NewzIntel.com

Category: Finance

  • MIL-OSI: Advantage Solutions Announces Date for its Fourth Quarter and Full Year 2024 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Feb. 21, 2025 (GLOBE NEWSWIRE) — Advantage Solutions Inc. (NASDAQ: ADV) announced today that it will release financial results for the fourth quarter and full year at 7 a.m. ET on March 7, 2025, followed by a conference call at 8:30 a.m. ET on the same day.

    The conference call can be accessed live over the phone by dialing 1-800-225-9448, or for international callers, 1-203-518-9708. The conference ID is ADVQ4. Three hours after the call, a replay will be available by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode is 11158219. The replay recording will be available until March 14, 2025.

    Interested investors and other parties may also listen to a simultaneous conference call webcast by logging onto the Investor Relations section of the Advantage Solutions website at ir.youradv.com/. The online replay will be available for a limited time shortly following the call.

    About Advantage Solutions

    Advantage Solutions is the leading omnichannel retail solutions agency in North America, uniquely positioned at the intersection of consumer-packaged goods (CPG) brands and retailers. With its data- and technology-powered services, Advantage leverages its unparalleled insights, expertise and scale to help brands and retailers of all sizes generate demand and get products into the hands of consumers, wherever they shop. Whether it’s creating meaningful moments and experiences in-store and online, optimizing assortment and merchandising, or accelerating e-commerce and digital capabilities, Advantage is the trusted partner that keeps commerce and life moving. Advantage has offices throughout North America and strategic investments and owned operations in select international markets. For more information, please visit youradv.com.

    Investor Contacts:  

    Ruben Mella

    investorrelations@youradv.com

    Media Contacts:  

    Peter Frost

    press@youradv.com

    The MIL Network –

  • MIL-OSI Security: Guilty Verdict in Georgia Tax Fraud Case, Defendant’s Second Federal Fraud Conviction

    Source: Office of United States Attorneys

    ALBANY, Ga. – A Southwest Georgia resident with a prior federal conviction for tax fraud in Florida was found guilty by a federal jury seated in Albany of a fraudulent tax filing scheme.

    Reginald Knight, 52, of Arlington, Georgia, was found guilty of one count of making and subscribing a false tax return on Feb. 19, following a two-day trial that began on Feb. 18. Knight faces a maximum of three years in prison to be followed by three years of supervised release and a $100,000 fine. Chief U.S. District Judge Leslie Abrams Gardner is presiding over the case. A sentencing date will be determined by the Court.

    “The defendant was claiming millions in refunds for a business that never generated income or incurred any losses, fabricating these claims in yet another attempt by the defendant to steal from taxpayers,” said Acting U.S. Attorney C. Shanelle Booker. “We are grateful to the IRS investigators who collaborated with our office to help bring a repeat fraudster to justice.”

    “The guilty verdict serves as a notice to unscrupulous tax preparers that filing fraudulent tax returns will lead them to a criminal court date,” said Assistant Special Agent in Charge Lisa Fontanette, IRS Criminal Investigation, Atlanta Field Office. “IRS Criminal Investigation special agents will continue to investigate and recommend prosecution for those individuals who commit tax crimes.”

    According to court documents and evidence presented at trial, Knight filed a tax return with the IRS on March 13, 2018, falsely claiming $3,211,907 in wages, $2,586,551 in withholdings, $1,848,000 in Schedule C (Form 1040) losses and claimed a refund of $2,165,154. As part of the scheme, Knight fabricated W-2s and Schedule Cs for two separate business entities; however, neither business ever generated the income, paid the withholdings or suffered the losses Knight claimed on his return. The financials Knight submitted on the signed tax form were entirely fabricated. The IRS did not issue a refund. The IRS began investigating Knight in 2021, discovering that Knight filed tax returns with similarly exorbitant financials for the non-operating business for tax years 2014, 2015 and 2016; the IRS did not issue a refund for tax years 2014 and 2015. The IRS did issue a $745,953 refund to Knight for tax year 2016 on June 7, 2017. Knight used the refund from the false claim to pay for the construction of a new home in Albany, made transfers to his investment account, purchased a vehicle and paid for personal living expenses totaling $442,667.30. The IRS recovered $315,466.97.

    Knight has a prior federal conviction in the Southern District of Florida for one count of Conspiracy to Defraud the Government through False Claim for a Tax Refund and False Claim for a Tax Refund on Nov. 22, 2005, and was sentenced to serve five months in prison per charge, to be served concurrently.

    The IRS Criminal Division and IRS Special Enforcement Program are investigating the case.

    Assistant U.S. Attorney Veronica Hansis is prosecuting the case for the Government.

    MIL Security OSI –

  • MIL-OSI: PennantPark Floating Rate Capital Ltd. Closes New Securitization, Substantially Lowering Borrowing Costs

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 21, 2025 (GLOBE NEWSWIRE) — PennantPark Floating Rate Capital Ltd. (the “Company”) (NYSE: PFLT) today announced that it completed a $474.6 million term debt securitization transaction with a four-year reinvestment period, twelve-year final maturity in the form of a collateralized loan obligation (“CLO”).

    The debt issued in this securitization transaction (the “ Debt”) is structured in the following manner:

    Class Par Amount
    ($ in millions)    		 % of Capital
    Structure    		 Coupon Expected
    Rating
    (S&P)    		 Issuance
    Price
    A-1L-A Loans $ 10,000,000 2.1 % 3 Mo SOFR + 1.49% AAA 100.0 %
    A-1L-B Loans   45,000,000 9.5 % 3 Mo SOFR + 1.49% AAA 100.0 %
    A-1 Notes   220,500,000 46.5 % 3 Mo SOFR + 1.49% AAA 100.0 %
    A-2 Notes   19,000,000 4.0 % 3 Mo SOFR + 1.60% AAA 100.0 %
    B Notes   28,500,000 6.0 % 3 Mo SOFR + 1.75% AA 100.0 %
    C Notes   38,000,000 8.0 % 3 Mo SOFR + 2.20% A 100.0 %
    D Notes   28,500,000 6.0 %          Retained BBB- 100.0 %
    Subordinated Notes   85,100,000 17.9 %   NR NA
    Total $ 474,600,000        
     

    “We are delighted to close on the lowest spread debt financing in PFLT’s 14-year history, which will support the Company’s growth and net investment income. The weighted average spread of 159 basis points on $361 million of financing is a 66-basis point reduction from the bank facility this capital is replacing. We are also thrilled about the continued momentum and positive market recognition that our senior lending strategy has received, which is demonstrative of our industry-leading team as well as the merits of our disciplined and differentiated approach to core middle market credit investing,” said Arthur Penn, Chief Executive Officer. “We are proud to have onboarded several new investors into our securitization liabilities as part of this transaction and now have over 75 unique investors across our securitization platform. With their support, we were able to issue our largest securitization to date while also achieving our lowest cost of capital to date. Together, these attributes will continue to enable and further enhance PFLT’s ability to offer attractive risk-adjusted returns to its investors. With the closing of its eleventh securitization, PennantPark Investment Advisers, LLC currently manages approximately $3.7 billion in CLO assets, and we look forward to continued growth with the support of our current and new investors.”

    PFLT will continue to retain the Class D Notes and the Subordinated Notes. The reinvestment period for the term debt securitization ends no later than April 2029 and the Debt is scheduled to mature in April 2037. The term debt securitization is expected to be approximately 100% funded at close. In addition, the Company acts as retention holder in the transaction to retain exposure to the performance of the securitized assets. GreensLedge Capital Markets LLC acted as lead placement agent on the CLO transaction.

    The notes offered as part of the term debt securitization have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state “blue sky” laws, and may not be offered or sold in the United States absent registration under Section 5 of the Securities Act or an applicable exemption from such registration requirements. The CLO is a form of secured financing incurred and consolidated by the Company. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.

    PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.

    ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

    PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing approximately $9.5 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle-market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.

    FORWARD-LOOKING STATEMENTS

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Floating Rate Capital Ltd. files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

    CONTACT:
    Richard T. Allorto, Jr.
    PennantPark Floating Rate Capital Ltd.
    (212) 905-1000
    www.pennantpark.com

    Source: PennantPark Floating Rate Capital Ltd.

    The MIL Network –

  • MIL-OSI United Kingdom: Fairer Aberdeen Fund marks anniversary with showcase event

    Source: Scotland – City of Aberdeen

    The Fairer Aberdeen Fund marked 10 years of supporting organisations to tackle poverty and deprivation across the city in a showcase event today (Friday 21 February).

    Those attending the showcase event were able to hear from projects which have benefited from funding on how they have supported individuals and communities, and watch a selection of short films on the work that they have been carrying out. 

    Councillor Alex McLellan, Convener of Finance and Resources Committee, who is also Chair of the Fairer Aberdeen Board, said: “There is so much positive work being done by the Fairer Aberdeen Funded organisations across Aberdeen to support people and families.

    “Our Fairer Aberdeen funded partners are dealing are helping people struggling wtih the cost-of-living crisis 10 years on from the start of the fund, highlighting that poverty remains a huge issue in our city.” 

    Over the last year, 38 initiatives were delivered across the city by 26 voluntary and third sector organisations, that have supported over 50,000 people to access support for employability, financial inclusion, family support, youth work, mental health, learning and volunteering. 

    The keynote speaker for the event was Ruth Boyle, Policy and Campaign Manager at The Poverty Alliance, and featured talks from Cameron McCready, CEO of Homestart Aberdeen and Graeme Kinghorn, CEO of Mental Health Aberdeen, who highlighted their work tackling social isolation and improving mental health across the city.

    Cameron McCready, CEO of Homestart Aberdeen said: “Poverty in Aberdeen affects families in many ways, from financial insecurity to social isolation. With the support of FAF, we’ve been able to provide early intervention services that strengthen family wellbeing and build stronger, more connected communities.”

    Graham Kinghorn, CEO of Mental Health Aberdeen said: “The Fairer Aberdeen Fund is vital in tackling poverty and inequality, supporting essential services from mental health to financial advice and employability. Continued investment is crucial to strengthening communities and improving lives.”

    Organisations supported by the Fund have included Station House Media Unit (SHMU), Community Food Initiatives North East (CFINE) and Pathways. 

    The Fairer Aberdeen Fund is allocated by Aberdeen City Council and is dispersed by the Fairer Aberdeen Board to third sector organisations, charities and voluntary groups.  

    MIL OSI United Kingdom –

  • MIL-OSI: Immunefi Launches the Magnus Platform to Protect the Next Trillion Dollars Moving Onchain

    Source: GlobeNewswire (MIL-OSI)

    Singapore, Feb. 21, 2025 (GLOBE NEWSWIRE) —

    • Onchain security today is fragmented, inefficient, and dangerously reliant on manual workflows. As capital flows into a rapidly expanding web of protocols, the complexity of securing the ecosystem grows—exposing projects to immeasurable risk and inevitable large-scale breaches. Without a fundamental shift in how security is managed, the next trillion dollars won’t move onchain.
    • Immunefi is solving this problem by launching Magnus, a unified security platform that integrates all essential tools in the onchain security stack in a single command center, unifying threat intelligence and automating SecOps using AI agents across CI/CD pipeline security, vulnerability scanning, audits, bug bounties, onchain monitoring, and firewalls.
    • Magnus will be powered by Immunefi’s own products and the best providers in each product and service category, a proprietary agentic security workflow automation engine, and threat intelligence built upon the largest onchain vulnerability dataset available today. 

    Immunefi, the leader in onchain crowdsecurity protecting over $190 billion in assets, launches Magnus, an AI-powered security orchestration platform that unifies and automates security operations across a protocol’s security stack for maximum protection.

    Onchain security is fragmented and inefficient, relying on manual workflows that struggle to keep up with the relentless pace of threats the ecosystem faces 24/7. This scenario will only get worse as liquidity spreads across a growing number of protocols and the complexity of securing the ecosystem compounds. This leaves the ecosystem vulnerable to a future where major breaches remain inevitable, hindering the adoption and growth of the onchain economy.

    The lack of trust that digital assets are fully secure remains one of the biggest obstacles to TradFi investment in the onchain economy, even as interest continues to grow. While Decentralized Finance (DeFi) has surpassed $124 billion in total value locked (TVL), the industry is still plagued by catastrophic hacks. If security remains fragmented, the next trillion dollars in finance won’t move onchain. The only way to address this and mitigate threats at scale is by unifying security into a single platform that enables protocols to access, automate, and coordinate best-in-class security tools. 

    Immunefi leverages years of experience securing over $190B in assets across a network of 500+ projects to launch Magnus, an AI-powered security platform that unifies threat intelligence and automates security workflows across the best tools in the onchain security stack. Immunefi has integrated its pioneering bug bounty products and audit competitions into Magnus and is partnering with top-tier security researchers, auditors, service providers, and tooling companies to provide a comprehensive security platform. 

    • Unified Security Toolstack: A seamlessly integrated suite of best-in-class security solutions, including CI/CD pipeline security, vulnerability scanning, audits, bug bounty programs, audit competitions, Safe Harbor, onchain monitoring, and a firewall, ensuring protocols can detect and mitigate threats at every stage.
    • Security Swarm: An automation engine that orchestrates task-specific AI agents, enabling instant threat response and drastically reducing manual workloads. As more tools are added to Magnus, Security Swarm will become more autonomous in managing security and ensuring the safety of funds.
    • CODEX: The industry’s largest and most comprehensive onchain vulnerability dataset, proprietary to Immunefi—built from processing over 90% of all industry reports and additional materials related to onchain bug bounties. CODEX powers AI security models, allowing protocols to train and refine AI agents for onchain security applications, advanced threat detection, and defense.

    “Security must evolve as fast as the onchain economy itself, or the industry will remain trapped in a cycle of catastrophic breaches,” said Mitchell Amador, Founder and CEO of Immunefi. “Magnus marks the first time security in web3 is being addressed as a cohesive, integrated, and efficient system rather than a patchwork of tools. We’re transforming the way the security industry works altogether and equipping protocol teams with the ability to anticipate, prevent, and respond to threats at unprecedented speed and scale. All from a single platform, with technology that will continue to evolve alongside the industry and its projects.”

    Due to its foundational position in the web3 security industry, Immunefi has established partnerships with top-tier security providers such as Nexus Mutual, Halborn, Sigma Prime, and Asymmetric Research, amongst others. Immunefi has already secured interest from a number of top tier security service and tooling providers to integrate with Magnus that will be announced soon.

    About Immunefi
    Immunefi is the leading crowdsourced security platform for Web3. It guards over $190 billion in user funds and is trusted by 370+ projects, including Ethereum Foundation, Lido, Sky, Polymarket, Optimism, LayerZero, Hyperlane, and Stacks. The company has paid out the most significant bug bounties in the software industry, amounting to over $112 million, and has pioneered the scaling Web3 bug bounties standard. For more information, please visit https://immunefi.com

    The MIL Network –

  • MIL-OSI: STEALTHGAS INC. Reports Fourth Quarter and Twelve Months 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    ATHENS, Greece, Feb. 21, 2025 (GLOBE NEWSWIRE) — STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2024.

    OPERATIONAL AND FINANCIAL HIGHLIGHTS

    • All-time record Net Income of $69.9 million for the twelve month period of 2024, a 34.7% increase compared to the same period last year. Strong profitability continued for the fourth quarter, with Net income of $14.2 million corresponding to a basic EPS of $0.38.
    • Revenues increased by 27.3% compared to the same period of last year to $43.5 million for the fourth quarter of 2024.
    • Further increased period coverage. About 70% of fleet days for 2025 are secured on period charters, with total fleet employment days for all subsequent periods generating over $200 million (excl. JV vessels) in contracted revenues.
    • Continued reducing leverage, making $108.2 million in debt repayments during the twelve month period of 2024 and $34.4 million in the current quarter of 2025. Currently, 26 out of 28 vessels in the fully owned fleet are unencumbered.
    • Maintaining ample cash and cash equivalents (incl. restricted cash) of $84.5 million as of December 31, 2024 enabling the Company to further reduce debt.

    Fourth Quarter 2024 Results1:

    • Revenues for the three months ended December 31, 2024 amounted to $43.5 million compared to revenues of $34.1 million for the three months ended December 31, 2023, based on an average of 27.6 vessels and 27.0 vessels owned by the Company, respectively, as the vessels remaining in the fleet earned higher revenues due to better market conditions.
    • Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2024 were $3.2 million and $13.6 million, respectively, compared to $3.3 million and $12.9 million, respectively, for the three months ended December 31, 2023. The $0.7 million increase in vessels’ operating expenses was mainly due to increase in crew costs and maintenance expenses, while the voyage expenses remained stable between 2024 and 2023.
    • Drydocking costs for the three months ended December 31, 2024 and 2023 were $1.9 million and $0.03 million, respectively. Drydocking expenses during the fourth quarter of 2024 mainly relate to the completed drydocking of three vessels, compared to no drydocking of vessels in the same period of last year.
    • General and administrative expenses for the three months ended December 31, 2024 and 2023 were $3.0 million and $1.7 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.
    • Depreciation for the three months ended December 31, 2024 and 2023 was $6.6 million and $5.6 million, respectively, a $1.0 million increase is mainly related to the increase in average number of vessels owned by the Company and to the partial replacement of some of the older vessels with newer and larger ones which have a higher cost.
    • Interest and finance costs for the three months ended December 31, 2024 and 2023, were $1.4 million and $2.3 million, respectively. The $0.9 million decrease from the same period of last year is primarily due to continued debt prepayments.
    • Interest income for the three months ended December 31, 2024 and 2023, were $1.1 million and $1.0 million, respectively.
    • Equity earnings in joint ventures for the three months ended December 31, 2024 and 2023 was a gain of $0.5 million and $0.9 million, respectively. The $0.4 million decrease was primarily due to decrease in number of vessels in joint ventures.
    • As a result of the above, for the three months ended December 31, 2024, the Company reported net income of $14.2 million, compared to net income of $8.9 million for the three months ended December 31, 2023. The weighted average number of shares outstanding, basic, for the three months ended December 31, 2024 and 2023 was 35.3 million and 35.3 million, respectively.
    • Earnings per share, basic, for the three months ended December 31, 2024 amounted to $0.38 compared to earnings per share, basic, of $0.25 for the same period of last year.
    • Adjusted net income was $16.4 million corresponding to an Adjusted EPS, basic, of $0.44 for the three months ended December 31, 2024 compared to Adjusted net income of $10.3 million corresponding to an Adjusted EPS, basic, of $0.29 for the same period of last year.
    • EBITDA for the three months ended December 31, 2024 amounted to $21.2 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
    • An average of 27.6 vessels were owned by the Company during the three months ended December 31, 2024 compared to 27.0 vessels for the same period of 2023.

    Twelve months 2024 Results:

    • Revenues for the twelve months ended December 31, 2024, amounted to $167.3 million, an increase of $23.8 million, or 16.6%, compared to revenues of $143.5 million for the twelve months ended December 31, 2023, as the vessels remaining in the fleet earned higher revenues due to better market conditions.
    • Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2024 were $11.7 million and $49.8 million, respectively, compared to $13.2 million and $53.1 million for the twelve months ended December 31, 2023. The $1.5 million decrease in voyage expenses was mainly due to the decrease in spot days, while the $3.3 million decrease in vessels’ operating expenses was mainly due to the decrease in the average number of owned vessels in our fleet.
    • Drydocking costs for the twelve months ended December 31, 2024 and 2023 were $5.3 million and $2.6 million, respectively. The costs for the twelve months ended December 31, 2024 mainly related to the completed drydocking of seven vessels, while the costs for the same period of last year mainly related to the completed drydocking of three of the larger handysize vessels.
    • General and administrative expenses for the twelve months ended December 31, 2024 and 2023 were $10.3 million and $5.3 million, respectively. The change is mainly attributed to the increase in stock-based compensation expense.
    • Depreciation for the twelve months ended December 31, 2024, was $26.1 million, a $2.4 million increase from $23.7 million for the same period of last year, as the Company partly replaced some of the older vessels with newer and larger vessels which have a higher cost.
    • Impairment loss for the twelve months ended December 31, 2024 and 2023 was nil and $2.8 million, respectively. The impairment loss for the year ended December 31, 2023, related to two vessels for which the Company had entered into separate agreements to sell to third parties.
    • Gain on sale of vessels for the twelve months ended December 31, 2024 was $0.05 million compared to $7.6 million for the same period last year. The decrease is attributed to the sale of four of the Company’s vessels during the twelve months ended December 31, 2023 compared to the sale of two vessels during the twelve months ended December 31, 2024, which had been classified as held for sale as of December 31, 2023.
    • Interest and finance costs for the twelve months ended December 31, 2024 and 2023 were $9.1 million and $10.0 million, respectively. The $0.9 million decrease from last year is primarily due to continued debt prepayments.
    • Interest income for the twelve months ended December 31, 2024 and 2023 was $3.4 million and $3.7 million, respectively. The $0.3 million decrease is mainly attributed to decrease in interest rates and over the corresponding period.
    • Equity earnings in joint ventures for the twelve months ended December 31, 2024 and 2023 was a gain of $15.6 million and a gain of $12.3 million, respectively. The $3.3 million increase from the same period of last year is mainly due to a profitable sale of one of the Medium Gas carriers owned by one of our joint ventures.
    • As a result of the above, the Company reported a net income for the twelve months ended December 31, 2024 of $69.9 million, compared to a net income of $51.9 million for the twelve months ended December 31, 2023. The weighted average number of shares outstanding, basic, for the twelve months ended December 31, 2024 and 2023 was 35.2 million and 37.2 million, respectively.
    • Earnings per share, basic, for the twelve months ended December 31, 2024 amounted to $1.91 compared to earnings per share, basic, of $1.38 for the same period of last year.
    • Adjusted net income was $77.3 million, corresponding to an Adjusted EPS, basic, of $2.11 per share, for the twelve months ended December 31, 2024 compared to adjusted net income of $50.5 million, or $1.34 per share, for the same period of last year.
    • EBITDA for the twelve months ended December 31, 2024 amounted to $101.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
    • An average of 27.2 vessels were owned by the Company during the twelve months ended December 31, 2024, compared to 29.3 vessels for the same period of 2023.

      As of December 31, 2024, cash and cash equivalents (including restricted cash) amounted to $84.5 million and total debt amounted to $84.9 million.

      1  EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release.

    Fleet Update Since Previous Announcement

    The Company announced the conclusion of the following chartering arrangements (of three or more months duration):  

    • A twelve months time charter for its 2024 built LPG carrier Eco Wizard, until Dec 2025.
    • A twelve months time charter for its 2020 built LPG carrier Eco Alice, until Feb 2026.
    • A twelve months time charter for the JV-owned 2007 built LPG carrier Gas Haralambos, until Dec 2025.
    • A three months time charter for the 2012 built LPG carrier Gas Husky, until April 2025.

    As of February 2025, the Company has total contracted revenues of approximately $200 million.

    As of February 2025, the Company has circa 70% of fleet days secured under period contracts and contracted revenues of approximately $107 million for the remainder of the year.

    On January 21, 2025, the previously announced sale of the Gas Shuriken was concluded and the vessel was delivered to its new owners.

    Share Repurchase Program Increase

    Today the Board of Directors authorized a $5 million increase to the existing $25 million common stock repurchase program for a total aggregate amount of $30 million. Shares of common stock may be purchased, from time to time, in open market or privately negotiated transactions, at times and prices that are considered to be appropriate by the Company, and the program may be suspended or discontinued at any time. As of the date hereof, the Company has repurchased an aggregate of approximately $19.4 million.

    CEO Harry Vafias Commented

    It is with great pride that we announce today for the third consecutive year record annual profits. After a successful fourth quarter we concluded 2024 reporting net income of $70 million for the year, a 35% increase, far outpacing the underlying market improvement for our vessels. We are delivering on our strategic priorities, modernizing the fleet, securing revenues and de-risking the business, aiming to bring strong value to StealthGas shareholders. We can now say we are net debt free, after having further reduced our debt in the current quarter. We are close to completing our deleverage that will bring a long term advantage to the fleet and the Company is in a solid footing. As successful as we have been we are established in the shipping markets long enough not to forget that we operate in a volatile sector where fortunes can be made and lost quite rapidly. We are optimistic for the future albeit evermore cautiously not least because the current global geopolitics that can have a strong influence on shipping markets are for the time being quite opaque with too many developing situations. Finally, in order to give further value back to our shareholders, we are renewing our share repurchases and increasing up to $10.5 million the amount available to us for this task.

     Conference Call details:

    On February 21, 2025 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

    Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

    https://register.vevent.com/register/BIa607c71e1abf4ac08816dfc43bd8d733

    Slides and audio webcast:
    There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

    About STEALTHGAS INC.

    StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 31 LPG carriers, including three Joint Venture vessels in the water. These LPG vessels have a total capacity of 349,170 cubic meters (cbm). StealthGas Inc.’s shares are listed on the Nasdaq Global Select Market and trade under the symbol “GASS.”

    Visit our website at www.stealthgas.com

    Forward-Looking Statements

    Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict in Israel and Gaza, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or  accidents and political events or acts by terrorists.

    Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.

    Fleet List        
    For information on our fleet and further information:
    Visit our website at www.stealthgas.com

    Fleet Data:
    The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2023 and 2024.

    FLEET DATA Q4 2023   Q4 2024   12M 2023   12M 2024  
    Average number of vessels (1) 27.0   27.6   29.3   27.2  
    Period end number of owned vessels in fleet 27   28   27   28  
    Total calendar days for fleet (2) 2,484   2,542   10,698   9,944  
    Total voyage days for fleet (3) 2,441   2,446   10,566   9,677  
    Fleet utilization (4) 98.3 % 96.2 % 98.8 % 97.3 %
    Total charter days for fleet (5) 2,207   2,265   9,544   8,930  
    Total spot market days for fleet (6) 234   181   1,022   747  
    Fleet operational utilization (7) 96.8 % 95.0 % 96.6 % 95.4 %
                     

    1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
    2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
    3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
    4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
    5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
    6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
    7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.

    Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

    Adjusted net income represents net income before loss/gain on derivatives excluding swap interest paid/received, impairment loss, net gain/loss on sale of vessels and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net gain/loss on sale of vessels, share based compensation and loss/gain on derivatives.

    Adjusted EPS represents Adjusted net income divided by the weighted average number of shares.

    EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

    EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

    (Expressed in United States Dollars,
    except number of shares)    		 Fourth Quarter Ended
    December 31st,    		 Twelve months Periods
    Ended December 31st,
      2023 2024 2023 2024
    Net Income – Adjusted Net Income        
    Net income 8,889,046   14,198,527   51,936,829   69,862,177  
    Plus/(Less) loss/(gain) on derivatives 255,736   —   (237,618 ) (99,286 )
    (Less)/Plus swap interest (paid)/received 216,432   —   1,027,127   208,127  
    (Less)/Plus (gain)/loss on sale of vessels, net —   —   (7,645,781 ) (46,384 )
    Plus impairment loss —   —   2,816,873   —  
    Plus share based compensation 940,216   2,206,295   2,589,405   7,326,807  
    Adjusted Net Income 10,301,430   16,404,822   50,486,835   77,251,441  
             
    Net income – EBITDA        
    Net income 8,889,046   14,198,527   51,936,829   69,862,177  
    Plus interest and finance costs 2,344,430   1,425,886   9,956,712   9,062,562  
    Less interest income (952,287 ) (1,052,786 ) (3,712,239 ) (3,416,221 )
    Plus depreciation 5,565,955   6,598,549   23,707,797   26,076,687  
    EBITDA 15,847,144   21,170,176   81,889,099   101,585,205  
             
    Net income – Adjusted EBITDA        
    Net income 8,889,046   14,198,527   51,936,829   69,862,177  
    Plus/(Less) loss/(gain) on derivatives 255,736   —   (237,618 ) (99,286 )
    (Less)/Plus (gain)/loss on sale of vessels, net —   —   (7,645,781 ) (46,384 )
    Plus impairment loss —   —   2,816,873   —  
    Plus share based compensation 940,216   2,206,295   2,589,405   7,326,807  
    Plus interest and finance costs 2,344,430   1,425,886   9,956,712   9,062,562  
    Less interest income (952,287 ) (1,052,786 ) (3,712,239 ) (3,416,221 )
    Plus depreciation 5,565,955   6,598,549   23,707,797   26,076,687  
    Adjusted EBITDA 17,043,096   23,376,471   79,411,978   108,766,342  
             
    EPS – Adjusted EPS        
    Net income 8,889,046   14,198,527   51,936,829   69,862,177  
    Adjusted net income 10,301,430   16,404,822   50,486,835   77,251,441  
    Weighted average number of shares, basic 35,300,965   35,345,251   37,166,449   35,237,059  
    EPS – Basic 0.25   0.38   1.38   1.91  
    Adjusted EPS – Basic 0.29   0.44   1.34   2.11  
     
    StealthGas Inc.
    Unaudited Condensed Consolidated Statements of Income
    (Expressed in United States Dollars, except for number of shares)
      Quarters Ended
    December 31,    		   Twelve month Periods Ended
    December 31,
      2023   2024   2023   2024
               
    Revenues              
    Revenues 34,139,248     43,467,117     143,527,769     167,262,185  
                   
    Expenses              
    Voyage expenses 2,878,732     2,679,927     11,429,716     9,594,880  
    Voyage expenses – related party 426,108     535,991     1,779,488     2,063,228  
    Vessels’ operating expenses 12,690,873     13,404,725     52,206,248     48,961,137  
    Vessels’ operating expenses – related party 207,500     212,500     911,250     875,002  
    Drydocking costs 27,696     1,855,672     2,641,706     5,312,614  
    Management fees – related party 1,048,800     1,089,040     4,531,920     4,258,240  
    General and administrative expenses 1,657,671     3,010,733     5,331,029     10,309,693  
    Depreciation 5,565,955     6,598,549     23,707,797     26,076,687  
    Impairment loss —     —     2,816,873     —  
    Net gain on sale of vessels —     —     (7,645,781 )   (46,384 )
    Total expenses 24,503,335     29,387,137     97,710,246     107,405,097  
                   
    Income from operations 9,635,913     14,079,980     45,817,523     59,857,088  
                   
    Other (expenses)/income              
    Interest and finance costs (2,344,430 )   (1,425,886 )   (9,956,712 )   (9,062,562 )
    (Loss)/gain on derivatives (255,736 )   —     237,618     99,286  
    Interest income 952,287     1,052,786     3,712,239     3,416,221  
    Foreign exchange (loss)/gain (27,829 )   25,598     (190,722 )   (70,692 )
    Other expenses, net (1,675,708 )   (347,502 )   (6,197,577 )   (5,617,747 )
                   
    Income before equity in earnings of investees 7,960,205     13,732,478     39,619,946     54,239,341  
    Equity earnings in joint ventures 928,841     466,049     12,316,883     15,622,836  
    Net Income 8,889,046     14,198,527     51,936,829     69,862,177  
                   
    Earnings per share              
    – Basic 0.25     0.38     1.38     1.91  
    – Diluted 0.25     0.38     1.37     1.90  
                   
    Weighted average number of shares              
    – Basic 35,300,965     35,345,251     37,166,449     35,237,059  
    – Diluted 35,430,883     35,409,350     37,236,951     35,333,160  
     
    StealthGas Inc.
    Unaudited Condensed Consolidated Balance Sheets
    (Expressed in United States Dollars)
      December 31,   December 31,  
      2023   2024  
             
    Assets        
    Current assets        
    Cash and cash equivalents 77,202,843     80,653,398  
    Trade and other receivables 4,506,741     6,156,300  
    Other current assets 130,589     193,265  
    Claims receivable 55,475     55,475  
    Inventories 1,979,683     3,891,147  
    Advances and prepayments 1,409,418     733,190  
    Restricted cash 659,137     —  
    Assets held for sale 34,879,925     —  
    Fair value of derivatives —     387,630  
    Total current assets 120,823,811     92,070,405  
             
    Non current assets        
    Advances for vessel acquisitions 23,414,570     —  
    Operating lease right-of-use assets 99,379     —  
    Vessels, net 504,295,083     608,214,416  
    Other receivables 48,040     370,053  
    Restricted cash 5,893,721     3,867,752  
    Investments in joint ventures 39,671,603     27,717,238  
    Deferred finance charges 1,105,790     —  
    Fair value of derivatives 1,858,677     —  
    Total non current assets 576,386,863     640,169,459  
    Total assets 697,210,674     732,239,864  
             
    Liabilities and Stockholders’ Equity        
    Current liabilities        
    Payable to related parties 955,567     388,130  
    Trade accounts payable 9,953,137     10,994,434  
    Accrued liabilities 5,681,144     4,922,587  
    Operating lease liabilities 71,173     —  
    Deferred income 5,386,126     4,304,667  
    Current portion of long-term debt 16,624,473     23,333,814  
    Total current liabilities 38,671,620     43,943,632  
             
    Non current liabilities        
    Operating lease liabilities 28,206     —  
    Deferred income 1,928,712     213,563  
    Long-term debt 106,918,176     61,555,855  
    Total non current liabilities 108,875,094     61,769,418  
    Total liabilities 147,546,713     105,713,050  
             
    Commitments and contingencies        
             
    Stockholders’ equity        
    Capital stock 453,434     370,414  
    Treasury stock (44,453,836 )   —  
    Additional paid-in capital 446,938,868     409,912,934  
    Retained earnings 145,993,681     215,855,858  
    Accumulated other comprehensive income 731,814     387,608  
    Total stockholders’ equity 549,663,961     626,526,814  
    Total liabilities and stockholders’ equity 697,210,674     732,239,864  
     
    StealthGas Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Expressed in United States Dollars)
     
      Twelve month Periods Ended
    December 31,
      2023   2024
       
    Cash flows from operating activities      
    Net income for the year 51,936,829     69,862,177  
           
    Adjustments to reconcile net income to net cash      
    provided by operating activities:      
    Depreciation 23,707,797     26,076,687  
    Amortization of deferred finance charges 1,345,941     711,378  
    Amortization of operating lease right-of-use assets 99,379     99,379  
    Share based compensation 2,589,405     7,326,807  
    Change in fair value of derivatives 789,509     108,841  
    Proceeds from disposal of interest rate swaps —     1,018,000  
    Equity earnings in joint ventures (12,316,883 )   (15,622,836 )
    Dividends received from joint ventures 14,589,215     20,570,036  
    Impairment loss 2,816,873     —  
    Gain on sale of vessels (7,645,781 )   (46,384 )
    Changes in operating assets and liabilities:      
    (Increase)/decrease in      
    Trade and other receivables 238,627     (1,971,610 )
    Other current assets 139,925     (62,676 )
    Inventories 1,365,189     (1,664,736 )
    Changes in operating lease liabilities (99,379 )   (99,379 )
    Advances and prepayments (728,005 )   676,228  
    Increase/(decrease) in      
    Balances with related parties (1,532,943 )   (555,589 )
    Trade accounts payable (1,813,377 )   628,898  
    Accrued liabilities (100,515 )   (758,558 )
    Deferred income 2,058,409     (2,796,608 )
    Net cash provided by operating activities 77,440,215     103,500,055  
           
    Cash flows from investing activities      
    Insurance proceeds 126,666     —  
    Proceeds from sale of vessels, net 80,109,781     34,679,584  
    Acquisition and improvements of vessels (85,201 )   (106,169,013 )
    Maturity of short term investments 26,500,000     —  
    Return of investments from joint ventures 4,688,785     7,007,164  
    Net cash provided by/(used in) investing activities 111,340,031     (64,482,265 )
           
    Cash flows from financing activities      
    Proceeds from exercise of stock options 747,500     356,250  
    Stock repurchase (19,080,455 )   (338,176 )
    Deferred finance charges paid (988,166 )   (22,167 )
    Advances from joint ventures 11,847     —  
    Advances to joint ventures —     (11,847 )
    Loan repayments (154,870,215 )   (108,236,401 )
    Proceeds from long-term debt —     70,000,000  
    Net cash used in financing activities (174,179,489 )   (38,252,341 )
           
    Net increase in cash, cash equivalents and restricted cash 14,600,757     765,449  
    Cash, cash equivalents and restricted cash at beginning of period 69,154,944     83,755,701  
    Cash, cash equivalents and restricted cash at end of year 83,755,701     84,521,150  
    Cash breakdown      
    Cash and cash equivalents 77,202,843     80,653,398  
    Restricted cash, current 659,137     —  
    Restricted cash, non current 5,893,721     3,867,752  
    Total cash, cash equivalents and restricted cash shown in the statements of cash flows 83,755,701     84,521,150  

    The MIL Network –

  • MIL-OSI: Middlefield Canadian Income PCC – Withdrawal of General Meeting Requisition

    Source: GlobeNewswire (MIL-OSI)

    21 February 2025

    Middlefield Canadian Income PCC (the “Company”)
    including Middlefield Canadian Income – GBP PC (the “Fund”), a cell of the Company
    Registered No:  93546
    Legal Entity Identifier: 2138007ENW3JEJXC8658

    Withdrawal of General Meeting Requisition

    As announced on 13 February 2025, Middlefield Canadian Income PCC (the “Company”) and Middlefield Canadian Income – GBP PC (the “Fund”) received a letter from a nominee account acting on behalf of the custodian and prime broker for Saba Capital Management, L.P. (“Saba”) requisitioning the Board of the Company and Fund (the “Board”) to convene a general meeting of shareholders (the “Requisition”).

    Since the receipt of the Requisition, the Board has consulted with a number of the Company’s largest shareholders, including Saba. Following constructive discussions, Saba has agreed to withdraw the Requisition for a period of 60 days to enable the Company and its advisers to formulate proposals that are in the best interests of all shareholders.

    The Board will provide a further update in due course.

    For further information, please contact:

    Middlefield Canadian Income – GBP PC                                        via Investec Bank plc
    Michael Phair (Chairman)

    Investec Bank plc                                                                             020 7597 4000
    Corporate Broker
    Helen Goldsmith/David Yovichic
                                                                    

    JTC Fund Solutions (Jersey) Limited                                             01534 700 000
    Secretary
    Matt Tostevin/Hilary Jones/Jade Livesey
                                                                    

    Burson Buchanan                                                                             020 7466 5000
    PR Advisers
    Charles Ryland/Henry Wilson

    The MIL Network –

  • MIL-OSI: DMG Blockchain Solutions Inc. Announces First Quarter 2025 Earnings Release Date and Conference Call Details

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 21, 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 will release financial results for its first quarter 2025 ending December 31, 2024 on Monday, March 3, 2025 after the market close.

    First Quarter 2025 Results Conference Call Details

    The Company will host a conference call to review its results and provide a corporate update on Tuesday, March 4, 2025 at 4:30 PM ET. Participants should register for the call via the registration link.

    In addition to a live Q&A session via chat, management will also address pre-submitted questions. Those wishing to submit a question may do so via email at investors@dmgblockchain.com, using the subject line ‘Conference Call Question Submission,’ through 2:00 PM ET on March 4, 2025.

    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 filing of the first quarter 2025 results and hosting a conference call, 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 –

  • MIL-OSI: Nokia Corporation – Managers’ transactions (Batra)

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Managers’ transactions
    21 February 2025 at 14:00 EET

    Nokia Corporation – Managers’ transactions (Batra)

    Transaction notification under Article 19 of EU Market Abuse Regulation.
    ____________________________________________
    Person subject to the notification requirement
    Name: Batra, Nishant
    Position: Other senior manager

    Issuer: Nokia Corporation
    LEI: 549300A0JPRWG1KI7U06
    Notification type: INITIAL NOTIFICATION
    Reference number: 97335/4/4
    ____________________________________________

    Transaction date: 2025-02-20
    Venue: NASDAQ HELSINKI LTD (XHEL)
    Instrument type: SHARE
    ISIN: FI0009000681
    Nature of the transaction: ACQUISITION

    Transaction details
    (1): Volume: 1596 Unit price: 4.78061

    Aggregated transactions
    (1): Volume: 1596 Volume weighted average price: 4.78061

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    The MIL Network –

  • MIL-OSI: Nokia Corporation – Managers’ transactions (Gibb)

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Managers’ transactions
    21 February 2025 at 14:00 EET

    Nokia Corporation – Managers’ transactions (Gibb)

    Transaction notification under Article 19 of EU Market Abuse Regulation.
    ____________________________________________
    Person subject to the notification requirement
    Name: Gibb, Lorna
    Position: Other senior manager

    Issuer: Nokia Corporation
    LEI: 549300A0JPRWG1KI7U06
    Notification type: INITIAL NOTIFICATION
    Reference number: 97347/4/4
    ____________________________________________

    Transaction date: 2025-02-20
    Venue: NASDAQ HELSINKI LTD (XHEL)
    Instrument type: SHARE
    ISIN: FI0009000681
    Nature of the transaction: ACQUISITION

    Transaction details
    (1): Volume: 115 Unit price: 4.78061

    Aggregated transactions
    (1): Volume: 115 Volume weighted average price: 4.78061

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    The MIL Network –

  • MIL-OSI: The Agents are here! What is Decentralized AI and how will it impact the world according to new research from Alpha Sigma Capital Research

    Source: GlobeNewswire (MIL-OSI)

    Tampa, FL, Feb. 21, 2025 (GLOBE NEWSWIRE) — Alpha Sigma Capital Research has released an in-depth report entitled DeFAI Unleashed, highlighting the rise of AI agents in the crypto world, capturing headlines and fueling both excitement and skepticism.  

    Report highlights:

    • Examines the rise of DeFAI
    • Analyzes market trends and adoption challenges
    • Evaluates long-term impact of AI agents on crypto

    DeFAI transforms decentralized finance:

    • AI agents serve as intelligent facilitators
    • Utilize natural language processing for seamless on-chain transactions
    • Eliminates clunky interfaces and intimidating protocols
    • Provides frictionless access to DeFi

    Current market landscape:

    • Over 1,380 AI agent projects cataloged on platforms like Cookie.fun
    • Collective market cap: $8.29 billion
    • Recent market dip, but activity remains strong
    • Industry leaders view this as a foundational shift despite trader caution

    Future outlook:

    • AI agents gaining real use cases in DeFi
    • More than just a trend—marks the next phase of crypto’s evolution

    Access your complimentary copy of DeFAI Unleashed here.

    Stay connected with ASC Research on Substack. Subscribe at Alpha Sigma Capital Research | Substack.

    About Alpha Transform Holdings
    Alpha Transform Holdings (ATH) is a leading digital asset investment firm, combining strategic advisory, research, and capital investment to drive innovation in Web3 and blockchain.

    About Alpha Sigma Capital Research
    Active Investing in the Blockchain Economy.™
    Alpha Sigma Capital Research is provided by Alpha Sigma Capital Advisors, LLC, the Investment Manager for the Alpha Blockchain/Web3 Fund and Alpha Liquid Fund.  Alpha Sigma Capital (ASC) investment funds are focused on emerging blockchain companies that are successfully building their user-base, demonstrating real-world uses for their decentralized ecosystems, and moving blockchain technology towards mass-adoption. ASC is focused on companies leveraging blockchain technology to provide value-add in areas such as fintech, AI, supply chain, and healthcare. Apply to receive research at www.alphasigma.fund/research.

    DISCLAIMER
    This is for informational use only. This is not investment advice. Other than disclosures relating to Alpha Transform Holdings (ATH) and Alpha Sigma Capital (ASC) this information is based on current public information that we consider reliable, but we do not represent it as accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our information as appropriate.

    Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this press release.

    The information on which the information is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, the company website, the company white paper, pitchbook, and any other sources. While Alpha Sigma Capital has obtained data, statistics, and information from sources it believes to be reliable, Alpha Sigma Capital does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
    Unless otherwise provided in a separate agreement, Alpha Sigma Capital does not represent that the contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Alpha Sigma Capital and its officers, directors, and employees shall not be responsible or liable for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.

    Crypto and/or digital currencies involve substantial risk, are speculative in nature, and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.

    The MIL Network –

  • MIL-OSI: Onex Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    All amounts in U.S. dollars unless otherwise stated

    TORONTO, Feb. 21, 2025 (GLOBE NEWSWIRE) — Onex Corporation (TSX: ONEX) today announced its financial results for the fourth quarter and year ended December 31, 2024.

    “Our focus, every day, is growing long-term shareholder value,” said Bobby Le Blanc, CEO and President. “In private equity, we are investing in strategies and verticals that have the strongest potential for future risk-adjusted returns. Overall, the PE teams raised over $1.5 billion in 2024. Our Structured Credit platform had another active quarter and an outstanding year, having raised or extended more than $13 billion of fee-generating assets during 2024 while growing fee related earnings. Shareholders continue to benefit from our strong balance sheet and liquidity position, and most recently through our substantial issuer bid.”  

    Financial Results
    ($ millions except per share amounts)

    Quarter Ended Dec. 31

    Year Ended Dec. 31
      2024   2023   2024   2023  
    Net earnings (loss) $ (2 ) $ 373   $ 303   $ 529  
    Net earnings (loss) per diluted share $ (0.02 ) $ 4.81   $ 4.00   $ 6.65  
                     
    Investing segment net earnings $ 29   $ 326   $ 344   $ 815  
    Asset management segment net earnings   18     46     21     2  
    Total segment net earnings (1) $ 47   $ 372   $ 365   $ 817  
    Total segment net earnings per fully diluted share(2) $ 0.62   $ 4.80   $ 4.74   $ 10.23  
    Asset management fee-related earnings(3) $ 6   $ 3   $ 6   $ 12  
    Total fee-related earnings (loss)(4) $ (1 ) $ (2 ) $ (21 ) $ (14 )
    Distributable earnings(5) $ 231   $ 139   $ 617   $ 797  


    Highlights

    • Onex had approximately $8.3 billion of investing capital, or $113.70 (C$163.54) per fully diluted share(6) at December 31, 2024. Onex’ investing capital per fully diluted share returned 6% for the year ended December 31, 2024 or 15% in Canadian dollars. Over the last five years, investing capital per fully diluted share has had a compound annual return of 13%.
    • Onex’ private equity investments had net gains of $11 million in the fourth quarter of 2024 (Q4 2023: net gains of $250 million). Investments in Credit strategies generated net gains of $16 million in the fourth quarter of 2024 (Q4 2023: net gains of $66 million).
    • Onex raised approximately $2.8 billion in fee-generating capital across its Private Equity and Credit platforms in the fourth quarter and $8.8 billion in fiscal 2024.
    • The Onex Partners Opportunities Fund has raised aggregate commitments of approximately $1.2 billion, including affiliated vehicles and Onex’ commitment of $400 million. The Fund completed its second acquisition in December.
    • ONCAP V has reached aggregate commitments of approximately $1.1 billion, including Onex’ commitment of $250 million, with a final close expected at the end of Q1 2025. In December, ONCAP II and ONCAP III completed the sale of PURE Canadian Gaming.  
    • Collectively, our private equity teams returned approximately $3.0 billion of capital to Limited Partners in 2024, including approximately $1.0 billion to Onex.
    • Onex Credit raised or extended a total of $13.0 billion of fee-generating assets across its CLO platform in 2024. Fee-generating assets under management (FGAUM) within the Structured Credit platform increased 34% in 2024. Activity in Q4 includes closing of five new CLOs for approximately $2.6 billion in new fee-generating assets. The Credit platform contributed $27 million of fee-related earnings (FRE) in 2024, with year-end run-rate FRE of $40 million.
    • Onex repurchased 2,277,722 Subordinate Voting Shares (SVS) in the fourth quarter for a total cost of $185 million (C$266 million) or an average cost per share of $81.18 (C$116.82). Onex repurchased 5,693,741 SVS in 2024, capturing approximately $215 million of value for remaining shareholders.
    • Onex had $35.2 billion of FGAUM at December 31, 2024, a 17%(7) increase over the last 12 months. Run-rate management fees(8) increased to $195 million at December 31, 2024.
    • Unrealized carried interest from funds managed by Onex was $286 million at December 31, 2024.
    • Onex’ cash and near-cash(9) balance was $1.6 billion or 19% of Onex’ investing capital as of December 31, 2024 (December 31, 2023 – $1.5 billion or 17%).

    Dividend Declaration

    The Board of Directors has declared a first quarter dividend of C$0.10 per Subordinate Voting Share payable on April 30, 2025, to shareholders of record on April 10, 2025.

    Webcast

    Onex management will host a webcast to review Onex’ fourth quarter 2024 results on Friday, February 21, 2025 at 11:00 a.m. ET. The webcast will be available in listen-only mode from the Presentations and Events section of Onex’ website, https://www.onex.com/events-and-presentations. A 90-day on-line replay will be available shortly following the completion of the event.

    Additional Information

    Enclosed are supplementary financial schedules related to Onex’ consolidated net earnings, investing capital, fee-related earnings (loss), distributable earnings, and cash and near-cash changes for the three and 12 months ended December 31, 2024. The financial statements prepared in accordance with IFRS Accounting Standards, including Management’s Discussion and Analysis of the results, are posted on Onex’ website, www.onex.com, and are also available on SEDAR+ at www.sedarplus.ca. A supplemental information package with additional information is available on Onex’ website, www.onex.com.

    About Onex

    Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $51.1 billion in assets under management, of which $8.3 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

    Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.

    Forward-Looking Statements

    This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

    Non-GAAP Financial Measures

    This press release contains non-GAAP financial measures which have been calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of financial measures in this manner does not have a standardized meaning prescribed under IFRS Accounting Standards and is therefore unlikely to be comparable to similar financial measures presented by other companies. Onex management believes these financial measures provide useful information to investors. Reconciliations of the non-GAAP financial measures to information contained in the consolidated financial statements have been presented where practical.

    For Further Information:

    Jill Homenuk
    Managing Director – Shareholder
    Relations and Communications
    Tel: +1 416.362.7711    		 Zev Korman
    Vice President, Shareholder
    Relations and Communications
    Tel: +1 416.362.7711


    Supplementary Financial Schedules

        Quarter ended December 31
        2024(i) 2023(i)
    		  
    ($ millions except per share amounts)   Investing     Asset Management     Total   Total
    		  
    Segment income $ 29   $ 70   $ 99   $ 435  
    Segment expenses   –     (52 )   (52 )   (63 )
    Segment net earnings $ 29   $ 18   $ 47   $ 372  
                     
    Stock-based compensation expense             (33 )   (33 )
    Amortization of property, equipment and intangible assets, excluding right-of-use assets (3 )   (4 )
    Restructuring expenses, net       (10 )   (6 )
    Unrealized carried interest included in segment net earnings – Credit   (5 )   (6 )
    Realized performance fees previously recognized in segment net earnings   2     5  
    Contingent consideration recovery   –     42  
    Impairment reversal of property and equipment   –     2  
    Integration expenses   –     (1 )
    Other   1     2  
    Earnings (loss) before income taxes   (1 )   373  
    Provision for income taxes   (1 )   –  
    Net earnings (loss)           $ (2 ) $ 373  
                     
    Segment net earnings per fully diluted share $ 0.38   $ 0.24   $ 0.62   $ 4.80  
    Net earnings (loss) per share                
    Basic           $ (0.02 ) $ 4.82  
    Diluted           $ (0.02 ) $ 4.81  

    (i) Refer to pages 27 and 28 of Onex’ 2024 Annual MD&A for further details concerning the composition of segmented results.

        Year ended December 31
        2024(i) 2023(i)
    		  
    ($ millions except per share amounts)   Investing     Asset Management     Total   Total
    		  
    Segment income $ 344   $ 252   $ 596   $ 1,098  
    Segment expenses   –     (231 )   (231 )   (281 )
    Segment net earnings $ 344   $ 21   $ 365   $ 817  
                     
    Stock-based compensation expense             (36 )   (75 )
    Amortization of property, equipment and intangible assets, excluding right-of-use assets (15 )   (24 )
    Restructuring expenses, net       (21 )   (46 )
    Carried interest from Falcon Funds previously recognized in segment net earnings   25     –  
    Unrealized carried interest included in segment net earnings – Credit   (10 )   (17 )
    Unrealized performance fees included in segment net earnings   (3 )   –  
    Impairment of goodwill, intangible assets and property and equipment   –     (162 )
    Contingent consideration recovery   –     42  
    Integration expenses   –     (4 )
    Other   –     1  
    Earnings before income taxes   305     532  
    Provision for income taxes   (2 )   (3 )
    Net earnings           $ 303   $ 529  
                     
    Segment net earnings per fully diluted share $ 4.45   $ 0.29   $ 4.74   $ 10.23  
    Net earnings per share                
    Basic           $ 4.01   $ 6.66  
    Diluted           $ 4.00   $ 6.65  

    (i) Refer to pages 27 and 29 of Onex’ 2024 Annual MD&A for further details concerning the composition of segmented results.

    Investing Capital(i)

    ($ millions except per share amounts)

    		 December 31, 2024
    		   December 31, 2023
    		  
    Private Equity            
    Onex Partners Funds $ 4,072   $ 4,445  
    ONCAP Funds   795     929  
    Other Private Equity   587     407  
    Carried Interest   264     252  
        5,718     6,033  
    Private Credit          
    Investments   924     904  
    Carried Interest   22     29  
        946     933  
               
    Real Estate   –     18  
    Cash and Near-Cash   1,578     1,466  
    Other Net Assets (Liabilities)   31     (17 )
    Investing Capital $ 8,273   $ 8,433  
    Investing Capital per fully diluted share (U.S. dollars)(ii) $ 113.70   $ 107.82  
    Investing Capital per fully diluted share (Canadian dollars)(ii) $ 163.54   $ 142.61  

    (i) Refer to the glossary in Onex’ Q4 2024 Annual MD&A for further details concerning the composition of investing capital.

    (ii) Fully diluted shares for investing capital per share were 72.8 million at December 31, 2024.

    Fee-Related Earnings (Loss) and Distributable Earnings

    ($ millions) Quarter Ended
    December 31, 2024    		   Quarter Ended
    December 31, 2023    		  
    Private Equity
    Management and advisory fees

    $

    25

    		  

    $

    26

    		  
    Total fee-related revenues from Private Equity $ 25   $ 26  
    Compensation expense   (17 )   (24 )
    Support and other net expenses   (8 )   (10 )
    Net contribution $ –   $ (8 )
             
    Structured Credit        
    Management and advisory fees $ 21   $ 16  
    Total fee-related revenues from Structured Credit $ 21   $ 16  
    Compensation expense   (6 )   (5 )
    Support and other net expenses   (3 )   (1 )
    Net contribution $ 12   $ 10  
             
    Other Credit
    Management and advisory fees
    Performance fees    		 $ 4
    1    		   $ 15
    4    		  
    Total fee-related revenues from Other Credit $ 5   $ 19  
    Compensation expense   (6 )   (9 )
    Support and other net expenses   (5 )   (9 )
    Net contribution $ (6 ) $ 1  
             
    Asset management fee-related earnings $ 6   $ 3  
             
    Public Company and Onex Capital Investing        
    Compensation expense $ (3 ) $ (1 )
    Other net expenses   (4 )   (4 )
    Total expenses $ (7 ) $ (5 )
             
    Total fee-related earnings (loss) $ (1 ) $ (2 )
             
    Realized carried interest(i) $ 2   $ 7  
    Net realized gain on corporate investments   230     134  
    Distributable earnings $ 231   $ 139  

    (i) Includes realized carried interest from the Falcon Funds, when applicable.

    ($ millions) Year Ended
    December 31, 2024    		   Year Ended
    December 31, 2023    		  
    Private Equity
    Management and advisory fees    		 $ 93   $ 112  
    Total fee-related revenues from Private Equity $ 93   $ 112  
    Compensation expense   (76 )   (85 )
    Support and other net expenses   (38 )   (39 )
    Net contribution $ (21 ) $ (12 )
             
    Structured Credit
    Management and advisory fees
    Performance fees    		 $ 76
    4    		   $ 61
    –    		  
    Total fee-related revenues from Structured Credit $ 80   $ 61  
    Compensation expense   (24 )   (22 )
    Support and other net expenses   (12 )   (9 )
    Net contribution $ 44   $ 30  
             
    Other Credit
    Management and advisory fees
    Performance fees    		 $ 31
    4    		   $ 79
    13    		  
    Other income   2     2  
    Total fee-related revenues from Other Credit $ 37   $ 94  
    Compensation expense   (23 )   (48 )
    Support and other net expenses   (31 )   (52 )
    Net contribution $ (17 ) $ (6 )
             
    Asset management fee-related earnings $ 6   $ 12  
             
    Public Company and Onex Capital Investing        
    Compensation expense $ (13 ) $ (11 )
    Other net expenses   (14 )   (15 )
    Total expenses $ (27 ) $ (26 )
             
    Total fee-related earnings (loss) $ (21 ) $ (14 )
             
    Realized carried interest(i) $ 19   $ 16  
    Net realized gain on corporate investments   619     795  
    Distributable earnings $ 617   $ 797  

    (i) Includes realized carried interest from the Falcon Funds, when applicable.

    Fee-related earnings (loss) and distributable earnings are non-GAAP financial measures. The tables below provide reconciliations of Onex’ net earnings (loss) to fee-related earnings (loss) and distributable earnings during the quarters and years ended December 31, 2024 and 2023.

    ($ millions) Quarter Ended
    December 31, 2024    		   Quarter Ended
    December 31, 2023
    		  
    Net earnings (loss) $ (2 ) $ 373  
    Provision for income taxes   1     –  
    Earnings (loss) before income taxes   (1 )   373  
    Stock-based compensation expense   33     33  
    Amortization of property, equipment and intangible assets, excluding right-of-use assets 3     4  
    Restructuring expenses, net   10     6  
    Unrealized carried interest included in segment net earnings – Credit 5     6  
    Realized performance fees previously recognized in segment net earnings (2 )   (5 )
    Contingent consideration recovery –     (42 )
    Impairment reversal of property and equipment –     (2 )
    Integration expenses –     1  
    Other   (1 )   (2 )
    Total segment net earnings   47     372  
    Investing segment net earnings   (29 )   (326 )
    Net gain from carried interest(i)   (19 )   (48 )
    Total fee-related earnings (loss)   (1 )   (2 )
    Realized carried interest(i)   2     7  
    Realized gain on corporate investments   230     134  
    Total distributable earnings $ 231   $ 139  

    (i) Includes carried interest Onex is entitled to from the Falcon Funds.

    ($ millions) Year Ended
    December 31, 2024
    		   Year Ended
    December 31, 2023
    		  
    Net earnings $ 303   $ 529  
    Provision for income taxes   2     3  
    Earnings before income taxes   305     532  
    Stock-based compensation expense   36     75  
    Amortization of property, equipment and intangible assets, excluding right-of-use assets 15     24  
    Restructuring expenses, net   21     46  
    Carried interest from Falcon funds previously recognized in segment net earnings (25 )   –  
    Unrealized carried interest included in segment net earnings – Credit 10     17  
    Unrealized performance fees included in segment net earnings 3     –  
    Impairment of goodwill, intangible assets and property and equipment –     162  
    Contingent consideration recovery –     (42 )
    Integration expenses –     4  
    Other   –     (1 )
    Total segment net earnings   365     817  
    Investing segment net earnings   (344 )   (815 )
    Net gain from carried interest(i)   (42 )   (16 )
    Total fee-related earnings (loss)   (21 )   (14 )
    Realized carried interest(i)   19     16  
    Realized gain on corporate investments   619     795  
    Total distributable earnings $ 617   $ 797  

    (i) Includes carried interest Onex is entitled to from the Falcon Funds.

    Cash and Near-Cash

    The table below provides a breakdown of cash and near-cash at Onex as at December 31, 2024 and December 31, 2023.

    ($ millions) December 31, 2024
    		   December 31, 2023
    		  
    Cash and cash equivalents – Investing segment(i) $ 840   $ 142  
    Management fees and recoverable fund expenses receivable(ii)   464     615  
    Cash and cash equivalents within Investment Holding Companies(iii)   156     398  
    Treasury investments   83     –  
    Subscription financing and short-term loan receivable(iv)   35     114  
    Treasury investments within Investment Holding Companies   –     197  
    Cash and near-cash $ 1,578   $ 1,466  

    (i) Excludes cash and cash equivalents allocated to the asset management segment related to accrued incentive compensation ($89 million (December 31, 2023 – $108 million)). The December 31, 2023 balance also excludes $15 million of cash and cash equivalents allocated to the asset management segment concerning the contingent consideration related to the 2020 acquisition of Onex Falcon.

    (ii) Includes management fees and recoverable fund expenses receivable from certain funds which Onex has elected to defer cash receipt from.

    (iii) Cash and cash equivalents is reduced by Onex’ share of uncalled expenses payable by the Investment Holding Companies of $36 million (December 31, 2023 – $35 million) and $2 million payable by the Investment Holding Companies for Onex’ management incentive programs related to a private equity realization (December 31, 2023 – less than $1 million). The December 31, 2023 balance also includes $22 million of restricted cash and cash equivalents for which the Company can readily remove the external restriction or for which the restriction will be removed in the near term.

    (iv) Includes $35 million of subscription financing receivable, including interest receivable, attributable to third-party investors in Onex Partners V and ONCAP V Funds (December 31, 2023 – $77 million attributable to third-party investors in certain Credit Funds, Onex Partners V and ONCAP V Funds). The December 31, 2023 balance also includes $37 million related to a short-term loan receivable from an Onex Partners operating company, which was repaid during 2024.

    The table below provides a reconciliation of the change in cash and near-cash from December 31, 2023 to December 31, 2024.

    ($ millions)    
    Cash and near-cash at December 31, 2023 $ 1,466  
    Private equity realizations and distributions   1,009  
    Private equity investments   (409 )
    Net private credit strategies investment activity   56  
    Repurchase of share capital of Onex Corporation (417 )
    Net stock-based compensation paid (60 )
    Cash dividends paid (23 )
    Reversal of Onex Falcon contingent consideration 15  
    Net other, including cash flows from asset management activities, operating costs and changes in working capital   (59 )
    Cash and near-cash at December 31, 2024 $ 1,578  

    (1) Refer to pages 27, 28 and 29 of Onex’ 2024 Annual MD&A for further details concerning the composition of segment net earnings. A reconciliation of total segment net earnings to net earnings (loss) is provided in the supplementary financial schedules in this press release.
    (2) Refer to the glossary in Onex’ 2024 Annual MD&A for details concerning the composition of fully diluted shares.
    (3) Asset management fee-related earnings excludes Onex’ public company expenses and other expenses associated with managing Onex’ investing capital and is a component of total fee-related earnings (loss).
    (4) Total fee-related earnings (loss) is a non-GAAP financial measure that does not have a standardized meaning prescribed under International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to fee-related earnings (loss) is Onex’ net earnings (loss). Refer to the 2024 Results & Activity section of Onex’ 2024 Annual MD&A and the supplementary financial schedules in this press release for further details concerning fee-related earnings (loss).
    (5) Distributable earnings is a non-GAAP financial measure that does not have a standardized meaning prescribed under IFRS Accounting Standards. Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to distributable earnings is Onex’ net earnings (loss). Refer to the 2024 Results & Activity section of Onex’ 2024 Annual MD&A and the supplementary financial schedules in this press release for further details concerning distributable earnings.
    (6) Refer to the glossary in Onex’ 2024 Annual MD&A for details concerning the composition of investing capital per fully diluted share. The percentage changes in investing capital per share exclude the impact of capital deployed in Onex’ asset management segment, where applicable, and dividends paid by Onex.
    (7) Adjusted to exclude the impact from the transfer of Onex Falcon.
    (8) Refer to the glossary in Onex’ 2024 Annual MD&A for details concerning the composition of run-rate management fees.
    (9) Cash and near-cash is a non-GAAP financial measure calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of this measure does not have a standardized meaning prescribed under IFRS Accounting Standards and therefore might not be comparable to similar financial measures presented by other companies. The most directly comparable financial measure under IFRS Accounting Standards to cash and near-cash is Onex’ consolidated cash and cash equivalents balance, which was $929 million at December 31, 2024 (December 31, 2023 – $265 million). Refer to the Cash and Near-Cash section of Onex’ 2024 Annual MD&A and the supplementary financial schedules in this press release for further details concerning Onex’ cash and near-cash.

    The MIL Network –

  • MIL-OSI: AGF Investments Announces February 2025 Cash Distributions for AGF Enhanced U.S. Equity Income Fund, AGF Total Return Bond Fund and AGF Systematic Global Infrastructure ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 21, 2025 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) today announced the February 2025 cash distributions for AGF Enhanced U.S. Equity Income Fund*, AGF Total Return Bond Fund* and AGF Systematic Global Infrastructure ETF, which pay monthly distributions. Unitholders of record on February 28, 2025 will receive cash distributions payable on March 6, 2025.

    Details regarding the final “per unit” distribution amounts are as follows:

    ETF Ticker Exchange  Cash Distribution Per Unit ($)
    AGF Enhanced U.S. Equity Income Fund* AENU Cboe Canada Inc.  $0.141900
    AGF Total Return Bond Fund* ATRB Cboe Canada Inc.  $0.081000
    AGF Systematic Global Infrastructure ETF QIF Cboe Canada Inc.  $0.142787

    *AGF Enhanced U.S. Equity Income Fund and AGF Total Return Bond Fund are mutual funds with an ETF series option.

    Further information about the AGF ETFs can be found at AGF.com.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    AGF ETFs are ETFs offered by AGF Investments Inc. ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com  

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on JM Financial Home Loans Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 17, 2025, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh fifty thousand only) on JM Financial Home Loans Limited (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 52A of the National Housing Bank Act, 1987.

    The statutory inspection of the company was conducted by the National Housing Bank with reference to its financial position as on March 31, 2022 and March 31, 2023. Based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the company was sustained, warranting imposition of monetary penalty:

    The company failed to disclose, the approach for gradation of risk and rationale for charging different rate of interest to different categories of borrowers, to its customers in the application forms and also did not communicate the same explicitly in the sanction letters.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2225

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Asirvad Micro Finance Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 20, 2025, imposed a monetary penalty of ₹6.20 lakh (Rupees Six Lakh Twenty Thousand only) on Asirvad Micro Finance Limited (the company) for non-compliance with certain provisions of the ‘Master Direction – Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022’, and ‘Appointment of Internal Ombudsman by Non-Banking Financial Companies’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

    The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty:

    1. The company failed to report the household income of certain borrowers to Credit Information Companies;

    2. The company failed to provide factsheets to certain gold loan customers; and

    3. The company failed to establish a system of auto-escalation of all complaints that were partly or wholly rejected by its internal grievance redress mechanism to the Internal Ombudsman for a final decision.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2226

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: India Japan partnership rooted in brotherhood, democracy,culture and economic cooperation: Union Commerce and Industry Minister Piyush Goyal

    Source: Government of India (2)

    India Japan partnership rooted in brotherhood, democracy,culture and economic cooperation: Union Commerce and Industry Minister Piyush Goyal

    The partnership reflects a unique fusion of Sushi and Spices, distinct yet complementary: Shri Goyal

    Posted On: 21 FEB 2025 5:07PM by PIB Delhi

    Union Minister of Commerce and Industry, Shri Piyush Goyal stated that India and Japan share a globally recognized strategic partnership rooted in brotherhood, democracy, culture, and economic cooperation. This was stated by the Minister at his keynote address at the India-Japan Economy and Investment Forum today.

    The Minister highlighted that the Seven Lucky Gods of Japan have origins in Indian tradition, underscoring the deep cultural ties between the two nations. He noted that the relationship between India and Japan reflected Sushi and spices, a fusion of distinct yet complementary elements, contributing to an extraordinary partnership. Japan has been a key ally in India’s economic growth, with Foreign Direct Investment (FDI) from Japan exceeding $43 billion between 2000 and 2024, making it India’s fifth-largest source of foreign investment, added the Minister.

    The Minister highlighted that the Comprehensive Economic Partnership Agreement (CEPA) signed in 2011 has significantly strengthened bilateral trade, with over 1,400 Japanese companies operating in India and 11 industrial townships across eight states hosting Japanese enterprises. He pointed out that major infrastructure projects such as the Mumbai-Ahmedabad High-Speed Rail and metro systems in Delhi, Ahmedabad, Bengaluru, and Chennai reflect Japan’s active participation in India’s development. He expressed optimism about the commencement of the Shinkansen bullet train service between Mumbai and Ahmedabad in the near future.

    The Minister stated that under the leadership of Prime Minister Shri Narendra Modi, the ‘Make in India’ initiative launched in 2014 has provided a significant boost to India’s manufacturing sector. He stated that India and Japan are collaborating to build globally competitive brands, citing the example of Maruti exporting vehicles to various countries, including Japan. He reiterated the objective of increasing the share of manufacturing in India’s GDP to 25%, with Japan playing a crucial role in achieving this target.The Minister cited the Prime Minister, emphasizing that trade, technology, tourism, and investment will remain key pillars of India’s international economic strategy, with the partnership with Japan playing a crucial role in strengthening economic ties.

    He also noted India’s commitment to fostering a business-friendly environment, emphasizing that ease of doing business improvements are being implemented at both central and state levels. Infrastructure development, public-private partnerships in innovation, and a strengthened R&D ecosystem, supported by recent budget announcements, reflect the government’s strategic focus on economic growth. He underscored that India has the world’s largest number of STEM graduates, with women accounting for 43% of them, contributing to the country’s skilled workforce.

    The Minister pointed out five key drivers of India’s economic growth—decisive leadership, demographic dividend, democracy, diversity, and demand generated by 1.4 billion people—stating that these factors collectively shape India’s growing economy. He reiterated that large-scale investments will coexist in India with MSMEs to provide global solutions.

    Quoting Prime Minister Narendra Modi “ Today’s India inspires confidence in the world”, Shri Goyal added that  with a young and skilled workforce India today is a destination to invest and a destination to source goods and services.

    On quality standards, the Minister stated that Japan serves as a benchmark for excellence and that India seeks to adopt similar high standards in manufacturing. He noted that Indian manufacturers are being encouraged to embrace ‘Kaizen’ (continuous improvement) and Lean Six Sigma principles to enhance quality and efficiency. He further stated that efforts are being made to balance trade between India and Japan, with a focus on increasing Indian exports to ensure reciprocal benefits.The Minister invited participation in India’s growth story, particularly in green energy, renewable energy, high-tech manufacturing of semiconductors, electronic goods, and artificial intelligence. He emphasized that digital technologies will drive progress towards prosperity, reinforcing India’s commitment to innovation and sustainable development.

    ***

    Abhishek Dayal/ Abhijith Narayanan

    (Release ID: 2105293) Visitor Counter : 120

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Gujarat Finance Minister presents Budget 2025-26 digitally via NeVA

    Source: Government of India

    Posted On: 21 FEB 2025 3:19PM by PIB Delhi

    The Finance Minister of Gujarat, Shri Kanu Desai, presented the Budget 2025-26 digitally via National eVidhan Application (NeVA) at the Assembly, marking a step towards paperless governance.

    National eVidhan Application is a transformative project under the Digital India initiative aiming to transform the governance landscape in India with a paperless and digital legislative process.

    ***

    SS/ISA

    (Release ID: 2105250) Visitor Counter : 87

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Day 2 #CTDDR2025: The 9th MahaKumbh for Drug Research

    Source: Government of India

    Day 2 #CTDDR2025: The 9th MahaKumbh for Drug Research

    Drug Resistance, Car T Cell Therapy, Parasitic, Viral disease and Natural Product Chemistry was the main theme of the Day

    Experts from different area shared their recent findings with the participants

    Posted On: 21 FEB 2025 11:35AM by PIB Delhi

    Today, on the second day of the 9th “International Symposium on Current Trends in Drug Discovery Research” at CSIR-Central Drug Research Institute, Lucknow, observed important scientific deliberations by eminent scientists. Researchers and scholars presented their work through visually compelling posters, fostering discussions and knowledge exchange

    Pan-drug-resistant Gram-negative isolates are major risk for life,

    novel beta-lactam enhancerwould be helpful to manage the Pan-drug resistant: Sachin S. Bhagwat

    In scientific session II on “Concept to point of care: Drugs pending submission/approval or recently approved,” Dr. Sachin S. Bhagwat from the Wockhardt Research Center, Aurangabad, India, delivered his talk on the discovery of a novel mechanism of action-based β-lactam + β-lactam enhancer combination, WCK 5222, with comprehensive coverage of pan-drug resistant Gram negatives. He highlighted AMR has rendered many existing antibiotics ineffective, posing a major global health crisis.The widespread prevalence of MDR, XDR, and PDR Gram-negative pathogens, including carbapenem-resistant strains, has rendered many last-line antibiotics ineffective. The ICMR data shows concerning carbapenem resistance rates: over 90% in Acinetobacter, 45% in P. aeruginosa, and 69% in Klebsiella. As a result, clinicians frequently use medications with diminished safety or unproven combinations. These infections are responsible for up to 8.85 lakh deaths annually, with an additional 9.6 lakh linked to sepsis. Further, he shared his research on the development of a novel β-lactam enhancer, Zidebactam, which, in combination with cefepime (WCK 5222), demonstrated potent activity against 35,000 global pan-drug-resistant Gram-negative isolates. He mentioned that WCK 5222 has saved over 45 lives under compassionate use and completed successful trials in severe documented meropenem-resistant infections and is expected to change the treatment paradigm for life-threatening Gram-negative infections.

    Dr. Sachin S. Bhagwat speaking at the 9th “International Symposium on Current Trends in Drug Discovery Research” #CTDDR2025 at CSIR-CDIR, Lucknow.

    CAR-T cell therapy is an emerging approach for cancer care: Prof. Rahul Purwar

    Prof. Rahul Purwar from the Indian Institute of Technology, Bombay, shared the journey on First “Make in India” CAR-T cell therapy: from R&D to clinic to market. Cancer is a worldwide issue and India has the second-highest cancer mortality rate. The CAR-T cell therapy is an emerging approach for cancer care. However, this technology is extremely expensive (500,000 USD/patient) and not available in India. To ensure its accessibility to all, they developed a robust, safe and affordable technology platform and validated through Phase I and Phase II clinical trials. He further noted that, CD19 CAR-T is approved by CDSCO for commercial use in October 2023, and now over 300 patients are treated across the country.

    Prof. Rahul Purwar from IIT, Bombay speaking at the 9th “International Symposium on Current Trends in Drug Discovery Research” #CTDDR2025 at CSIR-CDIR, Lucknow.

    Mitochondrial translation can be targeted for new possibilities of new therapeutic development for Apicomplexan parasites borne diseases: Prof. Dominique Soldati-Favre

    In her Plenary Lecture on Toxoplasma gondii Mitoribosome from highly fragmented rRNAs to a functional Machine, Prof. Dominique Soldati-Favre from the University of Geneva, Switzerland, shared her research on Toxoplasma gondii Mitoribosome. Apicomplexan parasites are responsible for severe human diseases such as malaria, toxoplasmosis, and babesiosis. She said, these parasites, in addition to small mitochondrial genome, contain fragmented mitoribosomal rRNAs, which complicates our understanding of mitoribosome assembly. Using apicoplast-less T. gondii parasites, they have identified drugs that specifically target mitochondrial translation. This approach offers exciting new possibilities for therapeutic development.

    Prof. Dominique Soldati-Favre speaking at the 9th “International Symposium on Current Trends in Drug Discovery Research” #CTDDR2025 at CSIR-CDIR, Lucknow.

    HACK-indices provides a rational basis for selecting next-generation probiotics and live biotherapeutic products: Dr. Tarini Shankar Ghosh

    Dr. Tarini Shankar Ghosh from The Indraprastha Institute of Information Technology, Delhi, presented the efforts to identify the Health-Associated Core-Keystones (HACK) across population groups. The availability of HACK-indices provides a rational basis for selecting next-generation probiotics and live biotherapeutic products to promote general health. Through global meta-analysis of gut microbiomes from 127 studies, his group investigated 196 taxa for their association with three hallmark properties, i.e., prevalence/community-influence in non-diseased subjects, longitudinal stability and host health and integrated them into a single measure, the HACK-index. Using this HACK-index, they presented a ranking order of microbiome taxa based on their estimated contribution to both microbiome stability and host-health.

    Host-directed therapy for infectious diseases may be new hope for targeting antimicrobials: Prof. Christian Doerig

    Prof. Christian Doerig from the Royal Melbourne Institute of Technology University, Australia, explained about the host-directed therapy that offers untapped targets limiting cross-resistance to existing antimicrobials and reduced susceptibility to de novo resistance. Using an antibody microarray directed against human signalling proteins, they identified potential antiviral targets as well as lead compounds. He further reported the identification of some erythrocytic kinases that are activated by infection with Plasmodium falciparum. Inhibitors targeting these kinases display high potency against parasite proliferation.

    Prof. Christian Doerig speaking at the 9th “International Symposium on Current Trends in Drug Discovery Research” #CTDDR2025 at CSIR-CDIR, Lucknow.

    Single-dose liposomal amphotericin B (LAmB) as a game changer in the management of visceral leishmaniasis: Prof. Shyam Sundar

    Prof. Shyam Sundar from the Banaras Hindu University, Varanasi, shared the journey of the epidemic of visceral leishmaniasis (VL), starting from its origin to elimination, in India. He emphasized single-dose liposomal amphotericin B (LAmB) as a game changer in the management of VL in India. He noted that the elimination target for VL needs to hold in 2025 to obtain the WHO certification.

    The open science discovery of DNDi-6510 led to an orally bioavailable SARS-CoV2 antiviral: Dr. Peter Sjö

     

    In Session IV today, Dr. Peter Sjö from the Drugs for Neglected Diseases Initiative (DNDi), Switzerland, shared about the need for broad-spectrum oral antivirals. He reported the results of the COVID Moonshot, a fully open-science, crowd sourced, structure-enabled drug discovery campaign targeting the SARS-CoV-2 main protease. He further discussed the lead series discovery and approaches to overcome ADMET issues which lead to the front runner preclinical candidate DNDI-6510 against SARS-CoV2.

    Novel antivirals to provide immediate therapeutic options against serious viral infections is need of the day: Prof. Sudhanshu Vrati

    Prof. Sudhanshu Vrati from the Regional Centre for Biotechnology (RCB), Faridabad, also mentioned the need for the novel antivirals to provide immediate therapeutic options against serious viral infections. As the new viral pathogens are constantly emerging and posing a serious threat of imminent epidemics. He presented the background to the science of antiviral development with an example of a novel antiviral against Chikungunya virus, developed in his lab.

    New rapid antigen tests are being developed for dengue, zika and chikungunya: Prof. Gaurav Batra

    Prof. Gaurav Batra fromthe Translational Health Science and Technology Institute (THSTI), Faridabad delivered their novel findings on the diagnostics of Arboviral infections, which include, dengue, Zika, and chikungunya. He presented the data on the development of ELISA and rapid NS1 tests with high sensitivity, serotype-independent performance, and significantly improved detection of secondary infections of dengue virus. They are also developing rapid antigen tests for Zika and chikungunya, with the goal of integrating them into a multiplex diagnostic platform. These advanced diagnostics could enhance clinical trial design, patient selection, and treatment evaluation, ultimately contributing to more effective therapeutic strategies and public health responses.

    The V Parallel Session of #CTDDR2025 was dedicated on Natural product chemistry for novel drugs.

    Prof. Inder Pal Singh from NIPER, SAS Nagar, shared his research on development of wound healing and anti-inflammatory formulations from Seabuckthorn plant Hippophae rhamnoides L. They developed a cost effective method for plant extraction leading to isolation of Seabuckthorn fruit oil (IPHRFH) which showed good wound healing activity and was developed into Cream and Gel formulation.

    Dr. Chandra Kant Katiyar from Emami Ltd, Gurgaon, shared his thoughts on new drug discovery from medicinal plants: Issues, challenges and way forward. His talk shared insights into the multifaceted approaches to developing plant-based drugs, covering forward pharmacology, where compounds are screened for biological activity, and reverse pharmacology, which builds on traditional knowledge to validate therapeutic claims. He emphasized that, by integrating traditional knowledge with technology guided by regulations, medicinal plants can continue to be a cornerstone in addressing unmet medical needs globally.

    Dr. Ashutosh Pandey from the National Institute of Plant Genome Research (NIPGR), New Delhi, delivered a talk on “Engineering crops for value addition of health-beneficial natural products: From fundamentals to applications”. He presented insights into how plant metabolites regulate, interact with cellular signalling pathways, and modulate gene expression. Additionally, he discussed the regulatory roles of transcriptional factors and their interplay in fine-tuning flavonoid biosynthesis in agriculturally important crops like chickpea and banana. This knowledge can be leveraged for genetic manipulation to enhance the nutritional value of crops.

    In the Flash Talks & Poster Session Young Investigators presented their novel findings

    In the flash talk session, selected students and young faculty from different scientific fields, related to drug development, delivered their novel findings. In the Poster session today more than 180 posters were presented by the young investigators.

    ***

    NKR/PSM

    (Release ID: 2105196) Visitor Counter : 8

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Speech by SCST at Sports Law Conference (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, at the Sports Law Conference today (February 21):
          
    President Roden Tong (President of the Law Society of Hong Kong), Mrs Regina Ip (Convenor of the Non-official Members of the Executive Council and Member of Legislative Council), Vivian, gold medal winner of Paris 2024 Olympic Games (Ms Vivian Kong), distinguished guests, ladies and gentlemen,
          
         Good morning. It is my great honour to address you at today’s Sports Law Conference. First of all, I would like to thank the Law Society of Hong Kong for organising the first mega conference on sports law in Hong Kong. 
          
         Today, we gather here to discuss and explore the enormous opportunities that the sports industry may present to both the legal profession and the business community in Hong Kong. I am glad that we have such a big and distinguished group of speakers from the business sector, legal practitioners, and sports professionals, both local and from abroad, to share with us their valuable insights on various aspects of sports.
          
         Hong Kong has always been a city that is passionate about sports. Sports not only promote physical health and well-being but also foster social cohesion. The Government is committed to developing sports in the community, nurturing sports talent, hosting mega sports events, promoting professionalism and developing sports as an industry. Our commitment is evident in the increasing resources that we have devoted to this policy area. In 2024-25, we are spending about $7.9 billion, which is double of the annual spending of $3.9 billion 10 years ago.
          
         Our efforts in sports development have borne fruit as we take pride in our athletes’ achievements on the global stage. Last summer, Hong Kong athletes achieved remarkable results by capturing two gold and two bronze medals in fencing and swimming at the Paris Olympic Games, attaining the best results in the history of Hong Kong, China thus far. Vivian Kong is here with us today and deserves a big round of applause from us. Our para-athletes also won three gold, four silver, and one bronze medal at the Paralympic Games, setting our best results since 2012.
          
         Earlier this month, I attended with the Chief Executive of Hong Kong the Asian Winter Games at Harbin. I am still overwhelmed by the achievements of our Hong Kong, China team, which made a lot of breakthroughs. Participating in curling and alpine skiing at the Games for the first time, our men’s curling team historically made the fourth, and an alpine skier achieved a record 10th place out of a total of 58 participants. The men’s ice hockey team also reached the quarterfinals stage for the first time. Although our athletes could not make it to the podium just as yet, I am sure all of us in this room are proud of their success and in particular the sportsmanship, professionalism and sports ethics demonstrated.
          
         As we celebrate our athletes’ achievements, it is important to recognise that their success represents more than just their talents. It reflects also the values that sports can bring to our community. These values go beyond medals, records and scores and can bring a positive impact to the society of Hong Kong. Now, let’s take a look at how sports can unlock important values for the Hong Kong community.
          
         First of all, perseverance is the key in the sports world. Our athletes encounter challenges, including injuries, defeats, and intense competitions throughout their career. Only through years of perseverance could they finally reach the international sporting arena. Vivian will agree with me that many of our athletes had to cope with recurring injuries while they gave it their all in the Paris Olympic Games. Having gone through these hardships, our athletes deserve fully our cheers and appreciation. Their perseverance has become an inspiration to many, and the athletes are setting an important role model, encouraging our youths not to give up in the face of obstacles. This is the spirit that empowers us and makes our society more resilient.
          
         Secondly, we promote friendship through sports. Sports serve as a powerful medium for building friendship that transcends cultural, ethnical and geographical barriers. It is through sports that people from around the world come together to promote mutual respect, inclusivity and friendship.
              
         It is also through sports that we take pride in our country and foster a stronger sense of national identity and belonging. As our national athletes continue to excel on the international stage, more and more people in Hong Kong are rooting for them and sharing in their joy of achievements as they bring triumph to the entire nation. We were particularly excited about the Mainland Olympians’ visit to Hong Kong after the Paris Olympic Games, where we had the invaluable opportunity to appreciate their sporting skills up close. As the public celebrated our country’s achievements together, our national identity and sense of belonging to our country are fortified.
          
         Another important value that we recognise is the commercial opportunities that the sports industry presents. Investments in sports infrastructure, sponsorships, and merchandising contribute to the job creation and business development of Hong Kong. As we promote sports events and activities, we can attract local and international brands, fostering partnerships that add impetus to our economy.
          
         To encourage the commercialisation of sports events, the Government provides matching funds under the “M” Mark System to provide incentives for event organisers to seek sponsorship from commercial organisations. By making the best use of market resources, we believe that the quality of events can be further enhanced, which will help attract more commercial players to the sports ecosystem. This is also conducive to the sustainable development of the sports industry in the long run.
          
         Sports broadcasting is another important aspect in commercialising the sports industry. Given the rise of digital media, the broadcasting right of sports events has become even more valuable. The broadcasting of sports events does not only generate revenue and sponsorships but also increases the visibility of our athletes and the sports themselves. The Government’s purchase of the broadcasting right of the Paris Olympic Games and Paralympic Games last year enabled members of the public to enjoy the games on television free of charge and to cheer for the athletes. This undoubtedly has helped generate greater interest in sports in the community.
          
         Meanwhile, sports have played an increasingly important role in driving tourism in Hong Kong. Major sports events, such as the Hong Kong Rugby Sevens hosted every year, attract hundreds of thousands of visitors from around the world, showcasing our city’s culture, hospitality, and vibrant spirit. By positioning Hong Kong as a centre for major international sports events, we strive to bring in high-level, high-profile sports competitions and support the invitation of star athletes to Hong Kong, which in turn promotes tourism by attracting families, event personnel and officials, as well as spectators from outside Hong Kong to participate in major sports events.
          
         I am sure that, like me, you are all looking forward to the formal opening of Kai Tak Sports Park, KTSP, on the 1st of March, that is, just a week away. And in fact, I just did two phone interviews about Kai Tak Sports Park this morning, on top of the one I gave yesterday. That is why I came a little bit late; I am very sorry about that. As Hong Kong’s largest sports infrastructure ever, KTSP will fully unleash the strengths and potential of Hong Kong in hosting high-profile mega sports events and entertainment programmes. Hong Kong sports teams will also have ample opportunities to compete at home turf. Additionally, KTSP will help develop peripheral products, including merchandise sales, venue management, refereeing, training, event co-ordination, etc. We will surely capitalise on the world-class facilities in KTSP in driving the sports development of Hong Kong.
          
         We recognise the importance of fostering sports exchanges and collaborations with the Mainland. This year, in November, Hong Kong will cohost the 15th National Games, and the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games jointly with Guangdong Province and the Macao SAR (Special Administrative Region). Apart from attracting audiences from the Mainland and overseas to Hong Kong, the National Games series of events will allow Hong Kong citizens to participate in and support our team as home spectators. The preparation work of the Games is now in full swing. We will continue to leverage the opportunities to organise more sports exchanges with our Mainland counterparts.
          
         Sports are certainly an exciting area in Hong Kong full of different potential. As the sports industry continues to grow, there is a need to develop a robust legal system that supports fair play and resolves conflicts effectively, thereby promoting professionalism and accountability within the sector. The Chief Executive announced in 2024 Policy Address that the Government would support the industry to launch a pilot scheme on sports dispute resolution in Hong Kong. The availability of a sports dispute resolution mechanism would help preserve the integrity of sports and maintain a sustainable sporting environment. It is also essential to the advancement of sports development in Hong Kong, where a delay in handling of conflict may have a drastic impact on an athlete’s career. My bureau fully supports this initiative, and we look forward to your support and contribution to the pilot scheme.
          
         Ladies and gentlemen, sports have the potential to unlock a wide range of different values that enrich our community and contribute to the growth of Hong Kong. The potential for sports development is truly immense. My team will continue to work with the sports, legal and business sectors to ensure that the sports industry thrives. I am confident that through sports, we can build a stronger, healthier, and more united Hong Kong.
          
         Before I close, I would once again like to extend my heartfelt gratitude to Roden and the Law Society of Hong Kong for organising this conference, and all speakers for sharing your insights, which are essential for creating a brighter future for the sports industry.
          
         I wish the conference a big success and your experience here truly rewarding. Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Fatal traffic accident in Ma On Shan

    Source: Hong Kong Government special administrative region

    Fatal traffic accident in Ma On Shan
    Fatal traffic accident in Ma On Shan
    ************************************

         Police are investigating a fatal traffic accident happened in Ma On Shan this morning (February 21) in which a man died.     At 6.45am, a school bus driven by a 78-year-old man was travelling along Kam Ying Road towards Wu Kai Sha. When the school bus was approaching near 9 Kam Ying Road, it reportedly went out of control and rammed into the railings.     Sustaining no superficial injury, the driver was rushed to Prince of Wales Hospital in unconscious state and was certified dead at 7.31am.     Investigation by the Special Investigation Team of Traffic, New Territories South is under way.     Anyone who witnessed the accident or has any information to offer is urged to contact the investigating officers on 3661 1346.

     
    Ends/Friday, February 21, 2025Issued at HKT 10:54

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Governor Newsom announces appointments 2.20.25

    Source: US State of California 2

    Feb 20, 2025

    Sacramento, California –Governor Gavin Newsom today announced the following appointments:

    Mayumi Kimura, of Temecula, has been appointed Deputy Secretary of Woman Veterans at the California Department of Veterans Affairs. Kimura has been the Founder and Director of Warriors Insight Therapy since 2022. She was a Readjustment Counselor at Lowell Vet Center from 2019 to 2022. Kimura was a Program Director at Middlesex Sheriff’s Office, Housing Unit for Military Veterans from 2018 to 2019.  She was an Emergency Services Clinician at Riverside Community Care from 2017 to 2018. Kimura was a Social Services Clinician at Butler Psychiatric Hospital from 2016 to 2017. She was a Psychosocial Manager/Hospice Social Worker at Bayada Hospice from 2013 to 2017. Kimura served in multiple roles for the United States Navy from 2001 to 2010, including Active-Duty Operations Specialist, Petty Officer First Class, and Active Reserves. This position does not require Senate confirmation, and the compensation is $154,860. Kimura is a Democrat.

    Justin Turner, of Sacramento, has been appointed Chief Counsel at the California Department of Conservation. He has been Assistant Chief Counsel at the Department of Conservation since 2015 and Attorney III from 2008 to 2015. Turner was a Contract Attorney at the California Department of Public Health from 2005 to 2008. He was a Contract Attorney at Update Legal in 2004. Turner earned his Juris Doctor degree from the University of California, College of the Law, San Francisco, and a Bachelor of the Arts degree in Spanish from the University of Oregon. This position does not require Senate confirmation and compensation is $208,440. Turner is a Democrat.

    Anthony “Tony” Marino, of Sacramento, has been appointed Deputy Director of Energy at the Office of Energy Infrastructure Safety. Marino has been the Deputy Director of the Underground Infrastructure Directorate at the Office of Energy Infrastructure Safety since 2022. Marino was the Executive Officer of the Underground Safety Board at the Department of Foresty and Fire Protection from 2017 to 2021. He served as Consultant on the Subcommittee on Gas, Electric, and Transportation Safety in the Office of Senator Jerry Hill from 2012 to 2017. Marino held multiple positions in the Office of Assemblymember Jerry Hill from 2010 to 2012, including Legislative Aide and Science Fellow. He earned a Doctor of Philosophy degree in Chemistry from the University of Chicago and a Bachelor of the Arts degree in English and Chemistry from Davidson College. This position does not require Senate confirmation and compensation is $175,512. Marino is registered without party preference.  

    Travis Nichols, of Sacramento, has been appointed Cyber Incident Response Manager at the California Governor’s Office of Emergency Services. Nichols has been an Operations Officer/Defensive Cyberspace Weapons Officer with the United States Marine Corps Reserve since 2010. He was a Consultant at Level9 Group in 2023. Nichols was a Cyber Security Operations Architect at Smith & Nephew from 2022 to 2023. He was an Information System Security Officer/Engineer at Defense Microelectronics Activity from 2021 to 2022. Nichols was a Systems Administrator – Server/Network Team Lead at Blackwatch International from 2019 to 2021. He was a Systems Administrator – Tier III – Team Lead at Cincinnati Bell Technical Solutions from 2018 to 2019. Nichols was a Service Support Engineer at Pathforward IT from 2016 to 2018. This position does not require Senate confirmation, and the compensation is $137,616. Nichols is a Democrat.

    Lynda Hopkins, of Sebastopol, has been appointed to the California Air Resources Board. Hopkins has been the Fifth District Supervisor on the Sonoma County Board of Supervisors since 2016. She was a Co-Owner at Foggy River Farm from 2008 to 2020. Hopkins was a Reporter at the Sonoma West Times & News from 2009 to 2013. She was the Executive Director at Sonoma County Farm Trails from 2008 to 2010. Hopkins was a Head Teaching Assistant at the Stanford University Earth Systems Program from 2005 to 2007. She is a member of the Bay Area Air Quality Management District. Hopkins earned a Master of Science degree in Earth Systems, a Bachelor of Science degree in Earth Systems, and a Bachelor of the Arts degree in Creative Writing and Poetry from Stanford University. This position requires Senate confirmation and there is no compensation. Hopkins is a Democrat.

    Dawn Ortiz-Legg, of San Luis Obispo, has been appointed to the California Air Resources Board. Ortiz-Legg has been the Third District Supervisor on the San Luis Obispo County Board of Supervisors since 2020. She was a Right of Way Agent at Pacific Gas and Electric Company from 2018 to 2020. Ortiz-Legg was a Project Manager & Public Affairs Liaison at First Solar from 2010 to 2018. She was North American Sales and Marketing Manager at PTEC Corporation from 1999 to 2010. Ortiz-Legg is a member of the San Luis Obispo County Air Pollution Control District. She earned her Master of Public Policy degree in Climate Change and Technology Policy from the Johns Hopkins School of Advanced International Studies, and a Bachelor of the Arts degree in Organizational Communication from Pepperdine University. This position requires Senate confirmation and there is no compensation. Ortiz-Legg is a Democrat.

    Tina Thomas, of Sacramento, has been appointed to the Wildlife Conservation Board. Thomas has been Of Counsel at Downey Brand LLP since 2023. She was Founding Partner at Thomas Law Group Sacramento from 2012 to 2023. Thomas has held multiple positions at Remy, Thomas, Moose, and Manley, LLP from 1982 to 2011, including Counsel and Managing Partner. She was an Associate Attorney at Remy and Associates from 1979 to 1982. Thomas is a Board Member at the Steinberg Institute, Sacramento Federal Judiciary Library, and Meristem, and Member Emeritus at the Sacramento Food Bank. She earned a Juris Doctor degree from the University of San Diego, and a Bachelor of the Arts degree in Sociology and Political Science from Stephens College. This position does not require Senate Confirmation, and there is no compensation. Thomas is a Democrat.

    Frances “Fran” Pavley, of Agoura Hills, has been reappointed to the Wildlife Conservation Board, where she has served since 2018. Pavley has been the Environmental Policy Director at the University of Southern California Schwarzenegger Institute since 2018. She served as a Senator in the California State Senate from 2008 to 2016. Pavley served as an Assemblymember in the California State Assembly from 2000 to 2006. She served as Mayor/City Councilmember for the City of Agoura Hills from 1982 to 1998. Pavley earned her Master of the Arts degree in Environmental Planning from California State University, Northridge, and her Bachelor of the Arts degree in Social Science from California State University, Fresno. This position does not require Senate Confirmation, and there is no compensation.  Pavley is a Democrat.

    Travis Clausen, of Garden Grove, has been appointed to the Underground Safe Excavation Board. Clausen has been Regional Construction Manager – Aviation and Defense at Sully-Miller Contracting Company since 2025, where he was Senior Operations Manager from 2015 to 2025. Clausen was a Project Manager at OHL USA from 2014 to 2015 and at Sully Miller Contracting Company from 2006 to 2014. Clausen served in the United States Army from 1995 to 1998. He earned a Bachelor of the Arts degree in Business Administration – Finance from California State University, Fullerton. This position does not require Senate Confirmation and there is no compensation. Clausen is a Republican.

    Press Releases, Recent News

    Recent news

    Feb 19, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Andrew “Andy” Nakahata, of San Francisco, has been appointed Chief Deputy Executive Director and Chief Operating Officer at the California Infrastructure and Economic Development Bank….

    Feb 19, 2025

    News What you need to know: A court has denied the city of Norwalk’s request to dismiss the state’s lawsuit against the city for its unlawful ban on homeless shelters.  NORWALK — Governor Gavin Newsom issued the following statement in response to a court decision…

    Feb 19, 2025

    News What you need to know: Steve Jobs, a visionary of global scale, has been nominated to represent California on the American Innovation Coin. The coin, which will be minted by the U.S. Mint, highlights U.S. innovations and innovators, including California’s legacy…

    MIL OSI USA News –

  • MIL-OSI: FOREX.com to Exhibit at Invest Cuffs Conference in Krakow

    Source: GlobeNewswire (MIL-OSI)

    KRAKOW, Poland, Feb. 21, 2025 (GLOBE NEWSWIRE) — FOREX.com, a subsidiary of StoneX Group Inc. (“StoneX”; NASDAQ: SNEX), is proud to announce its participation in the upcoming Invest Cuffs conference as the official Chillout Zone Partner. The event will take place in Krakow on March 28-29, marking FOREX.com’s inaugural presence at one of Poland’s most prominent investment gatherings.

    Invest Cuffs has been a cornerstone of financial education and investment discourse in Poland for over a decade, drawing thousands of attendees to explore a wide range of investment opportunities, from real estate to cryptocurrencies. The event serves as a platform for financial professionals, investors, and industry leaders to share insights, strategies, and market perspectives.

    With over 120 exhibitors participating, FOREX.com’s presence at Invest Cuffs will provide a unique opportunity to engage with both local and international financial experts. As a leading trading services provider, FOREX.com is committed to fostering investment awareness in the region.

    Representing FOREX.com at the event will be Marcin Tuszkiewicz, CEO of Squaber.com and an experienced FOREX.com trader with over 15 years of market expertise. Tuszkiewicz will be one of the featured speakers, delivering a session on price action analysis and investment psychology on Saturday, March 29.

    Invest Cuffs promises to be an engaging event, offering valuable networking opportunities and thought-provoking discussions on the future of investing. FOREX.com welcomes all attendees to visit its booth in the Chillout Zone to learn more about its trading solutions.

    About StoneX Group Inc.

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,500 employees serve more than 54,000 commercial, institutional, and payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

    About FOREX.com

    FOREX.com, a wholly owned subsidiary of StoneX Group Inc, is a leading online trading provider offering access to a wide range of markets. With award-winning platforms, competitive pricing, and a commitment to transparent execution, FOREX.com supports +1m traders worldwide in achieving their financial goals.

    The MIL Network –

  • MIL-OSI: Nokia Corporation – Managers’ transactions (Guillén)

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Managers’ transactions
    21 February 2025 at 14:00 EET

    Nokia Corporation – Managers’ transactions (Guillén)

    Transaction notification under Article 19 of EU Market Abuse Regulation.
    ____________________________________________
    Person subject to the notification requirement
    Name: Guillén, Federico
    Position: Other senior manager

    Issuer: Nokia Corporation
    LEI: 549300A0JPRWG1KI7U06
    Notification type: INITIAL NOTIFICATION
    Reference number: 97331/4/4
    ____________________________________________

    Transaction date: 2025-02-20
    Venue: NASDAQ HELSINKI LTD (XHEL)
    Instrument type: SHARE
    ISIN: FI0009000681
    Nature of the transaction: ACQUISITION

    Transaction details
    (1): Volume: 1713 Unit price: 4.78061

    Aggregated transactions
    (1): Volume: 1713 Volume weighted average price: 4.78061

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    The MIL Network –

  • MIL-OSI: Nokia Corporation – Managers’ transactions (Sahgal)

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Managers’ transactions
    21 February 2025 at 14.00 EET

    Nokia Corporation – Managers’ transactions (Sahgal)

    Transaction notification under Article 19 of EU Market Abuse Regulation.
    ____________________________________________
    Person subject to the notification requirement
    Name: Sahgal, Raghav
    Position: Other senior manager

    Issuer: Nokia Corporation
    LEI: 549300A0JPRWG1KI7U06
    Notification type: INITIAL NOTIFICATION
    Reference number: 97334/4/4
    ____________________________________________

    Transaction date: 2025-02-20
    Venue: NASDAQ HELSINKI LTD (XHEL)
    Instrument type: SHARE
    ISIN: FI0009000681
    Nature of the transaction: ACQUISITION

    Transaction details
    (1): Volume: 2740 Unit price: 4.78061

    Aggregated transactions
    (1): Volume: 2740 Volume weighted average price: 4.78061

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    The MIL Network –

  • MIL-OSI: Signing Day Sports Files Audited Financial Statements for 2023 and 2022, Along With Unaudited Financial Statements for the Nine Months Ending September 30, 2024 and 2023, for Dear Cashmere Group Holding Company (d/b/a Swifty Global), and Pro Forma Financial Statements Related to Its Planned Acquisition of Swifty Global

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Ariz., Feb. 21, 2025 (GLOBE NEWSWIRE) — Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN), the developer of the Signing Day Sports app and platform to aid high school athletes in the recruitment process, today announced the filing of the audited financial statements of Dear Cashmere Group Holding Company (OTC: DRCR), doing business as Swifty Global (“Swifty Global”), as of and for the fiscal years ended December 31, 2023 and 2022, and the unaudited financial statements of Swifty Global as of and for the nine months ended September 30, 2024 and 2023, as exhibits to a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 20, 2025 (the “Form 8-K”), in connection with the recently announced executed Stock Purchase Agreement (the “Purchase Agreement”) to acquire 99.13% of the issued and outstanding capital stock of Swifty Global.

    In addition, the Company filed unaudited pro forma financial statements with the Form 8-K. The pro forma financial statements are intended to represent the combination of the financial position and results of Signing Day Sports and Swifty Global as of September 30, 2024 and for the year ended December 31, 2023 and the first nine months of 2024.

    Highlights of Swifty Global for Fiscal Years 2023 and 2022:

    • Net gaming revenues were approximately $8.7 million for the fiscal year ended December 31, 2023, compared to approximately $2.4 million for the comparable 2022 period.
    • Operating expenses were approximately $5.9 million for the fiscal year ended December 31, 2023, compared to approximately $2.0 million for the comparable 2022 period.
    • Income from operations was approximately $2.9 million for the fiscal year ended December 31, 2023, compared to approximately $0.4 million for the comparable 2022 period.
    • Net income was approximately $2.4 million for the fiscal year ended December 31, 2023, compared to approximately $0.4 million for the comparable 2022 period.

    Highlights of Swifty Global for the Nine Months Ended September 30, 2024 and 2023:

    • Net gaming revenue was approximately $5.1 million for the nine months ended September 30, 2024, compared to approximately $6.9 million for the comparable 2023 period.
    • Operating expenses were approximately $4.5 million for the nine months ended September 30, 2024, compared to approximately $6.4 million for the comparable 2023 period.
    • Income from operations was approximately $0.6 million for the nine months ended September 30, 2024, compared to approximately $0.5 million for the comparable 2023 period.
    • Net income was approximately $0.6 million for the nine months ended September 30, 2024, compared to approximately $0.4 million for the comparable 2023 period.

    Pro Forma Combined Financial Highlights for Fiscal Year 2023:

    • Pro forma combined total net revenues were approximately $9.0 million for the fiscal year ended December 31, 2023.
    • Pro forma combined cost of revenues was approximately $0.04 million for the fiscal year ended December 31, 2023.
    • Pro forma combined gross profit was approximately $9.0 million for the fiscal year ended December 31, 2023.
    • Pro forma combined total operating expense was approximately $10.9 million for the fiscal year ended December 31, 2023.
    • Pro forma combined net loss from operations was approximately $1.9 million for the fiscal year ended December 31, 2023.
    • Pro forma combined net loss was approximately $3.0 million for the fiscal year ended December 31, 2023.

    Pro Forma Combined Financial Highlights for the Nine Months Ended September 30, 2024:

    • Pro forma combined total net revenues were approximately $5.6 million for the nine months ended September 30, 2024.
    • Pro forma combined cost of revenues was approximately $0.2 million for the nine months ended September 30, 2024.
    • Pro forma combined gross profit was approximately $5.5 million for the nine months ended September 30, 2024.
    • Pro forma combined total operating expense was approximately $9.4 million for the nine months ended September 30, 2024.
    • Pro forma combined net loss from operations was approximately $3.9 million for the nine months ended September 30, 2024.
    • Pro forma combined net loss was approximately $4.8 million for the nine months ended September 30, 2024.

    Swifty Group’s historical financial statements and the pro forma combined financial statements are filed as Exhibits 99.2 and 99.3 and Exhibit 99.4 to the Form 8-K, respectively. To review these financial statements, please refer to the Form 8-K, which is available at the SEC’s website at www.sec.gov.

    The unaudited pro forma condensed combined financial statements of the Company and Swifty Global are not intended to represent or be indicative of the financial position or results of operations in future periods or the results that actually would have been realized had the Company and Swifty Global been a combined company during the specified periods. The pro forma adjustments are based on the information available at the date of the Form 8-K, with which they are filed, and reflect preliminary estimates of purchase consideration and fair value of the net assets acquired. The unaudited pro forma condensed combined financial statements, including the footnotes that accompany them, which are filed as Exhibit 99.1 to the Form 8-K, are qualified in their entirety by reference to and should be read in connection with the historical consolidated financial statements of Swifty Global included as Exhibits 99.2 and 99.3 to the Form 8-K, and the historical consolidated financial statements of the Company as set forth in its Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on March 29, 2024, and its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, as filed with the SEC on November 14, 2024.

    Daniel Nelson, CEO of Signing Day Sports, commented: “Taking this step is important to the shared goal of bringing this acquisition together. Together, we expect to push the boundaries of innovation between Swifty Global and Signing Day Sports, extend our reach in established and emerging markets, and deliver greater value to our customers and stakeholders.”

    About Signing Day Sports, Inc.

    Signing Day Sports’ mission is to help student-athletes achieve their goal of playing college sports. Signing Day Sports’ app allows student-athletes to build their Signing Day Sports’ recruitment profile, which includes information college coaches need to evaluate and verify them through video technology. For more information on Signing Day Sports, go to https://bit.ly/SigningDaySports.

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, including without limitation, the Company’s ability to complete the acquisition of Swifty Global and integrate its business, the ability of the parties to the Purchase Agreement to obtain all necessary consents and approvals in connection with the acquisition, including clearance from The Nasdaq Stock Market LLC of an initial listing application in connection with the acquisition, and stockholder approval of the matters to be voted on at a stockholders’ meeting to approve matters required to be approved in connection with the Purchase Agreement, the Company’s ability to obtain sufficient funding to maintain operations and develop additional services and offerings, market acceptance of the Company’s current products and services and planned offerings, competition from existing online and retail offerings or new offerings that may emerge, impacts from strategic changes to the Company’s business on its net sales, revenues, income from continuing operations, or other results of operations, the Company’s ability to attract new users and customers, increase the rate of subscription renewals, and slow the rate of user attrition, the Company’s ability to retain or obtain intellectual property rights, the Company’s ability to adequately support future growth, the Company’s ability to comply with user data privacy laws and other current or anticipated legal requirements, and the Company’s ability to attract and retain key personnel to manage its business effectively. These risks, uncertainties and other factors are described more fully in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the Securities and Exchange Commission. These risks, uncertainties and other factors are, in some cases, beyond our control and could materially affect results. If one or more of these risks, uncertainties or other factors become applicable, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

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

    The MIL Network –

  • MIL-OSI: CLEAR Announces Quarterly Dividend, Special Dividend and Increase to its Share Repurchase Authorization

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 21, 2025 (GLOBE NEWSWIRE) — Clear Secure, Inc. (NYSE: YOU) (“CLEAR” or the “Company”) today announced that its Board of Directors (the “Board”) declared a quarterly dividend of $0.125 per share, and a special cash dividend of $0.27 per share, each payable on March 18, 2025 to holders of record of Class A Common Stock and Class B Common Stock as of the close of business on March 10, 2025.

    The Company will fund the payment of the dividends from proportionate cash distributions made by Alclear Holdings, LLC to all of its members, including the Company. The distributions consist of a mandatory tax distribution as well as a discretionary distribution.

    In addition, the Company announced that its Board authorized a $200 million increase to its existing Class A Common Stock share repurchase program, resulting in an aggregate remaining authorization of approximately $232 million after using approximately $68 million subsequent to Q324.

    The declaration, timing and amount of any future dividends will be subject to the discretion and approval of the Board and will depend on a number of factors, including CLEAR’s results of operations, cash flows, financial position and capital requirements, as well as general business conditions, legal, tax and regulatory restrictions and other factors the Board deems relevant at the time it determines to declare such dividends. The timing and actual number of shares repurchased pursuant the Company’s repurchase program will be determined by management depending on a variety of factors, including stock price, trading volume, market conditions, and other general business considerations.

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

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

    Media Contact:
    CLEAR
    media@clearme.com

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

    The MIL Network –

  • MIL-OSI: Latx Network Unveils LattieAI, the Next-Gen DeFi AI Agent Set to Disrupt Crypto in 2025

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 21, 2025 (GLOBE NEWSWIRE) — In the rapidly evolving landscape of decentralized finance (DeFi), the integration of artificial intelligence (AI) is not just a trend—it’s the future. Leading this transformative wave is Latx Network with the launch of LattieAI, an advanced AI-driven agent poised to redefine user interaction within DeFi protocols.

    As of February 2025, the crypto community is abuzz with high-performing projects like Virtuals Protocol (VIRTUAL), ai16z (AI16Z), and Griffain (GRIFFAIN), all driving AI innovations in blockchain and finance. While these platforms focus on specific applications of AI, Latx Network distinguishes itself by seamlessly merging AI with DeFi, SocialFi, and Meme Meta into a unified, user-centric experience. LattieAI transcends traditional trading assistants by offering an intelligent DeFi agent capable of real-time market analysis, predictive insights, and strategic execution across the ecosystem.

    A Smarter, Faster, and More Profitable DeFi Experience

    While platforms like Bittensor (TAO) and Fetch.ai (FET) are making strides in AI integration, LattieAI elevates the standard by combining LLM-powered analytics, comprehensive on-chain monitoring, and sentiment-driven insights. This fusion provides users with dynamic, real-time intelligence that adapts to ever-shifting market trends.

    “We’re making DeFi simple, smart, and rewarding,” states Jonathan Reed, CEO of Latx Network. “Latx is setting new standards for DeFAI projects by integrating AI with meme as a catalyst, and a seamless Telegram Mini App as SocialFi leverage for mass onboarding, all while continuing our development on Base to ensure scalability and efficiency.”

    Why LattieAI Stands Out Among AI Agents

    The crypto narrative for 2025 underscores a pivotal shift—AI is transforming DeFi into an autonomous, data-driven financial ecosystem. As leading DeFAI protocols incorporate AI into lending, trading, and governance, the demand for real-time, actionable intelligence has surged.

    Unlike conventional AI bots, LattieAI is designed to compete with the best AI agents on the market, including Virtuals Protocol, ai16z, and Griffain, by offering deeper contextual understanding, predictive modeling, and proactive trade execution. LattieAI is engineered to provide users with a competitive edge by processing vast amounts of on-chain and off-chain data to detect signals ahead of market movements. Whether it’s monitoring Total Value Locked (TVL) fluctuations, tracking significant whale activities, or identifying emerging trends, LattieAI empowers users to make informed, timely, and profitable decisions.

    The Future of DeFAI Begins Now

    The introduction of LattieAI signifies a new era in DeFi, where AI-driven decision-making becomes the norm. While platforms like Immutable X and Aave focus on optimizing decentralized trading and lending, Latx Network is pioneering a comprehensive AI-powered DeFi agent that enhances user experiences across multiple ecosystems.

    With LattieAI, Latx Network isn’t merely participating in the AI narrative—it’s defining it.

    The launch is underway. Stay ahead or get left behind.

    Contact:
    Jonathan Reed
    ir@latx.io

    Disclaimer: This press release is provided by Latx Network. The statements, views, and opinions expressed in this content are solely those of the providing company and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/91600be4-ef0a-4894-8403-f316bdb9d279

    The MIL Network –

  • MIL-OSI: Announcement of drawings (CK95) – Totalkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    To Nasdaq Copenhagen

    Announcement of drawings (CK95)

    Pursuant to s 24 Danish Capital Markets Act, Totalkredit A/S hereby publishes drawings data as at 21 February 2025.

    Furthermore, the data will be distributed in the usual way through Nasdaq Copenhagen. Data on Nykredit and Totalkredit bonds is also available by ISIN code in Excel format on https://www.nykredit.com/en-gb/investor-relations/.

    For further information about data format and contents, please refer to the Nasdaq website.

    Questions may be addressed to Morten Bækmand Nielsen, Head of Investor Relations, tel +45 44 55 15 21.

    Yours sincerely
    Totalkredit A/S

    Attachments

    The MIL Network –

  • MIL-OSI: Finnvera Group’s Report of the Board of Directors and Financial Statements 2024 – Level of financing reduced from previous year, expectations of future demand positive – Result EUR 228 million

    Source: GlobeNewswire (MIL-OSI)

    Finnvera Group, Stock Exchange Release, 21 February 2025

    Finnvera Group’s Report of the Board of Directors and Financial Statements 2024

    Level of financing reduced from previous year, expectations of future demand positive – Result EUR 228 million

    Finnvera Group, summary 2024 (vs. 2023)

    • Result 228 MEUR (433) – The result for the period under review was strong for all business operations. Net interest income grew by 20% and net fee and commission income by 12%. During the period under review, Finnvera was able to partially reverse loss provisions for export credit guarantees and special guarantees, which have had a significant impact on the company’s result in recent years, especially those relating to cruise shipping companies. The reference period saw larger reversals of loss provisions than the period under review.
    • Result by business operations: Result of parent company Finnvera plc’s SME and midcap business stood at 23 MEUR (55) and that of Large Corporates business at 173 MEUR (351). The impact of Finnvera’s subsidiary, Finnish Export Credit Ltd, on the Group’s result was 32 MEUR (27).
    • The cumulative self-sustainability target set for Finnvera’s operations was achieved.
    • The balance sheet total EUR 14.8 bn (14.3) increased by 3%.
    • Contingent liabilities decreased by 9% and stood at EUR 14.9 bn (16.4).
    • Non-restricted equity and the assets of the State Guarantee Fund, which provide the Group’s reserves for covering potential future losses, increased by 12% and totalled EUR 2.1 bn (1.9).
    • Expected credit losses on the balance sheet were reduced by 4% to EUR 1.1 bn (1.2).
    • The NPS index (Net Promoter Score) used to measure client satisfaction improved by 15 points to 79 (64).
    • Outlook for 2025: The business outlook for cruise shipping companies continued to improve in 2024. The credit loss risk of export financing liabilities remains high, however, which causes uncertainty concerning the Finnvera Group’s financial performance in 2025.
    Finnvera Group, year 2024 (vs. 2023)
    Result
    228 MEUR
    (433), change -47%    		 Balance sheet total
    EUR 14.8 bn
    (14.3), change 3%
    Contingent liabilities
    EUR 14.9 bn
    (16.4), change -9%    		 Non-restricted equity and
    the assets of The State Guarantee Fund
    EUR 2.1 bn (1.9), change 12%
    Expense-income ratio
    17.3%
    (19.4), change -2,1 pp    		 NPS index
    (net promoter score)
    79
    (64), change 15 points

    Comments from CEO Juuso Heinilä: 

    “Year 2024 was challenging for the Finnish economy, even if a cautious improvement could be observed in the early part of the year. Finland’s key export markets were also affected by a downturn, which dampened Finnish export companies’ prospects. While interest rates dropped and inflation decreased, geopolitical uncertainty persisted.

    Finnvera granted EUR 0.9 billion (1.8) in domestic loans and guarantees in 2024. The significant decrease in financing from the previous year is due to a major individual amount of working capital financing granted to a large corporate in the reference period. The level of SME and midcap financing was similar to the reference period. The largest share of funding by sector was granted to industry, and the regional drivers were the Helsinki Metropolitan Area and Lapland. Financing for investments did not reach the previous year’s level. The level of financing for corporate acquisitions and transfers of ownership was also lower than in previous years.

    A total of EUR 73 million (36) was granted in climate and digitalisation loans intended for green transition and digitalisation projects under the InvestEU guarantee programme. These loans were first granted in June 2023. To ensure that companies of all sizes have access to financing, we launched loans for micro-enterprises’ growth as a pilot project at the beginning of October 2024. Over three months, EUR 6 million in these loans was granted to micro-enterprises. The pilot project will continue until the end of March 2025, after which we will reassess the availability of financing for small companies.

    In accordance with Finnvera’s strategy, 92% of domestic financing was allocated to start-ups, SMEs seeking growth and internationalisation, investments, transfers of ownership, export and delivery projects, and SME guarantee projects. The long period of economic uncertainty eroded SMEs’ liquidity and increased the number of applications for corporate restructuring and bankruptcy.

    Finnvera granted export credit guarantees, export guarantees and special guarantees amounting to EUR 2.9 billion (5.4). The lower amount of export financing reflected the post-cyclical nature of Finnish exports and reduced demand for exports. Annual fluctuations are also always influenced by the timing of large individual export transactions. In particular, financing was granted to companies in the telecommunications, cruise shipping and mining sectors.

    Largest export credit guarantee agreement related to telecommunications sector in Finnvera’s history was signed in April concerning Nokia’s deliveries for the Indian 5G network worth USD 1.5 billion. In the mining sector, we financed Sibanye-Stillwater’s Keliber lithium project with a Finance Guarantee, which can be granted for domestic investments that support exports. In the energy sector, we financed Wärtsilä’s deliveries of energy storage systems for solar and wind power projects in the United States and Chile. These mining and energy projects, whose total value was approx. EUR 500 million, were the first export financing projects compliant with Finnvera’s climate criteria. Towards the end of the year, Finnvera participated in Meyer Turku’s construction financing that amounted to around EUR 1 billion for the Icon 3 ship.

    Finnish Export Credit Ltd, which is Finnvera’s subsidiary, granted EUR 0.6 billion in export credits (0.5) in 2024. While the demand for export credits increased slightly, it remains significantly lower than in pre-pandemic years. An increasing number of export transactions are financed by a bank to which Finnvera grants a guarantee.

    2024 was a successful year for Finnvera. The Finnvera Group’s result was EUR 228 million (433). The SME and midcap business, export credit guarantee and special guarantee operations, and subsidiary Finnish Export Credit Ltd turned a profit. Finnvera also built up its reserves for possible future losses. The business outlook for the cruise shipping sector, which is important for Finnvera’s export credit guarantee exposure, has continued to improve. Repayments have also helped to reduce exposure relating to Russia. In recent years, Finnvera has been able to partially reverse loss provisions for export financing, which have had a significant impact on the Group’s financial performance since 2020. The reversal of loss provisions has especially impacted the good results for the last two financial periods.

    As a result of crises affecting the global economy, the difficulties faced by some companies around the world and in various sectors have built up to form an insurmountable obstacle. During the period under review, Finnvera incurred major export credit guarantee losses in two cases. Our mission is to bear the risks of export companies. Our core business enjoys a high level of profitability, building up our reserves and creating preconditions for enabling companies’ growth and exports. However, the credit loss risks of exposure relating to export financing remain high, which may affect Finnvera’s future financial performance and reserves.

    We continued to develop our operations and services in line with our strategy in 2024. The ongoing upgrade of our basic information systems supports the digitalisation of services and a good client experience. Our client satisfaction reached an exceptionally high level, as did our personnel satisfaction. We invested in accelerating the growth of midcap enterprises in close cooperation with the European Investment Bank and the Tesi Group, and worked together with the Team Finland network and Business Finland to promote exports. We maintained export financing expertise, especially in SMEs and midcap enterprises, and we brought out new export financing instruments to ensure the availability of financing. The overhaul of the legislation applicable to Finnvera, which is included in the Government Programme and which is extremely important in terms of developing Finnvera’s operations and the competitiveness of export financing, was circulated for comments.

    We advanced our sustainability measures based on our goals in 2024. We joined the Net-Zero ECA Alliance of export credit agencies, which enables us to focus on the sustainability theme and enhance our impact through international cooperation. We developed Finnvera’s sustainability reporting as planned.

    In 2025–2028, our new strategy adopted by the company’s Board of Directors at the end of the year will emphasise increasing the volume of Finnish exports and the number of exporters as well as enabling growth and new business. The achievement of these goals will be supported by our competent personnel and management as well as client-oriented digitalisation. Finnvera contributes to ensuring that Finnish companies are able to invest, develop their products and get their products out around the world. This is a prerequisite for ensuring that we can continue to look after our welfare in Finland in the future.”

    Finnvera Group Financing granted, EUR bn 2024 2023 Change, %
    Domestic loans and guarantees 0.9 1.8 -51%
    Export credit guarantees, export guarantees and special guarantees 2.9 5.4 -47%
    Export credits 0.6 0.5 15%
    The fluctuation in the amount of granted financing is influenced by the timing of individual major financing cases.

    The credit risk for the subsidiary Finnish Export Credit Ltd’s export credits is covered by the parent company Finnvera plc’s export credit guarantee.
    Exposure, EUR bn 31 Dec 2024 31 Dec 2023 Change, %
    Domestic loans and guarantees 2.9 3.0 -4%
    Export credit guarantees, export guarantees and special guarantees 21.1 23.4 -10%
    – Drawn exposure 14.3 14.2 1%
    – Undrawn exposure 4.4 4.5 -2%
    – Binding offers 2.4 4.7 -49%
    Parent company’s total exposure 24.0 26.4 -9%
    Contract portfolio of export credits 10.2 11.0 -8%
    – Drawn exposure 6.5 7.3 -11%
    – Undrawn exposure 3.7 3.7 -2%
    The exposure includes binding credit commitments as well as recovery and guarantee receivables.

    Financial performance 

    The Finnvera Group’s result for 2024 was EUR 228 million (433). Finnvera’s result was strong for all business operations. EUR 46 million of the total result was generated in the last quarter of the year, and EUR 182 million between January and September. Compared to the year before, the result was most significantly affected by the changes in the amount of expected losses, or loss provisions. Loss provisions have had a significant impact on the Group’s result in recent years. Finnvera was able to partially reverse its loss provisions for export credit guarantees and special guarantees in 2024, especially those relating to cruise shipping companies. In the reference period, Finnvera was able to reverse more loss provisions than in the review period, which led to an exceptionally good result in 2023. The result for the review period was also significantly affected by higher net interest income and fee and commission income as well as changes in the value of items recognised at fair value through profit or loss.

    The Group’s realised credit losses and change in expected losses totalled EUR 49 million during the review period, whereas the corresponding item was positive with a value of EUR 210 million during the reference period. The realised credit losses of EUR 121 million (128) were slightly lower than in the reference period. During the period under review, two larger individual export credit guarantee compensations were paid. Expected losses, or loss provisions, decreased by EUR 51 million (320), of which the reversal of loss provisions for export credit guarantee and special guarantee operations accounted for EUR 74 million (376). Credit loss compensation from the State covering losses in domestic financing totalled EUR 20 million (18).

    Compared to the year before, the Group’s net interest income increased by 20% to EUR 139 million (115) and net fee and commission income by 12% to EUR 198 million (177). The higher level of market interest rates was a particularly important factor affecting the increased net interest income. The most significant factors increasing the net fee and commission income were recognition of guarantee premiums for reimbursed export and special guarantees and prepayments of individual liabilities as well as the reimbursement of insurance premiums received as a result of the cancellation of reinsurance contracts. The changes in the Group’s value of items recognised at fair value through profit or loss and net income from foreign currency operations amounted to EUR 8 million (-9).

    After the result of the period under review, the parent company’s reserves for domestic operations as well as export credit guarantee and special guarantee operations for covering potential future losses amounted to a total of EUR 1,878 million (1,676) at the end of December. These reserves, which also cover the credit risk of export credits granted by the subsidiary, consisted of the following: the reserve for domestic operations, EUR 432 million (405) as well as the reserve for export credit guarantees and special guarantees and the assets of the State Guarantee Fund for covering losses, totalling EUR 1,446 million (1,272). The State Guarantee Fund is an off-budget fund whose assets include the assets accumulated from the activities of Finnvera’s predecessor organisations. Under the Act on the State Guarantee Fund, the Fund covers the result showing a loss in the export credit guarantee and special guarantee operations if the reserve funds in the company’s balance sheet are not sufficient. The non-restricted equity of the subsidiary, Finnish Export Credit Ltd, amounted to EUR 230 million (198) at the end of December.

    Finnvera Group
    Financial performance    		 2024
    MEUR    		 2023
    MEUR    		 Change
    %    		 Q4/2024
    MEUR    		 Q4/2023
    MEUR    		 Change
    %
    Net interest income 139 115 20% 37 33 10%
    Net fee and commission income 198 177 12% 50 40 24%
    Gains and losses from financial instruments carried at fair value through P&L and foreign exchange gains and losses 8 -9 – -2 -5 -54%
    Net income from investments and other operating income 0 1 -95% 0 0 -23%
    Operational expenses -53 -50 6% -16 -14 12%
    Other operating expenses, depreciation and amortisation -7 -5 35% -3 -1 118%
    Realised credit losses and change in expected credit losses, net -49 210 – -19 209 –
    Operating result 236 439 -46% 47 262 -82%
    Income tax -8 -6 45% -1 -1 4%
    Result 228 433 -47% 46 261 -82%

    Outlook for financing 

    The worst of the recession is behind us, and the Finnish economy is forecast to start growing in 2025. Great expectations are currently placed on the improved outlook for exports as well as the growth and renewal of the entire business sector.

    We expect that the demand for Finnvera’s domestic financing will increase, including more and more financing for investments, as the economic upturn drives a need for more production capacity. Due to the long-standing uncertainty, the economic position of many companies is weak. Finnvera’s role is stressed in arranging financing and sharing the risk with other providers of financing.

    We encourage companies to grasp the growth opportunities created by the green transition with the help of our climate and digitalisation loans and other incentives for sustainable financing. We will continue piloting loans for micro-enterprises’ growth projects until the end of March 2025. While we expect the high demand for the loans to continue, we will reassess small companies’ access to financing after the conclusion of the pilot. Finnvera strives to be active wherever our input is needed to arrange access to financing.

    We expect that the demand for export credit guarantees will start growing in 2025 and that this growth will continue in 2026. Exportation of investment goods, which is vital for Finland’s exports, is post-cyclical and the increase in demand will be reflected in export credit guarantees granted by Finnvera with a delay. Positive signs can already be seen in several sectors, however. Finnvera plays an important role in granting guarantees for long-term trade. We encourage export companies to seek growth in emerging and new markets and to rely on Finnvera for financing export transactions and risk hedging. We will continue to grant export credit guarantees to Ukraine as part of Finland’s national reconstruction programme for the country.

    Finnvera, the Tesi Group and Business Finland will step up their cooperation with the goal of boosting companies’ growth, exports, and the impact of financing. We will continue to work actively together with Team Finland and promote the growth and internationalisation of companies, also while the renewal of public export functions is underway. Finnvera’s Trade Facilitators strive to bring together foreign buyers and Finnish exporters and to promote trade using Finnvera’s export financing together with Business Finland. The aims also include increasing the number of midcap enterprises in Finland.

    Outlook for 2025

    The business outlook for cruise shipping companies continued to improve in 2024. The credit loss risk of export financing liabilities remains high, however, which causes uncertainty concerning the Finnvera Group’s financial performance in 2025.

    Further information:

    Juuso Heinilä, CEO, tel. +358 29 460 2576

    Ulla Hagman, CFO, tel. +358 29 460 2458

    Finnvera publishes the Report of the Board of Directors and its financial statements as an XHTML file compliant with the European Single Electronic Format (ESEF) requirements. Auditor Ernst & Young Ltd has issued an independent assurance report that provides reasonable assurance concerning Finnvera’s ESEF financial statements. The XHTML file is available in Finnish and English. Finnvera additionally publishes the report and financial statements in PDF format.

    ESEF Report 2024 (ZIP)

    Finnvera Group’s Report of the Board of Directors and Financial Statements 1 January – 31 December 2024 (PDF)

    Distribution: NASDAQ Helsinki Ltd, London Stock Exchange, key media, www.finnvera.fi

    The report is available in Finnish and English at www.finnvera.fi/financial_reports

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  • MIL-OSI: Announcement of Drawings

    Source: GlobeNewswire (MIL-OSI)

    To Nasdaq Copenhagen A/S                                21 February 2025
                                            Announcement no. 15/2025

    Announcement of Drawings

    Pursuant to S. 24 of the Capital Markets Act, we hereby publish drawings (repayment) for bonds issued by Jyske Realkredit. Please find the data in the attached file.

    The information will also be available on Jyske Realkredit’s web site at jyskerealkredit.com.

    For further information about format of data and content of the file we refer to the web site of NASDAQ at www.nasdaqomxnordic.com.

    Questions may be addressed to Christian Bech-Ravn, Head of Investor Relations, tel. (+45) 89 89 92 25.

    Yours sincerely

    Jyske Realkredit

    Please observe that the Danish version of this announcement prevails.

    www.jyskerealkredit.com

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    The MIL Network –