Category: Finance

MIL-OSI Global: The gold price has surged to record highs. What’s behind the move?

Source: The Conversation – Global Perspectives – By Dirk Baur, Professor of Finance, The University of Western Australia

The gold price has surged to a new all-time high above US$2,900 (A$4,544) an ounce this month.

It has risen by 12% since the start of the year and clearly outperformed US and Australian stock markets. The US stock index S&P500 is up 4% and the ASX 200 has gained just 2% in that time.

That follows an extraordinary run in 2024, when the precious metal surged 27%, the biggest rise in 14 years.

The drivers behind this surge include heightened uncertainty and fear of inflation that has been stoked by US President Donald Trump’s threats of tariffs, together with increased demand from central banks.

What explains gold’s recent rally?

There are many factors at play.

The supply of gold through gold mine production and recycling is relatively constant over time. But the demand is more variable, and consists of four major components: jewellery, technology, investment and central banks.

In 2024, jewellery accounted for about 50% of total demand, technology or industrial demand was 5%, investment demand was 25% and central bank demand was 20%.

Investment demand refers to investors who buy gold as an asset. Central banks generally buy gold to diversify their reserve holdings.

As all four demand components vary over time (some more than others), gold price movements are sometimes driven by jewellery demand, sometimes by investor demand, and sometimes – as has happened recently – by central bank demand.

What adds to the difficulty is that both the gold supply and gold demand are global. The supply comes from gold mines across the globe, from emerging countries in Africa and industrial countries such as Australia and Canada.

The same is true for demand. While China and India dominate jewellery demand, the demand comes from many countries, as does investment demand. Central bank demand stems from large and small central banks around the world.

Why is there demand for gold?

One key reason for the popularity of gold is that it is considered to be a store of value. This means gold rises with inflation and maintains its value in the long run.

In other words, an ounce of gold buys the same basket of goods (or more) today than 20 years ago. This is not the case for money (or fiat currency) such as the US or Australian dollars.

Due to inflation, the value of money is not constant but depreciates over time. Because gold holds its value, it is also called an inflation hedge.

While the store of value property holds in the long run, there is another important property that is more short-lived and particularly relevant during crisis periods.

Gold is seen as a safe haven in troubled times

The safe haven property of gold means gold prices increase when investors seek shelter in response to a shock or crisis. For example, investors bought gold in reaction to the September 11 2001 terrorist attacks, the start of the global financial crisis in 2008, and the outbreak of COVID in 2020.

The safe haven effect of gold is generally short-lived, often resulting in falling gold prices after about 15 days.

Russia’s invasion of Ukraine in February 2022, and the subsequent sanctions on Russia – especially the freeze of Russia’s foreign government bond holdings abroad – has highlighted the risk to governments of losing access to foreign currency holdings.

It appears some governments or central banks reacted to this with increased gold purchases. This led to a record high of 1,082 tonnes of central bank gold purchases in 2022.

2023 saw the second-highest annual purchase in history at 1,051 tonnes, followed by 1,041 tonnes in 2024.

The potential reaction of central banks to the Russian invasion of Ukraine is akin to investors seeking a safe haven, but is a rather new phenomenon for central banks.

There is an additional, secondary, effect of such central bank purchases and rebalancing from US dollars to gold.

Selling US dollars for gold implies a weakening US dollar, which increases the price of gold. (If the US dollar weakens, you need more US dollars to buy gold.) The inverse relationship between gold prices and currencies also makes gold a currency hedge. That means gold can protect investors from potential losses due to fluctuating exchange rates. This effect is particularly strong for rather volatile currencies such as the Australian dollar.

In contrast to the shock caused by the Russian invasion of Ukraine, the more recent increase in gold prices is harder to associate with a single shock.

Broader economic worries

The election of Trump has not only increased the risk of higher inflation due to tariffs and a trade war, it has also increased geopolitical risk as the US government reassesses its alliances with other countries.

The relative unpredictability of Trump compared with his predecessors and with politicians more generally may have increased uncertainty and gold prices.
The recent gold price trend highlights that “gold loves bad news”.

Gold prices may anticipate geopolitical shocks or higher inflation. Gold prices rose well before inflation increased after the pandemic and started to fall when inflation had peaked in 2022.

It is not clear exactly why gold has risen to all-time highs in 2025, but it’s possibly not good news for the world economy.

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

– ref. The gold price has surged to record highs. What’s behind the move? – https://theconversation.com/the-gold-price-has-surged-to-record-highs-whats-behind-the-move-250391

MIL OSI – Global Reports –

February 25, 2025
MIL-Evening Report: The gold price has surged to record highs. What’s behind the move?

Source: The Conversation (Au and NZ) – By Dirk Baur, Professor of Finance, The University of Western Australia

The gold price has surged to a new all-time high above US$2,900 (A$4,544) an ounce this month.

It has risen by 12% since the start of the year and clearly outperformed US and Australian stock markets. The US stock index S&P500 is up 4% and the ASX 200 has gained just 2% in that time.

That follows an extraordinary run in 2024, when the precious metal surged 27%, the biggest rise in 14 years.

The drivers behind this surge include heightened uncertainty and fear of inflation that has been stoked by US President Donald Trump’s threats of tariffs, together with increased demand from central banks.

What explains gold’s recent rally?

There are many factors at play.

The supply of gold through gold mine production and recycling is relatively constant over time. But the demand is more variable, and consists of four major components: jewellery, technology, investment and central banks.

In 2024, jewellery accounted for about 50% of total demand, technology or industrial demand was 5%, investment demand was 25% and central bank demand was 20%.

Investment demand refers to investors who buy gold as an asset. Central banks generally buy gold to diversify their reserve holdings.

As all four demand components vary over time (some more than others), gold price movements are sometimes driven by jewellery demand, sometimes by investor demand, and sometimes – as has happened recently – by central bank demand.

What adds to the difficulty is that both the gold supply and gold demand are global. The supply comes from gold mines across the globe, from emerging countries in Africa and industrial countries such as Australia and Canada.

The same is true for demand. While China and India dominate jewellery demand, the demand comes from many countries, as does investment demand. Central bank demand stems from large and small central banks around the world.

Why is there demand for gold?

One key reason for the popularity of gold is that it is considered to be a store of value. This means gold rises with inflation and maintains its value in the long run.

In other words, an ounce of gold buys the same basket of goods (or more) today than 20 years ago. This is not the case for money (or fiat currency) such as the US or Australian dollars.

Due to inflation, the value of money is not constant but depreciates over time. Because gold holds its value, it is also called an inflation hedge.

While the store of value property holds in the long run, there is another important property that is more short-lived and particularly relevant during crisis periods.

Gold is seen as a safe haven in troubled times

The safe haven property of gold means gold prices increase when investors seek shelter in response to a shock or crisis. For example, investors bought gold in reaction to the September 11 2001 terrorist attacks, the start of the global financial crisis in 2008, and the outbreak of COVID in 2020.

The safe haven effect of gold is generally short-lived, often resulting in falling gold prices after about 15 days.

Russia’s invasion of Ukraine in February 2022, and the subsequent sanctions on Russia – especially the freeze of Russia’s foreign government bond holdings abroad – has highlighted the risk to governments of losing access to foreign currency holdings.

It appears some governments or central banks reacted to this with increased gold purchases. This led to a record high of 1,082 tonnes of central bank gold purchases in 2022.

2023 saw the second-highest annual purchase in history at 1,051 tonnes, followed by 1,041 tonnes in 2024.

The potential reaction of central banks to the Russian invasion of Ukraine is akin to investors seeking a safe haven, but is a rather new phenomenon for central banks.

There is an additional, secondary, effect of such central bank purchases and rebalancing from US dollars to gold.

Selling US dollars for gold implies a weakening US dollar, which increases the price of gold. (If the US dollar weakens, you need more US dollars to buy gold.) The inverse relationship between gold prices and currencies also makes gold a currency hedge. That means gold can protect investors from potential losses due to fluctuating exchange rates. This effect is particularly strong for rather volatile currencies such as the Australian dollar.

In contrast to the shock caused by the Russian invasion of Ukraine, the more recent increase in gold prices is harder to associate with a single shock.

Broader economic worries

The election of Trump has not only increased the risk of higher inflation due to tariffs and a trade war, it has also increased geopolitical risk as the US government reassesses its alliances with other countries.

The relative unpredictability of Trump compared with his predecessors and with politicians more generally may have increased uncertainty and gold prices.
The recent gold price trend highlights that “gold loves bad news”.

Gold prices may anticipate geopolitical shocks or higher inflation. Gold prices rose well before inflation increased after the pandemic and started to fall when inflation had peaked in 2022.

It is not clear exactly why gold has risen to all-time highs in 2025, but it’s possibly not good news for the world economy.

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

– ref. The gold price has surged to record highs. What’s behind the move? – https://theconversation.com/the-gold-price-has-surged-to-record-highs-whats-behind-the-move-250391

MIL OSI Analysis – EveningReport.nz –

February 25, 2025
MIL-OSI Australia: Planning for Wagga Wagga’s bypass

Source: Australian Ministers 1

The Albanese Government is planning for Wagga Wagga’s future, investing $30 million to plan for a potential rail bypass of the city.

The Wagga Wagga Freight Bypass – Planning project will identify opportunities to enhance freight movement, productivity and the resilience of the rail network in the region.

The current Inland Rail route, as designed under the former Coalition Government, will travel through the centre of Wagga.

Consistent with the Independent Review of Inland Rail, Inland Rail Pty Ltd is ensuring appropriate modifications to limit noise and enable adequate cross-town access. The independent review also recommended planning for an alternative route once Inland Rail has been operational for some years.

We have heard the community feedback about potential disruptions Inland Rail could cause for Wagga, and we understand the importance of starting this work now. This will ensure that if those concerns are realised once Inland Rail is operational, a bypass could be delivered sooner.

The planning works are expected to begin in 2025 and be completed by mid-2030.

As at the 2024–25 MYEFO, the Government’s total commitment to NSW under the Infrastructure Investment Program over the next 10 years is $21 billion.

Quotes attributable to Federal Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

“We’re investing in this critical first step towards a freight rail bypass that will build Wagga Wagga’s future.

“We’ve listened to the concerns of the local community here in Wagga Wagga, which is more than I can say for the Coalition Government who signed off on these designs in the first place.”

Quotes attributable to Senator for NSW Deborah O’Neill:

“Wagga Wagga is a powerhouse of agriculture and innovation, and a freight bypass could capitalise on its location and connection to national and interstate transport links.

“This project will look at how we can make Wagga safer, and provide it with a better, more efficient freight route – supporting freight operators and businesses in the region.”

MIL OSI News –

February 25, 2025
MIL-OSI: Intchains Group Limited to Present at the 37th Annual ROTH Conference

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Feb. 24, 2025 (GLOBE NEWSWIRE) — Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a provider of integrated solutions, including altcoin mining products, strategic acquisition and holding of ETH-based cryptocurrencies, and the active development on innovative Web3 applications, today announces that Company CFO Charles Yan, will be presenting at the 37th Annual ROTH Conference.

Event 37^th Annual ROTH Conference

Date March 16~18, 2025

Location Dana Point, CA, United States

This year’s event will consist of 1-on-1 / small group meetings, analyst-selected fireside chats, industry keynotes and panels with executive management attending from approximately 450 private and public companies in a variety of growth sectors including: Business Services, Consumer, Healthcare, Industrial Growth, Insurance, Resources, Sustainability and Technology, Media & Entertainment.

To learn more and submit a registration request, visit https://ibn.fm/Roth2025Registration

About Intchains Group Limited

Intchains Group Limited is a provider of integrated solutions, including altcoin mining products, strategic acquisition and holding of ETH-based cryptocurrencies, and the active development on innovative Web3 applications. For more information, please visit the Company’s website at: https://intchains.com/.

About ROTH

ROTH is a relationship-driven investment bank focused on serving growth companies and their investors. Their full service platform provides capital raising, high impact equity research, macroeconomics, sales and trading, technical insights, derivatives strategies, M&A advisory, and corporate access. Headquartered in Newport Beach, California, ROTH is a privately-held, employee owned organization and maintains offices throughout the U.S. For more information, please visit www.roth.com.

Contacts:

Intchains Group Limited

Investor relations
Email: ir@intchains.com

Redhill

Belinda Chan
Tel: +852-9379-3045
Email: belinda.chan@creativegp.com

The MIL Network –

February 25, 2025
MIL-OSI: DMG Blockchain Solutions Inc. Announces MOU to Purchase 10-Megawatt Data Center Infrastructure

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Feb. 24, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, announces it has signed a memorandum of understanding (MOU) with an undisclosed counterparty (“Counterparty”) to purchase the infrastructure for a prefabricated 10-megawatt air-cooled data center (“PDC”) that meets Sensitive Compartmented Information Facility (SCIF) specifications (which is generally a military requirement) for its deployment of Generative Artificial Intelligence (Gen AI) computation facilities. DMG and Counterparty have agreed to work towards a definitive agreement within the next 90 days, during which time DMG will perform its due diligence as a follow-up to its already performed initial inspection of the PDC at Counterparty’s site. DMG will issue an additional news release related to the final structure and terms of the potential transaction, and other material information if and when it becomes available.

Upon execution of the definitive agreement, DMG would pay Counterparty for the PDC US$5 million as an upfront payment and the balance of the to-be-agreed-upon price based on future DMG revenue resulting from Gen AI computing off-take agreements as part of vendor financing being offered to DMG. Revenue from off-take agreements may be derived from either GPUs that DMG purchases or the colocation of customer-purchased GPUs. DMG is currently focused on securing off-take agreements, which may be sourced from entities that require SCIF requirements, such as federal government agencies/departments, non-governmental entities (potentially with enterprise SCIF requirements), Counterparty and/or with other parties with whom the Company has a relationship to develop Gen AI business opportunities, which may be outside of Canada.

DMG intends to deploy the PDC at one or more locations, as the PDC can be partitioned into smaller units due to its modular nature. While the infrastructure forms the basis for a Gen AI data center, it does not include medium-voltage power distribution, battery storage or backup power generation, the configuration and amount of which have yet to be determined. Additionally, the PDC is not facilitated with computing, networking nor storage systems, all of which will need to be installed to realize revenue from off-take agreements.

DMG’s CEO Sheldon Bennett stated, “This MOU catalyzes our entry into Generative AI in a very meaningful way. Not only does the PDC shorten our time to deployment by at least a year, but it also gives us the needed credibility as a new AI entrant to secure off-take agreements in a timely manner. Given the SCIF (military-grade) nature of the infrastructure, we will be focused on off-take opportunities that prioritize this need, as we believe we can garner a revenue premium for offering this capability. This MOU also enables us to proceed with our Gen AI strategy in a most-capital efficient manner, helping us to maximize our return to shareholders.”

About DMG Blockchain Solutions Inc.

DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon-neutral Bitcoin ecosystem, which enables financial institutions to move bitcoin in a sustainable and regulatory-compliant manner.

For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
Follow @dmgblockchain on X and subscribe to DMG’s YouTube channel.

For further information, please contact:

On behalf of the Board of Directors,

Sheldon Bennett, CEO & Director
Tel: +1 (778) 300-5406
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com

For Investor Relations:
investors@dmgblockchain.com

For Media Inquiries:
Chantelle Borrelli
Head of Communications
chantelle@dmgblockchain.com

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

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include the execution of a definitive agreement for the MDC and the timing thereof, the expected benefits and outcomes of the MDC including the potential Gen AI computing off-take agreements, the Company’s strategy for growth, the planned monetization of certain product and service offerings, developing and executing on the Company’s products, services and business plans, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate and mining difficulty.

Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

The MIL Network –

February 25, 2025
MIL-OSI Security: Jury Convicts St. Louis Man of Drug Trafficking and Charges Connected to Nine Murders

Source: Office of United States Attorneys

ST. LOUIS – A jury in U.S. District Court in St. Louis on Monday found a St. Louis man guilty of a cocaine trafficking charge and charges related to the death of nine people during a nearly six-year period.

Evidence and testimony presented at trial showed that Anthony “TT” Jordan, 38, was the leader of a cocaine trafficking ring. Jordan committed murders to protect that organization and hinder any investigation by law enforcement. He later committed additional murders to retaliate against a St. Louis gang he held responsible for the murder of a friend, gathering information and targeting gang members with the help of associates. Jordan and his co-conspirators also killed several bystanders, to include Clara Walker, a 51-year-old mother of nine, and Keairrah Johnson. Among those who testified were direct witnesses to the murders.

Jordan was convicted of one count of conspiracy to distribute cocaine, one count of possession of firearms in furtherance of a drug trafficking crime and nine counts of use of a firearm in furtherance of a drug-trafficking crime resulting in death. Those counts relate to the following fatal shootings, with details according to trial testimony:

•    The April 19, 2008, deaths of Al Walters, Linnie Jackson, and Keith Burks. Walters was Jordan’s target.
•    The Feb. 3, 2010, deaths of Marquis Jones and Keairrah Johnson. Jones was the target.
•    The June 25, 2013, death of Anthony “Blinky” Clark.
•    The Dec. 29, 2013, deaths of Robert “Parker G” Parker and Clara Walker. Parker was the target.
•    The Jan. 21, 2014, death of Michail “Yellow Mack” Gridiron.

Jordan was also convicted of a nonfatal shooting on Dec. 23, 2013.

“I would like to thank the jury for their service over the last few weeks and commend all of our law enforcement partners, the Assistant United States Attorneys, and the support staff who worked tirelessly over the years to investigate and prosecute this case,” said U.S. Attorney Sayler A. Fleming. “With today’s guilty verdict, justice was served. The evidence proved without a doubt that Anthony Jordan is a violent drug-trafficker and serial murderer who needed to be removed from the streets of St. Louis. Our office remains dedicated to working with our local, state, and federal counterparts to bring at least some measure of comfort and resolution to the families of the victims of such violence, as they deserve nothing less.”

“These murders were committed to benefit a large-scale drug trafficking organization that flooded our communities with poison directly sourced from cartels in Mexico. Anthony Jordan is not only a drug trafficker, but a serial murderer whose job was to eliminate competition from other drug dealers,” said Special Agent in Charge Ashley Johnson of the FBI St. Louis Division. “St. Louis is a safer place with Jordan and his associates off the streets.”

“Today’s verdict is the culmination of countless hours of investigative work,” DEA St. Louis Division Special Agent in Charge Michael Davis said. “Over a span of several years, we uncovered the extent of Anthony Jordan’s reach into our St. Louis neighborhoods. His acts of violence instilled fear in our communities, while the drugs he pushed destroyed lives. Let this serve as a reminder that no one is above the law. The DEA, in partnership with our fellow law enforcement agencies, will go to great lengths to bring justice to the families impacted by those who inflict pain and suffering in our neighborhoods.”

The trial began with jury selection on January 31. Jordan is scheduled to be sentenced on May 29, and faces up to life in prison.

Jordan’s cocaine was supplied by Adrian Lemons, who obtained cocaine in bulk from representatives of a Mexican cartel. Lemons, now 46, of St. Louis, was sentenced in 2020 to 20 years in prison. Lemons, Jordan and 32 others were indicted as part of a long-running investigation by the FBI and the Drug Enforcement Administration, with assistance from Homeland Security Investigations, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the St. Louis Metropolitan Police Department and the St. Louis County Police Department. Assistant U.S. Attorneys Erin Granger and Donald Boyce are prosecuting the case.

This effort is part of an Organized Crime Drug Enforcement Task Force (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

MIL Security OSI –

February 25, 2025

MIL-OSI: Nasdaq, Inc. Announces Early Results of Cash Tender Offers for Up to $218 Million Outstanding Debt Securities

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) (“Nasdaq” or the “Company”) announced today the early results of its previously announced offers to purchase for cash up to an aggregate principal amount of $218,053,000 (the “Aggregate Notes Cap”) (reflecting an $18,053,000 increase from the previously announced cap of $200,000,000) of its outstanding Notes, comprised of (i) up to $41,360,000 aggregate principal amount (the “2028 Notes Cap”) of the Company’s 5.350% Senior Notes due 2028 (the “2028 Notes”), (ii) up to $57,583,000 aggregate principal amount (the “2034 Notes Cap”) of the Company’s 5.550% Senior Notes due 2034 (the “2034 Notes”) and (iii) up to $119,110,000 aggregate principal amount (the “2052 Notes Cap”) of the Company’s 3.950% Senior Notes due 2052 (the “2052 Notes”). The 2028 Notes, the 2034 Notes and the 2052 Notes are referred to collectively herein as the “Notes,” such offers to purchase are referred to collectively herein as the “Tender Offers” and each a “Tender Offer,” and the 2028 Notes Cap, the 2034 Notes Cap and the 2052 Notes Cap are referred to collectively herein as the “Series Notes Caps” and each a “Series Notes Cap.” The Tender Offers are being made upon the terms and subject to conditions described in the Offer to Purchase, dated February 10, 2025 (as it may be amended or supplemented from time to time, the “Offer to Purchase”), which sets forth a detailed description of the Tender Offers. The Company refers investors to the Offer to Purchase for the complete terms and conditions of the Tender Offers.

As of 5:00 p.m., New York City time, on February 24, 2025 (such date and time, the “Early Tender Date”), according to information provided by D.F. King & Co., Inc., the tender and information agent for the Tender Offers, the aggregate principal amount of each series of Notes listed in the table below has been validly tendered and not validly withdrawn in each Tender Offer. Withdrawal rights for the Notes expired at 5:00 p.m., New York City time, on the Early Tender Date.

	Title of Security	Security Identifiers	Principal Amount Outstanding	Series Notes Cap	Principal Amount Tendered at Early Tender Date	Principal Amount Accepted	Approximate Proration Factor
2028 Tender Offer	5.350% Senior Notes due 2028	CUSIP: 63111X AH4 ISIN: US63111XAH44	$921,360,000	$41,360,000	$356,599,000	$41,360,000	12%
2034 Tender Offer	5.550% Senior Notes due 2034	CUSIP: 63111X AJ0 ISIN: US63111XAJ00	$1,187,583,000	$57,583,000	$448,646,000	$57,583,000	13%
2052 Tender Offer	3.950% Senior Notes due 2052	CUSIP: 631103 AM0 ISIN: US631103AM02	$549,105,000	$119,110,000	$244,562,000	$119,110,000	49%

All conditions were satisfied or waived by the Company at the Early Tender Date. The Company has elected to exercise its right to make payment for Notes that were validly tendered on or prior to the Early Tender Date and that are accepted for purchase on February 27, 2025 (the “Early Settlement Date”).

The Tender Offers for the Notes will continue to expire at 5:00 p.m., New York City time, on March 11, 2025, or any other date and time to which the Company extends the applicable Tender Offer, unless earlier terminated.

As the aggregate principal amount of the Notes validly tendered and not validly withdrawn on or prior to the Early Tender Date exceeds the Aggregate Notes Cap, the Company will accept for purchase the Notes on a prorated basis and will not accept for purchase any Notes validly tendered after the Early Tender Date. The applicable consideration (the “Total Consideration”) for each $1,000 principal amount of the Notes validly tendered (and not validly withdrawn) on or prior to the Early Tender Date and accepted for purchase pursuant to each Tender Offer will be calculated in the manner described in the Offer to Purchase by reference to the applicable fixed spread for such Notes plus the applicable yield based on the bid-side price of the applicable U.S. Treasury Reference Security at 10:00 a.m., New York City time, on February 25, 2025 (the “Price Determination Date”) (excluding Accrued Interest (as defined below)). The Total Consideration includes an early tender premium of $30.00 per $1,000 principal amount of Notes accepted for purchase (the “Early Tender Premium”).

In addition to the consideration described above, all holders of Notes accepted for purchase in the Tender Offers will receive accrued and unpaid interest on such Notes from the last interest payment date with respect to such Notes to, but not including, the Early Settlement Date (“Accrued Interest”).

Promptly after the Price Determination Date, the Company will issue a press release specifying, among other things, the Total Consideration for each series of Notes.

The Company intends to fund the purchase of validly tendered and accepted Notes with available cash on hand and other sources of liquidity.

Information Relating to the Tender Offers

The complete terms and conditions of the Tender Offers are set forth in the Offer to Purchase. J.P. Morgan Securities LLC is serving as dealer manager in connection with the Tender Offers. Investors with questions regarding the terms and conditions of the Tender Offers may contact the dealer manager as follows:

J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10179
United States
Attention: Liability Management Group
U.S. Toll-Free: (866) 834-4666
Collect: (212) 834-7489

D.F. King & Co., Inc. is the Tender and Information Agent for the Tender Offers. Any questions regarding procedures for tendering Notes or request for copies of the Offer to Purchase should be directed to D.F. King & Co., Inc. by any of the following means: by telephone at (866) 342-4881 (toll-free) or (212) 269-5550 (collect) or by email at nasdaq@dfking.com.

This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Tender Offers are being made solely pursuant to the Offer to Purchase made available to holders of the Notes. None of the Company or its affiliates, their respective boards of directors, the dealer manager, the tender and information agent or the trustee with respect to any series of Notes is making any recommendation as to whether or not holders should tender or refrain from tendering all or any portion of their Notes in response to the Tender Offers. Holders are urged to evaluate carefully all information in the Offer to Purchase, consult their own investment and tax advisors and make their own decisions whether to tender Notes in the Tender Offers, and, if so, the principal amount of Notes to tender.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence.

Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking information that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. When used in this communication, words such as “enables,” “intends,” “will,” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Forward-looking statements in this press release include, among other things, statements about the proposed Tender Offers and the expected source of funds. Risks and uncertainties include, among other things, risks related to the ability of Nasdaq to consummate the Tender Offers on the terms and timing described herein, or at all, Nasdaq’s ability to implement its strategic vision, initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with the SEC from time to time and available at www.sec.gov. These documents are also available under the Investor Relations section of the Company’s website at http://ir.nasdaq.com. The forward-looking statements included in this communication are made only as of the date hereof. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law.

Media Relations Contacts:

Nick Jannuzzi
+1.973.760.1741
Nicholas.Jannuzzi@Nasdaq.com

Nick Eghtessad
+1.929.996.8894
Nick.Eghtessad@Nasdaq.com

Investor Relations Contact:

Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com

NDAQF

The MIL Network –

February 25, 2025

MIL-OSI: Targa Resources Corp. Prices $2.0 Billion Offering of Senior Notes

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 24, 2025 (GLOBE NEWSWIRE) — Targa Resources Corp. (“Targa” or the “Company”) (NYSE: TRGP) announced today the pricing of an underwritten public offering (the “Offering”) of $1.0 billion aggregate principal amount of its 5.550% Senior Notes due 2035 and $1.0 billion aggregate principal amount of its 6.125% Senior Notes due 2055 at a price to the public of 99.610% and 99.781% of their face value, respectively. The Offering is expected to close on February 27, 2025, subject to the satisfaction of customary closing conditions.

The Company expects to use a portion of the net proceeds from the Offering to fund the repurchase from the Company’s joint venture partner of all of the outstanding preferred equity in Targa Badlands LLC, the entity that holds all of the Company’s North Dakota assets, for approximately $1.8 billion in cash (the “Badlands Transaction”). The Company expects the Badlands Transaction to close in the first quarter of 2025, subject to customary closing conditions, with an effective date of January 1, 2025. The closing of the Offering is not contingent on the consummation of the Badlands Transaction. The Company expects to use the remaining net proceeds from the Offering for general corporate purposes, including to repay borrowings under its unsecured commercial paper note program (the “Commercial Paper Program”). If the Company does not complete the Badlands Transaction, the Company expects to use the net proceeds from the Offering for general corporate purposes, including to repay borrowings under the Commercial Paper Program, repay other indebtedness, for capital expenditures, for additions to working capital and for investments in its subsidiaries.

This Offering is being made pursuant to an effective shelf registration statement and prospectus filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) and may be made only by means of a prospectus and prospectus supplement related to such Offering meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”). This announcement shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, except as required by law.

About Targa Resources Corp.

Targa Resources Corp. (NYSE: TRGP) is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires, and develops a diversified portfolio of complementary domestic infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and natural gas liquids (“NGL(s)”) to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to liquified petroleum gas exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

The principal executive offices of Targa Resources Corp. are located at 811 Louisiana, Suite 2100, Houston, TX 77002, and its telephone number is 713-584-1000.

Forward-Looking Statements

Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including the closing of the Badlands Transaction and the expected closing date and use of proceeds from the Offering. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, those described more fully in the Company’s filings with the SEC, including its most recent Annual Report on Form 10-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Targa Investor Relations
InvestorRelations@targaresources.com
(713) 584-1133

The MIL Network –

February 25, 2025
MIL-OSI: MMP Capital Opens up New Satellite Office in New Hampshire

Source: GlobeNewswire (MIL-OSI)

Photo Credit MMP Capital

PORTSMOUTH, N.H., Feb. 24, 2025 (GLOBE NEWSWIRE) — MMP Capital, a Long Island-based private lending company specializing in equipment financing, and small business lending in general, has announced the opening of its first satellite office in Portsmouth, New Hampshire. This expansion is a significant milestone for the company, which has operated exclusively out of its Long Island headquarters for the past 12 years.

The new office will be led by industry veteran George Atkins, who joins MMP Capital with a mission to diversify the company into new verticals while maintaining its reputation for excellence in healthcare finance.

John-Paul Smolenski, founder and CEO of MMP Capital, speaks on the importance of this expansion, “Opening our Portsmouth office is about both growth and returning to our roots, positioning ourselves for long-term success. George Atkins is the perfect person to lead this effort. His skill and vision will be instrumental as we continue to expand our reach and capabilities.”

George Atkins, regarded as one of the most influential figures in equipment finance, brings decades of experience to his new role at MMP Capital. His leadership is expected to drive development and open new opportunities for the company. He says, “The Portsmouth NH area has some of the most talented equipment finance reps anywhere, and we expect to grow the MMP brand and customer base rapidly and successfully with a great team of tenured professionals.”

Jim Siederman, Executive Vice President at MMP Capital, likened Atkins’ addition to a game-changing moment, “George Atkins is hands down on the Mount Rushmore of Equipment Finance in the 21st Century. His work ethic, discipline, and passion for greatness personify everything we stand for at MMP Capital.”

Establishing a presence in Portsmouth reflects MMP Capital’s commitment to expanding its footprint while staying true to its core values. The company aims to use Atkins’ leadership to explore emerging opportunities and further solidify its reputation.

Smolenski further elaborates on how this move aligns with the company’s broader strategy, “This expansion is an essential part of our financial planning as we look ahead into 2025 and beyond. Having flexible capital and experienced leadership like George Atkins makes sure that we can meet growing demand without losing the high standards our clients expect.”

About MMP Capital

MMP Capital was founded in 2013 with a mission to be the gold standard in healthcare equipment finance in the U.S. Led by a management team with vast experience in sales, credit, and operations from several banks, leasing companies, and funding institutions, MMP Capital is uniquely equipped as a hybrid lender to lend directly or utilize a vast syndication outlet. Our financing options for equipment financing, leasing, and unsecured capital offer U.S. businesses the opportunity to invest in their future, update outdated technology, or offer new services to customers.

For Employment Opportunities In the New Hampshire Area Contact:

Gina Stallone

Human Resources Manager

MMP Capital

gstallone@mmpcapital.com

Media Contact:

Contact Person: Jamie O’Connor, Director of Marketing & Branding

Organization: MMP Capital

Email: JOConnor@MMPCapital.com

Website: www.mmpcapital.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/057a5e21-82e3-41c6-9540-1f99bece85a7

The MIL Network –

February 25, 2025
MIL-OSI: Oxbridge Announces Pricing of $3.0 Million Registered Direct Offering and Concurrent Private Placement

Source: GlobeNewswire (MIL-OSI)

GRAND CAYMAN, Cayman Islands, Feb. 24, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), together with its subsidiaries which is engaged in the business of tokenized Real-World Assets (“RWAs”) initially in the form of tokenized reinsurance securities, and reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United State, today announced that it has entered into a securities purchase agreement with a single institutional investor to purchase 705,884 ordinary shares in a registered direct offering. In a concurrent private placement, the Company also agreed to issue and sell unregistered Series A Warrants to purchase up to an aggregate of 529,413 ordinary shares, and unregistered Series B Warrants to purchase up to an aggregate of 882,355 ordinary shares. The combined effective offering price for each ordinary share and the accompanying Series A Warrants and Series B Warrants is $4.25. The Series A Warrants will be immediately exercisable, and will expire two years from the initial exercise date and will have an exercise price of $4.25 per share. The Series B Warrants will be exercisable on the earlier of shareholder approval or 6 months from issuance, and will expire five years from the initial exercise date and will have an exercise price equal to the lower of (i) the Nasdaq minimum price and (ii) from and after the date the Company receives shareholder approval, $4.25 per share.

The combined gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $3.0 million before deducting the placement agent’s fees and other estimated offering expenses payable by the Company. The offering is expected to close on or about February 26, 2025, subject to the satisfaction of customary closing conditions.

Maxim Group LLC is acting as the sole placement agent in connection with the offering.

The ordinary shares are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-262590), which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 6, 2022. The offering of ordinary shares will be made only by means of a prospectus supplement that forms a part of such registration statement. A prospectus supplement relating to the ordinary shares offered in the registered direct offering will be filed by the Company with the SEC. When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC’s website at www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@maximgrp.com or telephone at (212) 895-3500.
The Series A Warrants and Series B Warrants to be issued in the concurrent private placement and the ordinary shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Oxbridge Re Holdings Limited

Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge Re”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.
Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on-chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non-U.S. investors.

Forward-Looking Statements

All statements in this release that are not based on historical fact are “forward-looking statements,” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

Company Contact:
Oxbridge Re Holdings Limited
Jay Madhu, CEO
+1 345-749-7570
jmadhu@oxbridgere.com

The MIL Network –

February 25, 2025
MIL-OSI China: G20 Finance Track meetings kick off, spotlighting growth challenges in developing countries

Source: China State Council Information Office

The Group of 20 (G20) Finance Track meetings kicked off Monday in Cape Town, the legislative capital of South Africa, with discussions focusing on the challenges and constraints to growth in developing countries, particularly in African countries.

Addressing the opening of the G20 Finance and Central Bank Deputies Meeting, South African National Treasury Director-General Duncan Pieterse outlined key issues set for deliberation during the week-long discussions.

Held at the Cape Town International Convention Center, the Finance and Central Bank Deputies Meeting is scheduled for Feb. 24-25, followed by the G20 Finance Ministers and Central Bank Governors Meeting on Feb. 26-27. These meetings aim to pave the way for collaborative solutions to pressing global challenges and sustainable development ahead of the G20 Summit.

“South Africa has signaled a strong and keen intent to review the operational process of the G20. Last month, the G20 began its 26th year of operation; however, the operational processes of the G20 have rarely been reviewed,” said Pieterse.

“In the coming months and following the discussions this week, the South African presidency working with the G20 membership will, for the first time, conduct a review of these processes and consider how to improve and strengthen them. We will also discuss various other opportunities for G20 engagement this year,” he said.

South Africa assumed the G20 presidency on Dec. 1, 2024, becoming the first African country to hold the position. The presidency’s theme, “Solidarity, Equality and Sustainability,” underscores the country’s emphasis on inclusive global economic growth, with a focus on the world’s most vulnerable nations.

He highlighted financing for development as a crucial issue for the world’s poorest and most vulnerable countries, saying, “We will also hold a very important meeting on the challenges and the constraints to growth in developing countries, including African countries.”

Additional topics relevant to G20 members will also be on the agenda.

MIL OSI China News –

February 25, 2025
MIL-OSI China: Chinese business delegation visits Qatar

Source: People’s Republic of China – State Council News

DOHA, Feb. 24 — A Chinese business delegation, organized by the China Council for the Promotion of International Trade (CCPIT), visited Qatar from Saturday to Monday to boost bilateral economic and trade ties and promote mutually beneficial cooperation.

The visit featured extensive talks between the delegation led by CCPIT Vice President Yu Jianlong and Qatari officials and business leaders, including those from the Investment Promotion Agency Qatar and QatarEnergy, and resulted in several cooperation agreements.

The delegation briefed Qatari political and business figures on China’s economic outlook and its latest opening-up measures.

It voiced readiness to level up practical business and industrial cooperation between the two countries, actively deepen and consolidate the Belt and Road cooperation, and strengthen bilateral cooperation under such frameworks as the China-Arab States Summit.

It also welcomed the Qatari business community to participate in the third China International Supply Chain Expo to be held in Beijing from July 16 to 20 to deepen bilateral industrial and supply chain cooperation.

MIL OSI China News –

February 25, 2025
MIL-OSI Security: Companies That Own and Operate Bulk Carrier Guilty, Sentenced For Environmental Crimes

Source: Office of United States Attorneys

NEW ORLEANS, LOUISIANA – Acting United States Attorney Michael M. Simpson announced that two companies that owned and operated the bulk carrier M/V ASL Singapore—ASL Singapore Shipping Limited and Jia Feng Shipping (Fuzhou) Limited — pled guilty on February 20, 2025 to knowingly violating the Act to Prevent Pollution from Ships (APPS), and obstruction of justice related to the falsification of the vessel’s Oil Record Book, a required log.

The guilty pleas occurred before U.S. District Judge Jay C. Zainey. The companies were sentenced during the same proceeding. Pursuant to the court approved plea agreement, the companies were fined a total of $1.85 million and are banned from operating in the United States in the future. Separate charges were filed against Fei Wang, a Chinese national who was the ship’s Chief Engineer. Wang pled guilty and was sentenced on January 24, 2025.

The criminal case stems from a routine U.S. Coast Guard inspection, which revealed that the crew had been using a portable pump and flexible hose—a so-called magic pipe—to dispose of oily bilge water. This action constituted a violation of MARPOL, the International Convention for the Prevention of Pollution from Ships, coupled with the vessel’s failure to use the appropriate pollution prevention equipment and monitoring. Crew members presented the vessel’s Oil Record Books to the Coast Guard knowing they contained fraudulent entries and omitted information about discharging oily bilge water directly overboard before arriving in the United States. The falsified logs were intended to conceal that since at least June 2023, the crew had dumped oily bilge water overboard directly from the bilge holding tank and was non- compliant with international treaties regulating oil pollution from ships.

ASL Singapore Shipping Limited is based in The Republic of the Marshall Islands, and Jia Feng is based in China. The corporations were each charged with two felonies: an APPS violation and obstruction of justice.

The Coast Guard Investigative Service and the EPA Criminal Investigations Division investigated the case with assistance from U.S. Coast Guard Sector New Orleans. Assistant U.S. Attorneys Christine M. Calogero and G. Dall Kammer of the General Crimes Unit are prosecuting the case.

MIL Security OSI –

February 25, 2025
MIL-OSI Security: Fresno County Man Pleads Guilty to Conspiring to Distribute Fentanyl

Source: Office of United States Attorneys

FRESNO, Calif. — Lakota Tehya Wakley, 21, of Clovis, pleaded guilty today to conspiracy to distribute and possess with intent to distribute fentanyl, Acting U.S. Attorney Michele Beckwith announced.

According to court documents, between Nov. 18, 2024, and Dec. 9, 2024, Wakley conspired with Austin Lloyd Kerns, 53, of Fresno, and others to distribute fentanyl. The investigation began after a fentanyl‑overdose death in Fresno. On Nov. 23, 2024, Wakley connected the overdose victim with Kerns to buy fentanyl pills. Over the next 48 hours, the victim bought fentanyl pills multiple times from Kerns and died soon after of a fentanyl overdose. Wakley received fees for connecting the victim with Kerns.

This case is the product of an investigation by the Fentanyl Overdose Resolution Team (FORT), a multi-agency team composed of Homeland Security Investigations, the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and the Fresno and Clovis Police Departments. Assistant U.S. Attorneys Calvin Lee and Arin C. Heinz are prosecuting the case.

Charges are pending against Kerns. He is scheduled for a status conference on March 26, 2025, before Magistrate Judge Barbara A. McAuliffe. The charges are only allegations; Kerns is presumed innocent until and unless proven guilty beyond a reasonable doubt.

Wakley is scheduled to be sentenced by U.S. District Judge Kirk E. Sherriff on June 23, 2025. Wakley faces a maximum sentence of 20 years in prison. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

This case is part of Operation Synthetic Opioid Surge (S.O.S.), a program designed to reduce the supply of deadly synthetic opioids in high impact areas as well as identifying wholesale distribution networks and international and domestic suppliers. In July 2018, the Justice Department announced the creation of S.O.S., which is being implemented in the Eastern District of California and nine other federal districts.

MIL Security OSI –

February 25, 2025
MIL-OSI Security: Hard Money Lender Pleads Guilty to Defrauding Investors Out of $20 Million in Loans Made to Failed Fresno Company Bitwise Industries

Source: Office of United States Attorneys

FRESNO, Calif. — Andrew Adler, 31, of Greenwich, Connecticut, pleaded guilty today to conspiracy to commit wire fraud when he defrauded investors out of $20 million in loans made to the failed Fresno-based, start-up company Bitwise Industries, Acting U.S. Attorney Michele Beckwith announced.

According to court records, between December 2022 and May 2023, Adler and his business partner, David Hardcastle, 61, of Fresno, gave Bitwise approximately $20 million in hard money loans through their special purpose entity Startop Investments LLC. Adler and Hardcastle used a syndicate of investors to fund the loans. In order to mislead the investors, Adler and Hardcastle altered the original loan documents to make it appear as though Bitwise was obligated to pay significantly less interest on the loans than was true. They also forged the signature of Bitwise’s Co-CEO, Jake Soberal, on the altered documents. This made the loans appear less risky and, therefore, more appealing to the investors.

Adler and Hardcastle received tens of thousands of dollars in origination fees for the loans and stood to make millions more in secret profits from the higher, undisclosed interest rates had the loans been fully repaid. Bitwise, however, did not repay the loans before collapsing, and the investors in the loans lost nearly all of their money. On Feb. 3, 2025, Hardcastle was arrested and arraigned on an indictment charging him with conspiracy to commit wire fraud and wire fraud.

This case is the product of an investigation by the FBI. Assistant U.S. Attorneys Joseph D. Barton and Cody S. Chapple are prosecuting the case.

Adler is scheduled to be sentenced by U.S. District Judge Jennifer L. Thurston on June 2, 2025. Adler faces maximum statutory penalties of 20 years in prison and a $250,000 fine for the conspiracy to commit wire fraud charge. If convicted, Hardcastle faces a maximum of 20 years in prison and a $250,000 fine for conspiracy to commit wire fraud and for each of the substantive wire fraud charges. Sentences are determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

Hardcastle is charged in a separate indictment and those charges remain pending. Those charges are only allegations, and he is presumed innocent until and unless proven guilty beyond a reasonable doubt.

MIL Security OSI –

February 25, 2025
MIL-OSI: Exodus Movement, Inc. to Announce Fourth Quarter and Full Year 2024 Results on March 3, 2025

Source: GlobeNewswire (MIL-OSI)

OMAHA, Neb., Feb. 24, 2025 (GLOBE NEWSWIRE) — Exodus Movement, Inc. (NYSE American: EXOD) (“Exodus”), a leading self-custodial cryptocurrency platform, today announced that it will release its fourth quarter and full year 2024 financial results on Monday, March 3, 2025, after market close. An earnings conference webcast will be held at 4:30 PM ET on the same day.

To access the webcast, please use this link. It will also be available on the Company’s website www.exodus.com. Supplementary materials will also be made available prior to the webcast on the “Investor Relations” portion of the Company website.

About Exodus

Exodus is a financial technology leader empowering individuals and businesses with secure, user-friendly crypto software solutions. Since 2015, Exodus has made digital assets accessible to everyone through its multi-asset crypto wallets prioritizing design and ease of use.

With self-custodial wallets, Exodus puts customers in full control of their funds, enabling them to swap, buy, and sell crypto. Its business solutions include Passkeys Wallet and XO Swap, industry-leading tools for embedded crypto wallets and swap aggregation.

Exodus is committed to driving the future of accessible and secure finance. Learn more at exodus.com or follow us on X at x.com/exodus.

Investor Contact
investors@exodus.com

Disclosure Information
Exodus uses the following as means of disclosing material nonpublic information and for complying with disclosure obligations under Regulation FD: websites exodus.com/investors and exodus.com/blog; press releases; public videos, calls, and webcasts; and social media: X (@exodus and JP Richardson’s feed @jprichardson), Facebook, LinkedIn, and YouTube.

Forward-Looking Statements
This press release contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us as of the date hereof. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “intend,” “believe,” or other comparable terminology. Forward-looking statements in this document include, but are not limited to, quotations from management regarding confidence in our products, services, business trajectory and plans, and certain business metrics. Such forward-looking statements involve a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Such factors include those set forth in “Item 1. Business” and “Item 1A. Risk Factors” of Amendment No. 6 to our Registration Statement on Form 10 filed with the Securities and Exchange Commission (the “SEC”) on November 27, 2024, as well as in our other reports filed with the SEC from time to time. All forward-looking statements are expressly qualified in their entirety by such cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we undertake no obligation to update or revise any forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

Source: Exodus Movement, Inc.

The MIL Network –

February 25, 2025
MIL-OSI: Fluent, Inc. to Announce Unaudited 2024 Fourth Quarter and Full-Year Financial Results and Host Earnings Conference Call on February 28, 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT) announced today that it will report its unaudited financial results for the quarter and fiscal year ended December 31, 2024, prior to the open of the U.S. financial markets on February 28, 2025. Fluent will host a conference call at 9:00 am ET on the same day to discuss the results, which should be considered preliminary and unaudited. The Company expects to report its audited full-year 2024 financial results on a Form 10-K to be timely filed with the Securities and Exchange Commission.

The conference call can be accessed by phone after registering online at Fluent Conference Call or via audio at Audio Registration. The call and accompanying slide presentation will also be webcast simultaneously on the Fluent website on the Investor Relations Page. Please log in at least 15 minutes prior to the start of the call to ensure adequate time for any downloads that may be required. Following the call, a recorded replay of the webcast will be available for one year on Fluent’s Investor Relations Page.

About Fluent, Inc.
Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging diverse ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights, visit https://www.fluentco.com/.

Contact Information:
Investor Relations
Fluent, Inc.
InvestorRelations@fluentco.com

The MIL Network –

February 25, 2025
MIL-OSI China: ‘Ne Zha 2’ remains top 5 at N. American weekend box office

Source: China State Council Information Office 3

Children look at a poster for “Ne Zha 2” in a theater in Los Angeles County, the United States, Feb. 14, 2025. [Photo/Xinhua]

Chinese animated blockbuster “Ne Zha 2” remained the top five at the North American box office on its second weekend, taking in $3.06 million for a North American cume of $14.85 million, data from measurement firm Comscore showed on Sunday.

The tally made the film the highest-grossing Chinese-language film in North America since 2006.

Data from online platforms show that 2000’s “Crouching Tiger, Hidden Dragon,” directed by Ang Lee, is still the highest-grossing Chinese-language film in North America, with over $128 million, followed by 2002’s “Hero,” directed by Zhang Yimou, which generated $53.7 million in North America. However, since 2006’s “Fearless,” starring Jet Li, which earned 24.6 million in North America, no Chinese-language film has been able to break through the 10 million-mark in North America.

“Ne Zha 2” is a sequel to the 2019 animated box office hit “Ne Zha.” Both films were inspired by China’s 16th-century classic novel “The Investiture of the Gods.”

The film is being released by CMC Pictures in Mandarin with English subtitles in over 940 selected theaters in North American cities including Los Angeles, San Francisco, Houston, Chicago, New York, Boston, Atlanta, Toronto, Vancouver and a few other cities with a large overseas Chinese population, according to the company.

As the film continues its record-breaking run, it has grossed an astounding 13.5 billion yuan ($1.86 billion) through Sunday, according to data from ticketing platform Maoyan. “Ne Zha 2” has dethroned Disney’s 2024 picture “Inside Out 2” to become the highest-grossing animated movie of all time globally.

MIL OSI China News –

February 25, 2025
MIL-OSI USA: Warner, Moran Lead Introduction of Legislation to Prevent Taxation of Broadband Deployment Grants

US Senate News:

Source: United States Senator for Commonwealth of Virginia Mark R Warner

WASHINGTON – U.S. Sens. Mark R. Warner (D-VA) and Jerry Moran (R-KS) led 10 of their colleagues in introducing legislation to amend the Internal Revenue Code to make certain that federal broadband deployment funding will not be considered taxable income.

Grants awarded to broadband providers for the purposes of broadband deployment are currently factored into a company’s income and taxed as income. This bipartisan legislation moves to exclude broadband deployment grants awarded through certain federal programs from an organization’s income, ensuring the entirety of federal dollars awarded to companies for the purpose of deploying broadband around the country can be used for that purpose, rather than making their way back to the government through taxes.

The senators were joined by Sens. Dan Sullivan (R-AK), Tim Kaine (D-VA), Tommy Tuberville (R-AL), Mark Kelly (D-AZ), Shelley Moore Capito (R-WV), Angus King (I-ME), Roger Wicker (R-MS), Raphael Warnock (D-GA), Kevin Cramer (R-ND) and Deb Fischer (R-NE) in introducing this legislation.

“In order to fully reap the benefits of the Infrastructure Investment and Jobs Act and the American Rescue Plan, every dollar that was set aside to fund broadband expansion and deployment should be used for that purpose,” said Sen. Warner. “Taxing these broadband investments awards is counter-productive, and will ultimately diminish efforts to give more Americans access to high-speed internet.”

“Reliable, high-speed internet is more crucial than ever for Kansans to run their businesses, access telehealth or pursue an education,” said Sen. Moran. “This commonsense legislation would make certain federal grants provided for broadband deployment are not counted as taxable income to maximize the impact and success of these resources.”

“Broadband investments that I worked hard at securing in the bipartisan infrastructure bill will continue to unlock limitless possibilities in terms of telehealth, education and small business opportunities, and importantly, allow Alaskans to connect with one another,” said Sen. Sullivan. “However, taxing these investments weakens our efforts. This legislation ensures that funds directed by Congress are spent on deploying broadband, furthering my goal of connecting every single Alaskan.”

“We made tremendous federal investments, including through the Bipartisan Infrastructure Law, to build broadband infrastructure and help ensure Virginians can access reliable, high-speed internet, which is critical for school, work, and other opportunities,” said Sen. Kaine. “This legislation would ensure every dollar is used for this purpose by preventing broadband deployment grants from being taxed.”

“Rural communities are the backbone of our nation, and we want to ensure that Americans living in these communities have access to high-speed internet,” said Sen. Tuberville. “Taxing broadband grants would undermine federal efforts to prioritize rural broadband expansion. I am proud to support this legislation so that those living in rural America have internet needed to run their businesses, access health care, and pursue educational opportunities.”

“Taxing federal broadband grants as gross income undermines the intent for broadband deployment programs,” said Sen. Capito. “The Broadband Grant Tax Treatment Act would help make sure this doesn’t happen so we can continue our efforts to close the digital divide in the areas that need broadband connectivity the most.”

“In today’s digital age, access to high-speed, affordable broadband is critical for Maine people to live, work and stay connected with one another,” said Sen. King. “Every single dollar that is invested in broadband deployment is vital, and shouldn’t be clawed back by the government at the cost of connecting an extra community street or neighborhood that needs it. I want to thank my colleagues for coming together to help close the digital divide in rural and urban communities in Maine and across the nation.”

“It certainly won’t surprise North Dakotans to know that reliable, high-speed broadband brings our country together in many respects,” said Sen. Cramer. “Much like our integrated highway system and anchored by our interstate highway system, it connects large, rural states like ours to essential services like telemedicine, educational opportunities, and it strengthens, probably more than anything, our small businesses with e-commerce opportunities. By making every dollar for broadband expansion count, this bill really does pave the way for a much more connected future.”

MIL OSI USA News –

February 25, 2025
MIL-OSI USA: Sens. Moran, Warner Lead Introduction of Legislation to Prevent Taxation of Broadband Deployment Grants

US Senate News:

Source: United States Senator for Kansas – Jerry Moran

WASHINGTON – U.S. Senators Jerry Moran (R-Kan.) and Mark Warner (D-Va.) led 10 of their colleagues in introducing legislation to amend the Internal Revenue Code to make certain that federal broadband deployment funding will not be considered taxable income.

Grants awarded to broadband providers for the purposes of broadband deployment are currently factored into a company’s income and taxed as income. This bipartisan legislation moves to exclude broadband deployment grants awarded through certain federal programs from an organization’s income, ensuring the entirety of federal dollars awarded to companies for the purpose of deploying broadband around the country can be used for that purpose, rather than making their way back to the government through taxes.

The senators were joined by Sens. Dan Sullivan (R-Alaska), Tim Kaine (D-Va.), Tommy Tuberville (R-Ala.), Mark Kelly (D-Ariz.), Shelley Moore Capito (R-W.V.), Angus King (I-Maine), Roger Wicker (R-Miss.), Raphael Warnock (D-Ga.), Kevin Cramer (R-N.D.) and Deb Fischer (R-Neb.) in introducing this legislation.

“Reliable, high-speed internet is more crucial than ever for Kansans to run their businesses, access telehealth or pursue an education,” said Sen. Moran. “This commonsense legislation would make certain federal grants provided for broadband deployment are not counted as taxable income to maximize the impact and success of these resources.”

“In order to fully reap the benefits of the Infrastructure Investment and Jobs Act and the American Rescue Plan, every dollar that was set aside to fund broadband expansion and deployment should be used for that purpose,” said Sen. Warner. “Taxing these broadband investments awards is counter-productive, and will ultimately diminish efforts to give more Americans access to high-speed internet.”

“Broadband investments that I worked hard at securing in the bipartisan infrastructure bill will continue to unlock limitless possibilities in terms of telehealth, education and small business opportunities, and importantly, allow Alaskans to connect with one another,” said Sen. Sullivan. “However, taxing these investments weakens our efforts. This legislation ensures that funds directed by Congress are spent on deploying broadband, furthering my goal of connecting every single Alaskan.”

“We made tremendous federal investments, including through the Bipartisan Infrastructure Law, to build broadband infrastructure and help ensure Virginians can access reliable, high-speed internet, which is critical for school, work, and other opportunities,” said Sen. Kaine. “This legislation would ensure every dollar is used for this purpose by preventing broadband deployment grants from being taxed.”

“Rural communities are the backbone of our nation, and we want to ensure that Americans living in these communities have access to high-speed internet,” said Sen. Tuberville. “Taxing broadband grants would undermine federal efforts to prioritize rural broadband expansion. I am proud to support this legislation so that those living in rural America have internet needed to run their businesses, access health care, and pursue educational opportunities.”

“Taxing federal broadband grants as gross income undermines the intent for broadband deployment programs,” said Sen. Capito. “The Broadband Grant Tax Treatment Act would help make sure this doesn’t happen so we can continue our efforts to close the digital divide in the areas that need broadband connectivity the most.”

“In today’s digital age, access to high-speed, affordable broadband is critical for Maine people to live, work and stay connected with one another,” said Sen. King. “Every single dollar that is invested in broadband deployment is vital, and shouldn’t be clawed back by the government at the cost of connecting an extra community street or neighborhood that needs it. I want to thank my colleagues for coming together to help close the digital divide in rural and urban communities in Maine and across the nation.”

“It certainly won’t surprise North Dakotans to know that reliable, high-speed broadband brings our country together in many respects,” said Sen. Cramer. “Much like our integrated highway system and anchored by our interstate highway system, it connects large, rural states like ours to essential services like telemedicine, educational opportunities, and it strengthens, probably more than anything, our small businesses with e-commerce opportunities. By making every dollar for broadband expansion count, this bill really does pave the way for a much more connected future.”

MIL OSI USA News –

February 25, 2025
MIL-OSI Australia: How pumped hydro can provide the stability Australia’s energy transition needs
Source: Allens Insights

A reliable, durable and large-scale storage solution 10 min read

Australia’s favourable natural geographical landscape and abundance of retiring mine sites provide a unique opportunity for pumped hydro energy storage (PHES) to play a key role in driving the energy transition in this country. By delivering consistent, long-duration, dispatchable capacity during peak demand, PHES can help stabilise the system when other technologies may struggle.

The past two years have seen a surge in the uptake of battery energy storage systems (BESS). However, firming assets such as BESS and intermittent generators such as wind and solar are constrained by weather conditions, redundancy and, in the case of BESS, capacity and duration limits. These constraints highlight the need for a more reliable, durable, large-scale storage solution to complement the other technologies.

In the first part of our pumped hydro Insight series, we explore the drivers behind the growing uptake of PHES in Australia, and highlight key considerations for developers, investors, financiers, contractors and other stakeholders assessing such projects.

Key takeaways
- There is growing interest in PHES as a long-term, firm, long-duration dispatchable asset that is unconstrained by weather, technology, asset life or capacity limitations.
- Approximately 20 PHES projects are actively being developed in Australia, with over 22,000 sites identified as suitable for a PHES.
- PHES projects are capital intensive and inherently complex in their planning, procurement, delivery and commercialisation. These factors necessitate careful planning, robust risk mitigation strategies and proactive engagement with stakeholders to ensure the success of PHES over the long term.
What’s driving the uptake of PHES in Australia?

There is no doubt that interest in PHES as an energy generation and storage solution is growing. There are a number of key drivers behind this.

While BESS are an important part of the storage solution, they have limitations. Most BESS projects range between 200MW and 500MW, with larger projects, such as Melbourne Renewable Energy Hub’s 1,200MW battery, still only half the size of Snowy Hydro 2.0’s 2,200MW project. BESS typically provide around four hours of dispatchable energy before needing to recharge, while PHES can deliver up to 175 hours.

BESS also have a shorter asset life of around 20 years, with a steady degradation profile down to 60–70% of the nameplate capacity over time, whereas PHES projects are designed to last over 50 years. While BESS technology is still maturing on a utility scale, PHES has a long-established track record and doesn’t face the same fire risk, making it a more sustainable option for long-term energy storage.

In 2017, the Australian Renewable Energy Agency and the Australian National University identified 22,000 potential ‘bluefield’ PHES sites across Australia, with an estimated energy storage capacity of 67,000GWh. Many of these sites are in areas with natural elevation differences that facilitate the construction of connected upper and lower reservoirs with minimal excavation. The proximity of these sites to natural water sources, such as rivers and dams, would allow these projects to leverage existing water systems to create the necessary reservoirs.

PHES can also take a ‘closed-loop’ form, where water is transported to a site away from existing river systems and cycled between the two reservoirs. This type of system can be located where topographical features support it, allowing for new PHES facilities to be co-located with solar and wind generation projects in renewable energy zones, boosting grid reliability in those areas.

The planned and accelerated closure of mine sites presents a unique opportunity for owners to repurpose aging mines into PHES projects. Sites such as Kidston, Mt Rawdon and Muswellbrook show how former mine sites can be transformed into PHES facilities, capitalising on rehabilitation obligations and the potential for long-term, revenue-generating assets.

Australia has over 60,000 abandoned mine sites, posing challenges for owners who must manage costly rehabilitation efforts on non-revenue-generating assets. With around 75% of mine closures being unplanned or premature, there is an opportunity to repurpose these sites into valuable operational assets. Many of these sites have existing excavated pits that can be used as reservoirs for closed-loop PHES, reducing excavation risk costs and supporting mining companies’ rehabilitation goals through sustainable energy projects.

The Federal Government and most state governments are supporting private sector-led PHES projects through grants, concessional debt, revenue underwrites and streamlined approvals processes.

In NSW, EnergyCo’s Pumped Hydro Recoverable Grants Program, which is part of the Electricity Infrastructure Roadmap, helps developers with the cost of early-stage feasibility studies. Additionally, developers can tender for Long-Term Energy Service Agreements (LTESA) in NSW and the Capacity Investment Scheme (CIS) across Australia. The NSW Energy Security Corporation (which received $1 billion in funding and will act as the state equivalent of the Clean Energy Finance Corporation) has been mandated to investigate co-investment opportunities with the private sector on energy storage projects, including PHES.

Although no LTESA or CIS have been awarded to a PHES project yet, the NSW Government has shown strong long-term support for long-duration storage with an updated position to the Electricity Infrastructure Investment Act 2020 (NSW). By retaining the minimum dispatch duration definition at eight hours and broadening the long-duration storage LTESA assessment criteria, PHES projects are positioned to benefit from future government support. Similarly, under the proposed South Australian Firm Energy Reliability Mechanism, PHES projects offering dispatchable energy for at least eight hours will be able to bid for contracts to underwrite a portion of their revenue, complementing other state and federal policies.

After the infrastructure boom of the past decade, the pace of the transport infrastructure sector has slowed, while demand for energy infrastructure has risen. Civil contractors with experience in metro, rail and road projects are now focusing on energy projects to capitalise on the available work.

The civil infrastructure required for PHES, such as deep excavation, tunnelling and the construction of underground caverns and access routes, is similar to that required for transport infrastructure. Contractors with heavy engineering, excavation and tunnelling experience, and an available workforce, are well positioned to apply their skills to PHES projects.

What challenges are emerging?
Despite strong drivers and the promising potential of PHES, the uptake and reaching contract close of PHES transactions has lagged behind short to medium duration BESS, wind and solar projects.

PHES projects are inherently complex and capital intensive, with several key challenges emerging.
PHES projects typically require large areas of land, which can lead to complex environmental impacts, particularly biodiversity, water resources and, potentially, cultural heritage, and significant challenges with site access and spoil management. As a result, they require more detailed environmental impact assessments and complex approvals processes compared with BESS projects. In addition to state planning approval and environmental licences, PHES projects often require approval under the Environment Protection and Biodiversity Conservation Act 1999 (Cth), as well as being subject to any remediation obligations under any relevant mining tenements and approvals if located on a mine site.

Securing land tenure is another significant challenge, especially when land is required within national parks, is over land held by Aboriginal land councils or land where native title is still active.

Water entitlements and licences, crucial for establishing reservoirs, are also a key consideration, particularly for closed-loop projects. While some states, such as NSW, have introduced a special category of water licences for initial fills, these licences may come with restrictions that limit pumping from nearby water sources to periods of high flow, presenting programming challenges. In addition to securing the necessary approvals and resources, early engagement with traditional owners, landowners and local communities is essential for obtaining a social licence to operate.

We have seen a continuing shift in risk transfer across energy and infrastructure. For PHES, in particular, this has been driven by a limited pool of experienced civil contractors with PHES experience in Australia, a lack of competition among original equipment manufacturer suppliers, and supply chain impacts and increasing demand for energy projects. A consequence of this shift has been the growing use of disaggregated contract packages, including in PHES procurement.

By splitting contracts, developers can distribute risk among multiple parties and limit exposure to contractor insolvency, with each contractor focusing on their specialist area. Ideally, this improves quality and efficiency, at a more competitive price. However, this approach can create challenges, particularly for developers and financiers, introducing interface gap risks between the contractors, and resulting in smaller sizing for caps and security packages.

Transport infrastructure procurement has traditionally been driven by state governments, creating a concentrated and aligned purchasing power that drove well-understood risk profiles. The energy infrastructure market is comparatively more diffused, involving a mix of government and private developers, contractors of all tiers and international entrants. This has meant that ‘market standard’ positions are fluid and highly bespoke contracts are being developed.

An added complexity is that PHES procurement to date has been led by government-developers who are able to use collaborative commercial models with unfixed, variable cost elements. This is more difficult for private developers with limited funding sources who are required to demonstrate bankability to financiers. A balance will need to be struck between developers’ and financiers’ desire for firm pricing and transferred risk, with the contracting market’s calls for flexible, uncapped, commercial models.

The contractor-led market has brought with it a rise in collaborative contracting in the infrastructure sector and the market is evolving. As an example, NSW and Victoria have adopted incentivised target cost models in infrastructure procurement projects, and Snowy 2.0 shifted from a traditional engineering, procurement and construction model to an incentivised target cost model. While the rise in collaborative contracting has not involved a full-scale move from wrapped lump sum to alliance models, there is an increased focus on fair risk allocation, considering each party’s ability to manage risks.

In the PHES space, risk associated with input material costs, labour costs and underground work have been the particular focus of collaborative risk-sharing arrangements.

Input material and labour costs: PHES projects rely on significant quantities of materials such as concrete and steel, but supply chain issues and material cost escalation could increase project prices and timeframes. Additionally, the scale and construction duration of PHES projects requires substantial labour compared with other assets, with the remoteness of some projects potentially necessitating relocation packages and project-specific camps to attract skilled workers. Enterprise bargaining agreements can mitigate these challenges. However, the long construction period on PHES projects means that enterprise bargaining agreements are more likely to be renegotiated during delivery, reopening labour costs and creating the risk of industrial disputes. Given market changes, sensible and targeted risk-sharing mechanisms should be considered upfront to optimise value for money.

Underground work: PHES projects are complex and involve extensive subterranean work. While owners and developers can undertake geotechnical investigations prior to construction commencing, those have limitations, so a geotechnical risk-sharing mechanism is often needed. Geotechnical Baseline Reports are commonly used to set the agreed baseline conditions for tunnels and reservoirs, which serve as the test for any time or cost adjustments.

Site selection is crucial for PHES projects, as suitable locations are often farther from existing grid infrastructure, leading to higher and more variable grid connection costs compared with BESS projects. Developers must ensure clarity on connection fees payable by a developer to the relevant network service provider and carefully consider the terms of connection agreements.

Additionally, developers should be aware of the generator performance standards and how they align with other regulatory approvals for the project.

A key challenge for developers is monetising storage projects and accessing debt capital markets. In the second part of our pumped hydro Insight series, we will explore the challenges, considerations and opportunities that developers, financiers and stakeholders face in monetising and creating stable revenue streams for PHES projects. Stay tuned.
Actions that you can take now
If you are considering entering the PHES space, as either a developer, investor, contractor, or financier, it is important to consider the following:
- Strategic site selection: Rehabilitating existing assets, such as former mines or cleared agricultural sites with low biodiversity and cultural heritage value, and easy access water supply, may reduce planning delays, simplify environmental approval, and, for mine sites, limit the need for extensive excavation.
- Early engagement: Engage early with all relevant parties, including local government, the community, traditional owners, landholders, consent authorities, regulators, contractors, geotechnical experts, financiers and government programs. The work done early in the project, and through concept and procurement processes, is crucial to the success of your PHES project.
- Monitor the market: As more PHES projects emerge, market trends in commercial models, risk profiles and offtake strategies will evolve.
- Adapting to changing regulations and government policies: We expect the regulatory landscape and government policies will evolve to better support PHES projects. Staying updated on these changes will be key to your project’s success.
Keep an eye out for future Insights in the pumped hydro series, where we will expand further on the offtake and financing strategies that will underpin the bankability and revenue generation of PHES projects.
MIL OSI News –
February 25, 2025
MIL-OSI Security: Eureka Chiropractor Convicted of Defrauding Medicare, Insurance Companies Out of More Than $1.5 Million

Source: Office of United States Attorneys

PEORIA, Ill. – A federal jury returned a guilty verdict late Friday evening against Carrie Musselman, 48, of Eureka, Illinois, for defrauding Medicare and other insurance companies out of more than $1.5 million dollars and for five counts of wire fraud in furtherance of her scheme to defraud. Sentencing for Musselman has been scheduled for June 24, 2025, at the U.S. Courthouse in Peoria, Illinois.

Over 13 days of testimony, the government presented evidence establishing that Musselman, a chiropractor in Eureka, engaged in a scheme to defraud Medicare and other insurance companies. As part of the scheme, Musselman disguised the identity of the people providing services and misrepresented the nature of the services that had actually been provided.

For instance, Musselman falsely claimed services were being provided by physicians when they were actually being provided by nurse practitioners and physician’s assistants. This resulted in an automatic pay increase for Musselman and her practice. In addition, one of Musselman’s highest reimbursement services, the placement of an electroacupuncture (which she was falsely billing as a surgically implanted neurostimulator), would not have qualified for any payment but for her deception. Musselman also billed for services that were not actually rendered. This included not only billing for neurostimulators that were never provided, but also for purportedly providing patients with allergy injections when, in reality, no such injections were given. Instead, patients were sent home with oral drops that had not been approved by the Food and Drug Administration, were considered “experimental,” and had not been proven to be effective.

Musselman remains released on bond. At sentencing, Musselman faces statutory penalties of up to 10 years’ imprisonment for the healthcare fraud charge and up to 20 years’ imprisonment for each of the wire fraud charges, to be followed by up to three years of supervised release on each of the counts. Each of the six convictions could also incur up to a $250,000 fine.

The case investigation was conducted by the Federal Bureau of Investigation, Springfield Field Office, and the Department of Health and Human Services, Office of Inspector General, Office of Investigations. Assistant U.S. Attorneys Douglas F. McMeyer, Bryan D. Freres, and Grace J. Hitzeman represented the government at trial.

MIL Security OSI –

February 25, 2025
MIL-OSI Security: U.S. Attorney’s Office and FBI Charge Pojoaque Man with Sexual Abuse of a Minor

Source: Office of United States Attorneys

ALBUQUERQUE – A Pojoaque man has been charged with aggravated sexual abuse of a minor.

According to the indictment, between December 21, 2021, and February 23, 2022, Alexander John Duran, 30, an enrolled member of Pojoaque Pueblo, allegedly engaged in and attempted to engage in sexual acts with a child under the age of 12.

Duran will remain in custody pending trial, which has not been set. If convicted, Duran faces no less than 30 years and up to life imprisonment.

Acting U.S. Attorney Holland S. Kastrin and Raul Bujanda, Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

The Albuquerque-Santa Fe Resident Agency of the Federal Bureau of Investigation’s Albuquerque Field Office investigated this case. Assistant U.S. Attorney Mark A. Probasco is prosecuting the case as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit Justice.gov/PSC.

MIL Security OSI –

February 25, 2025
MIL-OSI Security: Fresno Man Sentenced to 3 Years in Prison for a Series of Vehicle Pipe-Bombings

Source: Office of United States Attorneys

FRESNO, Calif. — Paul New, 57, of Fresno, was sentenced today to three years in prison for conspiracy to destroy property and malicious destruction by means of an explosive device, Acting U.S. Attorney Michele Beckwith announced.

According to court documents, between November 2022 and February 2023, New committed a series of pipe-bombings on unoccupied vehicles and property in Fresno. The bombings damaged vehicles belonging to two auto-related businesses on Clinton Avenue. On Feb. 19, 2023, a bomb heavily damaged a vehicle used by a home health care business on Fallbrook Avenue.

On October 9, 2024, co-defendant Scott Eric Anderson was sentenced to three years in prison.

This case was the product of an investigation by the Fresno Police Department, the Federal Bureau of Investigation, and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Assistant U.S. Attorney Michael G. Tierney prosecuted the case.

MIL Security OSI –

February 25, 2025
MIL-OSI Security: Defendant Pleads Guilty to Selling Fentanyl that Caused Fatal Overdose

Source: Office of United States Attorneys

SAN DIEGO – Danny Nunez pleaded guilty in federal court today, admitting that he supplied the fentanyl that caused the death of a 25-year-old San Diego woman identified in court records as “L.P.” on September 11, 2024.

According to the plea agreement, on September 12, 2024, the young woman’s parents found her deceased in her bedroom. Cell phone evidence and witness statements show that the victim purchased fentanyl from the defendant on September 11, 2024, which she later consumed, resulting in her death.

On October 3, 2024, members of the Homeland Security Investigations (HSI) San Diego – Fentanyl Abatement and Suppression Team (FAST), in conjunction with the Escondido Police Department, conducted an enforcement operation resulting in the arrest of the defendant after he attempted to sell two baggies of fentanyl, weighing 7.67 grams and 1.23 grams, to undercover agents.

Nunez is scheduled to be sentenced on May 19, 2025, at 9:30 a.m. before U.S. District Court Judge Thomas J. Whelan.

This case is being prosecuted by Assistant U.S. Attorney Sean Van Demark.

HSI San Diego FAST is a multiagency task force comprising state, local, and federal partners and was first established in August 2022 focusing on the disruption and dismantlement of criminal organizations that smuggle and distribute fentanyl within San Diego County. HSI’s FAST targets fentanyl smuggling and distribution networks to counter the rising overdose rate and decrease the availability and accessibility of fentanyl.

DEFENDANT Case Number 24-CR-2295-W

Danny Nunez Age: 25 San Diego, CA

SUMMARY OF CHARGES

Attempted Distribution of Fentanyl

21 U.S.C. § 841(a)(1)

Maximum penalty: Twenty years in prison (per count)

INVESTIGATING AGENCIES

Homeland Security Investigations

Escondido Police Department

*The charges and allegations contained in an indictment or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

MIL Security OSI –

February 25, 2025
MIL-OSI: Dadachain Unveils Vision on February 20 with Whitepaper Release, Full Platform Launch on March 17
Source: GlobeNewswire (MIL-OSI)

NEW YORK, NY, Feb. 24, 2025 (GLOBE NEWSWIRE) — Dadachain, a blockchain platform focused on Real World Asset (RWA) tokenization, is set to release its official whitepaper on February 20, outlining its vision, technology, and roadmap. The platform is scheduled for official launch on March 17, 2025, with its first RWA issuance featuring Starnex, a South Korean defense company.

Bridging the Gap: Tokenization of Pre-IPO Companies

Dadachain aims to provide a tokenization framework for Pre-IPO and CSE IPO-ready private companies, offering an alternative way to access liquidity and diversify investment opportunities. Traditionally, early-stage investments are primarily accessible to institutional investors. Dadachain seeks to broaden access to growth-stage companies through:
- Potential Exposure to Growth-Stage Companies: Providing access to companies before they go public.
- Tokenized Asset Evolution: Digital assets reflecting companies’ development toward potential IPOs on CSE or NASDAQ.
- Expanded Market Participation: Enabling a wider range of participants to engage with private equity investments.
Strategic Support from Columbia Capital

A key partner in Dadachain’s ecosystem, Columbia Capital provides IPO consultancy services to help companies navigate the public listing process on the CSE. Their support includes:
- IPO Strategy & Compliance Guidance
- Market Positioning & Investor Outreach
- Regulatory Filing & Post-IPO Support
“By integrating tokenization with expert IPO consultancy, Dadachain and Columbia Capital aim to support high-growth companies in their development,” said Gabriel Lee, CMO of Dadachain.

Ondo Finance vs. Dadachain: A Different Approach to RWA

Ondo Finance tokenizes existing NASDAQ-listed stocks, offering digital access to established assets. Dadachain, in contrast, focuses on early-stage companies, allowing investors to engage with businesses before their public listing. “Our platform is designed to support companies in their growth journey by leveraging tokenization,” said Gabriel Lee.

First RWA Issuance: Starnex Takes the Lead

Dadachain’s first tokenized asset will be Starnex, a South Korean defense company. “We are excited to be the first company utilizing Dadachain’s tokenization framework,” said Sangrae Park, CEO of Starnex. “This collaboration offers an opportunity to explore new funding avenues and expand our business through digital finance solutions.”

Future Plans: Additional RWA Issuances to Follow

Dadachain plans to announce further RWA issuances for CSE IPO-ready companies. Updates will be shared via the official website and social media channels.

Join the Future of Digital Finance: Dadachain’s platform launch on March 17 marks an expansion of blockchain applications in asset tokenization.

For Media Inquiries

Brand: Dadachain

Contact: Media team

Email: ask@dadachain.xyz

Website: https://www.dadachain.xyz

The MIL Network –
February 25, 2025
MIL-OSI USA: News 02/24/2025 Blackburn Requests FBI Director Patel Release Complete, Unredacted Epstein Records

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)
WASHINGTON, D.C. – Today, U.S. Senator Marsha Blackburn (R-Tenn.) sent a letter to Federal Bureau of Investigation (FBI) Director Kash Patel and U.S. Attorney General Pam Bondi requesting that they promptly release the complete flight logs from Jeffrey Epstein’s private jet and helicopter, any records that were in Ghislaine Maxwell’s possession, including her “little black book,” and all video surveillance footage from Jeffrey Epstein’s residence in Palm Beach, Florida. During his confirmation hearing, Director Patel committed to working with Senator Blackburn to release the files and provide transparency.
Senator Blackburn also sent a letter to Internal Revenue Service (IRS) Acting Commissioner Douglas O’Donnell requesting the release of any and all information in his agency’s possession that will reveal Jeffrey Epstein’s associates and business dealings.
Blackburn: Americans Deserve to Know Exactly Who Was Affiliated with Epstein’s Network
“Congratulations on your recent confirmation as the 9th Director of the Federal Bureau of Investigation. I have no doubt that you will bring much-needed transparency to the FBI as you return the Bureau to its core mission of investigating crimes and keeping our nation safe. To that end, at your January 30, 2025, Senate Judiciary Committee confirmation hearing, you committed to working with me in illuminating the full extent and scope of Jeffrey Epstein’s international sex trafficking ring. The American people deserve to know exactly who was affiliated with this network.”
Blackburn Pushes for Release of Complete, Unredacted Epstein Records
“As you know, over the course of many years, Jeffrey Epstein built a heinous global sex trafficking network that caused irreparable harm to countless women. Since Mr. Epstein’s death in 2019, there is still much about this tragic case that is not known—including the names of his associates that are listed in the flight logs of his private jet and in Ghislaine Maxwell’s ‘little black book.’ While some redacted portions of Epstein’s flight logs and Maxwell’s ‘little black book’ have been released in various lawsuits, it is paramount that the FBI provide full transparency to the American people and immediately release the complete, unredacted records in this case.”
Blackburn’s Previous Efforts to Provide Transparency for the American People Were Stonewalled
“Your predecessor, Director Wray, was unwilling to provide this crucially important transparency. In fact, despite informing me during his December 2023 appearance before the Judiciary Committee that he would ‘get with [his] team and figure out if there’s more information we can provide’ on the Epstein matter, Director Wray never provided any such follow-up information. Over a year has elapsed since then, and we still do not have all of the necessary information regarding Jeffrey Epstein’s crimes. As noted above, you have committed to bringing transparency back to the FBI and rooting out the two-tiered system of justice that has operated there for far too long. Therefore, I respectfully request that you transmit to me and release to the American public the… records that are in the Bureau’s possession.”
View Senator Blackburn’s letter to the FBI here.
View Senator Blackburn’s letter to the IRS here.
RELATED

MIL OSI USA News –

February 25, 2025
MIL-OSI United Kingdom: UK businesses lead the way with record numbers of female leaders
Source: United Kingdom – Executive Government & Departments

Press release

UK businesses lead the way with record numbers of female leaders

FTSE Women Leaders Review and UK Government publish latest report on women in leadership roles at FTSE350 companies.
UK leads the world in drive to increase the number of women on boards and in leadership at the top of firms.

More than 60% of FTSE350 companies within striking distance of the 40% target for women’s representation in boardrooms

Supporting women into leadership roles could unlock billions in economic growth and deliver on Plan for Change

Top British companies are continuing to lead the way for gender equality in boardrooms with women occupying nearly 43% of roles on company boards according to a new report published today (Tuesday 25 February).

The FTSE Women Leaders Review report for 2025, backed by the government and sponsored by sector giants Lloyds Banking Group and KPMG LLP, shows that women now occupy 1,275 or 43% of roles on company boards and 6,743 (35%) of leadership roles at the 350 FTSE companies.

This marks a year-on-year increase and means the target of 40% women’s representation by the end of this year continues to be achieved by FTSE350 businesses. The results of this review show the progress being made to break down barriers to opportunity at the highest levels, within some of the most innovative and important companies in the UK.

Delivering equal opportunities for women is at the heart of the government’s growth mission as part of the Plan for Change, by ensuring they have fair access to a stable, well-paid jobs which will also help drive up living standards.

At a London event this evening, business leaders, ministers and the leaders of the Review will come together to reflect upon and celebrate this progress as well as the contribution it is making to creating a stronger, more dynamic economy.

But the government recognises there is still more to do to bring more women into roles such as company Chairs and CEOs and to increase the number of women on boards and in leadership who hold executive roles. The government will work with FTSE companies and other organisations to ensure that everyone has an equal opportunity to achieve their full potential based on their talent.

Chancellor of the Exchequer Rachel Reeves said:

The UK is leading the charge for gender equality in boardrooms, but we cannot rest on our laurels.

We must break down the barriers that stop many women being represented in decision-making roles, so that top talent reaches the highest levels of leadership in businesses driving economic growth across Britain.

Minister for Investment Baroness Gustafsson OBE said:

I know from founding my own business how strong female voices inspire positive change throughout an organisation, bringing new ideas and adding greater value.

Today’s report shows that whilst the momentum is with us, we have so much further to go. Working with business leaders and investors, we will do everything we can to unlock more opportunities for women at the highest levels as we go for growth and deliver our Plan for Change.

The UK’s approach to gender equality in boardrooms is setting an international precedent for inclusive business, coming second only to France in the G7, with 43.4% representation compared to 45.4%.

Whilst France and many other countries employ the use of quotas, the action taken by British companies has been entirely voluntary demonstrating the ability of the private sector to lead the way, alongside government support, but without overburdening regulation.

By leading the way and committing to improving gender equality companies are demonstrating the market value of increased representation of women in senior roles and the diversity of thinking that this brings, trickling down into small and medium sized businesses who look to replicate this success.

The government’s flagship Employment Rights Bill and Plan to Make Work Pay will further strengthen women’s rights in the workplace and increase protections for women going through the menopause, as well as protections from dismissal whilst pregnant or on maternity leave.

Vivienne Artz, CEO of the FTSE Women Leaders Review, said:

In an increasingly disruptive world in which companies are faced with a combination of economic, geo-political and technological change British businesses are setting an international standard for balanced and inclusive leadership.

With its unique Government-backed and business-led voluntary approach, the UK has spearheaded a world-leading transformation in the highest ranks of industry. Whilst FTSE 350 company boards are now gender-balanced, sustained effort and determination is required to achieve the 40% target for women in leadership by the end of this year.

We look forward to working with businesses to deliver on this ambition.

Penny James and Nimesh Patel, Co-Chairs of the FTSE Women Leaders Review, said:

The UK is nothing short of world-leading in driving gender balance at the top of business with business leaders delivering change through voluntary action rather than quotas. Despite many competing priorities companies continue to see equality of opportunity as key to improving productivity and achieving growth.

Balance on FTSE 350 boards has been achieved and women’s representation on executive teams is steadily increasing but a step-up in commitment is required to deliver parity in the key leadership roles.

Over the coming year we urge UK business to remain focused on sustaining momentum, harnessing all of the available talent and driving towards a business environment that offers opportunity for all.

NOTES TO EDITORS:

The FTSE Women Leaders Review (the Review) is sponsored by Lloyds Banking Group and KPMG LLP.

Sir Robin Budenberg, Chair of Lloyds Banking Group, said:

As proud co-sponsor of the FTSE Women Leaders Review, we applaud the significant progress made over the years in increasing gender balance on both the boards and leadership teams of the UK’s biggest companies.

A strong, diverse workforce is fundamental to business success. When leadership reflects the society it serves, companies are better equipped to understand their customers, drive innovation and deliver long-term sustainable growth. And if business does not employ the full breadth of society, it will not benefit from all the talent available.

At Lloyds Banking Group we have a gender-balanced board and over 45% representation of women at leadership level but we recognise that progress is neither linear nor inevitable. The responsibility lies with all of us to lead inclusively and to keep gender equality at the top of the agenda. By doing so, we strengthen our businesses and help build a more dynamic, successful economy.

Bina Mehta, Chair of KPMG LLP, said:

With the final year of the FTSE Women Leaders Review ahead, I’m delighted we have continued to make substantial progress in achieving greater gender balance in senior roles, something that reflects many years of voluntary effort and collective action.

It’s particularly encouraging to see the progress made by the UK’s Top 50 Private companies in their first three years of reporting. These companies are keeping pace with the FTSE100 and are currently reporting 35% of Executive Committee roles are held by women.

As Chair of KPMG UK, I am proud that our firm continues to grow the number of women in leadership roles, maintaining our position in the ‘Top Ten Best Performers’. As a firm we recognise the importance of creating an environment where everyone can succeed and thrive.

With the country’s renewed focused on economic growth, if businesses continue to work together, we can help to deliver long term prosperous and sustainable growth.

The Review

The FTSE Women Leaders Review is the independent, business-led framework supported by the Government, which sets recommendations for Britain’s biggest companies to improve the representation of women on their boards and leadership teams. The scope of the Review covers the FTSE 350 and 50 of the UK’s biggest private companies.

Adopting a voluntary approach, the Review captures and publishes progress on 26,000 roles on boards and in leadership two layers below the board, across all sectors of British business on an annual basis.

Women on Boards: 2024

Reported numbers for Women on Boards of FTSE 350, as of 10th January 2025, show:

Source – BoardEx:

FTSE 100 is at 44.7%, up from 42.6% in 2023

FTSE 250 is at 42.6%, up from 41.8% in 2023

FTSE 350 is at 43.4.%, up from 42.1% in 2023

50 largest UK private companies are at 30.5% (30.6% in 2023)

Almost three quarters of FTSE 350 Boards (73.4%) have met or exceeded the current 40% target with that number now standing at 257 up from 235 in 2023.

The UK FTSE 350 is in 2nd place when compared internationally to the G7 countries but this is being achieved at a greater scale and through entirely voluntary action as opposed to mandatory quota systems. In the UK 350 companies are in scope compared with 40 in France which has quota legislation in place.

FTSE 100 companies top the rankings for women on boards compared with international indices including the Euronext 100, IBEX and S&P ASK FTSE 100: 44.7% v Euronext 100: 42.2%, IBEX: 40.9% S&P ASX: 40.2%

Women in Leadership: 2024

Reported numbers for Women in Leadership (defined as the Executive Committee & Direct Reports to the Executive Committee on a combined basis) show:

Source – FTSE Women Leaders, Leadership Data Collection Portal as at 31 October 2024:

FTSE 100 is at 36.6% up from 35.2% in 2023

FTSE 250 is at 34.2% up from 33.9% in 2023

FTSE 350 is at 35.3% up from in 34.5% in 2023

50 largest UK private companies are at 36.8% up from 35.6% in 2023

Four Key Roles: 2024

1.   Women continue to be appointed to the Chair role with a gain of seven FTSE 350 women Chairs in 2024. As a result, the number of women in the Chair role in the FTSE 350 has increased from to 53 in 2023 to 60 in 2024 (17%).

2.   The number of women SIDs has increased to 192 across the FTSE 350 in 2024, up from 162 in 2023. Now over half of FTSE 350 companies (56%) have a woman SID.

3.   The percentage of women Finance Directors in the FTSE 350 has increased from 48 in 2023 to 57 in 2024 (22%).

4.   FTSE 350 women CEOs have reduced from 20 in 2023 to 19 in 2024.

The Recommendations for the Review

There are four Recommendations that were announced in February 2022 to fuel further progress in delivering gender balance at the top of British business:

The voluntary target for FTSE 350 Boards and Leadership teams was increased to a minimum of 40% women’s representation by the end of 2025.

Companies should have at least one woman in the Chair, Senior Independent Director role on the board and/or one woman in the Chief Executive Officer or Finance Director role by the end of 2025.

Key stakeholders should continue to set best-practice guidelines or use alternative mechanisms to encourage any FTSE 350 Board that has not yet achieved the previous 33% target for the end of 2020, to do so.

The scope of the Review is extended beyond FTSE 350 companies to include 50 of the UK’s largest private companies.

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Updates to this page

Published 25 February 2025
MIL OSI United Kingdom –
February 25, 2025
MIL-OSI New Zealand: Social workers enabled to have more time helping children and young people

Source: New Zealand Government

“Families, young people, and social workers are set to benefit from technology upgrades at Oranga Tamariki that will free up social workers to spend more time with families, will help young people by ensuring important routines and needs are shared, and will improve collaboration and transparency,” Children Minister Karen Chhour says.

“This is a significant development that will greatly enable social workers to better serve and work with children, families, caregivers, and partner organisations that provide services.

“Until now, social workers and other practice staff have been having to use outdated, 20-year-old computer programmes and systems for administration tasks.

“I have heard feedback from social workers, caregivers, partners, and young people who have voiced their frustrations about the challenges of out-of-date legacy technology, and I am extremely pleased that we are now delivering a modern, fit-for-purpose solution.

“I am looking forward to seeing the difference this makes not just for social workers but for young people and families.

“It will also support working alongside service provider partners by making it easier to share personal information with them to improve the wellbeing of children – such as a child’s regular routine and specific needs.”

Min Chhour says that the new case management system will also help make it faster for records and information to be provided to children and families when they need it, and will help ensure the protection of records in the future.

“The records of our young people and of all New Zealanders are sacred. The report into abuse in state care highlighted for many the scenarios where records have been fragmented or lost over the decades. That is unacceptable for the people we serve and I am very pleased that the new systems will help to resolve this issue for the future.

“The information that social workers record is an important part of the journey and life story of children and young people, particularly those in care.

“These improvements will enable better collaboration between children, families and social workers, with regard for how they participate in their plans and develop them. They will also be able to make sense of their experiences while in care.

“Investing in our frontline and making sure social workers have the tools they need to focus on their critically important job of supporting children and young people in need is an absolute priority for me.

“Young people deserve to be heard, and to have agencies working together for their betterment. I also want young people to make sure they have control over the direction of their future, and this will enable that.

“I’m delighted we can invest in our critical frontline workforce, remove barriers, and provide the tools they need to do their job, so they can focus on making the most difference for children and families.”

This upgrade is just one part of the $68.5m funding boost for frontline technology systems over four years announced as part of Budget 2024.

It will be up-and-running within 12 months, if not earlier.

MIL OSI New Zealand News –

February 25, 2025

MIL-OSI: Archrock Reports Fourth Quarter and Full Year 2024 Results and Provides 2025 Guidance

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 24, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock”) today reported results for the fourth quarter and full year 2024.

Fourth Quarter and Full Year 2024 Highlights

Revenue for the fourth quarter of 2024 was $326.4 million compared to $259.6 million in the fourth quarter of 2023. Revenue for 2024 was $1,157.6 million compared to $990.3 million in 2023.
Net income for the fourth quarter of 2024 was $59.8 million and EPS was $0.34, compared to $33.0 million and $0.21, respectively, in the fourth quarter of 2023. Net income for 2024 was $172.2 million and EPS was $1.05, compared to $105.0 million and $0.67, respectively, in 2023.
Adjusted net income (a non-GAAP measure defined below) for the fourth quarter of 2024 was $61.5 million and adjusted EPS (a non-GAAP measure defined below) was $0.35, compared to $33.0 million and $0.21, respectively, in the fourth quarter of 2023. Adjusted net income for 2024 was $185.2 million and adjusted EPS was $1.13 compared to $105.0 million and $0.67, respectively, in 2023.
Adjusted EBITDA (a non-GAAP measure defined below) for the fourth quarter of 2024 was $183.8 million compared to $120.3 million in the fourth quarter of 2023. Adjusted EBITDA for 2024 was $595.4 million compared to $450.4 million in 2023.
Declared a quarterly dividend of $0.19 per common share for the fourth quarter of 2024, approximately 15% higher compared to the fourth quarter of 2023, resulting in dividend coverage of 3.5x.

Management Commentary and Outlook

“Archrock’s outstanding fourth quarter performance rounded out a record-setting year of robust utilization and profitability,” said Brad Childers, Archrock’s President and Chief Executive Officer. “For 2024, we increased our contract operations adjusted gross margin by 500 basis points, improved our net income by over 60% and grew our adjusted EBITDA by more than 30% year over year. We maintained a prudent balance sheet, ending the year with a leverage ratio of 3.3x, and returned $124 million in capital to our shareholders through dividends and share buybacks. We achieved these milestones while concurrently completing a transformative acquisition that established our leadership position in electric motor drive compression.

“We are even more excited about what we are positioned to deliver in 2025. Archrock continues to perform at an exceptional level, reflecting consistent operational execution and the successful progression of our strategic initiatives. Our investment in high-quality assets, excellent customer service and implementation of innovative technology and processes are driving value for our customers and our shareholders.

“Moreover, we see the market opportunities provided by rising energy demand, and in particular, the natural gas required to support growing LNG exports and power generation, continuing into the foreseeable future. With sustained high utilization levels and a large and contracted backlog for 2025, we are booking units for 2026 delivery and believe we will continue to see strong customer demand for new equipment well into next year.

“This impressive and durable investment outlook for Archrock is further underpinned by our financial flexibility and returns-based capital allocation. We are investing in profitable, high-return growth in large midstream and electric motor drive compression to support our high-quality customers in premier, primarily associated gas, plays like the Permian. We also remain committed to consistent growth in shareholder returns and started the year with a 15% year-over-year increase to our quarterly dividend per share, while maintaining prudent dividend coverage and leverage ratios,” concluded Childers.

Fourth Quarter and Full Year 2024 Financial Results

Archrock’s fourth quarter 2024 net income of $59.8 million included a non-cash long-lived and other asset impairment of $1.2 million, transaction-related costs totaling $2.2 million and a non-cash unrealized decrease in the fair value of our investment in an unconsolidated affiliate of $1.5 million. Archrock’s fourth quarter 2023 net income of $33.0 million included a non-cash long-lived and other asset impairment of $3.7 million and a non-cash unrealized increase in the fair value of our investment in an unconsolidated affiliate of $1.0 million.

Fourth quarter 2024 selling, general, and administrative expenses of $42.2 million compared to $33.0 million for the fourth quarter of 2023 primarily reflect the increase in stock price throughout the year, which drove higher long-term incentive compensation, as well as other increases in performance-based short-term and long-term incentive compensation expense given the outperformance relative to earlier expectations in 2024.

Adjusted EBITDA for the fourth quarter of 2024 and 2023 included $12.7 million and $2.2 million, respectively, in net gains related to the sale of compression and other assets.

Archrock’s full year 2024 net income of $172.2 million included the following items: transaction-related costs totaling $13.2 million, a non-cash long-lived and other asset impairment of $10.7 million, a debt extinguishment loss of $3.2 million, and a non-cash unrealized decrease in the fair value of our investment in an unconsolidated affiliate of $1.5 million. Archrock’s full year 2023 net income of $105.0 million included the following items: a non-cash long-lived and other asset impairment of $12.0 million, restructuring charges of $1.8 million and a non-cash unrealized decrease in the fair value of our investment in an unconsolidated affiliate of $1.0 million.

Adjusted EBITDA for the full year 2024 and 2023 included $17.9 million and $10.2 million, respectively, in net gains related to the sale of compression and other assets.

Contract Operations

For the fourth quarter of 2024, contract operations segment revenue totaled $286.5 million, an increase of 34% compared to $213.0 million in the fourth quarter of 2023. Adjusted gross margin for the fourth quarter of 2024 was $200.2 million, up 46% from $137.1 million. Adjusted gross margin percentage for the fourth quarter of 2024 was 70%, compared to 64% in the fourth quarter of 2023. Total operating horsepower at the end of the fourth quarter of 2024 was 4.2 million compared to 3.6 million at the end of the fourth quarter of 2023. Utilization at the end of the fourth quarter of 2024 was 96%, consistent with the fourth quarter of 2023.

Aftermarket Services

For the fourth quarter of 2024, aftermarket services segment revenue totaled $40.0 million, compared to $46.6 million in the fourth quarter of 2023 due to seasonal delay in service activity. Adjusted gross margin for the fourth quarter of 2024 was $9.1 million, compared to $10.2 million in the fourth quarter of 2023. Adjusted gross margin percentage for the fourth quarter of 2024 was 23%, compared to 22% for the fourth quarter of 2023.

Balance Sheet

Long-term debt was $2.2 billion and our available liquidity totaled $688 million at December 31, 2024. Our leverage ratio was 3.3x as of December 31, 2024, down from 3.5x as of December 31, 2023.

Quarterly Dividend

Our Board of Directors recently declared a quarterly dividend of $0.19 per share of common stock, or $0.70 per share on an annualized basis for the year ended December 31, 2024. Dividend coverage in the fourth quarter of 2024 was 3.5x. The fourth quarter 2024 dividend was paid on February 19, 2025 to stockholders of record at the close of business on February 12, 2025.

2025 Annual Guidance

(in thousands, except percentages, per share amounts, and ratios)

	Full Year 2025 Guidance
		Low			High
Net income^{(1) (2)}	$	253,000		$	293,000
Adjusted EBITDA⁽³⁾		750,000			790,000
Cash available for dividend^{(4) (5)}		456,000			471,000

Segment
Contract operations revenue	$	1,200,000		$	1,235,000
Contract operations adjusted gross margin percentage		68	%		71	%
Aftermarket services revenue	$	190,000		$	210,000
Aftermarket services adjusted gross margin percentage		22	%		24	%

Selling, general and administrative	$	147,000		$	142,000

Capital expenditures
Growth capital expenditures	$	330,000		$	370,000
Maintenance capital expenditures		105,000			115,000
Other capital expenditures		35,000			50,000
__________________________________
⁽¹⁾ 2025 annual guidance for net income does not include the impact of long-lived and other asset impairment because due to its nature, it cannot be accurately forecasted. Long-lived and other asset impairment does not impact adjusted EBITDA or cash available for dividend, however it is a reconciling item between these measures and net income. Long-lived and other asset impairment for the years 2024 and 2023 was $10.7 million and $12.0 million, respectively.
⁽²⁾ Reflects an estimate of expenses to be incurred related to the acquisition of Total Operations and Production Services, LLC (the “TOPS Acquisition”).
⁽³⁾ Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽⁴⁾ Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
⁽⁵⁾ A forward-looking estimate of cash provided by operating activities is not provided because certain items necessary to estimate cash provided by operating activities, including changes in assets and liabilities, are not estimable at this time. Changes in assets and liabilities were $(25.8) million and $(28.0) million for the years 2024 and 2023, respectively.

Summary Metrics

(in thousands, except percentages, per share amounts and ratios)

	Three Months Ended										Year Ended
	December 31,			September 30,				December 31,			December 31,				December 31,
	2024			2024				2023			2024				2023
Net income	$	59,758		$	37,516			$	33,002		$	172,231			$	104,998
Adjusted net income ⁽¹⁾	$	61,533		$	47,313			$	33,002		$	185,211			$	104,998
Adjusted EBITDA ⁽¹⁾	$	183,844		$	150,854			$	120,263		$	595,434			$	450,387

Contract operations revenue	$	286,466		$	245,420			$	213,022		$	980,405			$	809,439
Contract operations adjusted gross margin	$	200,245		$	165,610			$	137,062		$	657,353			$	502,691
Contract operations adjusted gross margin percentage		70	%		67		%		64	%		67		%		62		%

Aftermarket services revenue	$	39,950		$	46,741			$	46,571		$	177,186			$	180,898
Aftermarket services adjusted gross margin	$	9,054		$	12,346			$	10,239		$	41,737			$	38,627
Aftermarket services adjusted gross margin percentage		23	%		26		%		22	%		24		%		21		%

Selling, general, and administrative	$	42,234		$	34,059			$	33,007		$	139,121			$	116,639

Net cash provided by operating activities	$	124,338		$	96,900			$	71,719			429,591				310,187
Cash available for dividend⁽¹⁾	$	118,089		$	92,887			$	71,484		$	364,595			$	232,979
Cash available for dividend coverage ⁽²⁾		3.5	x		3.0		x		2.8	x		3.1		x		2.4		x

Adjusted free cash flow ^{(1) (3)}	$	68,945		$	(834,282	)		$	47,385			(730,472	)			77,696
Adjusted free cash flow after dividend ^{(1) (3)}	$	38,255		$	(862,147	)		$	23,195			(840,846	)			(18,100	)

Total available horsepower (at period end) ⁽⁴⁾		4,401			4,418				3,759			4,401				3,759
Total operating horsepower (at period end) ⁽⁵⁾		4,227			4,179				3,607			4,227				3,607
Horsepower utilization spot (at period end) ⁽⁶⁾		96	%		95		%		96	%		96		%		96		%
__________________________________
⁽¹⁾ Management believes adjusted net income, adjusted EBITDA, cash available for dividend, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
⁽²⁾ Defined as cash available for dividend divided by dividends declared for the period.
⁽³⁾ Reflects $866.2 million cash paid in TOPS Acquisition, net of cash acquired.
⁽⁴⁾ Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
⁽⁵⁾ Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
⁽⁶⁾ Defined as total available horsepower divided by total operating horsepower at period end.

Conference Call Details

Archrock will host a conference call on February 25, 2025, to discuss fourth quarter and full year 2024 financial results. The call will begin at 9:00 a.m. Eastern Time.

To listen to the call via a live webcast, please visit Archrock’s website at www.archrock.com. The call will also be available by dialing 1 (800) 715-9871 in the United States or 1 (646) 307-1963 for international calls. The access code is 4749623.

A replay of the webcast will be available on Archrock’s website for 90 days following the event.

Adjusted net income, a non-GAAP measure, is defined as net income (loss) excluding transaction-related costs and debt extinguishment loss adjusted for income taxes. A reconciliation of adjusted net income to net income, the most directly comparable GAAP measure, and a reconciliation of adjusted earnings per share to basic and diluted earnings per common share, the most directly comparable GAAP measure, appear below.

Adjusted EBITDA, a non-GAAP measure, is defined as net income (loss) excluding interest expense, income taxes, depreciation and amortization, long-lived and other asset impairment, unrealized change in fair value of investment in unconsolidated affiliate, restructuring charges, debt extinguishment loss, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items. A reconciliation of adjusted EBITDA to net income, the most directly comparable GAAP measure, and a reconciliation of our full year 2025 adjusted EBITDA guidance to net income appear below.

Adjusted gross margin, a non-GAAP measure, is defined as revenue less cost of sales, exclusive of depreciation and amortization. Adjusted gross margin percentage, a non-GAAP measure, is defined as adjusted gross margin divided by revenue. A reconciliation of adjusted gross margin to net income, the most directly comparable GAAP measure, and a reconciliation of adjusted gross margin percentage to gross margin appear below.

Cash available for dividend, a non-GAAP measure, is defined as net income (loss) excluding interest expense, income taxes, depreciation and amortization, long-lived and other asset impairment, unrealized change in fair value of investment in unconsolidated affiliate, restructuring charges, debt extinguishment loss, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items, less maintenance capital expenditures, other capital expenditures, cash taxes and cash interest expense. Reconciliations of cash available for dividend to net income and net cash provided by operating activities, the most directly comparable GAAP measures, and a reconciliation of our full year 2025 cash available for dividend guidance to net income appear below.

Adjusted free cash flow, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash provided by (used in) investing activities. A reconciliation of adjusted free cash flow to net cash provided by operating activities, the most directly comparable GAAP measure, appears below.

Adjusted free cash flow after dividend, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash provided by (used in) investing activities less dividends paid to stockholders. A reconciliation of adjusted free cash flow after dividend to net cash provided by operating activities, the most directly comparable GAAP measure, appears below.

About Archrock

Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how Archrock embodies its purpose, WE POWER A CLEANER AMERICA, visit www.archrock.com.

Forward–Looking Statements

All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Archrock. Forward-looking information includes, but is not limited to statements regarding: guidance or estimates related to Archrock’s results of operations or of financial condition; fundamentals of Archrock’s industry, including the attractiveness of returns and valuation, stability of cash flows, demand dynamics and overall outlook, and Archrock’s ability to realize the benefits thereof; Archrock’s expectations regarding future economic, geopolitical and market conditions and trends; Archrock’s operational and financial strategies, including planned growth, coverage and leverage reduction strategies, Archrock’s ability to successfully effect those strategies, and the expected results therefrom; Archrock’s financial and operational outlook; demand and growth opportunities for Archrock’s services; structural and process improvement initiatives, the expected timing thereof, Archrock’s ability to successfully effect those initiatives and the expected results therefrom; the operational and financial synergies provided by Archrock’s size; statements regarding Archrock’s dividend policy; the expected benefits of the TOPS Acquisition, including its expected accretion and the expected impact on Archrock’s leverage ratio; and plans and objectives of management for future operations.

While Archrock believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: risks related to macroeconomic conditions, including an increase in inflation and trade tensions; pandemics and other public health crises; ongoing international conflicts and tensions; risks related to our operations; competitive pressures; risks of acquisitions to reduce our ability to make distributions to our common stockholders; inability to make acquisitions on economically acceptable terms; risks related to our sustainability initiatives; uncertainty to pay dividends in the future; risks related to a substantial amount of debt and our debt agreements; inability to access the capital and credit markets or borrow on affordable terms to obtain additional capital; inability to fund purchases of additional compression equipment; vulnerability to interest rate increases; erosion of the financial condition of our customers; risks related to the loss of our most significant customers; uncertainty of the renewals for our contract operations service agreements; risks related to losing management or operational personnel; dependence on particular suppliers and vulnerability to product shortages and price increases; information technology and cybersecurity risks; tax-related risks; legal and regulatory risks, including climate-related and environmental, social and governance risks.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Archrock’s Annual Report on Form 10-K for the year ended December 31, 2024, Archrock’s Quarterly Report on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and those set forth from time to time in Archrock’s filings with the Securities and Exchange Commission, which are available at www.archrock.com. Except as required by law, Archrock expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

SOURCE: Archrock, Inc.

For information, contact:

Megan Repine
VP of Investor Relations
281-836-8360
investor.relations@archrock.com


Archrock, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2024			2024			2023			2024			2023
Revenue:
Contract operations	$	286,466		$	245,420		$	213,022		$	980,405		$	809,439
Aftermarket services		39,950			46,741			46,571			177,186			180,898
Total revenue		326,416			292,161			259,593			1,157,591			990,337

Cost of sales, exclusive of depreciation and amortization
Contract operations		86,221			79,810			75,960			323,052			306,748
Aftermarket services		30,896			34,395			36,332			135,449			142,271
Total cost of sales, exclusive of depreciation and amortization		117,117			114,205			112,292			458,501			449,019

Selling, general and administrative		42,234			34,059			33,007			139,121			116,639
Depreciation and amortization		58,129			48,377			42,695			193,194			166,241
Long-lived and other asset impairment		1,203			2,509			3,658			10,681			12,041
Restructuring charges		—			—			221			—			1,775
Debt extinguishment loss		—			3,181			—			3,181			—
Interest expense		38,238			30,179			27,938			123,610			111,488
Transaction-related costs		2,247			9,220			—			13,249			—
Gain on sale of assets, net		(12,712	)		(2,218	)		(2,181	)		(17,887	)		(10,199	)
Other (income) expense, net		1,598			(304	)		(745	)		1,561			1,086
Income before income taxes		78,362			52,953			42,708			232,380			142,247
Provision for income taxes		18,604			15,437			9,706			60,149			37,249
Net income	$	59,758		$	37,516		$	33,002		$	172,231		$	104,998

Basic and diluted net income per common share ⁽¹⁾	$	0.34		$	0.22		$	0.21		$	1.05		$	0.67

Weighted-average common shares outstanding:
Basic		173,451			165,847			153,879			162,037			154,126
Diluted		173,848			166,173			154,177			162,375			154,344
__________________________________
⁽¹⁾ Basic and diluted net income per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted net income per common share.

Archrock, Inc.
Unaudited Supplemental Information
(in thousands, except percentages, per share amounts and ratios)

	Three Months Ended													Year Ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2024				2024				2023				2024				2023
Revenue:
Contract operations	$	286,466			$	245,420			$	213,022			$	980,405			$	809,439
Aftermarket services		39,950				46,741				46,571				177,186				180,898
Total revenue	$	326,416			$	292,161			$	259,593			$	1,157,591			$	990,337

Adjusted gross margin:
Contract operations	$	200,245			$	165,610			$	137,062			$	657,353			$	502,691
Aftermarket services		9,054				12,346				10,239				41,737				38,627
Total adjusted gross margin ⁽¹⁾	$	209,299			$	177,956			$	147,301			$	699,090			$	541,318

Adjusted gross margin percentage:
Contract operations		70		%		67		%		64		%		67		%		62		%
Aftermarket services		23		%		26		%		22		%		24		%		21		%
Total adjusted gross margin percentage ⁽¹⁾		64		%		61		%		57		%		60		%		55		%

Selling, general and administrative	$	42,234			$	34,059			$	33,007			$	139,121			$	116,639
% of revenue		13		%		12		%		13		%		12		%		12		%

Adjusted EBITDA ⁽¹⁾	$	183,844			$	150,854			$	120,263			$	595,434			$	450,387
% of revenue		56		%		52		%		46		%		51		%		45		%

Capital expenditures	$	97,988			$	70,018			$	36,655			$	359,032			$	298,632
Proceeds from sale of property, plant and equipment and other assets		(43,387	)			(6,654	)			(17,543	)			(67,591	)			(72,206	)
Net capital expenditures	$	54,601			$	63,364			$	19,112			$	291,441			$	226,426

Total available horsepower (at period end) ⁽²⁾		4,401				4,418				3,759				4,401				3,759
Total operating horsepower (at period end) ⁽³⁾		4,227				4,179				3,607				4,227				3,607
Average operating horsepower		4,205				3,757				3,607				3,794				3,554
Horsepower utilization:
Spot (at period end) ⁽⁴⁾		96		%		95		%		96		%		96		%		96		%
Average ⁽⁴⁾		95		%		95		%		96		%		95		%		95		%

Dividend declared for the period per share	$	0.190			$	0.175			$	0.165			$	0.695			$	0.625
Dividend declared for the period to all stockholders	$	33,487			$	30,656			$	25,913			$	117,861			$	97,857
Cash available for dividend coverage ⁽⁵⁾		3.5		x		3.0		x		2.8		x		3.1		x		2.4		x

Adjusted free cash flow ^{(1) (6)}	$	68,945			$	(834,282	)		$	47,385			$	(730,472	)		$	77,696
Adjusted free cash flow after dividend ⁽¹⁾⁽⁶⁾	$	38,255			$	(862,147	)		$	23,195			$	(840,846	)		$	(18,100	)
__________________________________
⁽¹⁾ Management believes adjusted gross margin, adjusted EBITDA, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
⁽²⁾ Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
⁽³⁾ Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
⁽⁴⁾ Defined as total available horsepower divided by total operating horsepower at period end (spot) or over time (average).
⁽⁵⁾ Defined as cash available for dividend divided by dividends declared for the period.
⁽⁶⁾ Reflects $866.2 million cash paid in TOPS Acquisition, net of cash acquired.

	December 31,		September 30,		December 31,
	2024		2024		2023
Balance Sheet
Long-term debt ⁽¹⁾	$	2,198,376	$	2,236,131	$	1,584,869
Total equity		1,323,531		1,290,736		871,021
__________________________________
⁽¹⁾ Carrying values are shown net of unamortized premium and deferred financing costs.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Income to Adjusted Net Income and Earnings Per Share to Adjusted Earnings Per Share
(in thousands, except per share amounts)

	Three Months Ended								Year Ended
	December 31,			September 30,			December 31,		December 31,			December 31,
	2024			2024			2023		2024			2023
Net income	$	59,758		$	37,516		$	33,002	$	172,231		$	104,998
Transaction-related costs		2,247			9,220			—		13,249			—
Debt extinguishment loss		—			3,181			—		3,181			—
Tax effect of adjustments ⁽¹⁾		(472	)		(2,604	)		—		(3,450	)		—
Adjusted net income ⁽²⁾	$	61,533		$	47,313		$	33,002	$	185,211		$	104,998

Weighted-average common shares outstanding used in diluted earnings per common share		173,451			166,173			154,401		162,037			154,344

Basic and diluted earnings per common share ⁽³⁾	$	0.34		$	0.22		$	0.21		1.05			0.67
Transaction-related costs per share		0.01			0.06			—		0.08			—
Debt extinguishment loss per share		—			0.02			—		0.02			—
Tax effect of adjustments per share		(0.00	)		(0.02	)		—		(0.02	)		—
Adjusted earnings per share ⁽²⁾	$	0.35		$	0.28		$	0.21	$	1.13		$	0.67
__________________________________
⁽¹⁾ Represents tax effect of transaction-related costs and debt extinguishment loss based on statutory tax rate.
⁽²⁾ Management believes adjusted net income and adjusted earnings per share provides useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review our current period operating performance, comparability measure and performance measure for period-to-period comparisons without burdened earnings and earnings per share for non-recurring transactional costs.
⁽³⁾ Basic and diluted net income per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted net income per common share.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Income to Adjusted EBITDA and Adjusted Gross Margin
(in thousands)

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2024			2024			2023			2024			2023
Net income	$	59,758		$	37,516		$	33,002		$	172,231		$	104,998
Depreciation and amortization		58,129			48,377			42,695			193,194			166,241
Long-lived and other asset impairment		1,203			2,509			3,658			10,681			12,041
Unrealized change in fair value of investment in unconsolidated affiliate		1,484			—			(1,023	)		1,484			973
Restructuring charges		—						221			—			1,775
Debt extinguishment loss		—			3,181			—			3,181			—
Interest expense		38,238			30,179			27,938			123,610			111,488
Transaction-related costs		2,247			9,220			—			13,249			—
Stock-based compensation expense		3,431			3,738			3,283			14,646			12,998
Amortization of capitalized implementation costs		750			697			783			3,009			2,624
Provision for income taxes		18,604			15,437			9,706			60,149			37,249
Adjusted EBITDA ⁽¹⁾		183,844			150,854			120,263			595,434			450,387
Selling, general and administrative		42,234			34,059			33,007			139,121			116,639
Stock-based compensation expense		(3,431	)		(3,738	)		(3,283	)		(14,646	)		(12,998	)
Amortization of capitalized implementation costs		(750	)		(697	)		(783	)		(3,009	)		(2,624	)
Gain on sale of assets, net		(12,712	)		(2,218	)		(2,181	)		(17,887	)		(10,199	)
Other (income) expense, net		1,598			(304	)		(745	)		1,561			1,086
Adjusted gross margin ⁽¹⁾	$	209,299		$	177,956		$	147,301		$	699,090		$	541,318
__________________________________
⁽¹⁾ Management believes adjusted EBITDA and adjusted gross margin provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Total Revenue to Adjusted Gross Margin
(in thousands)

	Three Months Ended															Year Ended
	December 31,					September 30,					December 31,					December 31,					December 31,
	2024					2024					2023					2024					2023
Total revenues	$	326,416				$	292,161				$	259,593				$	1,157,591				$	990,337
Cost of sales, exclusive of depreciation and amortization		(117,117	)				(114,205	)				(112,292	)				(458,501	)				(449,019	)
Depreciation and amortization		(58,129	)				(48,377	)				(42,695	)				(193,194	)				(166,241	)
Gross margin		151,170		46	%		129,579		44	%		104,606		40	%		505,896		44	%		375,077		38	%
Depreciation and amortization		58,129					48,377					42,695					193,194					166,241
Adjusted gross margin ⁽¹⁾	$	209,299		64	%	$	177,956		61	%	$	147,301		57	%	$	699,090		60	%		541,318		55	%
__________________________________
⁽¹⁾ Management believes adjusted gross margin provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend
(in thousands)

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2024			2024			2023			2024			2023
Net income	$	59,758		$	37,516		$	33,002		$	172,231		$	104,998
Depreciation and amortization		58,129			48,377			42,695			193,194			166,241
Long-lived and other asset impairment		1,203			2,509			3,658			10,681			12,041
Unrealized change in fair value of investment in unconsolidated affiliate		1,484			—			(1,023	)		1,484			973
Restructuring charges		—			—			221			—			1,775
Debt extinguishment loss		—			3,181			—			3,181			—
Interest expense		38,238			30,179			27,938			123,610			111,488
Transaction-related costs		2,247			9,220			—			13,249
Stock-based compensation expense		3,431			3,738			3,283			14,646			12,998
Amortization of capitalized implementation costs		750			697			783			3,009			2,624
Provision for income taxes		18,604			15,437			9,706			60,149			37,249
Adjusted EBITDA ⁽¹⁾		183,844			150,854			120,263			595,434			450,387
Less: Maintenance capital expenditures		(21,623	)		(21,190	)		(18,156	)		(87,753	)		(92,168	)
Less: Other capital expenditures		(7,023	)		(6,945	)		(3,193	)		(20,333	)		(16,164	)
Less: Cash tax (payment) refund		134			(404	)		(120	)		(2,209	)		(1,311	)
Less: Cash interest expense		(37,243	)		(29,428	)		(27,310	)		(120,544	)		(107,765	)
Cash available for dividend ⁽²⁾	$	118,089		$	92,887		$	71,484		$	364,595		$	232,979
__________________________________
⁽¹⁾ Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽²⁾ Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Cash Provided by Operating Activities to Cash Available for Dividend
(in thousands)

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2024			2024			2023			2024			2023
Net cash provided by operating activities	$	124,338		$	96,900		$	71,719		$	429,591		$	310,187
Inventory write-downs		18			(51	)		(164	)		(550	)		(545	)
Provision for credit losses		(286	)		(90	)		(458	)		(381	)		(224	)
Gain on sale of assets, net		12,712			2,218			2,181			17,887			10,199
Current income tax (benefit) provision		997			(146	)		459			2,059			1,591
Cash tax (payment) refund		134			(404	)		(120	)		(2,209	)		(1,311	)
Amortization of operating lease ROU assets		(1,063	)		(962	)		(831	)		(3,852	)		(3,319	)
Amortization of contract costs		(6,106	)		(6,046	)		(5,653	)		(23,877	)		(21,289	)
Deferred revenue recognized in earnings		5,294			4,101			5,421			15,001			16,464
Cash restructuring charges		—			—			211			—			1,554
Transaction-related costs		2,247			9,220			—			13,249			—
Changes in assets and liabilities		8,450			16,282			20,068			25,763			28,004
Maintenance capital expenditures		(21,623	)		(21,190	)		(18,156	)		(87,753	)		(92,168	)
Other capital expenditures		(7,023	)		(6,945	)		(3,193	)		(20,333	)		(16,164	)
Cash available for dividend ⁽¹⁾	$	118,089		$	92,887		$	71,484		$	364,595		$	232,979
__________________________________
⁽¹⁾ Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Cash Provided By Operating Activities to Adjusted Free Cash Flow
and Adjusted Free Cash Flow After Dividend
(in thousands)

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2024			2024			2023			2024			2023
Net cash provided by operating activities	$	124,338		$	96,900		$	71,719		$	429,591		$	310,187
Net cash used in investing activities ⁽¹⁾		(55,393	)		(931,182	)		(24,334	)		(1,160,063	)		(232,491	)
Adjusted free cash flow ^{(1) (2)}		68,945			(834,282	)		47,385			(730,472	)		77,696
Dividends paid to stockholders		(30,690	)		(27,865	)		(24,190	)		(110,374	)		(95,796	)
Adjusted free cash flow after dividend ^{(1) (2)}	$	38,255		$	(862,147	)	$	23,195		$	(840,846	)	$	(18,100	)
__________________________________
⁽¹⁾ Reflects $866.2 million cash paid in TOPS Acquisition, net of cash acquired.
⁽²⁾ Management believes adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend Guidance
(in thousands)

	Annual Guidance Range
	2025
	Low			High
Net income ⁽¹⁾	$	253,000		$	293,000
Interest expense		153,000			153,000
Provision for income taxes		101,000			101,000
Depreciation and amortization		219,000			219,000
Stock-based compensation expense		15,000			15,000
Amortization of capitalized implementation costs		4,000			4,000
Transaction-related costs ⁽²⁾		5,000			5,000
Adjusted EBITDA ⁽³⁾		750,000			790,000
Less: Maintenance capital expenditures		(105,000	)		(115,000	)
Less: Other capital expenditures		(35,000	)		(50,000	)
Less: Cash tax expense		(7,000	)		(7,000	)
Less: Cash interest expense		(147,000	)		(147,000	)
Cash available for dividend ⁽⁴⁾⁽⁵⁾	$	456,000		$	471,000
__________________________________
⁽¹⁾ 2025 annual guidance for net income does not include the impact of long-lived and other asset impairment because due to its nature, it cannot be accurately forecasted. Long-lived and other asset impairment does not impact Adjusted EBITDA or cash available for dividend, however it is a reconciling item between these measures and net income. Long-lived and other asset impairment for the years 2024 and 2023 was $10.7 million and $12.0 million, respectively.
⁽²⁾ Reflects an estimate of expenses to be incurred related to the TOPS acquisition.
⁽³⁾ Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽⁴⁾ Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
⁽⁵⁾ A forward-looking estimate of cash provided by operating activities is not provided because certain items necessary to estimate cash provided by operating activities, including changes in assets and liabilities, are not estimable at this time. Changes in assets and liabilities were $(25.8) million and $(28.0) million for the years 2024 and 2023, respectively.

The MIL Network –

February 25, 2025

Event	37^th Annual ROTH Conference
Date	March 16~18, 2025
Location	Dana Point, CA, United States

Category: Finance

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Why is there demand for gold?

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Broader economic worries

What explains gold’s recent rally?

Why is there demand for gold?

Gold is seen as a safe haven in troubled times

Broader economic worries

A reliable, durable and large-scale storage solution 10 min read

UK businesses lead the way with record numbers of female leaders

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