews with the Insolvency Service, Richard Crossland admitted that his father made the executive decisions for both companies, not him.

Statements from employees and financial records uncovered by investigators supported the claims that Leslie Crossland was responsible for the management of both companies despite his disqualification.

R&L entered liquidation in May 2019. Richard Crossland failed to provide accounting records to the liquidator on request, committing an offence under the Companies Act in the process.

Liquidators were appointed for BMS in August 2022.

Leslie Crossland was declared bankrupt in January 2020. Both him and his son had outstanding debts to a fellow electrical company of more than £40,000.

Two months after his bankruptcy, Leslie Crossland failed to inform the Official Receiver that he had drawn down on four of his pensions just months before his bankruptcy, with money transferred to his own account and £9,000 paid to his wife to buy a car.

He signed documents stating he had not transferred, sold or given away any of his personal possessions or business assets in the previous five years.

Similarly, he also declared that he did not have any personal pension arrangements.

These inaccurate declarations, referred to in this case as failing to inform the Official Receiver of the disposal of property, were found to be offences under the Insolvency Act 1986.

Leslie and Richard Crossland were each disqualified as company directors again in 2020, this time for the maximum 15 years and 11 years respectively.

Ashley Crossland, the wife of Richard Crossland, was handed a two-year conditional discharge for also assisting Leslie Crossland in breaching his director ban. The 35-year-old, of Marsala Walk, Darfield, Barnsley, was the director of R&L between September 2016 and January 2018.

Further information

Leslie Crossland is of Netherfield Croft, Shafton, Barnsley. His date of birth is 12 October 1949

Sentenced for: Acting as a director or in the management of a company whilst disqualified contrary to section 13 of the Company Directors Disqualification Act 1986; and failing to disclose to the Official Receiver disposal of property contrary to section 353(1)(b) of the Insolvency Act 1986

Richard Crossland is of Netherfield Croft, Shafton, Barnsley. His date of birth is 28 December 1979

Sentenced for: Aiding and abetting Leslie Crossland to commit the offence of acting as a director or in the management of a company, whilst he was disqualified from doing so contrary to section 8 of the Accessories and Abettors Act 1861; and failing to keep adequate accounting records contrary to section 387 of the Companies Act 2006

Ashley Crossland is of Marsala Walk, Darfield, Barnsley. Her date of birth is 6 May 1989

Sentenced for: Aiding and abetting Leslie Crossland to commit the offence of acting as a director or in the management of a company, whilst he was disqualified from doing so contrary to section 8 of the Accessories and Abettors Act 1861

R&L Electrical Engineers Ltd (company number 10363568)

R&L (BMS) Installations Ltd (company number 11700997)

Individuals subject to a disqualification order or undertaking are bound by a range of restrictions

Further information about the work of the Insolvency Service, and how to complain about financial misconduct.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 25 February 2025
MIL OSI United Kingdom –
February 25, 2025
MIL-OSI Africa: One Month to Go Until the Congo Energy & Investment (CEIF) 2025

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

BRAZZAVILLE, Republic of Congo, February 25, 2025/APO Group/ —

With just one month remaining until the inaugural Congo Energy & Investment (CEIF) 2025, set to take place from March 24-26 in Brazzaville, the Republic of Congo will host a dynamic program of discussions, keynote speeches, technical presentations and industry updates. Under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société nationales des pétroles du Congo (SNPC), CEIF 2025 highlights Congo’s expanding influence in Africa’s energy landscape.

The forum will bring together a diverse range of participants, including SNPC subsidiaries, International Oil Companies, Congolese and foreign banks, energy organizations and technology providers. CEIF 2025 reaffirms the country’s commitment to maximizing its energy potential and streamlining licensing and regulatory processes. As sub-Saharan Africa’s fourth-largest oil producer – with a daily output of 250,000 barrels per day (bpd) – Congo has recently attracted a new wave of independent explorers and investments, positioning itself as a competitive player alongside oil giants like Angola and Nigeria.

The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société nationales des pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

The three-day conference kicks off with a series of high-level technical sessions, focusing on the latest investment opportunities, regulatory reforms and key developments in oil, gas and power generation. These sessions will explore opportunities for monetizing stranded gas resources and developing infrastructure to meet growing demand, positioning Congo as a potential regional hub for gas production with lucrative opportunities for both local and international stakeholders.

In addition to oil, Congo has made significant strides in the floating LNG (FLNG) sector, delivering its first LNG exports in February 2024 through the Tango FLNG facility, operated by Eni. The forum will feature a “Hallmark Celebration of FLNG” session, showcasing its transformative impact on Congo’s energy landscape by supporting energy security and contributing to industrial development. By enabling offshore gas liquefaction, FLNG units provide a flexible and efficient way to monetize natural gas resources, facilitate exports and generate revenues.

Congo is also taking proactive steps to enhance the appeal of its energy sector to investors. Notably, the government plans to launch a 2025 licensing round at CEIF, targeting accelerated oil and gas exploration and production. Key gas monetization initiatives, such as the Congo LNG and Banga Kayo initiatives, will be highlighted during the “Energy & Investment Outlook” session, showcasing the country’s efforts to diversify its revenue streams and advance energy infrastructure.

A “Gas as Fuel for Progress” session will focus on Congo’s plans to monetize associated gas, with significant progress made in the natural gas sector through collaborations with international companies like Eni and Wing Wah. Eni’s Congo LNG project marks the country’s first liquefaction initiative, paving the way for natural gas exports. Meanwhile, Wing Wah is leading the Banga Kayo project, which focuses on monetizing flared gas by converting it into LNG, butane and propane, contributing to both energy security and economic diversification. A new Gas Code will be unveiled at CEIF 2025 to establish a supportive legal and regulatory framework for gas exploration and production investments.

As part of its strategy to boost energy investments and socioeconomic development, Congo aims to double its oil production to 500,000 bpd by 2027. At CEIF 2025, the government will also unveil its new Gas Master Plan, designed to consolidate the position of existing companies and attract new investments to the sector. CEIF 2025 is poised to play a crucial role in advancing Congo’s energy success and strategic investment opportunities.

MIL OSI Africa –

February 25, 2025
MIL-OSI United Kingdom: Budget: Greens secured vital action for people and planet

Source: Scottish Greens

25 Feb 2025 Finance

The Scottish Greens have secured investment in our climate and communities.

More in Finance

The Scottish Greens have secured cheaper bus travel, expanded free school meals and increased funding for schools, says the party’s finance spokesperson Ross Greer ahead of the final budget vote taking place today.

Through budget negotiations the Scottish Greens secured record investment in climate action, more money for local services including schools, social care and bin collections, free ferry travel for young islanders and free bus travel for people seeking asylum.

The party also secured the expansion of free school meals for thousands more S1-S3 pupils, more funding for nature restoration and a year-long trial where bus fares in one region of the country will be capped at £2. They also increased the tax paid when buying a second or holiday home, giving a boost to first-time home buyers and raising more money for public services.

Mr Greer said:

“More children will be fed and lifted out of poverty, buses will be cheaper and nature will be protected because of Scottish Green MSPs.

“We want to build a fairer and greener Scotland where no child is hungry at school and where public transport is always affordable and accessible. This budget is an important step in that journey.

“Scotland’s Green MSPs worked to deliver record funding for nature restoration, building on the huge progress we delivered when we were in government. That money will create more well-paid jobs across the country, especially in rural communities.”

Mr Greer added:

“There is a stark contrast between what Green MSPs have achieved and the antics of Scottish Labour, who asked for nothing and got nothing.

“Other parties may have been happy to play silly games, but the Scottish Greens worked to support families in poverty, create jobs and protect the world around us.”

MIL OSI United Kingdom –

February 25, 2025
MIL-OSI Russia: Trends of Literate People: State University of Management Conducts Financial Security Lessons

Translartion. Region: Russians Fedetion –

Source: State University of Management – Official website of the State –

Recently, financial fraudsters have become more active, actively using not only artificial intelligence, but also modern achievements of social engineering to involve young people in their criminal schemes. The onslaught of fraudsters can only be effectively countered by raising public awareness in the field of financial security, legal, economic and financial literacy.

The traditional lesson on financial security, which has been the first stage of the International Financial Security Olympiad for several years, is aimed at developing critical thinking skills and raising awareness among young people about threats to financial security. This year, the lesson is called “Not Child’s Play: 2.0. Drop Against Your Will” and is dedicated to issues of involving young people in schemes for cashing out funds obtained through criminal means.

The State University of Management, as an active participant of the International Network Institute in the field of AML/CFT, did not remain aloof from conducting the lesson. On February 18, Deputy Head of the Department of Finance and Credit of the Institute of Economics and Finance of the State University of Management, PhD in Economics, Associate Professor Valentina Polyakova conducted a lesson with 10th-grade students of School No. 1935 of the socio-economic and technological profile.

On February 20 and 21, Galina Sorokina, Director of the Institute of Economics and Finance, together with specialists from the Center for Inter-Olympiad Training of Schoolchildren and Students of the P.N. Lebedev Physical Institute of the Russian Academy of Sciences, organized a training seminar on conducting a thematic lesson on financial security and preparing schoolchildren for the V International Olympiad on Financial Security for teachers of the DPR, LPR, Kherson and Zaporizhia regions.

And this Wednesday, February 26, at 11:30, you will be able to join the lesson conducted by the Director of the Institute of Economics and Finance Galina Sorokina for students of the Pre-University of the State University of Management, using the link to the broadcast on the official channel of the State University of Management on Rutube.

We remind you that from February 1 to 28, the invitational stage of the V International Financial Security Olympiad is taking place on the Sodruzhestvo platform. First of all, students in grades 8-11 and undergraduates are invited to participate. Upon completion of the stage, participants who have completed the tasks will receive a certificate. To participate, you must register on the Sodruzhestvo platform.

Subscribe to the tg channel “Our State University” Announcement date: 02/25/2025

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

MIL OSI Russia News –

February 25, 2025
MIL-OSI Economics: Development Asia: Expanding Access to Housing in Uzbekistan through Market Reforms

Source: Asia Development Bank

Through the Mortgage Market Sector Development Program, ADB is providing a $50-million policy-based loan to support mortgage market reforms that will economize the government’s housing subsidy and policy framework and create a conducive environment and infrastructure for market-based mortgage lending. It is also providing a $300-million financial intermediation loan to finance the country’s new mortgage refinancing company that enables domestic commercial banks to provide residential mortgage and housing improvement loans. A technical assistance grant of $800,000 supports the implementation of the program.

Strengthening the policy, regulatory, and legal framework. Findings from a review of the policy, regulatory, and legal framework for the mortgage finance sector and housing market assessment formed the basis for the design of the program. The study recommended that subsidy arrangements be revised to ensure that higher subsidies are provided to lower income households and regressive subsidies are changed.

Improving the housing strategy and subsidy framework. ADB provided the Ministry of Economy and Finance recommendations on revising the housing finance and subsidy approach as a result of which the government adopted series of changes to enable gradual transformation of state housing programs toward a market-based principles and improving the subsidy targeting.

Establishing and operationalizing a wholesale mortgage refinance company. The government established the Uzbekistan Mortgage Refinancing Company with ADB support and equity investment from government and commercial banks. It provides banks with access to local currency long-term funding. The company prefinances and refinances eligible mortgage loans and housing improvement loans issued by participating banks at an interest rate close to market rates.

To support operationalization of the company, the project tapped the Frankfurt School of Finance & Management and its consulting team of experts, most of them active and retired CEOs and board chairpersons of international and national mortgage refinance corporations including from Armenia, France, Malaysia, and Pakistan. The team prepared the company’s business plan, human resources plan, legal framework, institutional arrangement, internal policies and procedures, list of products and services, and risk management plan. The government believed that the first CEO of the mortgage refinancing company was of utmost importance to building everyone’s confidence in this new institution and was directly involved in vetting and hiring the CEO.

Expanding and improving data collection. The project supported work on improving housing statistics, introducing a housing price index in Uzbekistan, and developing a mortgage market database and website. International experts provided in-person and on-line training to ministries, banks, and other stakeholders. A new system was introduced to collect housing sector data (i.e., mortgage loans by type, terms, program and other categories) through updates to the annual statistical reporting forms for commercial banks. The collected data is also shared with the Ministry of Finance.

MIL OSI Economics –

February 25, 2025
MIL-OSI: Municipality Finance issues EUR 15 million notes under its MTN programme

Source: GlobeNewswire (MIL-OSI)

Municipality Finance Plc
Stock exchange release
25 February 2025 at 10:00 am (EET)

Municipality Finance issues EUR 15 million notes under its MTN programme

Municipality Finance Plc issues EUR 15 million notes on 26 February 2025. The maturity date of the notes is 26 February 2036. MuniFin has a right, but no obligation, to redeem the notes early on 26 February 2026. The notes bear interest at a fixed rate of 3.51% per annum until 26 February 2026, after which the interest is paid at 3.25% per annum, unless MuniFin redeems the notes early.

The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 26 February 2025.

Barclays Bank Ireland PLC acts as the dealer for the issue of the notes.

MUNICIPALITY FINANCE PLC

Further information:

Joakim Holmström
Executive Vice President, Capital Markets and Sustainability
tel. +358 50 444 3638

MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the State of Finland.
The Group’s balance sheet totals over EUR 53 billion.
MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.
MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.
Read more: https://www.kuntarahoitus.fi/en/

Important Information

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

The MIL Network –

February 25, 2025
MIL-OSI: Futu to Report Fourth Quarter and Full Year 2024 Financial Results on March 13, 2025

Source: GlobeNewswire (MIL-OSI)

HONG KONG, Feb. 25, 2025 (GLOBE NEWSWIRE) — Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced that it will report its financial results for the fourth quarter and full year ended December 31, 2024, before U.S. markets open on March 13, 2025.

Futu’s management will hold an earnings conference call on Thursday, March 13, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time).

Please note that all participants will need to pre-register for the conference call, using the link
https://register.vevent.com/register/BIb8967ae69ba64a7eab0c02d765ce1339.

It will automatically lead to the registration page of “Futu Holdings Ltd Fourth Quarter and Full Year 2024 Earnings Conference Call”, where details for RSVP are needed.

Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

Additionally, a live and archived webcast of this conference call will be available at https://ir.futuholdings.com/.

About Futu Holdings Limited

Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.

Investor Contact

Investor Relations
Futu Holdings Limited
ir@futuholdings.com

The MIL Network –

February 25, 2025
MIL-OSI Security: Citizen from the People’s Republic of China Sentenced for Conspiracy to Transport Illegal Aliens

Source: Office of United States Attorneys

Saipan – SHAWN N. ANDERSON, United States Attorney for the Districts of Guam and the Northern Mariana Islands, announced that Kangle Jiang, age 22, citizen of the People’s Republic of China, was sentenced to 30 days imprisonment by the District Court for the Northern Mariana Islands for Conspiracy to Transport Illegal Aliens, in violation of 18 U.S.C. § 1324(a)(1)(A)(ii) and (v)(I) and Conspiracy to Defraud the United States, in violation of 18 § U.S.C. 37. The court also ordered one year of supervised release, 50 hours of community service, and a $100 special assessment fee.

On December 9, 2024, Kangle Jiang conspired with a man in Saipan to transport himself and seven other Chinese nationals to the Territory of Guam by boat. They intended to avoid detection by law enforcement to further their unlawful presence in the United States. Jiang, who had only been in the CNMI since October 31, 2024, paid $6,000 for the illegal trip to Guam. As the boat approached the shore, the boat’s operators pushed and threatened the passengers to jump into the water, even though some of them could not swim. Most of the passengers were later encountered in or near sensitive military installations.

“Combatting unlawful immigration is the top priority of the Department of Justice,” stated United States Attorney Anderson. “The defendant took advantage of unique federal immigration regulations that permit certain foreign nationals to visit the CNMI as tourists. Any local economic benefits from these provisions are lost when those persons later attempt to unlawfully enter another part of the United States. The defendant and his co-conspirators also placed themselves and others at great risk of personal harm due to the nature of their travel at sea. Our enforcement efforts will continue to focus on safety, deterrence, and maintaining the integrity of our immigration system in the Western Pacific.”

“The arrest of Mr. Jiang exemplifies HSI’s commitment to enforcing federal immigration laws in an effort to prevent human smuggling,” said HSI Special Agent in Charge Lucy Cabral-DeArmas. “By going after violators like Mr. Jiang, we protect our communities by trying to prevent the inherent dangers posed by smuggling.”

This case was investigated by Homeland Security Investigations and prosecuted by Eric S. O’Malley, Assistant United States Attorney in the District of the Northern Mariana Islands.

MIL Security OSI –

February 25, 2025

MIL-OSI: Aktsiaselts Infortar Unaudited Consolidated Interim Report for fourth quarter and 12 months of 2024

Source: GlobeNewswire (MIL-OSI)

Aktsiaselts Infortar (Infortar) will organize a webinar for introducing fourth quarter 2024 results today. Please join the webinar via the following links:

25 February 2025 at 12:00 (EET) Estonian webinar

25 February 2025 at 14:00 (EET) English webinar

Estonia’s largest investment holding company, Infortar assets increased from €1.4 billion to €2.7 billion following the acquisition of a majority shareholding in Tallink Group (Tallink) and the purchase of a gas sale- and distribution company in Poland. Infortar’s stock price raised by 70% in its first year on the Tallinn stock exchange, raising the company’s total valuation from €548 million to €916 million.

“Over the past few years, our investments have amounted to nearly half a billion euros. We have grown into one of Estonia’s largest companies in terms of assets within a year. We will continue seeking growth opportunities across the region,” said Ain Hanschmidt, Chairman of the Management Board of Infortar.

“Today, changes in corporate competitiveness and energy policy across Estonia, Europe, and the United States recognize an increasing role for natural gas as a supporter of renewable energy and a provider of controllable capacity. The outlook for the maritime transport sector is set to improve,” Hanschmidt added.

Major events

Maritime transportation

In the summer, Infortar invested €110 million in acquiring Tallink shares, increasing its shareholding in Tallink to 68.5%.

The total number of passengers in 2024 reached 5.6 million. As of the end of the financial year, Tallink operated 14 vessels. Three vessels were chartered out during the year. The number of transported cargo units exceeded 303,000, and passenger vehicles transported totaled 777,000.

Energy

Infortar’s subsidiary, Elenger Group (Elenger), signed a €120 million agreement with the German energy conglomerate EWE AG to acquire EWE Group’s business operations in Poland. The transaction included natural gas assets, a distribution network in Western Poland, and all energy sales segments.

In 2024, Elenger sold a total of 18.4 TWh of energy (15.9 TWh in 2023). Sales in Estonia accounted for 16% of the total energy sales in 2024. The company’s market share in gas sales across the Finland-Baltic gas market for the year was 24.3%.

Real estate

Infortar’s real estate portfolio has expanded from 100,000 to 141,000 square meters over the past year. At the end of last year, the Rimi logistics center in Saue received its occupancy permit. This summer, a new bridge in Pärnu will be completed, followed by the opening of Lasnamäe’s second DEPO store in Estonia next year. In early 2028, the Kangru-Saku section of the Rail Baltica main route will also be completed.

Key figures of financial year

Key figures	Q4 2024	Q4 2023	12 months 2024	12 months 2023
Sales revenue, m€	446.168	337.734	1 371.775	1 084.626
Gross profit, m€	34.871	42.235	128.629	149.473
EBITDA, m€	27.892	37.418	145.415	143.283
EBITDA margin (%)	6.3%	11.1%	10.6%	13.2%
Net profit, EBIT, m€	-6.792	28.967	77.025	123.628
Total profit(-loss), m€	-11.988	24.206	175.351	293.830
Net profit (-loss) holders of the Parent m€	-11.188	24.232	172.934	293.778
EPS (euros)*	-0.54	1.18	8.46	14.62
Total equity m€	1 166.222	820.210	1 166.222	820.210
Total liabilities m€	1 223.287	441.160	1 223.287	441.160
Net debt m€	1 055.708	354.045	1 055.708	354.045
Investment loans to EBITDA (ratio)	3.0x	1.7x	3.0x	1.7x

Earnings per share (EPS) in euros is calculated using the following formula: the profit attributable to the parent company’s owners is divided by the weighted average number of ordinary shares (20,443,629 as of 31.12.2024 and 20,100,000 as of 31.12.2023). The number of shares, 20,443,629, is determined as follows: Infortar has a total of 21,166,239 issued ordinary shares, from which 722 610 own shares are deducted. These own shares were issued under the employee stock option program and have not been exercised.

Revenue

2024. financial year, the group´s consolidated sales revenue increased by 287.149 million euros reaching 1 371.775 million euros (compared to 1 084.626 million euros in 2023). A significant impact was made by the consolidation of Tallink Grupp’s results into Infortar’s consolidated financial statements starting from August 1, 2024.

EBITDA and Segment Reporting

Maritime transport Segment: The EBITDA for the maritime transport segment in 2024 financial year was 175.181 million euros (compared to 214.528 million euros in the 2023 financial year). In segment reporting 100% Tallink results are presented.

Tallink´s financial results were affected by difficult economic environment across all our home markets, and the lowest consumer confidence levels in a decade.

Energy Segment: The EBITDA for the energy segment of the 2024 financial year was 77.235 million euros (compared to 135.999 million euros in 2023). Warmer winter led to a decrease in sales volumes, which in turn impacted profitability in the fourth quarter.

Real Estate Segment: The profitability assessment considers the EBITDA of individual real estate companies. The EBITDA for the real estate segment of the 2024 financial year was 13.567 million euros (compared to 12.39 million euros in 2023). Three new buildings at Liivalaia 9, Tähesaju 9, and Tähesaju 11 were included in the accounting for the 2023 financial year.

Net Profit

The consolidated net profit for the 2024 financial year was 175.351 million euros (compared to 293.83 million euros in 2023 financial year). One-time significant transactions impacting the net profit calculation for the 2023 financial year included the effects related to the acquisition of the Latvian gas distribution network company, Gaso.

The consolidated operating profit for the 2024 financial year was 77.025 million euros (compared to 123.628 million euros in the 2023 financial year).

Investments

Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began constructing a biogas plant next to the farm for local gas production. Infortar invested 110 million euros in purchasing Tallink shares, increasing its shareholding in Tallink to 68,5%.

Infortar subsidiary Elenger signed a 120 million euros agreement with the German energy group EWE AG to acquire EWE Group’s entire Polish business. The transaction includes the natural gas distribution network in Western Poland as well as all energy sales operations.

In the fourth quarter Infortar Group’s total investments amounted to approximately 140 million euros, reaching 279 million euros over twelve months.

Financing

Loan and lease liabilities amounted to 1 223.287 million euros in 2024 financial year (compared to 441.16 million euros in 2023 financial year). Significant increase in the 2024 financial year is primarily due to the line-by-line consolidation of Tallink Grupp, which resulted in the full inclusion of Tallink’s liabilities among the group’s obligations. Proportionally to the growth in assets, Infortar’s net debt increased by 701.663 million euros, reaching 1 055.708 million euros (compared to 354,045 million euros in 2023 financial year). The net debt to EBITDA ratio was 3.4.

Dividends

According to the dividend policy, the objective is to pay dividends of at least 1 euro per share per finiancial year. Dividend payments are made semi-annually. Infortar Group’s management proposes to pay a dividend of 3 euros per share for the 2024 financial year results. According to the proposal, the first payout is planned to be made no later than July, and the second payout in December 2025. The dividend consists of three parts:

1 euro per share, as per the dividend policy.

Carried-over dividend from AS Tallink Grupp, which is rounded upwards.

Additional dividend based on the high deliveries of the financial results in 2024.

AS Infortar has a total of 21,166,239 shares, of which 722 610 are company´s own shares. Dividends are therefore paid for 20,443,629 shares, which amounts to approximately 61 million euros.

Consolidated statement of profit or loss and other comprehensive income

(in thousands of EUR)	Q4 2024	Q4 2023	12 months 2024	12 months 2023
Revenue	446 168	337 734	1 371 775	1 084 626
Cost of goods (goods and services) sold	-411 237	-295 439	-1 243 033	-934 811
Write-down of receivables	-60	-60	-113	-342
Gross profit	34 871	42 235	128 629	149 473
Marketing expenses	-12 459	-511	-21 086	-1 620
General administrative expenses	-22 759	-9 522	-50 438	-22 085
Profit (loss) from biological assets	-156	0	-139	0
Profit (loss) from the change in the fair value of the investment property	-6 749	-4 074	-9 640	-4 074
Unsettled gain/loss on derivative financial instruments	2 098	902	26 672	1 969
Other operating revenue	-767	1 458	4 682	2 523
Other operating expenses	-871	-1 521	-1 655	-2 558
Operating profit	-6 792	28 967	77 025	123 628

(in thousands of EUR)	Q4 2024	Q4 2023	12 months 2024	12 months 2023
Profit (loss) from investments accounted for by equity method	846	1 938	22 974	39 639
Financial income and expenses
Other financial investments	269	54	72 789	-4
Interest expense	-13 808	-8 569	-38 274	-22 573
Interest income	760	465	4 979	2 765
Profit (loss) from changes in exchange rates	-56	-13	100	-173
Other financial income and expenses	16 287	-58	15 892	159 158
Total financial income and expenses	3 452	-8 121	55 486	139 173
Profit before tax	-2 494	22 784	155 485	302 440
Corporate income tax	-9 494	1 422	19 866	-8 610
Profit for the financial year	-11 988	24 206	175 351	293 830
including:
Profit attributable to the owners of the parent company	-11 188	24 232	172 934	293 778
Profit attributable to non-controlling interest	-800	-26	2 417	52

Other comprehensive income			12 months 2024	12 months 2023
Revaluation of risk hedging instruments			-46 786	-58 233
Exchange rate differences attributable to foreign subsidiaries			53	-42
Total of other comprehensive income			-46 733	-58 275
Total income, including:			128 618	235 555
including:
Comprehensive profit attributable to the owners of the parent company			126 201	235 503
Comprehensive profit attributable to non-controlling interest			2 417	52
Ordinary earnings per share (in euros per share)			8,46	14,26
Diluted earnings per share (in euros per share)			8,16	14,10

Consolidated statement of financial position

(in thousands of EUR)	31.12.24	31.12.23
Current assets
Cash and cash equivalents	167 579	87 115
Short term financial investments	1	0
Derivative financial assets	8 333	28 728
Settled derivative receivables	676	5 958
Other prepayments and receivables	155 351	162 575
Prepayments for taxes	3 831	925
Trade and other receivables	38 517	20 185
Prepayments for inventories	2 498	3 493
Inventories	215 914	146 884
Biological assets	941	0
Total current assets	593 641	455 863

Non-current assets	31.12.24	31.12.23
Investments to associates	16 603	346 014
Long-term derivative instruments	3 214	1 125
Long-term loans and other receivables	35 163	9 072
Investment property	67 931	176 024
Property, plant and equipment	1 909 458	446 748
Intangible assets	38 874	14 366
Right-of-use assets	47 598	11 300
Biological assets	2 753	0
Total non-current assets	2 121 594	1 004 649
TOTAL ASSETS	2 715 235	1 460 512

(in thousands of EUR)	31.12.24	31.12.23
Current liabilities
Loan liabilities	477 162	184 259
Rental liabilities	9 020	1 766
Payables to suppliers	87 941	74 751
Tax obligations	49 354	32 822
Buyers’ advances	31 126	3 099
Settled derivatives	8 728	1 463
Other current liabilities	63 431	10 851
Short term derivatives	27 704	3 659
Total current liabilities	754 446	312 670

Non-current liabilities	31.12.24	31.12.23
Long-term provisions	9 946	8 399
Deferred taxes	2 816	33 233
Other long-term liabilities	43 209	30 679
Long-term derivatives	1 471	186
Loan-liabilities	696 670	246 410
Rental liabilities	40 435	8 725
Total non-current liabilities	794 547	327 632
TOTAL LIABILITIES	1 549 013	640 302

(in thousands of EUR)	31.12.24	31.12.23
Equity
Share capital	2 117	2 105
Own shares	-72	-95
Share premium	32 484	29 344
Reserve capital	212	205
Option reserve	6 223	3 864
Hedging reserve*	7 455	24 118
Unrealised currency translation differences	1 113	-39
Employment benefit reserve	-44	-44
Retained earnings	698 914	466 140
Net profit of the financial year	172 934	293 778
Total equity attributable to equity holders of the Parent	921 336	819 376
Minority interests	244 886	834
Total equity	1 166 222	820 210

TOTAL LIABILITIES AND EQUITY	2 715 235	1 460 512

Consolidated statement of cash flows

Cash flows from operating activities
(in thousands of EUR)	12 months 2024	12 months 2023
Profit for the financial year	175 351	293 830
Adjustments:
Depreciation, amortization, and impairment of non-current assets	58 611	15 581
Change in the fair value of the investment property	9 640	4 074
Equity profits/losses	-156 863	-39 639
Change in the value of derivatives	20 888	54 309
Other financial income/expenses	-827	-161 965
Calculated interest expenses	38 274	22 573
Profit/loss from non-current assets sold	-953	-91
Income from grants recognized as revenue	2 984	784
Corporate income tax expense	-19 866	8 610
Income tax paid	-10 551	-267
Change in receivables and prepayments related to operating activities	52 022	54 539
Change in inventories	-12 830	-61 915
Change in payables and prepayments relating to operating activities	-22 278	-591
Change in biological assets	-322	0
Total cash flows from operating activities	133 280	189 832

Cash flows from investing activities	12 months 2024	12 months 2023
Purchases of associates	0	-10 314
Purchases of subsidiaries	-155 313	-103 414
Received dividends	20 862	0
Given loans	1 918	6 652
Interest gain	4 953	2 691
Purchases Investment property	-5 071	-18 304
Purchases of property, plant and equipment	-38 332	-18 143
Proceeds from sale of property	1 559	-252
Total cash flows used in investing activities	-169 424	-141 084

Cash flows used in financing activities	12 months 2024	12 months 2023
Changes in overdraft	12 863	14 349
Proceeds from borrowings	358 733	130 567
Repayments of borrowings	-151 790	-155 808
Repayment of finance lease liabilities	-6 222	-2 233
Interest paid	-39 153	-22 224
Dividends paid	-60 997	-15 750
Gain from share emission	3 174	29 464
Total cash flows used in financing activities	116 608	-21 635
	0	0
TOTAL NET CASH FLOW	80 464	27 113
Cash at the beginning of the year	87 115	60 002
Cash at the end of the period	167 579	87 115
Net (decrease)/increase in cash	80 464	27 113

Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,228 people.

Additional information:

Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: kadri.laanvee@infortar.ee
www.infortar.ee/en/investor

Attachments

The MIL Network –

February 25, 2025

MIL-OSI Economics: Secretary-General of ASEAN to participate in the 31st AEM Retreat

Source: ASEAN

At the invitation of H.E. Tengku Zafrul Tengku Abdul Aziz, Chair of the ASEAN Economic Ministers’ (AEM) Meeting for 2025, and Minister of Investment, Trade and Industry of Malaysia, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the delegation of the ASEAN Secretariat to participate in the 31st AEM Retreat, scheduled to be held in Johor, Malaysia, on 28 February 2025. This year’s Retreat will consider and discuss Malaysia’s Priority Economic Deliverables (PEDs) for its Chairmanship in 2025 under the theme “Inclusivity and Sustainability,” as well as a number of key initiatives to further integrate ASEAN’s economy, including the ongoing negotiations for the ASEAN Trade in Goods Agreement (ATIGA) upgrade and ASEAN Digital Economy Framework Agreement (DEFA), as well as Timor-Leste’s accession to ASEAN economic agreements, among others. The Retreat will also include an open session with the ASEAN Business Advisory Council (ASEAN-BAC), the Economic Research Institute for ASEAN and East Asia (ERIA), and McKinsey.
The post Secretary-General of ASEAN to participate in the 31st AEM Retreat appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 25, 2025
MIL-OSI USA: Grassley, Johnson Demand National Archives Fulfill Request for Biden Records
US Senate News:
Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Permanent Subcommittee on Investigations Chairman Ron Johnson (R-Wis.) are renewing their request for the National Archives and Records Administration (NARA) to provide records related to former-President Joe Biden’s mishandling of classified documents and use of pseudonyms and personal email addresses for official business during his time as Vice President.

“Since 2021, we have conducted oversight of Joe Biden’s use of multiple pseudonyms and personal email addresses for official government business when he served as Vice President. Despite our multiple requests for information, the Biden White House failed to respond,” the senators wrote.

“Although former President Biden is no longer in office, and he pardoned his son Hunter and other family members, we believe it is of importance to review these records so the American people have a full accounting of Joe Biden and his family’s activities while Joe Biden was in government,” they concluded.

Read the full letter HERE.

A timeline of Grassley and Johnson’s prior requests to NARA follows:
- August 2023: Letter to then-NARA Archivist Colleen Shogan regarding Biden’s use of pseudonyms and personal email addresses
- March 2023: Letter to then-NARA Acting Archivist Debra Steidel Wall regarding Biden’s mishandling of classified documents
- February 2023: Letter to then-NARA Acting Archivist Debra Steidel Wall regarding Biden’s mishandling of classified documents
- January 2023: Letter to then-Secret Service Director Kimberly Cheatle regarding Biden’s mishandling of classified documents
- January 2023: Letter to then-NARA Acting Archivist Debra Steidel Wall regarding Biden’s mishandling of classified documents
- January 2023: Letter to then-White House Counsel Richard Sauber regarding Biden’s mishandling of classified documents
- June 2022: Letter to then-White House Counsel Richard Sauber regarding Biden’s use of pseudonyms and personal email addresses
- July 2021: Letter to then-White House Counsel Dana Remus regarding Biden’s use of pseudonyms and personal email addresses
- June 2021: Letter to then-NARA Archivist David Ferriero regarding Biden’s foreign financial dealings
-30-
MIL OSI USA News –
February 25, 2025

MIL-OSI: Inbank unaudited financial results for Q4 and 12 months of 2024

Source: GlobeNewswire (MIL-OSI)

In 2024, Inbank exhibited strong growth in total net income and net profit, and completed a landmark significant risk transaction (SRT) with the European Investment Bank Group (EIB).

In 2024, total net income reached 75.5 million euros, increasing by 26% year-on-year, driven by expanding margins and growing portfolio volumes across both the Baltics and CEE regions.
The consolidated net profit for the year amounted to 12.2 million euros, growing 20% year-on-year and return on equity (ROE) was 9%. These results were impacted by one-off items, including a 2.46 million euro cost from closing Inbank’s credit card business, 1.34 million euros in capitalised growth advisory and capital raising fees, and extraordinary profit of 0.66 million euros from the sale of stake in financial technology start-up Paywerk. Excluding all these one-off items, Inbank’s normalised net profit for the year grew by 51% year-on-year to 15.4 million euros, resulting in a normalised ROE of 11.3%.
The loan and rental portfolio reached 1.15 billion euros increasing 11% year-on-year, while the deposit portfolio grew by 8% to 1.17 billion euros. At the end of 2024, Inbank’s total assets stood at 1.44 billion euros growing 9% year-on-year.
In 2024, Inbank reached a record sales volume of 715 million euros and the company’s Gross Merchandise Value (GMV) grew by 4%.
In 2024, Inbank’s car finance portfolio became the largest product segment growing by 43% to 350 million euros. In terms of GMV the merchant solutions remain Inbank’s largest sales engine, delivering 255 million euros of new volume. Buy-now-pay-later (BNPL) nearly tripled its sales year-on-year to 45 million euros, becoming a mainstream product among Baltic online merchants and PSPs.
In 2024 Inbank increased the Effective Interest Rate (EIR) on the portfolio from 10.80% in 2023 to 11.28% in 2024. During the year, Inbank’s funding cost slightly decreased to 4.40% compared to 4.46% a year earlier. As a result, total income margin reached 5.37%, a 23 basis point improvement from 2023.
Despite high inflation and a higher interest rate burden for customers over the last couple of years, Inbank’s credit quality has remained stable. The impairment losses to the average credit portfolio increased slightly to 1.65%, which is mostly related to changes in the company’s provisioning methodology.
By the end of 2024, Inbank had 872,000 active customer contracts and over 6,000 active retail partners.

Results for Q4 2024

In Q4 2024, total net income reached a record 20.7 million euros increasing by 28% year-on-year.
The net profit for Q4 declined to 1.4 million euros, which is lower 50% year-on-year, impacted by extraordinary expenses due to closure of credit card business and write-off of advisory fees. The quarterly ROE was 3.7%. However, normalized net profit, excluding one-off items, reached 4.4 million euros, demonstrating a 59% year-on-year growth. The quarterly normalized ROE was 11.9%.
The GMV for Q4 reached 191 million euros, marking a 14% increase year-on-year. Quarterly sales growth was primarily driven by the car finance segment, which reached 58.1 million euros, marking a 46% year-on-year increase. Rental services, led by full-service car rentals, also showed strong growth, rising 36% to a quarterly GMV of 21.1 million euros. Merchant solutions remained Inbank’s largest sales segment, with a GMV of 64.2 million euros, although declining 10% year-on-year.
As a result of consistent repricing efforts, Inbank’s loan portfolio EIR reached to 11.63%, compared to 10.83% a year ago. Also, as interest rates declined throughout the year, Inbank’s Q4 funding cost decreased to 4.28% from 4.58% a year ago. Over the year, the company’s margins improved by 70 basis points, with net interest margin rising to 5.77% and the total income margin, which includes rental business, reached 5.63%.
In Q4, Inbank’s impairment losses stood at 2.01%, primarily influenced by slight adjustments in impairment loss modeling methodology during Q3 and Q4. Despite these changes, the underlying portfolio quality remains stable, with no significant changes in the distribution of overdue days compared to previous periods.

Priit Põldoja, Chairman of the Management Board, comments on the results:

“Inbank closed 2024 with a record revenue and sales result. Our GMV for the fourth quarter ended on a strong note, reaching an all-time sales record of 191 million euros, marking a 14% increase year-on-year. We also achieved a record quarterly total income of 20.7 million euros, up 28% from the same period last year.

For the full year Inbank recorded a net profit of 12.2 million euros in 2024, which is 20% higher than a year earlier. These results include several one-off events which impacted our annual profit significantly. During the year we focused on improving margins and streamlined our product portfolio by exiting credit card business. Without one-off events Inbank profit increased by 51% to 15.4 million euros.

In November, Inbank signed a synthetic securitization transaction with the European Investment Bank Group (EIB). The 147 million euro deal was backed by Inbank’s solar panel loans to private individuals in Poland, marking the first transaction of its kind in the Polish market. This initiative provided Inbank with 11 million euros in CET1 capital relief at the time of execution. Combined with the equity rise in August, Inbank has significantly strengthened its capital base to support future growth.

As a result of the work done during 2024, Inbank business is more focused, our organization is better aligned and our capital base is stronger entering 2025. In anticipation of a more favorable interest rate environment, and growing consumer confidence in our key markets, we remain committed to driving growth and improving our financial performance in coming years.”

Key financial indicators as of 31.12.2024 and for Q4

Total assets EUR 1.44 billion
Loan and rental portfolio EUR 1.15 billion
Deposit portfolio EUR 1.17 billion
Total equity EUR 148 million
Net profit EUR 1.4 million
Return on equity 3.7%

Consolidated income statement (in thousands of euros)

	Q4 2024	Q4 2023	12 months 2024	12 months 2023
Interest income calculated using effective interest method	32,495	27,249	121,441	98,723
Interest expense	-13,662	-12,841	-53,949	-45,331
Net interest income	18,833	14,408	67,492	53,392

Fee and commission income	51	114	366	473
Fee and commission expenses	-1,053	-1,137	-4,690	-4,199
Net fee and commission income/expenses	-1,002	-1,023	-4,324	-3,726

Rental income	9,004	6,869	32,435	23,905
Sale of assets previously rented to customers	3,735	3,571	15,849	14,155
Other operating income	-762	220	42	769
Cost of rental services	-5,729	-4,808	-21,107	-15,896
Cost of assets sold previously rented to customers	-3,558	-3,303	-15,243	-12,556
Net rental income/expenses	2,690	2,549	11,976	10,377

Net gains/losses from financial assets measured at fair value	186	-90	9	-14
Foreign exchange rate gain/losses	-17	341	365	128
Net gain/losses from financial items	169	251	374	114

Total net interest, fee and other income and expenses	20,690	16,185	75,518	60,157

Personnel expenses	-5,260	-4,476	-19,986	-16,628
Marketing expenses	-885	-848	-3,071	-3,266
Administrative expenses	-5,263	-2,960	-14,547	-11,033
Depreciations, amortization	-2,807	-1,406	-8,513	-6,007
Total operating expenses	-14,215	-9,690	-46,117	-36,934

Share of profit from associates	0	-72	663	250
Impairment losses on loans and receivables	-5,197	-3,235	-16,355	-13,203
Profit before income tax	1,278	3,188	13,709	10,270

Income tax	100	-412	-1,497	-68
Profit for the period	1,378	2,776	12,212	10,202

Other comprehensive income that may be reclassified subsequently to profit or loss
Currency translation differences	-16	-403	-288	-415
Total comprehensive income for the period	1,362	2,373	11,924	9,787

Consolidated statement of financial position (in thousands of euros)

	12/31/24	12/31/23
Assets
Cash and cash equivalents	153,191	172,921
Mandatory reserves at central banks	25,156	21,020
Investments in debt securities	46,724	33,581
Financial assets measured at fair value through profit or loss	27	79
Loans and receivables	1,041,542	942,056
Investments in associates	0	141
Other financial assets	4,569	5,268
Tangible fixed assets	98,069	75,206
Right of use assets	20,551	26,716
Intangible assets	31,560	30,906
Other assets	9,718	8,185
Deferred tax assets	4,707	4,505
Total assets	1,435,814	1,320,584

Liabilities
Customer deposits	1,171,359	1,081,566
Financial liabilities measured at fair value through profit or loss	503	50
Other financial liabilities	59,135	60,927
Current tax liability	62	311
Deferred tax liability	533	204
Other liabilities	4,620	3,691
Subordinated debt securities	52,046	49,745
Total liabilities	1,288,258	1,196,494

Equity
Share capital	1,152	1,086
Share premium	54,849	43,563
Statutory reserve	109	103
Other reserves	1,329	1,543
Retained earnings	90,117	77,795
Total equity	147,556	124,090

Total liabilities and equity	1,435,814	1,320,584

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

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

Attachment

Inbank_Interim_Report_2024_Q4

The MIL Network –

February 25, 2025

CONTACT:	Kenneth S. Grossman
	Vice Chairman of the Board of Directors
	Email: kensgrossman@gmail.com

Category: Finance

Raksha Mantri confers 32 gallantry, distinguished service & meritorious service medals to ICG personnelICG has grown into a formidable, trustworthy & one of the world’s most efficient marine forces: Shri Rajnath Singh

Prime Minister Shri Narendra Modi inaugurates Advantage Assam 2.0 Investment & Infrastructure Summit 2025Assam’s dynamic workforce and rapid growth are driving its transformation into a leading investment destination: PM

Government to increase Higher Level Stewardship payments and re-open Capital Grants Offer

Share this page

Updates to this page

Yorkshire engineer jailed for breaching director ban and bankruptcy offence

Further information

Share this page

Updates to this page

More in Finance

Raksha Mantri confers 32 gallantry, distinguished service & meritorious service medals to ICG personnel

ICG has grown into a formidable, trustworthy & one of the world’s most efficient marine forces: Shri Rajnath Singh

Prime Minister Shri Narendra Modi inaugurates Advantage Assam 2.0 Investment & Infrastructure Summit 2025

Assam’s dynamic workforce and rapid growth are driving its transformation into a leading investment destination: PM