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Category: Finance

  • MIL-OSI: Goldmoney Inc. Reports Results for the Quarter Ended December 31, 2024; Announces Restatement of 2024 audited comparative Financial Statements

    Source: GlobeNewswire (MIL-OSI)

    TORTOLA, British Virgin Islands, Feb. 14, 2025 (GLOBE NEWSWIRE) — Goldmoney Inc. (TSX:XAU) (US:XAUMF) (“Goldmoney” or the “Company”) today announced financial results for the fiscal 2025 third quarter period ended December 31, 2024. All amounts are expressed in Canadian dollars unless otherwise noted.

    Financial statements are available online at Sedar+ www.sedarplus.ca.

    Financial Highlights

    • Group Tangible Capital of $138.8 million, an increase of 2.6% QoQ
    • Group Tangible Capital per Share of $10.40, an increase of 1.4% QoQ
    • Group Tangible Capital per Share excluding MENE of $9.45 per share, an increase of 1.6% QoQ
    • Adjusted Net Income of $3.9 million, a decrease of 11.2% QoQ

    Quarterly Performance Metrics Table

      Q3 Q2   Q1   Q4   Q3   Q2 Q1   Q4  
    Key Performance Metrics (Balance Sheet)      
    Shares outstanding 13,348 13,182   13,060   13,137   13,449   13,777 13,926   13,996  
    Shareholder equity 152,487 149,026   147,984   141,178   173,761   172,602 173,224   172,123  
    Tangible equity inclusive of MENE 138,832 135,299   133,780   126,100   147,078   143,019 143,475   142,203  
    Tangible equity exclusive of MENE 126,164 122,631   113,217   105,457   113,059   108,396 108,756   107,599  
    Tangible equity per share ($CAD) 10.40 10.26   10.24   9.60   10.94   10.38 10.30   10.16  
    Tangible equity per share exclusive of MENE 9.45 9.30   8.67   8.03   8.41   7.87 7.81   7.69  
    Key Performance Metrics (Operational)      
    Net income (loss) 2,891 (3,896 ) 5,132   (32,095 ) 6,005   2,009 1,995   (4,050 )
    Total comprehensive income (loss) 2,628 792   6,077   (30,640 ) 7,391   627 1,651   (4,053 )
    Adjustments for revaluations, FX, stock
    compensation, and non-cash items    		 1,246 3,569   550   34,857   (1,350 ) 2,310 1,903   7,020  
    Non-IFRS adjusted net income 3,874 4,361   6,627   4,217   6,040   2,937 3,554   2,966  
    Key Performance Metrics (Earnings per Share)      
    Basic earnings (loss) per share 0.22 (0.29 ) 0.39   (2.42 ) 0.44   0.15 0.14   (0.27 )
    Diluted earnings (loss) per share 0.22 (0.29 ) 0.38   (2.42 ) 0.44   0.14 0.14   (0.27 )
    Non-IFRS adjusted net income per share 0.29 0.33   0.51   0.32   0.45   0.21 0.26   0.21  
                                 

    Financial Statement Restatement

    Goldmoney also announces the restatement of previously issued financial statements for the years ended March 31, 2024 and 2023 (the “Restatement”).

    Since the Company’s wholly owned subsidiary Goldmoney.com was founded, client cash and client precious metals had been treated as an off-balance sheet item and clearly disclosed as such in the Notes to the Company’s audited annual financial statements. The Restatement recognizes and presents client cash within Goldmoney.com on the Company’s consolidated balance sheet with a corresponding liability. This has been presented in prior years as a line item separate from the Company’s cash and cash equivalents. Consequently, the March 31, 2024, audited consolidated financial statements have been restated to capture this change in presentation, along with the related management’s discussion and analysis, and the 2024 Annual Information Form (collectively, the “Restatement Package”). This restated accounting presentation for client cash has also been reflected in the Company’s December 31, 2024, unaudited interim financial statements. There has been no impact to the Company’s financial statement presentation of historic equity or earnings as a result of this restatement.

    The Restatement has been approved by the Board of Directors on the recommendation of the Audit Committee and management in connection with a review of its historic accounting treatment of client cash as off-balance sheet assets. Management considers these restatements to result from a material weakness in internal controls over financial reporting, and accordingly has implemented measures to address this weakness. As described in the restated annual information form and other public disclosure, Goldmoney Inc.’s wholly owned subsidiary Goldmoney.com operates an online platform which provides clients with access to purchase and sell precious metals, and to arrange for custody and storage in accordance with the terms of a standard-form client agreement available on the Goldmoney website (the “Client Agreement”). Cash balances used to settle purchases and sales are held in Company bank accounts.

    Shareholders and users of Goldmoney’s financial statements should note that the Restatement is not a result of any change to its operations, business or financial operating performance for the restated periods. The Company continues to hold customer cash on behalf of its clients in accordance with and in full compliance with all of the terms of the Client Agreement.

    The Restatement Documents have been filed at Sedar+ www.sedarplus.ca with the unaudited interim financial statements for the three- and nine-month period ended December 31, 2024, with restated unaudited comparative interim financial statements the three- and nine-month period ended December 31, 2023.

    The effect of the restatement on the condensed consolidated interim statement of financial position and condensed consolidated interim statements of cash flows for the periods ended June 30, 2024 and September 30, 2024 are as follows:

                 
    Effect on Condensed Consolidated Interim Statements of Financial Position        
                 
    As at June 30, 2024   Previously
    Reported
    ($)    		   Adjustment
    ($)    		   Restated
    ($)
                 
    Client cash   –     61,472,682   61,472,682  
    Total assets   193,484,934     61,472,682   254,957,616  
                 
    Client liabilities   –     61,472,682   61,472,682  
    Total liabilities   45,500,586     61,472,682   106,973,268  
    Total liabilities and shareholders’ equity   193,484,934     61,472,682   254,957,616  
                 
    As at September 30, 2024   Previously
    Reported
    ($)    		   Adjustment
    ($)    		   Restated
    ($)
                 
    Client cash   –     67,446,073   67,446,073  
    Total assets   195,538,391     67,446,073   262,984,464  
                 
    Client liabilities   –     67,446,073   67,446,073  
    Total liabilities   46,512,066     67,446,073   113,958,139  
    Total liabilities and shareholders’ equity   195,538,391     67,446,073   262,984,464  
                 
    Effect on Condensed Consolidated Interim Statements of Cash Flows        
                 
                 
    For the three month period ended June 30, 2024   Previously
    Reported
    ($)    		   Adjustment
    ($)    		   Restated
    ($)
                 
    Net cash provided by operating activities   7,683,278     2,859,508   10,542,786  
    Net cash used in investing activities   (6,963,178 )   –   (6,963,178 )
    Net cash used in financing activities   (1,328,262 )   –   (1,328,262 )
    Decrease in cash and cash equivalents and client cash   (608,162 )   2,859,508   2,251,346  
                 
    For the three month period ended September 30, 2024   Previously
    Reported
    ($)    		   Adjustment
    ($)    		   Restated
    ($)
                 
    Net cash provided by operating activities   4,726,457     5,973,391   10,699,848  
    Net cash used in investing activities   (6,793,363 )   –   (6,793,363 )
    Net cash used in financing activities   (1,640,059 )   –   (1,640,059 )
    Decrease in cash and cash equivalents and client cash   (3,706,965 )   5,973,391   2,266,426  
                     
    For the six month period ended September 30, 2024   Previously
    Reported
    ($)    		   Adjustment
    ($)    		   Restated
    ($)
                 
    Net cash provided by operating activities   12,409,735     8,832,899   21,242,634  
    Net cash used in investing activities   (13,756,541 )   –   (13,756,541 )
    Net cash used in financing activities   (2,968,321 )   –   (2,968,321 )
    Decrease in cash and cash equivalents and client cash   (4,315,127 )   8,832,899   4,517,772  
                 

    About Goldmoney Inc.

    Founded in 2001, Goldmoney (TSX:XAU) is a TSX listed company invested in the real economy. The leading custodians and traders of precious metals, Goldmoney Inc. also owns and operates businesses in jewelry manufacturing and property investment. For more information about Goldmoney, visit goldmoney.com.

    Financial Information and IFRS Standards

    The selected financial information included in this release is qualified in its entirety by, and should be read together with, the Company’s amended and restated consolidated financial statements for the fiscal year ended March 31, 2024 and prepared in accordance with IFRS Accounting Standards (“IFRS”) and the corresponding restated management’s discussion and analysis (“MD&A”), which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

    Non-IFRS Measures

    This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company’s performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company’s operating results.

    Tangible Capital is a non-IFRS measure. This figure excludes from total shareholder equity (i) intangibles, and (ii) goodwill, and is useful to demonstrate the tangible capital employed by the business.

    Non-IFRS Adjusted Net Income is a non-IFRS measure, defined as total comprehensive income (loss) adjusted for non-cash and non-core items which include, but is not limited to, revaluation of precious metal inventories, fair value movements, stock-based compensation, depreciation and amortization, foreign exchange fluctuations and gains and losses on investments.

    For a full reconciliation of non-IFRS financial measures used herein to their nearest IFRS equivalents, please see the section entitled “Reconciliation of Non-IFRS Financial Measures” in the Company’s MD&A for the year ended March 31, 2024.

    Media and Investor Relations inquiries:

    Sean Ty
    Chief Financial Officer
    Goldmoney Inc.
    +1 647 250 7098

    Forward-Looking Statements

    This news release contains or refers to certain forward-looking information. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “may”, “potential” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information other than information regarding historical fact, which addresses activities, events or developments that the Goldmoney Inc. believes, expects or anticipates will or may occur in the future, is forward-looking information. Forward-looking information does not constitute historical fact but reflects the current expectations the Company regarding future results or events based on information that is currently available. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Such forward-looking information in this release speak only as of the date hereof.

    Forward-looking information in this release includes, but is not limited to, statements with respect to: financial performance and growth of the Company’s business; expected results of operations, the market for the Company’s products and services and competitive conditions; the establishment of a real estate investment strategy and the success of the Company’s real estate portfolio; the expected value and return on investment in the Company’s real estate acquisitions, and the properties described herein (the “Properties”) in particular, the ability of the current tenants on the Properties to meet their rental obligations, the future state of the Properties and the environment surrounding it, the ability of the Company to maintain and service the indebtedness incurred to acquire the properties, including any future refinancings, the ability of the Company to redevelop the properties as anticipated and, in general, return value from the Properties to shareholders; and the basis for the Restatement. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the Company’s operating history; future capital needs and uncertainty of additional financing; fluctuations in the market price of the Company’s common shares; the effect of government regulation and compliance on the Company and the industry; legal and regulatory change and uncertainty; jurisdictional factors associated with international operations; foreign restrictions on the Company’s operations; product development and rapid technological change; dependence on technical infrastructure; protection of intellectual property; use and storage of personal information and compliance with privacy laws; network security risks; risk of system failure or inadequacy; the Company’s ability to manage rapid growth; competition; the ability to identify opportunities for growth internally and through acquisitions and strategic relationships on terms which are economic or at all; the ability to identify and complete the acquisition of suitable real estate investment opportunities on terms which are economic or at all; the global inflationary environment and its effect on real estate prices, interest rates, and the Properties in particular; the ability of the Company to integrate the Properties into its current operations; the anticipated value and income growth in connection with the Properties; the ability to maintain current and procure future commercial tenants for the Properties; the surrounding environment and infrastructure of the Properties remaining suitable; the ability to redevelop the Properties on terms which are economic or at all; the anticipated variable interest rate for the loan used to finance the acquisition of the Properties, and the effect on this interest rate from the SONIA as set by the Bank of England; the ability to successfully develop and manage the Company’s real estate portfolio; the risks of concentration of the Company’s real estate portfolio in the United Kingdom; effectiveness of the Company’s risk management and internal controls; use of the Company’s services for improper or illegal purposes; uninsured and underinsured losses; theft & risk of physical harm to personnel; precious metal trading risks; and volatility of precious metals prices & public interest in precious metals investment; the potential that additional restatements of the financial statements will be required; the impact on the Company’s reputation and customer relation in respect of the Restatement; risks associated with regulatory reviews and investigations; risks that the Restatement or any future required restatement may negatively affect the Company’s financial condition or result in additional liabilities; the potential impact on investor confidence, market perception, and the Company’s reputation in respect of the Restatement; risks related to maintaining adequate liquidity and access to capital while resolving restatement matters; and those risks set out in the Company’s most recently filed annual information form, available on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by law.

    The MIL Network –

  • MIL-OSI: Hashdex Announces Launch of Hashdex Nasdaq Crypto Index US ETF (Ticker: NCIQ), Offering US Investors Exposure to Bitcoin and Ether Through a Single Product

    Source: GlobeNewswire (MIL-OSI)

    Product structured to provide crypto asset exposure by tracking the Nasdaq Crypto US™ Index (NCIUS™), a benchmark for institutional investment in certain market-leading crypto assets

    Hashdex and Nasdaq Global Indexes continue to be at the forefront of crypto index product innovation, offering investors and wealth managers access to the first multi-asset spot crypto ETP in the United States

    New York, February 14, 2025 – Hashdex Asset Management Ltd. (“Hashdex”), a leading global crypto-focused asset manager, and Nasdaq Global Indexes, which has been creating innovative, transparent indexes for more than 50 years, today announced the launch of the Hashdex Nasdaq Crypto Index US ETF (the “Product” or “NCIQ”) [Ticker: NCIQ], the first multi-asset spot crypto exchange traded product (“ETP”) available to U.S. investors. The Product, which is now trading on the Nasdaq Stock Market® under ticker NCIQ, currently offers exposure to both spot bitcoin (“BTC”) and ether (“ETH”). NCIQ’s management fee is contractually set at 0.25% per annum of the daily net asset value (“NAV”) of the Product through the end of 2025, and then 0.50% thereafter.

    The Hashdex Nasdaq Crypto Index US ETF provides U.S. investors with direct access to the two leading crypto assets by trading volume in the U.S., currently with a combined market capitalization of over $2.3 trillion,1 all through one tradeable product. NCIQ tracks the Nasdaq Crypto US™ Index (“NCIUS”), which was co-developed by Nasdaq Global Indexes and Hashdex to measure the performance of a material portion of the overall crypto asset market by investing in the index constituents. The NCIUS is based on strict criteria like liquidity, market capitalization, and regulatory compliance. Currently, only bitcoin and ether are eligible for inclusion in the NCIUS. The launch of NCIQ builds on Hashdex’s track record of innovation and global market leadership in crypto index-based products, with the firm currently managing the largest multi-asset crypto ETP in Europe2 and the largest ETF in Latin America.3

    “Since our founding, Hashdex has held the belief that a basket of crypto assets offers multiple benefits and is a great way for many investors to participate in the crypto ecosystem. Until today, U.S. investors have been forced to either purchase coins directly or invest in single-asset vehicles,” said Marcelo Sampaio, Co-Founder and CEO of Hashdex. “Now, with the launch of NCIQ, we are proud to deliver a familiar and readily tradeable U.S.-based product that provides seamless exposure to bitcoin and ether. Alongside our partners at Nasdaq Global Indexes, we are thrilled to take this exciting step in bringing our expertise in crypto index and crypto index-based products to U.S. investors, and we look forward to continuing to deliver innovative crypto index products as the industry and regulatory landscape further evolves.”

    The launch of NCIQ marks an important milestone in the U.S. crypto market and continues the long-term partnership between Hashdex and Nasdaq Global Indexes. Hashdex and Nasdaq Global Indexes have been among the pioneers in developing crypto index and index-based products since 2021.

    “Nasdaq Global Indexes and Hashdex share a mission of advancing crypto asset indexes and financial vehicles to meet the ever-growing demand from investors looking for access to the rapidly evolving crypto sector,” said Cameron Lilja, Vice President and Global Head of Index Product and Operations, Nasdaq Global Indexes. “Nasdaq Crypto™ Indexes offer a standardized approach to capturing the performance of a material portion of the overall crypto asset market, serving as a guidepost in the dynamic crypto asset landscape. Today’s announcement marks a significant step forward in bringing a rules-based methodology-driven benchmark to US investors, adding to comparable products in Europe and Latin America.”

    Hashdex serves as the sponsor for NCIQ. Paralel Distributors LLC serves as marketing agent, and Coinbase Custody and BitGo Trust serve as crypto asset custodians. Nasdaq serves as the index administrator and listing venue. The fund administrator is U.S. Bank Global Fund Services.

    “With interest in crypto asset ETFs continuing to grow, reaching over $120 billion in U.S. AUM alone4, we believe that what investors really need is an easy, passive way to invest in a product that is constantly evolving to capture the latest trends in the broader crypto market. With a structure similar to traditional index products, NCIQ offers investors a multi-asset investment approach that is proven, familiar, and readily tradeable,” said Samir Kerbage, CIO at Hashdex. “As the crypto market continues to develop, we expect there to be ongoing volatility with newer coins that disrupt the market share of bitcoin, ether and other dominant assets, and we expect index-based products will enable wealth managers and investors to benefit from the growth of the rapidly changing sector without needing to be actively managing single asset crypto exposure.”

    Hashdex has no role in maintaining, calculating or publishing NCIUS.

    A registration statement (including a prospectus) has been filed with the SEC for the offering to which this communication relates and can be found here: https://www.sec.gov/Archives/edgar/data/2031069/000121390025013738/ea0209567-10.htm. Before you invest, you should read the prospectus in that registration statement and other documents that have been filed with the SEC for more complete information about NCIQ and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Hashdex will arrange to send you the prospectus, if you request it by calling toll-free 917-525-5635.

    About Hashdex
    Hashdex is a global pioneer in crypto asset management. The firm’s mission is to provide educational resources and best-in-class products that advance its efforts to help open the crypto ecosystem to investors around the world. Hashdex co-developed the Nasdaq Crypto™ Index (NCI™) with Nasdaq to provide global investors with a reliable benchmark for the crypto asset class. In 2021, Hashdex introduced the world’s first crypto ETF5 and other innovative products, enabling over 350,000 investors to simply and securely add crypto to their portfolios. Since 2018, Hashdex has established itself as a global leader in crypto index ETFs, helping to pave the way for crypto’s mainstream adoption across eight countries. Hashdex currently offers 4 index products tracking the global version of the NCI™, including the largest multi-asset crypto ETF in the world.6 Additionally, the Hashdex Nasdaq Crypto Index Europe ETP (“HASH”) is the largest multi-asset crypto ETP in Europe and recently won ETF Stream’s Digital Asset ETP of the year award.7 The firm’s total AUM across its range of products is more than $1.3 billion.8

    Hashdex Media Contacts:
    Kendal Till/Josh Gerth
    Dukas Linden Public Relations
    Hashdex@DLPR.com

    Legal Disclaimer

    Carefully consider the investment objectives, risks, charges and expenses before investing.

    Investing involves risk, including possible loss of principal. The Product, an exchange traded product, is not an investment company registered under the Investment Company Act of 1940 (“1940 Act”). Shares of the Product are not subject to the same regulations and protections as 1940 Act registered ETFs and mutual funds.

    Shares of the Product are bought and sold at a market price, not at net asset value. Brokerage commissions will reduce returns.

    This material expresses the opinion of Hashdex Group and its subsidiaries and affiliates (“Hashdex”) for informational purposes only and does not consider the investment objectives, financial situation or individual needs of any one investor or a particular group of investors. Certain opinions and viewpoints expressed may reflect personal views of the authors and not necessarily those of Hashdex. We recommend consulting specialized professionals for investment decisions. Investors are advised to carefully read the prospectus or regulations before investing in their products. The information and conclusions contained in this material may be changed at any time, without prior notice. Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service. This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Hashdex to any registration or licensing requirements within such jurisdiction.

    Important Risks

    Investment in any investment vehicle and cryptoassets is highly speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who can bear the economic risk of the loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment vehicle will achieve its investment objective or return any capital. No guarantee or representation is made that Hashdex’s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may vary substantially over time. Nothing herein is intended to imply that the Hashdex investment methodology or that investing in any of the Product or crypto assets referenced herein may be considered “conservative,” “safe,” “risk free,” or “risk averse.”

    Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Hashdex. Hashdex does not provide tax, accounting or legal advice. Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” “believe” and “seek” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Hashdex and its investment vehicles or the actual performance of Hashdex, its investment vehicles, or crypto assets may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward- looking statements in making their investment decisions. No governmental authority has opined on the merits of Hashdex’s investment vehicles or the adequacy of the information contained herein.

    This material is not an offer or solicitation of any kind to buy or sell any securities outside of the United States of America.

    Product Risks

    An investment in the Product involves significant risks and you could incur a partial or total loss of your investment in the Product.

    Crypto assets generally are volatile, and instruments whose underlying investments include crypto assets are not suitable for all investors. Crypto assets represent a new and rapidly evolving industry. The value of the Product depends on the acceptance of the crypto assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the crypto assets. Crypto platforms may be largely unregulated or may be largely or entirely non-compliant with applicable regulation and may therefore be more exposed to fraud and failure. Crypto asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the Product.

    The market for crypto assets is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Possible illiquid markets may exacerbate losses or increase the variability between the Product’s NAV and its market price. The lack of active trading markets for the Product shares may result in losses on investors’ investments at the time of disposition of the Product’s shares.

    Both the Index and the Product are new with a limited operating history.

    Nasdaq® is a registered trademark of Nasdaq, Inc. Corporations make no representation or warranty, whether express or implied, to the owners of the fund(s) or any member of the public regarding the suitability of investing in securities in general or in the fund(s) in particular, or the ability of the Nasdaq Crypto US Index to track the performance of the market for crypto assets, or any portion thereof. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular digital asset or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any digital asset or any representation about the financial condition of a digital asset. Statements regarding Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate assets before investing. ADVICE FROM A FINANCIAL PROFESSIONAL IS STRONGLY ADVISED.

    1 Bitcoin’s market cap was $1.92T and ether’s market cap was $387B, according to Messari.io data as of January 13, 2025
    2 The Hashdex Nasdaq Crypto Index Europe ETP (HASH) is the largest multi-asset crypto ETP in Europe according to Bloomberg fund asset data for the “Western Europe” region as of January 7, 2025
    3 The Hashdex Nasdaq Crypto Index Fundo de Indice (HASH11) is the largest multi-asset crypto ETF in Latin America according to Bloomberg fund asset data for the “Central & South America” region as of January 7, 2025
    4 Blockworks.co data on Bitcoin and Ethereum ETFs in the U.S. as of February 10, 2025.
    5 The Hashdex Nasdaq Crypto Index ETF began trading on the Bermuda Stock Exchange on February 9, 2021.
    6 The Hashdex Nasdaq Crypto Index Fundo de Indice (HASH11) is the largest multi-asset crypto ETF in the world according to Bloomberg fund asset data for all regions as of January 7, 2025
    7 https://www.etfstream.com/articles/etf-stream-reveals-winners-of-etf-awards-2024
    8 Hashdex AUM data as of February 10, 2025, https://hashdex.com/en-US

    The MIL Network –

  • MIL-OSI USA: N.M. Delegation Demands Trump Stop Unlawful Mass Firings of Probationary Federal Employees

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    Heinrich, Luján, Leger Fernández, Stansbury, Vasquez: “Large-scale firings of probationary employees would ripple through our communities, reducing consumer spending, straining local businesses, and creating unnecessary economic instability”
    “Federal agencies must be staffed by qualified professionals, not political loyalists”
    Washington, D.C. — U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), and U.S. Representatives Teresa Leger Fernández (D-N.M.), Melanie Stansbury (D-N.M.), and Gabe Vasquez (D-N.M.) are demanding that President Trump immediately halt his unlawful mass firings of federal employees on probationary status.
    Nearly all federal employees are routinely in a probationary period for the first one or two years of service and more than 200,000 of them are on probationary status across the federal government. In New Mexico, there are approximately 2,200 federal employees in their probationary period – including individuals who serve in critical roles across key agencies, including the Veterans Health Administration, the Bureau of Land Management, the U.S. Forest Service, and the Federal Bureau of Investigation, among others. 
    “Abruptly terminating these employees without due process would not only undermine the delivery of essential government services but would also have widespread economic consequences for our state. Federal employment is a major contributor to New Mexico’s economy, supporting thousands of families and generating significant local revenue. Large-scale firings of probationary employees would ripple through our communities, reducing consumer spending, straining local businesses, and creating unnecessary economic instability,” the lawmakers wrote in their letter to President Trump.
    The delegation emphasized how these firings could endanger the safety of New Mexicans, “Recent reports highlight the Federal Bureau of Investigation’s extensive training and reliance on probationary employees, with new agents and support staff actively investigating crimes nationwide. Dismissing these employees could have dire consequences on national security and public safety. Such firings are sure to weaken national security by removing personnel involved in critical investigations. The loss of these agents would leave vital work unfinished and could compromise public safety both in the present and for years to come.”
    Additionally, the delegation highlighted that probationary employees are subject to established federal workforce protections, underscoring the unlawfulness of terminating employees for reasons other than performance or conduct issues, “Concerns have already been raised about the legality of these terminations, noting that mass layoffs without individualized assessments violate existing federal workforce statutes. Federal law permits the termination of probationary employees based on performance or conduct. It does not allow for large-scale firings without individualized assessments or adherence to Reduction in Force procedures. Additionally, it explicitly prohibits dismissing probationary employees for partisan political reasons. Federal agencies must be staffed by qualified professionals, not political loyalists.”
    The lawmakers demanded, “We urge your Administration to halt any plans for mass firings of probationary employees in New Mexico and across the country.”
    The text of the letter is here and below:
    Dear President Trump,
    We write to express serious concerns about your Administration’s efforts to target federal employees, particularly those on probationary status.  Probationary employees are subject to established federal workforce protections, including adherence to Reduction in Force (RIF) procedures (5 C.F.R. § 351.201(a)(1)).  Any attempt to circumvent legal protections by imposing mass terminations would be unprecedented, disruptive, and illegal.
    Nationally, there are more than 2.4 million federal workers. Nearly all federal employees are routinely in a probationary period for the first one or two years of service and more than 200,000 of them are on probationary status across the federal government.  In New Mexico, there are approximately 2,200 federal employees in their probationary period – including individuals who serve in critical roles across key agencies, including the Veterans Health Administration, the Bureau of Land Management, the U.S. Forest Service, and the Federal Bureau of Investigation, among others.
    Abruptly terminating these employees without due process would not only undermine the delivery of essential government services but would also have widespread economic consequences for our state. Federal employment is a major contributor to New Mexico’s economy, supporting thousands of families and generating significant local revenue. Large-scale firings of probationary employees would ripple through our communities, reducing consumer spending, straining local businesses, and creating unnecessary economic instability.
    Immediately terminating probationary employees also risks long-term harm to the federal workforce. Many of these probationary employees represent the next generation of skilled public servants – 27% are under the age of 30 – and they report the highest levels of job engagement across the federal workforce. Signaling that federal employment is unstable and subject to arbitrary dismissal will undermine recruitment and retention efforts, making it harder for agencies to attract and keep the skilled professionals essential to their missions (5 C.F.R. § 351.501).
    Concerns have already been raised about the legality of these terminations, noting that mass layoffs without individualized assessments violate existing federal workforce statutes. Federal law permits the termination of probationary employees based on performance or conduct. It does not allow for large-scale firings without individualized assessments or adherence to Reduction in Force procedures.  Additionally, it explicitly prohibits dismissing probationary employees for partisan political reasons. Federal agencies must be staffed by qualified professionals, not political loyalists.
    Particularly concerning are the potential implications for public safety. Recent reports highlight the Federal Bureau of Investigation’s extensive training and reliance on probationary employees, with new agents and support staff actively investigating crimes nationwide. Dismissing these employees could have dire consequences on national security and public safety. Such firings are sure to weaken national security by removing personnel involved in critical investigations. The loss of these agents would leave vital work unfinished and could compromise public safety both in the present and for years to come.
    Given all of the above, we urge your Administration to halt any plans for mass firings of probationary employees in New Mexico and across the country.

    MIL OSI USA News –

  • MIL-OSI Security: Don’t Let a Romance Scammer Steal Your Heart and Savings

    Source: Federal Bureau of Investigation (FBI) State Crime News

    SACRAMENTO—February is the month of love; unfortunately, not everyone who seems to be looking for love has good intentions. The Federal Bureau of Investigation (FBI) Sacramento Field Office is issuing an urgent warning: perpetrators are posing as perfect partners to ensnare heart and wallets. Their schemes are very sophisticated and have harvesting and personal information and savings.

    The warning about these scams has never been more urgent. Confidence fraud and romance scams result in some of the most significant financial losses when compared to other Internet-facilitated crimes. In 2023 alone, 17,832 victims reported more than $650 million in losses. Sadly, this number is conservative. Many victims suffer in silence, too ashamed or afraid to come forward.

    While finding love on dating sites or with remote partners with whom you’ve connected with through social networks or affinity groups online isn’t impossible, heartless perpetrators lurk within online communities and platforms, seeking hearts and finances to ensnare. If you think you won’t be targeted, think again; people of all ages and backgrounds can fall victim to a romance scam.

    Romance and confidence scams start with seemingly innocent contact online and builds into a carefully orchestrated scheme. While the elements may vary to best ensnare the intended victim, thee scams often include the following elements:

    • The person harvests information about you from your online presence to establish a quick and seemingly significant bond.
    • The person showers you with attention and appears to have an unusually high number of common interests and similar background.
    • Images are exchanged and video chats are conducted using images and content that are synthetic or gleaned from online sources.

    The FBI urges the public to beware of some common red flags:

    • You have yet to physically meet your beloved and have been met with excuses when trying to arrange an in-person connection.
    • You have been asked to provide money, gift cards, or cryptocurrency.
    • You have been given directions for investing money on specific online platforms.
    • You have been asked to receive and send money on their behalf.
    • You have been asked to share images that you would not want posted publicly.

    If any of the red flags apply to you:

    • Immediately report any transfer of funds to your financial institution.
    • File a complaint with the FBI’s Internet Crime Complaint Center at www.ic3.gov.
    • Contact the FBI Sacramento Field Office at 916-746-7000 or your local law enforcement agency.

    If you plan to travel to meet your long-distance love, proceed with caution, especially if those plans involve travel to a foreign country. Some victims who have agreed to meet in person with an online love interest have been reported missing or have been injured, and at least one was reported dead. Always review the State Department’s Travel Advisories at http://travel.state.gov/ before travelling.

    MIL Security OSI –

  • MIL-OSI Security: FBI New York Searches for Possible Victims in a Sexual Enticement Investigation

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

    NEW YORK, NY—The New York FBI/NYPD Child Exploitation and Human Trafficking Task Force is searching for possible victims involved in a child sexual exploitation investigation involving a man named Ramel Warner. A federal grand jury in the Eastern District of New York indicted Warner on January 28, 2025, with one count of sexual exploitation of a child. The FBI’s New York Office believes there may be additional victims in this case.

    Investigators say that Warner, who goes by the nickname Menah, allegedly raped a child in 2022 when he was supposed to be babysitting the child. The defendant recorded six videos of his sexual abuse of the child, which were subsequently distributed on the dark web.

    As detailed in court filings, Warner, in the past, has had repeated and close access to children, including in schools. Warner has previously worked with afterschool programs in Brooklyn. At the time of his arrest, the defendant was also involved in a dance group for minor children operating out of a Brooklyn middle school.

    The FBI is asking parents or guardians, possible victims, or anyone with information about sexual exploitation by Warner should contact the FBI at RWarnerCase@fbi.gov.

    MIL Security OSI –

  • MIL-OSI Australia: European Commission Approves CSL and Arcturus Therapeutics’ KOSTAIVE®, the First Self-amplifying mRNA COVID-19 Vaccine

    Source: CLS Limited

    European Commission Approves CSL and Arcturus Therapeutics’ KOSTAIVE®, the First Self-amplifying mRNA COVID-19 Vaccine

    – KOSTAIVE represents a significant advancement in vaccine technology, demonstrating superior immunogenicity and antibody persistence for up to 12 months post-vaccination compared to conventional mRNA COVID-19 vaccines in clinical trials

    WALTHAM, Mass. and SAN DIEGO, Feb. 14, 2025 /PRNewswire/ — Global biotechnology leader CSL (ASX: CSL; USOTC: CSLLY) and sa-mRNA pioneer Arcturus Therapeutics (Nasdaq: ARCT) today announced that the European Commission has granted marketing authorization for KOSTAIVE ® (ARCT-154), a self-amplifying mRNA COVID-19 vaccine, for individuals 18 years and older. KOSTAIVE is the first sa-mRNA COVID-19 vaccine to receive approval from the European Commission (EC). KOSTAIVE is currently marketed in Japan against COVID-19.

    The European Commission approval follows a positive opinion adopted by the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) on December 12, 2024. The centralized marketing authorization of KOSTAIVE is valid in all EU member states and in the EEA countries.

    “The European Commission’s approval marks a significant milestone in our ongoing development program for KOSTAIVE,” said Jonathan Edelman, MD, Senior Vice President of the Vaccines Innovation Unit, CSL. “We are actively working to optimize KOSTAIVE’s formulation to better meet the needs of healthcare professionals and their patients. As COVID-19 remains an unpredictable global threat, CSL is dedicated to completing these technical enhancements and making this innovative vaccine available in Europe as soon as possible.”

    The approval is based on positive clinical data from several studies, including an integrated phase 1/2/3 study demonstrating KOSTAIVE’s efficacy and tolerability, and Phase 3 COVID-19 booster trials, which achieved higher immunogenicity results compared to a conventional mRNA COVID-19 vaccine comparator. A follow-up analysis evaluating a booster dose of KOSTAIVE also showed that the vaccine elicited superior immunogenicity and antibody persistence for up to 12 months post-vaccination against multiple SARS-CoV-2 strains in both younger and older adult age groups versus the same mRNA comparator.

    “KOSTAIVE and sa-mRNA technology signify a major advancement in vaccine innovation, providing the potential for broader and more enduring protection,” said Joseph Payne, CEO of Arcturus. “This approval highlights the clinical promise of KOSTAIVE and its ability to protect against the ever-changing COVID-19 virus.”

    About sa-mRNA
    mRNA vaccines help protect against infectious diseases by providing a blueprint for cells in the body to make a protein to help our immune systems recognize and fight the disease. Unlike standard mRNA vaccines, self-amplifying mRNA vaccines instruct the body to make more mRNA and protein to boost the immune response.

    About CSL
    CSL (ASX: CSL; USOTC: CSLLY) is a global biotechnology company with a dynamic portfolio of lifesaving medicines, including those that treat haemophilia and immune deficiencies, vaccines to prevent influenza, and therapies in iron deficiency and nephrology. Since our start in 1916, we have been driven by our promise to save lives using the latest technologies. Today, CSL – including our three businesses: CSL Behring, CSL Seqirus and CSL Vifor – provides lifesaving products to patients in more than 100 countries and employs 32,000 people. Our unique combination of commercial strength, R&D focus and operational excellence enables us to identify, develop and deliver innovations so our patients can live life to the fullest. For inspiring stories about the promise of biotechnology, visit CSLBehring.com/Vita and follow us on Twitter.com/CSL. 

    For more information about CSL, visit www.CSL.com.

    About Arcturus
    Founded in 2013 and based in San Diego, California, Arcturus Therapeutics Holdings Inc. (Nasdaq: ARCT) is a commercial mRNA medicines and vaccines company with enabling technologies: (i) LUNAR® lipid-mediated delivery, (ii) STARR® mRNA Technology (sa-mRNA) and (iii) mRNA drug substance along with drug product manufacturing expertise. Arcturus developed KOSTAIVE®, the first self-amplifying messenger RNA (sa-mRNA) COVID vaccine in the world to be approved. Arcturus has an ongoing global collaboration for innovative mRNA vaccines with CSL Seqirus, and a joint venture in Japan, ARCALIS, focused on the manufacture of mRNA vaccines and therapeutics. Arcturus’ pipeline includes RNA therapeutic candidates to potentially treat ornithine transcarbamylase (OTC) deficiency and cystic fibrosis (CF), along with its partnered mRNA vaccine programs for SARS-CoV-2 (COVID-19) and influenza. Arcturus’ versatile RNA therapeutics platforms can be applied toward multiple types of nucleic acid medicines including messenger RNA, small interfering RNA, circular RNA, antisense RNA, self-amplifying RNA, DNA, and gene editing therapeutics. Arcturus’ technologies are covered by its extensive patent portfolio (over 400 patents and patent applications in the U.S., Europe, Japan, China, and other countries). For more information, visit www.ArcturusRx.com. In addition, please connect with us on Twitter and LinkedIn.

    Forward-Looking Statements
    This press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in this press release, are forward-looking statements, including those regarding strategy, future operations, the likelihood of success (including safety, efficacy and commercialization) of KOSTAIVE, the likelihood that clinical results received to date will be predictive of future clinical results of protection against changing virus variants, the likelihood of optimizing KOSTAIVE’s formulation and completing technical enhancements, and the impact of general business and economic conditions. Arcturus may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in any forward-looking statements such as the foregoing and you should not place undue reliance on such forward-looking statements. These statements are only current predictions or expectations, and are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements, including those discussed under the heading “Risk Factors” in Arcturus’ most recent Annual Report on Form 10-K, and in subsequent filings with, or submissions to, the SEC, which are available on the SEC’s website at www.sec.gov. Except as otherwise required by law, Arcturus disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.

    CSL Media Contacts:
    Sue Thorn, CSL
    Mobile : +1 617-799-3151 
    Email: Sue.Thorn@cslbehring.com

    Em Dekonor, CSL Seqirus
    Mobile: +44 (0)7920500496
    Email: Emmanuella.Dekonor@seqirus.com

    In Australia:
    Jimmy Baker, CSL
    Mobile: +61 450 909 211
    Email: Jimmy.Baker@csl.com.au

    Investor Inquiries:
    Chris Cooper, CSL
    Mobile: +61 455 022 740
    Email:  Chris.Cooper@csl.com.au

    Arcturus Media Contact: 
    Public Relations & Investor Relations 
    Neda Safarzadeh 
    VP, Head of IR/PR/Marketing 
    (858) 900-2682 
    IR@ArcturusRx.com

    SOURCE CSL

    MIL OSI News –

  • MIL-OSI USA: 8 Venezuelan illegal aliens with ties to Tren da Aragua are charged with transnational commercial sex enterprise crimes

    Source: US Immigration and Customs Enforcement

    NASHVILLE – A U.S. Immigration Customs and Enforcement investigation with the Tennessee Bureau of Investigation led to a four-count indictment which was unsealed in the Middle District of Tennessee charging eight defendants, with ties to the Tren da Aragua (TdA) gang, with various offenses stemming from their involvement with a transnational commercial sex enterprise.

    “The success of this operation to stop Tren da Aragua operating in our communities is a significant step forward in our ongoing battle against human trafficking and transnational organized crime,” said ICE Homeland Security Investigations Nashville Special Agent in Charge Rana Saoud. “This investigation exemplifies the importance of collaboration among local, state, and federal agencies in ending these crimes in our communities. Human exploitation leaves a trail of suffering in its wake.”

    The defendants, Yilibeth del Carmen Rivero-De Caldera, 51, Kleiver Daniel Mota-Rivero, 35, Yuribetzi Del Valle Gomez Machuca, 39, Wilmarys Del Valle Manzano Solorzano, 22, Frankyanna Del Valle Romero-Rivero, 30, Endrik Alexander Morales-Rivero, 25, Jesus Enrique Castillo Rodriguez, 24, Ariannys Beatriz Gutierrez-Carrillo, 24; all of Venezuela, operated an illegal commercial sex and sex trafficking enterprise out of Nashville motels from July 2022 through March 2024, according to court documents.

    The defendants facilitated the victims’ arrival into the United States and used online commercial sex websites to post advertisements and internet or cellular communications to conduct illicit criminal activities, according to the indictment.

    “This indictment demonstrates our commitment to stop human trafficking whenever and wherever we find it, and to hold those involved accountable” said acting U.S. Attorney for the Middle District of Tennessee Robert E. McGuire. “We are coming after transnational criminal organizations like TdA, but this case shows that we will also do whatever it takes to stop those who would traffic women and girls no matter who is behind their suffering.”

    “We will not allow TdA – or any criminal organization – to get a stronghold in Tennessee,” said Tennessee Bureau of Investigations Director David Rausch. “We are thankful for our local, state, and federal partners who joined us in investigating this case, and we stand prepared to continue aggressively investigating human trafficking in our state, holding traffickers and buyers accountable and helping victims take their first steps toward becoming survivors.”

    A grand jury in the Middle District of Tennessee previously returned the four-count indictment charging all eight defendants for roles in facilitating the recruiting of young women from impoverished parts of Venezuela and other South and Central American countries, and their transportation across the U.S. southern border and state lines to engage in commercial sex in the Nashville area.

    Three of the defendants, Yilibeth del Carmen Rivero-De Caldera, Kleiver Daniel Mota-Rivero, and Yuribetzi Del Valle Gomez Machuca, are additionally charged with sex trafficking conspiracy for conspiring to use force, fraud, and coercion to compel the women into engaging in commercial sex acts for the defendants’ profit that include invoking alleged ties to the Venezuelan gang TdA and its reputation for violence. The indictment further charges defendant Kleiver Daniel Mota-Rivero with one count of possession of a firearm by an illegal alien.

    Mother and son defendants Rivero-De Caldera and Mota-Rivero are charged with conspiring to impose a coercive debt scheme upon the victims to compel them to continue engaging in commercial sex acts until the defendants deemed their debts repaid. Defendants Rivero-De Caldera and Mota-Rivero previously were arrested and detained on state charges relating to their conduct.

    The defendants face a maximum penalty of life in prison if convicted of conspiracy to commit sex trafficking. Conspiracy to commit interstate transportation for purposes of prostitution carries a maximum penalty of five years in prison, and conspiracy to commit interstate and foreign travel or transportation in aid of racketeering enterprises carries a maximum penalty of five years in prison.

    Mota-Rivero also faces a maximum penalty of 15 years in prison if convicted of possession of a firearm by an illegal alien.

    In addition to ICE HSI Nashville and TBI, the FBI, the DEA, the Metropolitan Nashville Police Department, Shelbyville Police Department, U.S. Secret Service, and additional federal, state, and local Organized Crime and Drug Enforcement Task Force partners who coordinated related law enforcement operations across multiple jurisdictions assisted in this investigation.

    Assistant U.S. Attorney Brooke K. Schiferle for the Middle District of Tennessee and Trial Attorneys Lindsey Roberson and Jessica Arco of the Civil Rights Division’s Human Trafficking Prosecution Unit are prosecuting the case.

    To report any information about human trafficking, child sexual abuse, or the trafficking in child sexual abuse material contact the ICE Tip Line at 1-866-347-2423.

    MIL OSI USA News –

  • MIL-OSI: Hivello Secures Strategic Investment from Antanas Guoga “Tony G” to Scale Decentralised Compute

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 14, 2025 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (“Blockmate” or the “Company”) is pleased to announce that its majority-owned subsidiary, Hivello Holdings Ltd (“Hivello”) has secured a strategic investment from Tony G.

    Tony G led a strategic investment into Blockmate on December 17, 2024. And as per Hivello’s release below, Tony G has followed on with a direct investment into Hivello directly.

    Below is the press release from Hivello:

    Hivello Secures Strategic Investment from Antanas “Tony G” Guoga to Scale Decentralized Compute

    London & Amsterdam, February 13, 2025 – Hivello, a DePIN aggregator that enables users to earn by monetising idle computer resources across multiple decentralised networks, has announced a strategic investment from Antanas Guoga (Tony G), a well-known blockchain investor, entrepreneur, and advocate for decentralized infrastructure. 

    Antanas Guoga, widely known as Tony G, is a seasoned investor, entrepreneur, and advocate for blockchain innovation. As the chairman and major shareholder of TSXv-listed Sol Strategies Inc., a Canadian-based investment firm specializing in blockchain, AI, and decentralized technologies, Tony G has been instrumental in backing high-growth Web3 startups. 

    His strategic investments have helped scale multiple blockchain projects, with Sol Strategies recently surpassing a $500 million market capitalization. Beyond his role in the private sector, Tony G has a history of championing digital innovation in public policy. As a former Member of the European Parliament (MEP), he was a strong advocate for technological advancement, pushing for clearer blockchain regulations and greater adoption of decentralized solutions. His global network and deep understanding of the intersection between policy, technology, and finance make him a valuable partner for companies shaping the future of Web3.

    Recognizing Hivello’s role in the future of DePIN, Tony G’s investment underscores his belief in DePIN as a major growth sector in Web3. His support will help accelerate Hivello’s expansion, enabling more users to seamlessly contribute to decentralized infrastructure while earning rewards. With his backing, Hivello is positioned to become a key player in the next generation of blockchain-powered compute networks.

    In addition, Hivello is now live on Gate.io, MEXC, and Raydium! With both CEX and DEX options, more users can trade $HVLO and participate in the growing DePIN economy.

    “Hivello is tackling one of the biggest challenges in DePIN—bridging complex infrastructure with everyday users,” said Tony G. “Their platform makes it incredibly easy for anyone to participate in and benefit from the decentralized economy. I see huge potential in their approach and am excited to support their journey.”

    “Tony G’s investment is a strong validation of Hivello’s vision to simplify and scale decentralized physical infrastructure networks,” said Domenic Carosa, Co-Founder of Hivello. “His deep expertise in blockchain and infrastructure scaling, combined with his ability to back high-growth projects, will help accelerate our mission to make DePIN accessible to millions of users worldwide.”

    (ENDS)

    About Hivello
    Hivello is a DePIN aggregator that enables users to earn by monetising idle computer resources across multiple decentralised networks. The Swiss-based HVLO Association will issue the $HVLO token under license from Hivello Holdings Ltd.

    For more information about Hivello and to stay updated on its developments, visit www.hivello.com

    Website | X | Discord | LinkedIn | Telegram

    About Blockmate Ventures Inc.
    Blockmate Ventures is a venture creator focussing on building fast-growing technology businesses relating to cutting-edge sectors such as blockchain, AI and renewable energy. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download the free passive income app at www.hivello.com) and Sunified, digitising solar energy.

    The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: www.blockmate.com.

    Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.

    ON BEHALF OF THE BOARD OF DIRECTORS

    Justin Rosenberg, CEO
    Blockmate Ventures Inc
    justin@blockmate.com
    (+1-580-262-6130)

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

    Forward-Looking Information
    This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

    The MIL Network –

  • MIL-OSI: Robinhood Markets, Inc. Reports January 2025 Operating Data

    Source: GlobeNewswire (MIL-OSI)

    MENLO PARK, Calif., Feb. 14, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported select monthly operating data for January 2025:

    • Funded Customers at the end of January were 25.5 million (up approximately 310 thousand from December 2024, up approximately 2 million year-over-year).
    • Assets Under Custody (AUC) at the end of January were $204 billion (up 6% from December 2024, up 99% year-over-year). Net Deposits were $5.6 billion in January, translating to a 35% annualized growth rate relative to December 2024 AUC. Over the last twelve months, Net Deposits were $52.3 billion, translating to an annual growth rate of 51% relative to January 2024 AUC.
    • Equity Notional Trading Volumes were $144.7 billion (down 3% from December 2024, up 144% year-over-year). Options Contracts Traded were 166.6 million (up 2% from December 2024, up 57% year-over-year). Crypto Notional Trading Volumes were $20.4 billion (down 32% from December 2024, up over 200% year-over-year).
    • Margin balances at the end of January were $8.3 billion (up 5% from the end of December 2024, up 131% year-over-year).
    • Total Cash Sweep balances at the end of January were $26.3 billion (up 1% from the end of December 2024, up 57% year-over-year).
    • Total Securities Lending Revenue in January was $25 million (down 11% from December 2024, up 108% year-over-year).
      January
    2025    		 December
    2024    		 M/M
    Change    		 January
    2024    		 Y/Y
    Change
    (M – in millions, B – in billions)          
    Funded Customer Growth (M)          
    Funded Customers 25.5 25.2 +1% 23.5 +9%
               
    Assets Under Custody (AUC) ($B)          
    Total AUC $203.7 $192.9 +6% $102.4 +99%
    Net Deposits $5.6 $5.3 NM $3.8 NM
               
    Trading          
    Trading Days (Equities and Options) 20 21 (5%) 21 (5%)
    Total Trading Volumes          
    Equity ($B) $144.7 $149.8 (3%) $59.3 +144%
    Options Contracts (M) 166.6 163.7 +2% 106.2 +57%
    Crypto ($B) $20.4 $30.2 (32%) $5.9 +246%
               
    Daily Average Revenue Trades (DARTs) (M)        
    Equity 2.6 2.8 (7%) 1.7 +53%
    Options 1.1 1.0 +10% 0.7 +57%
    Crypto 0.9 1.0 (10%) 0.3 +200%
               
    Customer Margin and Cash Sweep ($B)        
    Margin Book $8.3 $7.9 +5% $3.6 +131%
    Total Cash Sweep $26.3 $26.1 +1% $16.8 +57%
    Gold Cash Sweep $25.6 $25.4 +1% $16.1 +59%
    Non-Gold Cash Sweep $0.7 $0.7 – $0.7 –
               
    Total Securities Lending Revenue ($M) $25 $28 (11%) $12 +108%
               

    For definitions and additional information regarding these metrics, please refer to Robinhood’s full monthly metrics release, which is available on investors.robinhood.com.

    The information in this release is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on Robinhood’s estimates, and subject to completion of financial closing procedures. Final results for the most recent fiscal quarter, as reported in Robinhood’s quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”), might vary from the information in this release.

    About Robinhood

    Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

    Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

    “Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

    Contacts

    Investor Relations

    ir@robinhood.com

    Media

    press@robinhood.com

    The MIL Network –

  • MIL-OSI: Metals & Mining Virtual Investor Conference: Presentations Now Available for Online Viewing

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 14, 2025 (GLOBE NEWSWIRE) — Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Metals & Mining Virtual Investor Conference, held February 12th and 13th are now available for online viewing.

    REGISTER NOW AT: https://bit.ly/4gEZkum

    The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download
    investor materials from the company’s resource section.

    Select companies are accepting 1×1 management meeting requests through February 17th

    To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.

    February 12th

    February 13th


    About Virtual Investor Conferences    ®

    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    Media Contact: 
    OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com

    Virtual Investor Conferences Contact:
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

  • MIL-OSI: FAVO Capital Files Form S-1 Registration Statement as It Advances Toward Nasdaq Uplisting

    Source: GlobeNewswire (MIL-OSI)

    FORT LAUDERDALE, Fla. , Feb. 14, 2025 (GLOBE NEWSWIRE) — via IBN — FAVO Capital, Inc. (OTC: FAVO), a private credit firm providing alternative financing solutions to small and medium-sized businesses (SMBs), today announced that it has filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) in connection with its planned uplisting to the Nasdaq Capital Market.

    This filing marks a significant milestone in FAVO Capital’s strategy to expand its market presence, increase liquidity, and broaden access to institutional investors. The uplisting is expected to enhance the company’s ability to scale its funding operations and strengthen its balance sheet as it continues to deliver innovative private credit solutions to SMBs.

    “Filing our S-1 is a key step in our journey toward Nasdaq,” said Shaun Quin, President of FAVO Capital. “This transition represents our commitment to transparency, financial discipline, and long-term value creation. Uplisting will allow us to expand our investor base and accelerate growth as we continue serving small and medium-sized businesses with flexible financing solutions.”

    Use of IPO Proceeds

    FAVO Capital intends to use proceeds from the offering to strengthen its balance sheet, reduce high-cost debt, and support strategic growth initiatives. By lowering borrowing costs and improving capital efficiency, the company aims to accelerate profitability, enhance liquidity, and expand its market presence while continuing to invest in technology-driven underwriting and operational scalability.

    “Our strategy is focused on sustainable long-term growth,” said Glen Steward, Chief Strategy Officer of FAVO Capital. “We have built a strong foundation and positioned the company for scalability. With our IPO proceeds, we plan to optimize our financial structure while continuing to expand our market reach, gain significant market share, and grow our syndication partnerships.”

    Growth Strategy & Market Positioning

    FAVO Capital specializes in private credit solutions, including the purchase of future receipts, lines of credit, and asset-backed loans. Since its inception, the company has syndicated over $1 billion in capital and supported more than 20,000 businesses. Its technology-driven focus, continued development of its proprietary customer service relationship (CRM) platform, and core funding model, provide a competitive advantage in the rapidly growing alternative lending sector.

    “This filing is a testament to the company’s growth and implementation to date,” said Vincent Napolitano, CEO of FAVO Capital. “I am proud of what the team has achieved. Our long-term financial roadmap prioritizes debt reduction, operational efficiency, and expanding our footprint as a leader in private credit. This uplisting is a major step forward in our commitment to delivering shareholder value.”

    The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market conditions, SEC review, and approval of Favo Capital’s listing application by Nasdaq.

    This press release does not constitute an offer of any securities for sale.

    For further updates and investor information, visit www.favocapital.com.

    About FAVO Capital, Inc.

    FAVO Capital, Inc. (OTC: FAVO) is a private credit firm specializing in alternative financing solutions for small and medium-sized businesses (SMBs) across the United States. Since its inception, FAVO Capital has syndicated over $1 billion in funding and supported more than 20,000 businesses. FAVO Capital is committed to financial transparency, sustainable growth, and empowering SMBs with flexible funding solutions. Headquartered in Fort Lauderdale, FL, the company also has operations in New York and the Dominican Republic. For more information, visit www.favocapital.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, projections, estimates, and expectations regarding future trends, financial performance, and operational strategies. Forward-looking statements are often identified by words such as “expects,” “anticipates,” “intends,” “believes,” “plans,” “seeks,” “estimates,” “may,” “will,” “should,” or similar expressions.

    These statements are based on the company’s current beliefs, expectations, and assumptions and are subject to significant risks, uncertainties, and changes in circumstances that could cause actual results to differ materially from those expressed or implied. Factors that may cause such differences include, but are not limited to, market conditions, regulatory developments, competition, economic conditions, and the company’s ability to execute its business strategy.

    Actual results may differ materially from those anticipated, and investors are cautioned not to place undue reliance on these forward-looking statements. The company undertakes no obligation to update or revise any forward-looking statements to reflect events, circumstances, or changes in expectations after the date of this press release, except as required by law.

    Company Contact:
    FAVO Capital, Inc.
    4300 N University Drive
    D-105
    Lauderhill, FL 33351

    Investor Relations:
    Scott McGowan
    InvestorBrandNetwork (IBN)
    Phone: 310.299.1717
    ir@favocapital.com

    The MIL Network –

  • MIL-OSI: Fintech Startup Infini Integrates Crypto to Transform Traditional Banking

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 14, 2025 (GLOBE NEWSWIRE) — Infini is redefining the fintech landscape by seamlessly integrating crypto solutions into traditional banking. With a vision to empower users through secure, intuitive, and innovative financial services, Infini is revolutionizing how individuals engage with digital assets.

    Bridging Web2 and Web3: The Genesis of Infini

    Founded in 2024 by a team of financial experts and tech innovators—Crypto Whale Christian Li and Tech Lead Ryan Sun—Infini was created to make financial empowerment accessible to all. Headquartered in Hong Kong, the company has secured financial licensing and compliance partnerships, ensuring a seamless experience for users worldwide who seek to bridge Web2 and Web3.

    Infini’s core mission is to introduce yield-generating opportunities to traditional finance users, enabling seamless crypto payments and earnings while lowering barriers to entry.

    Rapid Growth and Expanding Ecosystem

    Since its inception, Infini has experienced exponential growth. In just six months, the platform has achieved a remarkable 500% Compound Monthly Growth Rate (CMGR) in Monthly Active Users (MAUs). This success stems from Infini’s user-first approach, cutting-edge technology, and comprehensive financial tools tailored for payments, investments, and wealth management.

    Unlocking the Power of Crypto for Everyday Use

    Infini enables users to leverage their crypto holdings for real-world transactions. Through strategic partnerships with leading payment gateways, users can seamlessly deposit and withdraw stablecoins (USDT/USDC) into their Infini accounts. Whether shopping online or making in-store purchases, Infini facilitates instant crypto-to-fiat conversions, ensuring frictionless global accessibility without reliance on traditional banking infrastructures.

    Infini Earn: Smart Investment Opportunities

    Infini Earn allows users to generate yield on their account balances through an optimized delta-neutral strategy, offering an average return of 10% APY. By providing a secure and accessible way to earn passive income, Infini bridges the gap between traditional finance and crypto, empowering individuals to take full control of their wealth without intermediaries.

    Introducing the Infini Card: A Crypto-Enabled Debit Solution

    A standout feature of Infini is the Infini Card, a Visa/Mastercard-enabled prepaid debit card linked to Infini Earn and the broader payment ecosystem. This card allows users to spend their stablecoin balances at global merchants, just like a traditional debit card.

    How It Works:

    1. Simple Application: Users can sign up at Infini’s platform by providing basic personal information, paying a one-time activation fee, and depositing stablecoins.
    2. Instant Access: The card is ready for use immediately. Spending limits can be increased through Know Your Customer (KYC) verification.

    Key Benefits:

    • Earn While You Spend: Infini balances continue to generate yield even as users make purchases.
    • Secure & Compliant: Custodial security and anti-money laundering (AML) compliance are ensured by Cobo, an ISO 27001-certified partner.
    • No Barriers to Entry: Users can start with as little as $1, making crypto earnings accessible to retail investors without complex learning curves.
    • Global Acceptance: Accepted worldwide at Visa and Mastercard merchants, including Apple Pay and Google Pay integrations.
    • Instant Crypto-to-Fiat Conversion: Transactions are seamlessly converted at the point of sale, providing a frictionless payment experience.

    A User-Centric Approach to Fintech Innovation

    Infini continuously evolves its platform based on user feedback, refining transaction speeds, security measures, and support services. A dedicated customer support team is available via email and live chat, offering personalized assistance for transactions, account management, and investment insights.

    As fintech and crypto landscapes rapidly evolve, Infini is at the forefront, delivering integrated, user-friendly financial solutions. Whether you are a seasoned crypto enthusiast or a newcomer exploring digital assets, Infini provides a seamless platform that blends the reliability of traditional finance with the innovation of crypto.

    Contact Information:
    Company: Infini
    Address: Hong Kong
    Email: contact@infini.money
    X: https://x.com/0xinfini
    Contact Person: Valerio Li

    The MIL Network –

  • MIL-OSI: China Medical System （867.HK） is Included in the S&P Global Sustainability Yearbook 2025

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, CHINA, Feb. 14, 2025 (GLOBE NEWSWIRE) —  In February 11th 2025, with a Corporate Sustainability Assessment (CSA) score of 61, surpassing 93% of global peers, China Medical System Holdings Limited (“CMS” or the “Group”) has been included in the S&P Global Sustainability Yearbook 2025 (the “Yearbook 2025”). This marks the Group’s first inclusion in the global edition of S&P Global Sustainability Yearbook (the “Yearbook”), following the S&P Global Sustainability Yearbook (China Edition) inclusion for consecutive two years.

    Since its launch in 2008, the Yearbook’s professionalism and authority have been highly recognized by global ESG investors and other stakeholders. The Yearbook aims to identify outstanding companies in sustainable development from each industry. 7,690 companies across 62 industries were assessed, while only 780 stood out and were included in the Yearbook 2025. The inclusion in the Yearbook 2025 represents a high recognition of sustainable development practices of CMS.

    CMS has been actively responding to the United Nations Sustainable Development Goals (SDGs) for years, by integrating ESG governance into its corporate strategy and formulating an ESG strategy covering various dimensions in operation. The Group continues to invest in innovation to enhance the accessibility of advanced diagnostic and treatment technologies, and actively take its social responsibilities to create greater value at the business, industry, and societal levels. The Group’s sustainability performance has also been recognized by several authoritative ESG rating institutions. The Group’s MSCI ESG rating has been maintained at “AA”; the Hong Kong Quality Assurance Agency (HKQAA) sustainability rating is in the top 10% of the industry; and the Sino-Securities Index ESG rating is “AA”.

    In the future, with its ESG vision of “becoming a world-leading sustainable pharmaceutical enterprise”, CMS will strengthen its practices in corporate governance, social contributions, and environmental protection, working together with all stakeholders to promote sustainable development and contribute to the realization of a more habitable planet.

    About CMS
    CMS is a platform company linking pharmaceutical innovation and commercialization with strong product lifecycle management capability, dedicated to providing competitive products and services to meet unmet medical needs.

    CMS focuses on the global first-in-class (FIC) and best-in-class (BIC) innovative products, and efficiently promotes the clinical research, development and commercialization of innovative products, enabling the continuous transformation of scientific research into clinical practices to benefit patients.

    CMS deeply engages in several specialty therapeutic fields, and has developed proven commercialization capabilities, extensive networks and expert resources, resulting in leading academic and market positions for its major marketed products. CMS continues to promote the in-depth development of its advantageous specialty fields and expand business boundaries. While strengthening the competitiveness of the cardio-cerebrovascular/gastroenterology business, CMS independently operates its dermatology and medical aesthetics business, and ophthalmology business, aiming to gain leading positions in specialty therapeutic fields, whilst enhancing the scale and efficiency. At the same time, CMS has expanded its business territory to the Southeast Asian market, striving to become a “bridgehead” for global pharmaceutical companies to enter the Southeast Asian market, further escorting the sustainable and healthy development of the Group.

    CMS Disclaimer and Forward-Looking Statements
    This press release is not intended to promote any products to you and is not for advertising purposes. This press release does not recommend any drugs, medical devices and/or indications. If you want to know more about the diagnosis and treatment of specific diseases, please follow the opinions or guidance of your doctor or other medical and health professionals. Any treatment-related decisions made by healthcare professionals should be based on the patient’s specific circumstances and in accordance with the drug package insert.

    This press release which has been prepared by CMS does not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for or be relied on in connection with any contract or binding commitment whatsoever. This press release has been prepared by CMS based on information and data which it considers reliable, but CMS makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this press release. Certain matters discussed in this press release may contain statements regarding the Group’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statements and projections made by third parties included in this press release are not adopted by the Group and the Company is not responsible for such third-party statements and projections.

    Media Contact

    Brand: China Medical System Holdings Ltd.

    Contact: CMS Investor Relations

    Email: ir@cms.net.cn

    Website: https://web.cms.net.cn/en/home/

    Source: China Medical System Holdings Ltd.

    The MIL Network –

  • MIL-OSI: 180 Degree Capital Corp. Issues Q4 2024 Shareholder Letter

    Source: GlobeNewswire (MIL-OSI)

    Montclair, NJ, Feb. 14, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) today issued the following Q4 2024 Shareholder Letter:

    Fellow Shareholders,

    We are incredibly proud of our recent announcement of the signing of a definitive agreement for 180 Degree Capital Corp. (“180 Degree Capital”) to enter into a business combination (the “Business Combination”) with Mount Logan Capital Inc. (“Mount Logan”). For those of you who have not had a chance to listen to our joint call with the team from Mount Logan or review the presentation deck that summarizes the proposed transaction, both can be found at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger. We expect to file a registration statement and joint proxy statement/prospectus with the Securities and Exchange Commission (the “SEC”) soon. This document will give us the opportunity to speak with our shareholders more extensively about the proposed Business Combination and the process that led to our Board’s unanimous approval of this strategically important transaction.

    This proposed transaction is not the end of 180 Degree Capital. We believe it is the logical next step in our evolution. It is also an opportunity that is not afforded commonly to closed-end funds, particularly since we believe most have limited differentiation. We believe there are clear reasons why 180 Degree Capital has this truly unique opportunity to combine with an asset manager and to transition to an operating company. We will get to those below, but first, I want to touch on why we believe Mount Logan is a proverbial “diamond in the rough.”

    Mount Logan has the following attributes that we believe will provide value to 180 Degree Capital shareholders:

    • Mount Logan has what we believe to be an outstanding management team comprised of its CEO, Ted Goldthorpe, its Co-Presidents, Matthias Ederer and Henry Wang, and its CFO, Nikita Klassen;
    • Mount Logan’s asset management platform has approximately $2.4+ billion of assets under management (as of September 30, 2024) that we believe generates predictable fee revenue that can be used to benefit the growth of the combined company and its shareholders;
    • Mount Logan has operational leverage and unique investment access through its association with BC Partners, a leading global private equity and credit firm;
    • Mount Logan is focused on what we believe is the fast-growing market of private credit;
    • We believe that Mount Logan remains undiscovered by the majority of investors due to it being listed on the Cboe Canada exchange rather than a US national exchange; and
    • We believe Mount Logan is significantly undervalued by public market investors.

    For 35 years, I have been a value investor attempting to uncover great companies that I believe are trading below their intrinsic value. As we spent more time with Ted and his colleagues over the past six months, it became abundantly clear to us that 1) we believe Mount Logan is one of these great undiscovered and undervalued companies and 2) the combination of our two companies has the potential to unlock substantial value for 180 Degree Capital shareholders by:

    1. Shifting the valuation of our business from one based on net asset value to a valuation based on operating metrics with a foundation of what we believe will be more predictable fee-related revenues attributed to earnings from the management of permanent and semi-permanent capital vehicles. Other similar businesses commonly trade based on multiples of operating metrics rather than discounts to net asset value.
    2. Changing to an asset-light operating company that leverages an association with BC Partners enables economies of scale that are not possible at 180 Degree Capital’s current size; and
    3. Substantially increasing the available capital for us to be able to leverage our relationships with small and microcapitalization public companies, to develop capital structure solutions that seek to unlock value and generate favorable risk-adjusted returns.

    I, as the largest individual shareholder of 180 Degree Capital, and Daniel as a top-ten shareholder, could not be more excited about the future of the combined entity. We believe the proposed Business Combination to be the best opportunity to build value for all shareholders of 180 Degree Capital. We believe strongly in 180 Degree Capital’s future under the leadership of Ted and his colleagues. I have been an investor in the public markets for 35 years, during which investors entrusted me with billions of dollars of capital. We are interested in building true value for shareholders over the short and long term. We believe this combination achieves both of these objectives.

    We are not the only ones who understand the potential for value creation from this Business Combination. Some of our largest shareholders have signed either voting agreements or non-binding indications of support, that when combined with ownership of management and the board, account for approximately 27% of our outstanding shares in the aggregate. We appreciate the time and consideration these shareholders spent to understand the merits of this proposed Business Combination and their support for it.

    While we work toward filing the registration statement and joint proxy statement/prospectus for the proposed Business Combination with the SEC, we thought this would be a good time to reflect on our successes since the start of 180 Degree Capital in 2017. We believe that these successes have enabled us to enter at this next phase of 180 Degree Capital’s evolution and value creation for our fellow shareholders. Here are some of the data points we are proud of and show our contributions since I joined 180 Degree Capital’s predecessor company board of directors in June 2016, when we started 180 Degree Capital at the end of 2016, and the end of last year:

      June 30, 2016 December 31, 2016 December 31, 2024 Change from December 31, 2016
    Day-to-Day Operating Expenses ~$6.0 million ~$6.3 million ~$3.5 million -44%
    % Private Investments 86% 92% <1% -91%
    % Public Investments 14% 8% >99% +91%
    % Cash + Public Securities of NAV 21%1 27% 102% +75%
    Insider Ownership 2.1%2 2.6%2 12.7% +10.1%

    1. Net of $5,000,000 in debt on balance sheet as of June 30, 2016.
    2. Excludes restricted stock subject to forfeiture provisions. The equity compensation program was terminated in March 2017 in conjunction with 180 Degree Capital’s transition from a business development company to a registered closed-end fund.

    We slashed expenses, in part by transitioning from a business development company to a registered closed-end fund structure. A collateral impact of this transition was the elimination of our ability to compensate employees through the issuance of options or restricted stock. We didn’t care. It was the right decision for our shareholders. We transitioned the balance sheet. We substantially increased insider ownership through solely open market purchases. As noted previously, no equity was given to the management team or other employees as compensation. No one has bought and held more stock in the open market than me during that time period.

    As the table below shows, we believe our shareholders have benefited from our ability to generate positive returns on our investments since we took over management of 180 Degree Capital. These returns were offset by material declines in the legacy private portfolio that we inherited.

    Public Portfolio
    Contribution to Change in NAV
    (2017-2024)    		 Legacy Private Portfolio
    Contribution to Change in NAV
    (2017-2024)
    +$3.13/share -$2.41/share
      TURN Public Portfolio Gross Total (Excluding SMA Carried Interest) TURN Public Portfolio Gross Total (Including SMA Carried Interest) Change in NAV Change in Stock Price Russell Microcap Index Lipper Peer Group Average
    Inception to Date
    Q4 2016 – Q4 2024    		 +185.7% +204.5% -33.9% -11.4% +68.5% +81.8%

    Math is math. Our public market investment strategy over the history of 180 Degree Capital outperformed our comparable peers and indices. It is fair to ask why our stock price has not followed. We believe it is largely because of the significant negative impact of the private portfolio that we inherited, and the discounts disproportionately applied to closed-end funds of our size. Hence, I come back to our proposed Business Combination with Mount Logan, and what we believe it can do to potentially unlock value for 180 Degree Capital shareholders when we are no longer constrained by the market dynamics ascribed to closed-end funds.

    We will let our upcoming registration statement and included joint proxy statement/prospectus provide the truth to our shareholders regarding how and why our Board unanimously approved this proposed Business Combination. In the meantime, our work over the prior eight years set up 180 Degree Capital for this next phase of what we believe will be long-term shareholder value creation. We realize our lack of scale has caused our expense ratio to be too high. We believe we have uncovered a unique solution for that and other growth-limiting issues with our proposed Business Combination. Our Board and management team firmly believe that this Business Combination is in the best interest of all of our shareholders. We could not be more excited about the potential for future value creation as a result of combining with Mount Logan, and we look forward to discussing this proposed combination with all of you and prospective future shareholders of the combined entity.

    All the best,

    Kevin M. Rendino
    Chairman and Chief Executive Officer

    About 180 Degree Capital Corp.

    180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.

    Press Contact:
    Daniel B. Wolfe
    Robert E. Bigelow
    180 Degree Capital Corp.
    973-746-4500
    ir@180degreecapital.com

    Additional Information and Where to Find It

    In connection with the proposed Business Combination, 180 Degree Capital intends to file with the SEC and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”), containing a form of WHITE proxy card. In addition, the surviving Delaware corporation, Mount Logan Capital Inc. (“New Mount Logan”) plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.

    Certain Information Concerning the Participants

    180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.

    Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 14, 2024, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.

    Non-Solicitation

    This letter and the materials accompanying it are not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

    Forward-Looking Statements

    This letter and the materials accompanying it, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common stock or 180 Degree Capital’s common stock; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.

    Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.

    The MIL Network –

  • MIL-OSI: TC Energy files 2024 annual disclosure documents

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) has today filed with Canadian securities authorities:

    • Audited Consolidated Financial Statements for the year ended Dec. 31, 2024 with related Management’s Discussion and Analysis (Annual Report); and
    • The Company’s Annual Information Form for the year ended Dec. 31, 2024.

    In addition, TC Energy filed its Form 40-F for the year ended Dec. 31, 2024 with the United States Securities and Exchange Commission.

    Copies of the filed documents are available at sedarplus.ca, sec.gov (for the Form 40-F) and in the Investors section of the Company website at tcenergy.com. Shareholders may request a paper copy of the audited Consolidated Financial Statements, free of charge, by calling the Company at 1.800.661.3805.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

    FORWARD-LOOKING INFORMATION
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

    -30-

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403-920-7859 or 800-608-7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403-920-7911 or 800-361-6522

    PDF available: http://ml.globenewswire.com/Resource/Download/6b530914-f2e2-4c16-87d3-1a082b13e600

    The MIL Network –

  • MIL-OSI United Kingdom: Boost of nearly £10m for Wolverhampton city highways improvements

    Source: City of Wolverhampton

    Investment from the highways capital programme for 2025/26 will be bolstered by an extra £500,000 City of Wolverhampton Council commitment, bringing the total to £9.7 million.

    Potholes are a priority for the council and over the past year more than 7,900 have been repaired. But with more than 740 kilometres of carriageway to manage, prevention work is key.

    That is why the council uses a data driven, informed strategy to identify where targeted surfacing works can extend the life of roads – reducing the need for reactive repairs.

    Surface dressing is completed quickly with little disruption to traffic and protects the road from water and frost – one of the key causes of potholes.

    Where required the council also carries out full road resurfacing projects.

    Over the past 5 years the council has treated more than 560 square kilometres of carriageway by resurfacing or surface dressing and repaired more than 58,000 defects in roads and footways – up to 44 per working day.

    A range of new surface dressing and full resurfacing works are included in the proposed highway improvements for 2025/26.

    Other planned improvements include road safety and traffic management work with upgrades to the council’s car park management systems.

    There will also be a completion of the streetlighting upgrade, with almost 30,000 streetlights now switched to energy and money saving LED, helping cut carbon emissions.

    Councillor Qaiser Azeem, City of Wolverhampton Council’s Cabinet Member for Transport and Green City, said: “By investing we can ensure an efficient, safe and smooth flowing network for all modes of transport that supports businesses and helps achieve our sustainable regeneration ambitions and climate change commitments.

    “We know potholes are an important issue for people, as they are up and down the country.

    “We have a clear data led, long term strategy to tackling this which strikes a safe and prudent balance of reactive and preventative maintenance as we move forward.”

    The council will carry out the 2025/26 work under the next phase of its Highway Capital Programme. Funding has come through external grants and council resources.

    The programme has delivered £37.5 million worth of improvements and development work since 2020.

    Completed improvements in 2024/25 include several road safety and Safer Routes to Schools projects and a raft of maintenance works to carriageways, footpaths and structures, alongside surface treatments.

    There has been an expansion of the CCTV network and smart technology systems and further rollout of electronic driver information signs, helping to manage car parks across the city.

    The Highway Capital Programme aligns with the ongoing work of the Black Country Transport and Wolverhampton Major Transport Investment Programme to deliver transport schemes across the city and wider region, developed mainly with external funding.

    Projects for delivery under this programme include the development of electric vehicle (EV) infrastructure across the region, active travel schemes and the ongoing development of the A4123, A449 and A454 corridors.

    The planned improvements are pending approval at City of Wolverhampton Council’s Cabinet meeting on 19 February. 

    MIL OSI United Kingdom –

  • MIL-OSI USA: How NASA’s Lunar Trailblazer Will Make a Looping Voyage to the Moon

    Source: NASA

    Before arriving at the Moon, the small satellite mission will use the gravity of the Sun, Earth, and Moon over several months to gradually line up for capture into lunar orbit.
    NASA’s Lunar Trailblazer arrived in Florida recently in advance of its launch later this month and has been integrated with a SpaceX Falcon 9 rocket. Shipped from Lockheed Martin Space in Littleton, Colorado, the small satellite is riding along on Intuitive Machines’ IM-2 launch — part of NASA’s CLPS (Commercial Lunar Payload Services) initiative — which is slated for no earlier than Thursday, Feb. 26, from Launch Complex 39A at the agency’s Kennedy Space Center.
    Approximately 48 minutes after launch, Lunar Trailblazer will separate from the rocket and begin its independent flight to the Moon. The small satellite will discover where the Moon’s water is, what form it is in, and how it changes over time, producing the best-yet maps of water on the lunar surface. Observations gathered during its two-year prime mission will contribute to the understanding of water cycles on airless bodies throughout the solar system while also supporting future human and robotic missions to the Moon by identifying where water is located.
    Key to achieving these goals are the spacecraft’s two state-of-the-art science instruments: the High-resolution Volatiles and Minerals Moon Mapper (HVM3) infrared spectrometer and the Lunar Thermal Mapper (LTM) infrared multispectral imager. The HVM3 instrument was provided by NASA’s Jet Propulsion Laboratory in Southern California and LTM was built by the University of Oxford and funded by the UK Space Agency.

    “The small team is international in scope, which is more typical of larger projects,” said Andy Klesh, Lunar Trailblazer’s project systems engineer at JPL. “And unlike the norm for small missions that may only have a very focused, singular purpose, Lunar Trailblazer has two high-fidelity instruments onboard. We are really punching above our weight.”
    Intricate Navigation
    Before it can use these instruments to collect science data, Lunar Trailblazer will for several months perform a series of Moon flybys, thruster bursts, and looping orbits. These highly choreographed maneuvers will eventually position the spacecraft so it can map the surface in great detail.
    Weighing only 440 pounds (200 kilograms) and measuring 11.5 feet (3.5 meters) wide when its solar panels are fully deployed, Lunar Trailblazer is about the size of a dishwasher and has a relatively small engine. To make its four-to-seven-month trip to the Moon (depending on the launch date) as efficient as possible, the mission’s design and navigation team has planned a trajectory that will use the gravity of the Sun, Earth, and Moon to guide the spacecraft — a technique called low-energy transfer.
    “The initial boost provided by the rocket will send the spacecraft past the Moon and into deep space, and its trajectory will then be naturally reshaped by gravity after several lunar flybys and loops around Earth. This will allow it to be captured into lunar orbit with minimal propulsion needs,” said Gregory Lantoine, Lunar Trailblazer’s mission design and navigation lead at JPL. “It’s the most fuel-efficient way to get to where we need to go.”
    As it flies past the Moon several times, the spacecraft will use small thruster bursts — aka trajectory correction maneuvers — to slowly change its orbit from highly elliptical to circular, bringing the satellite down to an altitude of about 60 miles (100 kilometers) above the Moon’s surface.
    Arriving at the Moon
    Once in its science orbit, Lunar Trailblazer will glide over the Moon’s surface, making 12 orbits a day and observing the surface at a variety of different times of day over the course of the mission. The satellite will also be perfectly placed to peer into the permanently shadowed craters at the Moon’s South Pole, which harbor cold traps that never see direct sunlight. If Lunar Trailblazer finds significant quantities of ice at the base of the craters, those locations could be pinpointed as a resource for future lunar explorers.
    The data the mission collects will be transmitted to NASA’s Deep Space Network and delivered to Lunar Trailblazer’s new operations center at Caltech’s IPAC in Pasadena, California. Working alongside the mission’s experienced team will be students from Caltech and nearby Pasadena City College who are involved in all aspects of the mission, from operations and communications to developing software.
    Lunar Trailblazer was a selection of NASA’s SIMPLEx (Small Innovative Missions for Planetary Exploration), which provides opportunities for low-cost science spacecraft to ride-share with selected primary missions. To maintain the lower overall cost, SIMPLEx missions have a higher risk posture and lighter requirements for oversight and management. This higher risk acceptance allows NASA to test pioneering technologies, and the definition of success for these missions includes the lessons learned from more experimental endeavors.
    “We are a small mission with groundbreaking science goals, so we will succeed by embracing the flexibility that’s built into our organization,” said Lee Bennett, Lunar Trailblazer operations lead with IPAC. “Our international team consists of seasoned engineers, science team members from several institutions, and local students who are being given the opportunity to work on a NASA mission for the first time.”
    More About Lunar Trailblazer
    Lunar Trailblazer is led by Principal Investigator Bethany Ehlmann of Caltech in Pasadena, California. Caltech also leads the mission’s science investigation and mission operations. This includes planning, scheduling, and sequencing of all science, instrument, and spacecraft activities during the nominal mission. Science data processing will be done in the Bruce Murray Laboratory for Planetary Visualization at Caltech. NASA’s Jet Propulsion Laboratory in Southern California manages Lunar Trailblazer and provides system engineering, mission assurance, the HVM3 instrument, and mission design and navigation. Lockheed Martin Space provides the spacecraft, integrates the flight system, and supports operations under contract with Caltech. University of Oxford developed and provided the LTM instrument. Part of NASA’s Lunar Discovery Exploration Program, the mission is managed by NASA’s Planetary Mission Program Office at Marshall Space Flight Center in Huntsville, Alabama, for the agency’s Science Mission Directorate in Washington.
    For more information about Lunar Trailblazer, visit:
    https://www.jpl.nasa.gov/missions/lunar-trailblazer

    News Media Contacts
    Karen Fox / Molly WasserNASA Headquarters, Washington202-358-1600karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov
    Ian J. O’NeillJet Propulsion Laboratory, Pasadena, Calif.818-354-2649ian.j.oneill@jpl.nasa.gov
    Isabel SwaffordCaltech IPAC626-216-4257iswafford@ipac.caltech.edu
    2025-021

    MIL OSI USA News –

  • MIL-OSI Economics: RBI imposes monetary penalty on Ujjivan Small Finance Bank Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 10, 2025, imposed a monetary penalty of ₹6.70 lakh (Rupees Six Lakh Seventy Thousand only) on Ujjivan Small Finance Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

    The statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on 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 bank 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 bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank failed to issue loan agreements to certain borrowers at the time of sanction / disbursement of loans.

    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 bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2171

    MIL OSI Economics –

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

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 10, 2025, imposed a monetary penalty of ₹5.80 lakh (Rupees Five Lakh Eighty Thousand only) on Shriram Finance Limited (the company) for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’, ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ and directions on ‘Data Format for Furnishing of Credit Information to Credit Information 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, and Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005

    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, additional submissions made by it 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 put in place a system of periodic review of risk categorisation of accounts;

    2. The company did not ensure that its agreements with certain Direct Sales Agents had a clause regarding the RBI’s right to inspect books and accounts of service providers; and

    3. The company failed to share information about the Relationship Segment of the corporates to the Credit Information Companies, during the financial year 2022-23.

    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: 2024-2025/2173

    MIL OSI Economics –

  • MIL-OSI NGOs: UK: Encryption order threatens global privacy rights 

    Source: Amnesty International –

    The United Kingdom government’s order to Apple to allow security authorities access to encrypted cloud data severely harms the privacy rights of users in the UK and worldwide, Amnesty International and Human Rights Watch said today. 

    The UK government order attempts to force Apple to provide security authorities access to encrypted user data, including device backups that can include contact lists, as well as location and messaging history, for any Apple user worldwide. The secret order, which The Washington Post reported on last week, was issued in January 2025 by the Home Office, the UK’s interior ministry. It concerns Advanced Data Protection, an iPhone function that uses end-to-end encryption on data stored in the cloud, ensuring that only the user of the account can access the data stored.    

    If these reports are true, this is an alarming overreach by the UK authorities seeking to access the private data of not only people in the UK, but anyone worldwide with an Apple account. 

    Zach Campbell, senior surveillance researcher at Human Rights Watch

    “If these reports are true, this is an alarming overreach by the UK authorities seeking to access the private data of not only people in the UK, but anyone worldwide with an Apple account,” said Zach Campbell, senior surveillance researcher at Human Rights Watch. “People rely on secure and confidential communications to exercise their rights. Access to device backups is access to your entire phone, and strong encryption to prevent this access should be the norm by default.” 

    The UK government’s reported order requiring Apple to provide access to encrypted user data is disproportionate by design, as it would weaken data protections for all users, not just those suspected of a crime or under investigation. Compliance with the order by Apple would harm privacy rights of users worldwide. 

    News reports said that the UK government ordered Apple to build a back door into its products under the Investigatory Powers Act, a 2016 surveillance law that includes provisions allowing the government to order companies to remove “electronic protection” of user data. The law also prohibits the recipients of these orders, in this case Apple, from acknowledging or commenting on them. The new UK order reportedly “requires blanket capability to view fully encrypted material” for Apple users worldwide, including users with no apparent connection to the UK. 

    Encryption is a crucial enabler of human rights online and offline. Human rights defenders, journalists, and everyone else rely on the security and privacy of their devices to protect them not only from unlawful government spying, but also from cybercrime and other attacks from non-state actors. Weakening encryption, or mandating back doors, leaves all users more vulnerable. Governments should support strong encryption, and companies should build it into their products and services by default. 

    In recent years there has been a steady drumbeat of revelations about government spying relying on surveillance tools like spyware and digital forensic tools but also taking advantage of overly permissive legal regimes that allow states to access huge troves of personal data from private companies. 

    “States have more and more powerful legal and technical tools at their disposal, and research shows that they are using them to target people for protesting, speaking out, or even just because of what they represent. 

    Joshua Franco, senior research adviser at Amnesty Tech.

    These tools are often used in combination. Human Rights Watch and Amnesty International have both highlighted the steep human rights costs of such surveillance: State surveillance threatens the work of human rights defenders and journalists, puts marginalized groups including women and LGBT activists at particular risk, and creates a society-wide  chilling effect, undermining the rights of everyone to express themselves and protest peacefully. These tools exploit weaknesses in device encryption and security, and their use is enabled by an under-regulated trade in spyware and other surveillance tools at a global scale, and by the unwillingness of states to regulate their own surveillance practices, too often leaning on “national security” as a blanket excuse  for unfettered snooping. 

    In part due to such revelations, some companies, including Apple, have added new security features to help protect users, including those who may be at particular risk. These include Lockdown Mode, a feature that provides extra protection from spyware and targeted hacking to mobile devices, as well as Advanced Data Protection, the subject of the UK government’s reported order.  

    Forcing companies to roll back or undermine such features would put users worldwide, including journalists, human rights defenders, and other critical voices at increased risk. 

    The United Kingdom is a party to several international and regional treaties enshrining the right to privacy and data protection rights. The vital role of encryption as an enabler of privacy and human rights has been widely recognized including by United Nations bodies, the United Nations High Commissioner for Human Rights and human rights experts. The UN General Assembly and the Human Rights Council, in several resolutions, have called upon states to refrain from interfering with encryption technologies. UN resolutions also encourage technology companies to secure and protect the confidentiality of digital communications and transactions, including measures for encryption, pseudonymization and anonymity. 

    A 2015 report by the United Nations special rapporteur on freedom of expression specifically urged governments to avoid all measures that weaken security for individuals online, such as mandated back doors. Requiring technology companies to build vulnerabilities into secured products unavoidably and disproportionately undermines the security for all users of that product. 

    Both Amnesty International and Human Rights Watch have been critical of the Investigatory Powers Act since its inception. In written evidence to the Joint Committee on the Draft Investigatory Powers Bill in 2016, Human Rights Watch recommended that the UK should refrain from undermining encryption and digital security. It specifically said that the legislation should be amended to ensure that authorities are prohibited from imposing obligations on internet service providers to weaken security measures or design their systems to incorporate measures for exceptional access into encryption by UK authorities. 

    “States have more and more powerful legal and technical tools at their disposal, and research shows that they are using them to target people for protesting, speaking out, or even just because of what they represent,” said Joshua Franco, senior research adviser at Amnesty Tech. “Strong encryption is one of the few protections we have against such attacks, and states should be encouraging companies to provide greater protections of our data and our rights, not seeking back doors that will leave people around the world at risk.” 

    MIL OSI NGO –

  • MIL-OSI Africa: Africa Finance Corporation and the Export-Import Bank of China (CEXIM) Strengthen Partnership to Drive Trade and Infrastructure Growth Across Africa

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

    BEIJING, China, February 14, 2025/APO Group/ —

    Africa Finance Corporation (AFC) (www.AfricaFC.org), Africa’s leading infrastructure solutions provider, has signed a Memorandum of Understanding (MoU) with the Export-Import Bank of China (CEXIM) to deepen collaboration in financing strategic infrastructure and trade projects across Africa.

    The agreement builds upon an existing relationship between the two institutions, dating back to 2018, and reinforces a shared commitment to accelerating economic development through sustainable investments. To date, AFC has secured a total of US$700 million in financing from CEXIM, including a US$300 million facility in 2018 and another US$400 million loan in 2023. This renewed partnership will focus on financing trade and investment projects in key sectors such as clean energy, transportation, telecommunications, and climate change mitigation, while also facilitating knowledge exchange and collaboration on best practices in project structuring and risk management.

    “Our partnership with CEXIM strengthens Africa’s trade and investment ties with China, creating new pathways for infrastructure development and industrial growth,” said Samaila Zubairu, President & CEO of AFC. “Strategic collaborations like this are key to accelerating Africa’s industrialisation and with CEXIM’s support, we are unlocking opportunities to build more resilient economies, mobilise capital at scale, and drive long-term prosperity across the continent.”

    AFC has been steadily expanding its presence in the Chinese financial markets recently securing an AAA domestic credit rating from China Chengxin International Credit Rating Co. Ltd (CCXI) and an AAAspc issuer credit rating from S&P Ratings (China) Co., Ltd. These ratings demonstrate AFC’s exceptional financial strength, disciplined capital management, and expanding access to diversified funding. AFC also finalised a US$1.16 billion syndicated loan last year, co-led by the Bank of China and the Industrial and Commercial Bank of China (ICBC) London Branch.

    This collaboration underscores AFC and CEXIM’s mutual goal of fostering economic integration and sustainable development across Africa. Through this partnership, the two institutions will work together to mobilise funding for high-impact projects, enhance trade finance solutions, and support private sector growth across the continent.

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: Union Minister Dr. Virendra Kumar distributes PPE Kits and Ayushman Cards to Sewer and Septic Tank Workers under NAMASTE Scheme, at Jammu

    Source: Government of India (2)

    Posted On: 14 FEB 2025 2:21PM by PIB Delhi

    Union Minister for Social Justice and Empowerment (SJ&E), Dr. Virender Kumar, visited Jammu in connection with implementation of schemes of the Ministry, in the Union Territory. On the occasion, the Minister distributed Personal Protective Equipment (PPE) kits and Ayushman health cards to Sewer and Septic Tank Workers (SSWs) (Safai Mitras), under the flagship scheme of National Action for Mechanized Sanitation Ecosystem (NAMASTE).

    The Government has formulated the NAMASTE scheme with an objective to provide dignity to Safai Karamcharis and to empower them socially and economically. The scheme is to ensure safety and dignity of sanitation workers in urban India and enhancing their occupational safety through capacity building and improved access to PPE Kits, safety devices and machines.

    PPE kits consist of various protective garments and accessories designed to shield individuals from potential health hazards or infections. These kits typically include items such as masks, gloves, goggles, face shields, gowns, and shoe covers. They are crucial for ensuring the safety of frontline workers, especially those who are exposed to hazardous environments or infectious diseases, such as sewer and septic tank workers.

    The Ayushman health card is a form of identification issued under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), a government-sponsored health insurance scheme in India. It provides beneficiaries with access to cashless and paperless healthcare services at empaneled hospitals. The card contains essential information about the beneficiary, including their unique identification number and details of covered healthcare services.

    During the visit, the Minister also visited the Outreach and Drop In Centre (ODIC), run by the NGO, ‘JK Society for the Promotion of Youth and Masses’ at Jammu, under Scheme of National Action Plan for Drug Demand Reduction (NAPDDR).

    The event witnessed the reaffirmation of the government’s commitment to ‘Vanchiton Ko Variyata’, ensuring that those who have been historically underserved or overlooked are given the attention and support they deserve. This dedication to prioritizing the marginalized reflects the government’s broader vision of ‘Viksit Bharat’, where every individual has the opportunity to contribute to and benefit from India’s development journey. Through collaborative efforts and concerted initiatives, the Ministry of Social Justice and Empowerment remains steadfast in its mission to leave no one behind and build a more equitable and empowered society.

    The occasion was also attended by Ms. Sakina Masood (Itoo), Minister for Education, Health & Medical Education and Social Welfare Department, Jammu & Kashmir; Shri Shyam Lal Sharma, MLA (Jammu North); Shri Yudvir Sethi, MLA (Jammu East); Shri Arvind Gupta, MLA (Jammu West); Shri Prabhat Kumar Singh, Managing Director, National Safai Karamcharis Finance & Development Corporation (NSKFDC), Shri Devansh Yadav, Commissioner (Jammu Municipal Corporation).

    *****

    VM

    (Release ID: 2103177) Visitor Counter : 13

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India – U.S. Joint Statement during the visit of Prime Minister of India to US

    Source: Government of India (2)

    Posted On: 14 FEB 2025 9:07AM by PIB Delhi

    The President of the United States of America, The Honorable Donald J. Trump hosted the Prime Minister of India, Shri Narendra Modi for an Official Working Visit in Washington, DC on February 13, 2025.

    As the leaders of sovereign and vibrant democracies that value freedom, the rule of law, human rights, and pluralism, President Trump and Prime Minister Modi reaffirmed the strength of the India-U.S. Comprehensive Global Strategic Partnership, anchored in mutual trust, shared interests, goodwill and robust engagement of their citizens.

    Today, President Trump and Prime Minister Modi launched a new initiative – the “U.S.-India COMPACT (Catalyzing Opportunities for Military Partnership, Accelerated Commerce & Technology) for the 21st Century” – to drive transformative change across key pillars of cooperation. Under this initiative, they committed to a results-driven agenda with initial outcomes this year to demonstrate the level of trust for a mutually beneficial partnership.

    Defense

    Highlighting the deepening convergence of U.S.-India strategic interests, the leaders reaffirmed their unwavering commitment to a dynamic defense partnership spanning multiple domains. To advance defense ties further, the leaders announced plans to sign this year a new ten-year Framework for the U.S.-India Major Defense Partnership in the 21st Century.

    The leaders welcomed the significant integration of U.S.-origin defense items into India’s inventory to date, including C‑130J Super Hercules, C‑17 Globemaster III, P‑8I Poseidon aircraft; CH‑47F Chinooks, MH‑60R Seahawks, and AH‑64E Apaches; Harpoon anti-ship missiles; M777 howitzers; and MQ‑9Bs. The leaders determined that the U.S. would expand defense sales and co-production with India to strengthen interoperability and defense industrial cooperation. They announced plans to pursue this year new procurements and co-production arrangements for “Javelin” Anti-Tank Guided Missiles and “Stryker” Infantry Combat Vehicles in India to rapidly meet India’s defense requirements. They also expect completion of procurement for six additional P-8I Maritime Patrol aircraft to enhance India’s maritime surveillance reach in the Indian Ocean Region following agreement on sale terms.

    Recognizing that India is a Major Defense Partner with Strategic Trade Authorization-1 (STA‑1) authorization and a key Quad partner, the U.S. and India will review their respective arms transfer regulations, including International Traffic in Arms Regulations (ITAR), in order to streamline defense trade, technology exchange and maintenance, spare supplies and in-country repair and overhaul of U.S.-provided defense systems. The leaders also called for opening negotiations this year for a Reciprocal Defense Procurement (RDP) agreement to better align their procurement systems and enable the reciprocal supply of defense goods and services. The leaders pledged to accelerate defense technology cooperation across space, air defense, missile, maritime and undersea technologies, with the U.S. announcing a review of its policy on releasing fifth generation fighters and undersea systems to India.

    Building on the U.S.-India Roadmap for Defense Industrial Cooperation and recognizing the rising importance of autonomous systems, the leaders announced a new initiative – the Autonomous Systems Industry Alliance (ASIA) – to scale industry partnerships and production in the Indo-Pacific. The leaders welcomed a new partnership between Anduril Industries and Mahindra Group on advanced autonomous technologies to co-develop and co-produce state-of-the-art maritime systems and advanced AI-enabled counter Unmanned Aerial System (UAS) to strengthen regional security, and between L3 Harris and Bharat Electronics for co-development of active towed array systems.

    The leaders also pledged to elevate military cooperation across all domains – air, land, sea, space, and cyberspace – through enhanced training, exercises, and operations, incorporating the latest technologies. The leaders welcomed the forthcoming “Tiger Triumph” tri-service exercise (first inaugurated in 2019) with larger scale and complexity to be hosted in India.

    Finally, the leaders committed to break new ground to support and sustain the overseas deployments of the U.S. and Indian militaries in the Indo-Pacific, including enhanced logistics and intelligence sharing, as well as arrangements to improve force mobility for joint humanitarian and disaster relief operations along with other exchanges and security cooperation engagements.

    Trade and Investment

    The leaders resolved to expand trade and investment to make their citizens more prosperous, nations stronger, economies more innovative and supply chains more resilient. They resolved to deepen the U.S.-India trade relationship to promote growth that ensures fairness, national security and job creation. To this end, the leaders set a bold new goal for bilateral trade – “Mission 500” – aiming to more than double total bilateral trade to $500 billion by 2030.

    Recognizing that this level of ambition would require new, fair-trade terms, the leaders announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025. The leaders committed to designate senior representatives to advance these negotiations and to ensure that the trade relationship fully reflects the aspirations of the COMPACT. To advance this innovative, wide-ranging BTA, the U.S. and India will take an integrated approach to strengthen and deepen bilateral trade across the goods and services sector, and will work towards increasing market access, reducing tariff and non-tariff barriers, and deepening supply chain integration.

    The leaders welcomed early steps to demonstrate mutual commitment to address bilateral trade barriers. The United States welcomed India’s recent measures to lower tariffs on U.S. products of interest in the areas of bourbon, motorcycles, ICT products and metals, as well as measures to enhance market access for U.S. agricultural products, like alfalfa hay and duck meat, and medical devices. India also expressed appreciation for U.S. measures taken to enhance exports of Indian mangoes and pomegranates to the United States. Both sides also pledged to collaborate to enhance bilateral trade by increasing U.S. exports of industrial goods to India and Indian exports of labor-intensive manufactured products to the United States. The two sides will also work together to increase trade in agricultural goods.

    Finally, the leaders committed to drive opportunities for U.S. and Indian companies to make greenfield investments in high-value industries in each other’s countries. In this regard, the leaders welcomed ongoing investments by Indian companies worth approximately $7.35 billion, such as those by Hindalco’s Novelis in finished aluminum goods at their state-of-the art facilities in Alabama and Kentucky; JSW in steel manufacturing operations at Texas and Ohio; Epsilon Advanced Materials in the manufacture of critical battery materials in North Carolina; and Jubilant Pharma in the manufacture of injectables in Washington. These investments support over 3,000 high-quality jobs for local families.

    Energy Security

    The leaders agreed that energy security is fundamental to economic growth, social well-being and technical innovation in both countries. They underscored the importance of U.S.-India collaboration to ensure energy affordability, reliability, and availability and stable energy markets. Realizing the consequential role of the U.S. and India, as leading producers and consumers, in driving the global energy landscape, the leaders re-committed to the U.S.-India Energy Security Partnership, including in oil, gas, and civil nuclear energy.

    The leaders underscored the importance of enhancing the production of hydrocarbons to ensure better global energy prices and secure affordable and reliable energy access for their citizens. The leaders also underscored the value of strategic petroleum reserves to preserve economic stability during crises and resolved to work with key partners to expand strategic oil reserve arrangements. In this context, the U.S. side affirmed its firm support for India to join the International Energy Agency as a full member.

    The leaders reaffirmed their commitment to increase energy trade, as part of efforts to ensure energy security, and to establish the United States as a leading supplier of crude oil and petroleum products and liquified natural gas to India, in line with the growing needs and priorities of our dynamic economies. They underscored the tremendous scope and opportunity to increase trade in the hydrocarbon sector including natural gas, ethane and petroleum products as part of efforts to ensure supply diversification and energy security. The leaders committed to enhance investments, particularly in oil and gas infrastructure, and facilitate greater cooperation between the energy companies of the two countries.

    The leaders announced their commitment to fully realize the U.S.-India 123 Civil Nuclear Agreement by moving forward with plans to work together to build U.S.-designed nuclear reactors in India through large scale localization and possible technology transfer. Both sides welcomed the recent Budget announcement by Government of India to take up amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act (CLNDA) for nuclear reactors, and further decided to establish bilateral arrangements in accordance with CLNDA, that would address the issue of civil liability and facilitate the collaboration of Indian and U.S. industry in the production and deployment of nuclear reactors. This path forward will unlock plans to build large U.S.-designed reactors and enable collaboration to develop, deploy and scale up nuclear power generation with advanced small modular reactors.

    Technology and Innovation

    The leaders announced the launch of the U.S.-India TRUST (“Transforming the Relationship Utilizing Strategic Technology”) initiative, which will catalyze government-to-government, academia and private sector collaboration to promote application of critical and emerging technologies in areas like defense, artificial intelligence, semiconductors, quantum, biotechnology, energy and space, while encouraging the use of verified technology vendors and ensuring sensitive technologies are protected.

    As a central pillar of the “TRUST” initiative, the leaders committed to work with U.S. and Indian private industry to put forward a U.S.-India Roadmap on Accelerating AI Infrastructure by the end of the year, identifying constraints to financing, building, powering, and connecting large-scale U.S.-origin AI infrastructure in India with milestones and future actions. The U.S. and India will work together to enable industry partnerships and investments in next generation data centers, cooperation on development and access to compute and processors for AI, for innovations in AI models and building AI applications for solving societal challenges while addressing the protections and controls necessary to protect these technologies and reduce regulatory barriers.

    The leaders announced the launch of INDUS Innovation, a new innovation bridge modeled after the successful INDUS-X platform, that will advance U.S.-India industry and academic partnerships and foster investments in space, energy, and other emerging technologies to maintain U.S. and India leadership in innovation and to meet the needs of the 21st century. The leaders also reinforced their commitment to the INDUS-X initiative, which facilities partnerships between U.S. and Indian defense companies, investors and universities to produce critical capability for our militaries, and welcomed the next summit in 2025.

    The leaders also committed, as part of the TRUST initiative, to build trusted and resilient supply chains, including for semiconductors, critical minerals, advanced materials and pharmaceuticals. As part of this effort, the leaders plan to encourage public and private investments to expand Indian manufacturing capacity, including in the U.S., for active pharmaceutical ingredients for critical medicines. These investments will create good jobs, diversify vital supply chains, and reduce the risk of life-saving drug shortages in both the United States and India.

    Recognizing the strategic importance of critical minerals for emerging technologies and advanced manufacturing, India and the United States will accelerate collaboration in research and development and promote investment across the entire critical mineral value chain, as well as through the Mineral Security Partnership, of which both the United States and India are members. Both countries have committed to intensifying efforts to deepen cooperation in the exploration, beneficiation, and processing as well as recycling technologies of critical minerals. To this end, the leaders announced the launch of the Strategic Mineral Recovery initiative, a new U.S.-India program to recover and process critical minerals (including lithium, cobalt, and rare earths) from heavy industries like aluminum, coal mining and oil and gas.

    The leaders hailed 2025 as a pioneering year for U.S.-India civil space cooperation, with plans for a NASA-ISRO effort through AXIOM to bring the first Indian astronaut to the International Space Station (ISS), and early launch of the joint “NISAR” mission, the first of its kind to systematically map changes to the Earth’s surface using dual radars. The leaders called for more collaboration in space exploration, including on long duration human spaceflight missions, spaceflight safety and sharing of expertise and professional exchanges in emerging areas, including planetary protection. The leaders committed to further commercial space collaboration through industry engagements in conventional and emerging areas, such as connectivity, advanced spaceflight, satellite and space launch systems, space sustainability, space tourism and advanced space manufacturing.

    The leaders underscored the value of deepening ties between the U.S. and Indian scientific research communities, announcing a new partnership between the U.S. National Science Foundation and the Indian Anusandhan National Research Foundation in researching critical and emerging technologies. This partnership builds on ongoing collaboration between the U.S. National Science Foundation and several Indian science agencies to enable joint research in the areas of semiconductors, connected vehicles, machine learning, next-generation telecommunications, intelligent transportation systems, and future biomanufacturing.

    The leaders determined that their governments redouble efforts to address export controls, enhance high technology commerce, and reduce barriers to technology transfer between our two countries, while addressing technology security. The leaders also resolved to work together to counter the common challenge of unfair practices in export controls by third parties seeking to exploit overconcentration of critical supply chains.

    Multilateral Cooperation

    The leaders reaffirmed that a close partnership between the U.S. and India is central to a free, open, peaceful and prosperous Indo-Pacific region. As Quad partners, the leaders reiterated that this partnership is underpinned by the recognition of ASEAN centrality; adherence to international law and good governance; support for safety and freedom of navigation, overflight and other lawful uses of the seas; and unimpeded lawful commerce; and advocacy for peaceful resolution of maritime disputes in accordance with international law.

    Prime Minister Modi looks forward to hosting President Trump in New Delhi for the Quad leaders’ Summit, ahead of which the leaders will activate new Quad initiatives on shared airlift capacity to support civilian response to natural disasters and maritime patrols to improve interoperability.

    The leaders resolved to increase cooperation, enhance diplomatic consultations, and increase tangible collaboration with partners in the Middle East. They highlighted the importance of investing in critical infrastructure and economic corridors to advancing peace and security in the region. The leaders plan to convene partners from the India-Middle East-Europe Corridor and the I2U2 Group within the next six months in order to announce new initiatives in 2025.

    The US appreciates India’s role as a developmental, humanitarian assistance and net security provider in the Indian Ocean Region. In this context, the leaders committed to deepen bilateral dialogue and cooperation across the vast Indian Ocean region and launched the Indian Ocean Strategic Venture, a new bilateral, whole-of-government forum to advance coordinated investments in economic connectivity and commerce. Supporting greater Indian Ocean connectivity, the leaders also welcomed Meta’s announcement of a multi-billion, multi-year investment in an undersea cable project that will begin work this year and ultimately stretch over 50,000 km to connect five continents and strengthen global digital highways in the Indian Ocean region and beyond. India intends to invest in maintenance, repair and financing of undersea cables in the Indian Ocean, using trusted vendors.

    The leaders recognized the need to build new plurilateral anchor partnerships in the Western Indian Ocean, Middle East, and Indo-Pacific to grow relationships, commerce and cooperation across defense, technology, energy and critical minerals. The leaders expect to announce new partnership initiatives across these sub-regions by fall of 2025.

    The leaders also resolved to advance military cooperation in multinational settings to advance global peace and security. The leaders applauded India’s decision to take on a future leadership role in the Combined Maritime Forces naval task force to help secure sea lanes in the Arabian Sea.

    The leaders reaffirmed that the global scourge of terrorism must be fought and terrorist safe havens eliminated from every corner of the world. They committed to strengthen cooperation against terrorist threats from groups, including Al-Qa’ida, ISIS, Jaish-e Mohammad, and Lashkar-e-Tayyiba in order to prevent heinous acts like the attacks in Mumbai on 26/11 and the Abbey Gate bombing in Afghanistan on August 26, 2021. Recognizing a shared desire to bring to justice those who would harm our citizens, the U.S. announced that the extradition to India of Tahawwur Rana has been approved. The leaders further called on Pakistan to expeditiously bring to justice the perpetrators of the 26/11 Mumbai, and Pathankot attacks and ensure that its territory is not used to carry out cross-border terrorist attacks. The leaders also pledged to work together to prevent proliferation of weapons of mass destruction and their delivery systems and to deny access to such weapons by terrorists and non-state actors.

    People to People Cooperation

    President Trump and Prime Minister Modi noted the importance of advancing the people-to-people ties between the two countries. In this context, they noted that the more than 300,000 strong Indian student community contributes over $8 billion annually to the U.S. economy and helped create a number of direct and indirect jobs. They recognized that the talent flow and movement of students, researchers and employees, has mutually benefitted both countries. Recognizing the importance of international academic collaborations in fostering innovation, improving learning outcomes and development of a future-ready workforce, both leaders resolved to strengthen collaborations between the higher education institutions through efforts such as joint/dual degree and twinning programs, establishing joint Centers of Excellence, and setting up of offshore campuses of premier educational institutions of the U.S. in India.

    Both leaders emphasized that the evolution of the world into a global workplace calls for putting in place innovative, mutually advantageous and secure mobility frameworks. In this regard, the leaders committed to streamlining avenues for legal mobility of students and professionals, and facilitating short-term tourist and business travel, while also aggressively addressing illegal immigration and human trafficking by taking strong action against bad actors, criminal facilitators, and illegal immigration networks to promote mutual security for both countries.

    The leaders also committed to strengthen law enforcement cooperation to take decisive action against illegal immigration networks, organized crime syndicates, including narco-terrorists human and arms traffickers, as well as other elements who threaten public and diplomatic safety and security, and the sovereignty and territorial integrity of both nations.

    President Trump and Prime Minister Modi pledged to sustain high-level engagement between our governments, industries, and academic institutions and realize their ambitious vision for an enduring India-U.S. partnership that advances the aspirations of our people for a bright and prosperous future, serves the global good, and contributes to a free and open Indo-Pacific.

     

    ***

    MJPS/SR

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: English translation of Press Statement by Prime Minister Shri Narendra Modi during the India – USA Joint Press Conference

    Source: Government of India

    Posted On: 14 FEB 2025 8:48AM by PIB Delhi

    Your Excellency President Trump,
    Delegates from both countries,
    Friends from the media,

    Hello!

    First of all, I would like to express my heartfelt gratitude to my dear friend, President Trump, for the gracious welcome and hospitality. Through his leadership, President Trump has cherished and revitalized the India-US relationship.

    The enthusiasm with which we worked together in his first term; I felt the same enthusiasm, the same energy and the same commitment today.

    Today’s discussions were a bridge of satisfaction with our achievements during his first term and deep mutual trust. At the same time, there was also a resolve to achieve new goals. We believe that the collaboration and cooperation between India and America can shape a better world.

    Friends,

    Americans are familiar with President Trump’s motto, Make America Great Again, or “MAGA.” The people of India are also moving towards development at a fast pace with the determination of “Viksit Bharat 2047” on the track of heritage and development.

    If I say in the language of America, developed India means Make India Great Again, i.e. “MIGA”. When the United States and India work together, i.e. “MAGA” plus “MIGA”, the “MEGA” Partnership for prosperity is formed. And this mega spirit gives new scale and scope to our goals.

    Friends,

    Today, we have set a target of more than doubling bilateral trade to 500 billion dollars by 2030. Our teams will work on an early conclusion of a mutually beneficial Trade Agreement.

    We will strengthen the oil and gas trade to ensure India’s energy security. Investment in energy infrastructure will also increase.

    In the nuclear energy sector, we also talked about increasing cooperation in the direction of Small Modular Reactors.

    Friends,

    America has an important role in India’s defense preparedness. As strategic and trusted partners, we are actively moving in the direction of joint development, joint production and transfer of technology.

    In the coming time, new technology and equipment will increase our capability. We have decided to launch the Autonomous Systems Industry Alliance.

    The Defence Cooperation Framework will be created for the next decade. Defence inter-operability, logistics, repair and maintenance will also be its main parts.

    Friends,

    The twenty-first century is a technology-driven century. Close cooperation in the technology sector between countries that believe in democratic values can give new direction, strength and opportunities to the entire humanity.

    India and the United States will work together in Artificial Intelligence, Semiconductors, Quantum, Biotechnology, and other technologies.

    Today we have agreed on TRUST, i.e. Transforming Relationship Utilizing Strategic Technology. Under this, emphasis will be laid on creating strong supply chains of critical minerals, advanced materials and pharmaceuticals. It has also been decided to launch a recovery and processing initiative for strategic minerals like lithium and rare earth.

    We have had close cooperation with the US in the field of space. The “NISAR” satellite, built in collaboration with “ISRO” and “NASA”, will soon fly into space on the Indian launch vehicle.

    Friends,

    The partnership between India and the United States underpins democracy and democratic values and systems. We will work together to enhance peace, stability and prosperity in the Indo-Pacific. The Quad will have a special role to play in this.

    In the Quad Summit to be held in India this year, we will increase cooperation with partner countries in new areas. Under the “IMEC” and “I2U2” initiative, we will work together on economic corridors and connectivity infrastructure.

    India and the United States have stood firmly together in the fight against terrorism. We agree that concerted action is necessary to eradicate cross-border terrorism.

    I am thankful to the President that he has decided to hand over the culprit who committed the killings in India in 2008, to India now. Indian courts will now take appropriate action.

    Friends,

    The Indian community in America is an important link in our relationship. To deepen our people-to-people ties, we will soon open new Indian consulates in Los Angeles and Boston.

    We have invited American universities and educational institutions to open off-shore campuses in India.

    President Trump,

    I thank you for your friendship and steadfast commitment to India. The people of India still remember your visit of 2020, and hope that President Trump will come to them once again.

    On behalf of 1.4 billion Indians, I invite you to come to India.

    Thank you very much.

    DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: EIB and One World Media strengthen partnership championing women-led solutions

    Source: European Investment Bank

    • EIB supports Women’s Solutions Reporting award
    • Celebrating stories of girls and women tackling global challenges
    • Winner to be announced in June 2025

    One World Media (OWM) and the European Investment Bank (EIB) are proud to continue their partnership for the fifth consecutive year, through the Women’s Solutions Reporting Award. This award is one of 13 that recognise outstanding media coverage from and about the global south. The OWM Awards celebrate journalism and filmmaking that challenge stereotypes, reshape narratives, and deepen understanding.

    The Women’s Solutions Reporting Award highlights the transformative role of women in addressing global challenges, from advancing financial inclusion and climate action to improving healthcare and education. By amplifying these initiatives, the award aims to inspire action and highlight how women are shaping a more sustainable and equitable future.

    One World Media’s Director Vivienne Francis said: “At a time when the rights and freedoms of women and girls around the world continue to be at risk, the One World Media Awards are proud to support storytelling that ensures these issues get the attention they deserve. These stories serve as a reminder of the power of journalism to transform lives and ignite social change.”

    Margaret Carroll, acting Head of the EIB Social Policy Unit, who will be one of the judges of the Women’s Solutions Reporting Award, said: “We are thrilled to support this important award once again with OWM. It reflects our deep commitment to gender equality and women’s economic empowerment. Each year, this award brings to light compelling stories of innovation and resilience that drive meaningful change—stories that are especially needed in today’s world.”

    With the 2025 One World Media Awards winners set to be announced in June, we look forward to celebrating the impactful stories of the many women making a difference and inspiring future generations of female leaders.

    The 13 OWM Award categories are as follows:

    • Current Affairs Award
    • Environmental Reporting
    • Feature Documentary Award
    • Innovative Storytelling Award
    • Journalist of the Year Award
    • News Award
    • Podcast & Radio Award
    • Print Award
    • Refugee Reporting Award
    • Short Documentary Award
    • Student Award
    • Press Freedom Award
    • Women’s Solutions Reporting Award

    About One World Media

    One World Media is a non-profit organisation in the United Kingdom that supports journalists and filmmakers covering stories about the global south. For more than three decades, the organisation has worked with partners in the United Kingdom and around the world to strengthen international journalism and promote media coverage of global issues. The One World Media Awards will look for entries that show relevance, originality and creativity, substance and accuracy, impact and reach, diversity and quality.

    About the European Investment Bank

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances investments that contribute towards EU policy goals. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    To enhance the positive impact of its activities on gender equality and empower women and girls, the EIB Group adopted a Strategy on Gender Equality and Women’s Economic Empowerment and a Gender Action Plan, with the aim of embedding gender equality and in particular women’s economic empowerment in the EIB’s business model. It covers its lending, blending and advisory work within and outside the European Union. The EIB Group is also committed to driving gender equality in the workplace.

    MIL OSI Europe News –

  • MIL-OSI Europe: In-Depth Analysis – Economic Dialogue with the President of the ECOFIN – 19 February 2025 – 14-02-2025

    Source: European Parliament

    Andrzej Domański, Minister of Finance of Poland, is participating in the ECON Committee in his capacity of President of the ECOFIN Council during the Polish Presidency January – June 2025). In accordance with the Treaty of the Union, “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”.

    MIL OSI Europe News –

  • MIL-OSI Europe: From innovation hub to electric highways

    Source: European Investment Bank

    For Serbians to use more electric cars, new rules and regulations need to be adopted. To help, the government is halting the import of used vehicles that do not meet specific standards, and it is introducing incentives for new car purchases. Currently, about 2.8 million vehicles in Serbia are an average of 18 years old.

    Serbia is adopting new regulations to help expand its charging network. At the end of 2024, the country adopted the Law on Energy, which for the first time addresses electric vehicle charging. The new law defines energy policies to ensure that there is a reliable energy supply, and it helps regulate the energy market. The law also covers the integration of electric vehicles into the electricity network.

    “Now, it is important to define specific regulations in line with the EU standards to tackle technical and legal conditions, software, data structure and classification, rights and obligations of providers and users,” Zjačić says.

    MIL OSI Europe News –

  • MIL-OSI: TC Energy reports solid fourth quarter 2024 operating and financial results

    Source: GlobeNewswire (MIL-OSI)

    Southeast Gateway pipeline project achieves mechanical completion
    Increases common share dividend for the twenty-fifth consecutive year

    CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its fourth quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “Our strategic priorities that emphasize safety, operational excellence and project execution continue to deliver solid growth, low risk and repeatable performance. For the full year 2024, comparable EBITDA1 from continuing operations increased approximately six per cent, and segmented earnings from continuing operations increased approximately 56 per cent compared to 2023.” Poirier continued, “Reaching mechanical completion 13 per cent under budget on the Southeast Gateway pipeline project is a monumental milestone for the company and for Mexico, and a testament to our unwavering focus on project execution. We remain aligned with the CFE on achieving a May 1, 2025 in-service date, which will mark a material inflection point for TC Energy; providing Southeast Mexico with access to safe, reliable and affordable energy. Driven by our consistently strong performance, TC Energy’s Board of Directors approved a quarterly dividend increase of 3.3 per cent for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. The increase in quarterly dividend is based on TC Energy’s proportionate allocation of the dividend post-spin, and represents our twenty-fifth consecutive year of dividend growth.”

    Financial Highlights
    (All financial figures are unaudited and in Canadian dollars unless otherwise noted)

    • Following the spinoff of our Liquids Pipelines business into South Bow on October 1, 2024, Liquids Pipelines results are reported as a discontinued operation
    • Fourth quarter 2024 financial results from continuing operations:
      • Comparable earnings1 of $1.1 billion or $1.05 per common share1 compared to $1.2 billion or $1.15 per common share in fourth quarter 2023
      • Net income attributable to common shares of $1.1 billion or $1.03 per common share compared to net income attributable to common shares of $1.2 billion or net income per common share of $1.20 in fourth quarter 2023
      • Comparable EBITDA of $2.6 billion compared to $2.7 billion in fourth quarter 2023
      • Segmented earnings of $1.9 billion compared to $2.0 billion in fourth quarter 2023
    • Year ended December 31, 2024 financial results from continuing operations:
      • Comparable EBITDA of $10.0 billion compared to $9.5 billion in 2023
      • Segmented earnings of $8.0 billion compared to $5.1 billion in 2023
    • Year ended December 31, 2024 financial results including a nine-month contribution from the Liquids Pipelines business:
      • 2024 comparable earnings of $4.4 billion or $4.27 per common share compared to $4.7 billion or $4.52 per common share in 2023
      • Net income attributable to common shares of $4.6 billion or $4.43 per common share compared to $2.8 billion or $2.75 per common share in 2023
      • Comparable EBITDA of $11.2 billion compared to $11.0 billion in 2023
      • Segmented earnings of $8.7 billion compared to $6.1 billion in 2023
    • TC Energy’s Board of Directors approved a 3.3 per cent increase in the quarterly common share dividend to $0.85 per common share for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. The increase in quarterly dividend is based on TC Energy’s proportionate allocation of the dividend post-spin
    • 2025 outlook for continuing operations:
      • Comparable EBITDA outlook for 2025 continuing operations is expected to be $10.7 to $10.9 billion, driven by new projects anticipated to be placed in service in 2025, including the Southeast Gateway pipeline, along with the full year contribution from projects placed in service in 2024, higher contributions from the NGTL System resulting from the five-year negotiated revenue requirement settlement, partially offset by reduced generation from Bruce Power due to the commencement of the Unit 4 Major Component Replacement (MCR)
      • Comparable earnings per common share (EPS) for 2025 for continuing operations is expected to be lower than 2024 comparable EPS from continuing operations due to the net impact of an increase in comparable EBITDA, lower AFUDC related to the Southeast Gateway pipeline expected to be placed in service on May 1, 2025, lower interest income as a result of lower cash balances and lower interest rates, increased depreciation rates on the NGTL System related to the five-year negotiated revenue requirement settlement, higher effective tax rates and reduced capitalized interest due to the Coastal GasLink pipeline commercial in-service
      • Capital expenditures are expected to be $6.1 to $6.6 billion, on a gross basis, or $5.5 to $6.0 billion of net capital expenditures2 after considering capital expenditures attributable to non-controlling interests of entities we control.

    Operational Highlights

    • Canadian Natural Gas Pipelines deliveries averaged 25.6 Bcf/d, up seven per cent compared to fourth quarter 2023
      • Total NGTL System deliveries set a new record of 17.7 Bcf on February 9, 2025
      • Canadian Mainline fourth quarter deliveries averaged 6.3 Bcf/d, up 11 per cent compared to fourth quarter 2023
    • U.S. Natural Gas Pipelines daily average flows were 27.0 Bcf/d
      • U.S. Natural Gas Pipelines set a new all-time record of 37.9 Bcf on January 20, 2025
      • ANR set a new all-time record of 10.0 Bcf on January 20, 2025
    • Mexico Natural Gas Pipelines flows averaged 2.7 Bcf/d
      • Sur de Texas pipeline set a single-day flow record above 1.7 Bcf/d on November 20, 2024 highlighting its importance as a key import route for U.S. natural gas production into Mexico
    • Bruce Power achieved 99 per cent availability in fourth quarter 2024
    • Cogeneration power plant fleet achieved 98 per cent availability in fourth quarter 2024, attributed to fewer forced outages and successful completion of planned outages.

    Project Highlights

    • Completed the successful spinoff of the Liquids Pipelines business (the Spinoff Transaction) on October 1, 2024
    • Achieved mechanical completion of the Southeast Gateway pipeline project on January 20, 2025. We continue to be aligned with the CFE on finalizing the remaining project completion activities for achieving a May 1, 2025 in-service date
    • Declared commercial in-service of the Coastal GasLink pipeline in November 2024, allowing for the collection of tolls from customers retroactive to October 1, 2024
    • Approved the Pulaski and Maysville projects on our Columbia Gulf System. These mainline extension projects off Columbia Gulf will facilitate full coal-to-gas conversion at two existing power plants and are each expected to provide 0.2 Bcf/d of capacity for incremental gas-fired generation. The projects have anticipated in-service dates in 2029 and total estimated costs of US$0.7 billion
    • Approved the US$0.3 billion Southeast Virginia Energy Storage Project. This is an LNG peaking facility in southeast Virginia that will serve an existing LDC’s growing winter peak day load and mitigate its peak day pricing exposure, as well as increase operational flexibility on the Columbia Gas system. The project has an anticipated in-service date of 2030
    • Placed the US$0.1 billion GTN XPress project into service in December 2024
    • Bruce Power announced Stage 3a of Project 2030 which will provide incremental capacity of approximately 90 MW at the site. TC Energy’s share of the capital required is approximately $175 million. Bruce Power will not be requesting an incremental capital call for this stage. By optimizing its existing Units through this program, when complete, Project 2030 is expected to increase the Bruce Power site peak output to 7,000 MW. All of this output will be sold under Bruce Power’s long-term contract with the IESO
    • Removed Bruce Power’s Unit 4 from service on January 31, 2025 to commence its MCR program. The Unit 5 MCR final cost and schedule estimate was submitted to the IESO on January 31, 2025
    • TC Energy and prospective partners Saugeen Ojibway Nation will advance pre-development work on the Ontario Pumped Storage Project following the Ontario Government’s recent announcement on January 24, 2025 to invest up to $285 million to complete a detailed cost estimate and environmental assessments to determine the feasibility of the project.
      three months ended
    December 31    		   year ended
    December 31
    (millions of $, except per share amounts) 2024     20231   2024   20231
                   
    Net income (loss) attributable to common shares 971     1,463   4,594   2,829
    from continuing operations 1,069     1,249   4,199   2,217
    from discontinued operations2 (98 )   214   395   612
                   
    Net income (loss) per common share – basic $0.94     $1.41   $4.43   $2.75
    from continuing operations $1.03     $1.20   $4.05   $2.15
    from discontinued operations2 ($0.09 )   $0.21   $0.38   $0.60
                   
    Comparable EBITDA3 2,619     3,107   11,194   10,988
    from continuing operations 2,619     2,715   10,049   9,472
    from discontinued operations2 —     392   1,145   1,516
                   
    Comparable earnings3 1,094     1,403   4,430   4,652
    from continuing operations 1,094     1,192   3,865   3,896
    from discontinued operations2 —     211   565   756
                   
    Comparable earnings per common share3 $1.05     $1.35   $4.27   $4.52
    from continuing operations $1.05     $1.15   $3.73   $3.78
    from discontinued operations2 —     $0.20   $0.54   $0.74
    1. Prior year results have been recast to reflect the split between continuing and discontinued operations.
    2. Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section of this news release for additional information.
    3. For additional information on the most directly comparable GAAP measure, refer to the Non-GAAP measures section of this news release.
      three months ended
    December 31    		   year ended
    December 31
    (millions of $, except per share amounts) 2024   2023     2024   2023  
                   
    Cash flows1              
    Net cash provided by operations2 2,084   1,860     7,696   7,268  
    Comparable funds generated from operations2,3 1,665   2,405     7,890   7,980  
    Capital spending4 2,307   2,985     7,904   12,298  
    Acquisitions, net of cash acquired —   (5 )   —   (307 )
    Proceeds from sales of assets, net of transaction costs —   33     791   33  
    Disposition of equity interest, net of transaction costs5 —   5,328     419   5,328  
                   
    Dividends declared              
    per common share6 $0.8225   $0.93     $3.7025   $3.72  
                   
    Basic common shares outstanding (millions)              
    – weighted average for the period 1,038   1,037     1,038   1,030  
    – issued and outstanding at end of period 1,039   1,037     1,039   1,037  
    1. Includes continuing and discontinued operations.
    2. Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section of this news release for additional information.   
    3. Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable in similar measures presented by other companies. The most directly comparable GAAP measure is Net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP measures section of this news release.
    4. Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments net of Other distributions from equity investments of $3.1 billion in 2024 in the Canadian Natural Gas Pipelines segment. Refer to Note 7, Coastal GasLink in the Consolidated financial statements of our 2024 Annual Report and the Segmented information of our Condensed consolidated financial statements of this news release for additional information.
    5. Included in the Financing activities section of the Condensed consolidated statement of cash flows.
    6. Dividends declared in fourth quarter 2024 reflect TC Energy’s proportionate allocation following the Spinoff Transaction. Refer to the Discontinued operations section of this news release for additional information.
      three months ended
    December 31    		   year ended
    December 31
    (millions of $, except per share amounts) 2024     20231     2024     20231  
                   
    Segmented earnings (losses) from continuing operations              
    Canadian Natural Gas Pipelines 506     692     2,016     (90 )
    U.S. Natural Gas Pipelines 918     955     4,053     3,531  
    Mexico Natural Gas Pipelines 214     150     929     796  
    Power and Energy Solutions 276     263     1,102     1,004  
    Corporate (16 )   (34 )   (136 )   (144 )
    Segmented earnings (losses) from continuing operations 1,898     2,026     7,964     5,097  
                   
    Comparable EBITDA from continuing operations              
    Canadian Natural Gas Pipelines 851     1,034     3,388     3,335  
    U.S. Natural Gas Pipelines 1,200     1,225     4,511     4,385  
    Mexico Natural Gas Pipelines 234     208     999     805  
    Power and Energy Solutions 341     266     1,214     1,020  
    Corporate (7 )   (18 )   (63 )   (73 )
    Comparable EBITDA from continuing operations 2,619     2,715     10,049     9,472  
                   
    Depreciation and amortization (639 )   (632 )   (2,535 )   (2,446 )
    Interest expense included in comparable earnings (836 )   (777 )   (3,176 )   (2,966 )
    Allowance for funds used during construction 233     132     784     575  
    Foreign exchange gains (losses), net included in comparable earnings (44 )   40     (85 )   118  
    Interest income and other 120     119     324     272  
    Income tax (expense) recovery included in comparable earnings (168 )   (253 )   (772 )   (890 )
    Net (income) loss attributable to non-controlling interests included in comparable earnings (163 )   (128 )   (620 )   (146 )
    Preferred share dividends (28 )   (24 )   (104 )   (93 )
    Comparable earnings from continuing operations 1,094     1,192     3,865     3,896  
    Comparable earnings per common share from continuing operations $1.05     $1.15     $3.73     $3.78  
    1. Prior year results have been recast to reflect continuing operations only.
      three months ended
    December 31    		   year ended
    December 31
    (millions of $, except per share amounts) 2024     2023¹   20242     2023¹  
                   
    Segmented earnings (losses) from discontinued operations (109 )   301     716     1,039  
    Comparable EBITDA from discontinued operations —     392     1,145     1,516  
    Depreciation and amortization —     (85 )   (253 )   (332 )
    Interest expense included in comparable earnings3 —     (63 )   (176 )   (287 )
    Interest income and other included in comparable earnings4 —     2     3     6  
    Income tax (expense) recovery included in comparable earnings5 —     (35 )   (154 )   (147 )
    Comparable earnings from discontinued operations —     211     565     756  
    Comparable earnings per common share from discontinued operations —     $0.20     $0.54     $0.74  
    1. Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.
    2. Represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.
    3. Excludes pre-tax carrying charges of $5 million for the three months ended December 31, 2023 as a result of a charge related to the FERC Administrative Law Judge decision on Keystone in respect of a tolling-related complaint pertaining to amounts recognized in prior periods.
    4. Excludes pre-tax Liquids Pipelines business separation costs of $10 million related to insurance provisions for the three months ended December 31, 2024.
    5. Excludes the impact of income taxes related to the specified items mentioned above as well as a $14 million U.S. minimum tax recovery in fourth quarter 2023 on the Keystone XL asset impairment charge and other related to the termination of the Keystone XL pipeline project.

    CEO Message
    2024 has been a transformational year for TC Energy. Through maintaining focus on a clear set of strategic priorities, we have delivered on our commitments and solidified our position as an industry leading natural gas and power company. With the successful spinoff of our Liquids Pipelines business, significant progress towards our debt-to-EBITDA3 leverage targets, and achieving mechanical completion on Southeast Gateway, we are well positioned to capitalize on the unprecedented demand we are seeing in natural gas and power and energy solutions across Canada, the U.S. and Mexico. Building on our solid foundation, our strong operational and financial results in 2024 are a direct reflection of our best safety performance in five years that has driven the highest level of asset availability and reliability across our portfolio.

    Our priorities for 2025 are clear. We will continue to maximize the value of our assets through safety and operational excellence, execute our selective portfolio of growth projects and ensure financial strength and agility. We believe that our renewed focus on natural gas and power, and our portfolio of highly contracted assets gives us a strategic competitive advantage in the industry, enabling us to continue achieving solid growth, low risk and repeatable performance.

    TC Energy’s focus on project execution continues to deliver results. The Southeast Gateway pipeline project reached mechanical completion on January 20, 2025 with the final golden welds at Coatzacoalcos and Paraíso. The estimated final cost for the project is approximately US$3.9 billion, which is at the low end of our prior guidance of US$3.9 to US$4.1 billion and 13 per cent below our original cost estimate. We continue to be aligned with the CFE on finalizing the remaining project completion activities for achieving a May 1, 2025 in-service date. The Southeast Gateway project highlights the success of the CFE’s first public-private partnership with TC Energy. Bruce Power Unit 4 was removed from service on January 31, 2025 to commence its MCR program, with a return to service expected in 2028, and the Unit 3 MCR program continues to advance on plan for both cost and schedule. The Unit 5 MCR final cost and schedule estimate was submitted to the IESO on January 31, 2025. In 2024, approximately $7 billion of projects have been placed in service, including natural gas pipeline capacity projects along our extensive North American asset footprint, our share of equity contributions related to the Coastal GasLink pipeline, as well as progressing the Bruce Power life extension program. We continue to expect approximately $8.5 billion of projects to be placed in service in 2025, including the Southeast Gateway pipeline project.

    In November 2024, Coastal GasLink LP executed a commercial agreement with LNG Canada (LNGC) and LNGC Participants that declared commercial in-service for the pipeline, allowing for the collection of tolls from customers retroactive to October 1, 2024. In March 2022, we announced the signing of option agreements to sell up to a 10 per cent equity interest in Coastal GasLink LP to Indigenous communities across the project corridor, from our current 35 per cent equity ownership. The equity option is exercisable after commercial in-service of the Coastal GasLink pipeline, subject to customary regulatory approvals and consents, including the consent of LNGC. As a result of the commercial agreement with LNGC and LNGC Participants, which has allowed for an earlier commercial in-service than the LNGC plant, we are actively collaborating with the Indigenous communities to establish a mutually agreeable timeframe in which the option can be exercised.

    We continue to assess ongoing trade negotiations between the U.S., Canada and Mexico and potential impacts of proposed tariffs to our business and our customers. On February 3, 2025, a 30-day pause on potential tariffs was implemented which we believe will support increased engagement with North America’s leaders in order to reach an agreement that will benefit consumers across the continent. There is significant energy flow between the U.S., Canada and Mexico, including oil, gas, electricity, and uranium, making our energy markets highly interdependent. Our assets support this cross-border flow of natural gas to critical markets in the U.S. Northeast, Midwest and Pacific Northwest and we remain committed to providing competitive and reliable service to our customers on both sides of the border.

    Given 97 per cent of our comparable EBITDA is underpinned by regulated cost-of-service frameworks or take-or-pay negotiated contracts, we bear minimal commodity price or volumetric risk. As such, we do not anticipate any significant impact to our financial performance.

    The cost-of-service framework of our regulated Canadian Natural Gas Pipelines business, which transports natural gas to be exported to the U.S. by our shippers, provides TC Energy with protection in the event of higher cost and/or loss of volumes. Our Mexico Natural Gas Pipelines business primarily receives southern U.S. natural gas supply, transported for our customers for delivery into key demand markets in Mexico. We do not transport any natural gas from Mexico into the U.S. Our contracts in Mexico are U.S. dollar-denominated and based on long-term, take-or-pay agreements. In our Power and Energy Solutions business, our most significant contributor is Bruce Power, where more than 90 per cent of capital and resource costs are spent in Canada.

    We recognize prolonged tariffs could impact capital allocation decisions and we will allocate capital to the markets where the demand for energy continues to grow. We have the benefit of a diverse portfolio across three jurisdictions, along with opportunities in natural gas, nuclear and other power and energy solutions that provides flexibility in our capital allocation.

    Reinforced by the strength of our base business and the confidence in our future outlook, TC Energy’s Board of Directors approved a 3.3 per cent increase in the quarterly common share dividend to $0.85 per common share for the quarter ending March 31, 2025, equivalent to $3.40 per common share on an annualized basis. This is the twenty-fifth consecutive year the Board has raised the dividend.

    Teleconference and Webcast
    We will hold a teleconference and webcast on Friday, February 14, 2025 at 6:30 a.m. (MST) / 8:30 a.m. (EST) to discuss our fourth quarter 2024 financial results and Company developments. Presenters will include François Poirier, President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

    Members of the investment community and other interested parties are invited to participate by calling 1-844-763-8274 (Canada/U.S.) or 1-647-484-8814 (International). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

    A live webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/13928. The webcast will be available for replay following the meeting.

    A replay of the teleconference will be available two hours after the conclusion of the call until midnight EST on February 21, 2025. Please call 1-855-669-9658 (Canada/U.S.) or 1-412-317-0088 (International) and enter passcode 6438166.

    The audited annual consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.

    Forward-Looking Information
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate” or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to Coastal GasLink and Southeast Gateway, including mechanical completion and expected in-service dates and related expected capital expenditures, expected comparable EBITDA and comparable earnings in total and per common share and the sources thereof, and targeted debt-to-EBITDA leverage metrics for 2025, expectations with respect to Indigenous investment, expectations with respect to Bruce Power, including Project 2030, expectations with respect to the approximate value of projects to be placed in-service in 2025, expectations with respect to our strategic priorities, including the expected impacts of the five-year negotiated revenue requirement settlement for the NGTL System, and the execution thereof, our sustainability commitments, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver solid growth, low risk and repeatable performance, our expected net capital expenditures, including timing, and expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2024 Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the “Forward-looking information” section of our Report on Sustainability and our GHG Emissions Reduction Plan which are available on our website at www.TCEnergy.com.

    Non-GAAP and Supplementary Financial Measures
    This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. It also contains references to debt-to-EBITDA, a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile.

    With respect to non-GAAP measures used in the calculation of debt-to-EBITDA, adjusted debt is defined as the sum of Reported total debt, including Notes payable, Long-term debt, Current portion of long-term debt and Junior subordinated notes, as reported on our Consolidated balance sheet as well as Operating lease liabilities recognized on our Consolidated balance sheet and 50 per cent of Preferred shares as reported on our Consolidated balance sheet due to the debt-like nature of their contractual and financial obligations, less Cash and cash equivalents as reported on our Consolidated balance sheet and 50 per cent of Junior subordinated notes as reported on our Consolidated balance sheet due to the equity-like nature of their contractual and financial obligations. Adjusted comparable EBITDA is calculated as the sum of comparable EBITDA from continuing operations and comparable EBITDA from discontinued operations excluding Operating lease costs recorded in Plant operating costs and other in our Consolidated statement of income and adjusted for Distributions received in excess of (income) loss from equity investments as reported in our Consolidated statement of cash flows which we believe is more reflective of the cash flows available to TC Energy to service our debt and other long-term commitments. We believe that debt-to-EBITDA provides investors with useful information as it reflects our ability to service our debt and other long-term commitments. See the Reconciliation section for reconciliations of adjusted debt and adjusted comparable EBITDA for the years ended December 31, 2022, 2023 and 2024.

    This release contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

    Reconciliation
    The following is a reconciliation of adjusted debt and adjusted comparable EBITDAi.

      year ended December 31
    (millions of Canadian $) 2024     2023     2022  
               
    Reported total debt 59,366     63,201     58,300  
    Management adjustments:          
    Debt treatment of preferred sharesii 1,250     1,250     1,250  
    Equity treatment of junior subordinated notesiii (5,524 )   (5,144 )   (5,248 )
    Cash and cash equivalents (801 )   (3,678 )   (620 )
    Operating lease liabilities 511     457     430  
    Adjusted debt 54,802     56,086     54,112  
               
    Comparable EBITDA from continuing  operationsiv 10,049     9,472     8,483  
    Comparable EBITDA from discontinued operationsiv 1,145     1,516     1,418  
    Operating lease cost 117     105     95  
    Distributions received in excess of (income) loss from equity investments 67     (123 )   (29 )
    Adjusted Comparable EBITDA 11,378     10,970     9,967  
               
    Adjusted Debt/Adjusted Comparable EBITDAi 4.8     5.1     5.4  
    1. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
    2. 50 per cent debt treatment on $2.5 billion of preferred shares as of December 31, 2024.
    3. 50 per cent equity treatment on $11.0 billion of junior subordinated notes as of December 31, 2024. U.S. dollar-denominated notes translated at December 31, 2024, USD/CAD foreign exchange rate of 1.44.
    4. Comparable EBITDA from continuing operations and Comparable EBITDA from discontinued operations are non-GAAP financial measures. See the Forward-looking information and Non-GAAP measures sections in our 2024 Annual Report for more information. Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403.920.7859 or 800.608.7859

    Investor & Analyst Inquiries:        
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403.920.7911 or 800.361.6522

    Download full report here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2024/tce-2024-q4-quarterly-report.pdf

    ________________________
    1 Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release and are applicable to each of our continuing operations and discontinued operations. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP measures section of this news release.
    2 Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measures sections of this news release.
    3 Debt-to-EBITDA is a non-GAAP ratio. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to calculate debt-to-EBITDA. For more information on non-GAAP measures, refer to the non-GAAP measures of this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies.

    The MIL Network –

  • MIL-OSI: TC Energy declares quarterly dividends

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) announced that its Board of Directors (Board) has declared a quarterly dividend of $0.85 per common share for the quarter ending March 31, 2025, on the Company’s outstanding common shares. The common share dividend is payable on April 30, 2025, to shareholders of record at the close of business on March 31, 2025.

    The Board also declared quarterly dividends on the outstanding Cumulative First Preferred Shares as follows:

    • For the period up to but excluding March 31, 2025, payable on March 31, 2025, to shareholders of record at the close of business on Feb. 28, 2025:
      • Series 1 (TRP.PR.A) – $0.3086875 per share
      • Series 2 (TRP.PR.F) – $0.3329282 per share
      • Series 3 (TRP.PR.B) – $0.105875 per share
      • Series 4 (TRP.PR.H) – $0.2934774 per share
    • For the period up to but excluding April 30, 2025, payable on April 30, 2025, to shareholders of record at the close of business on March 31, 2025:
      • Series 5 (TRP.PR.C) – $0.1218125 per share
      • Series 6 (TRP.PR.I) – $0.2889247 per share
      • Series 7 (TRP.PR.D) – $0.3740625 per share
      • Series 9 (TRP.PR.E) – $0.3175 per share
      • Series 10 (TRP.PR.L) – $0.3388562 per share

    These dividends are designated by TC Energy to be eligible dividends for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

    Common shares purchased with reinvested cash dividends under TC Energy’s Dividend Reinvestment and Share Purchase Plan (DRP) will be acquired on the Toronto Stock Exchange at 100 per cent of the weighted average purchase price. The DRP is available for dividends payable on TC Energy’s common and preferred shares.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

    FORWARD-LOOKING INFORMATION
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

    -30-

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403-920-7859 or 800-608-7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403-920-7911 or 800-361-6522

    PDF Available: http://ml.globenewswire.com/Resource/Download/4540a2e7-8ab4-47f0-aab2-11d081301941

    The MIL Network –

  • MIL-OSI: 180 Degree Capital Corp. Reports Net Asset Value Per Share (“NAV”) of $4.64 as of December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MONTCLAIR, N.J., Feb. 14, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital” and the “Company”), today reported its financial results as of December 31, 2024, and noted additional developments from the first quarter of 2025. The Company also published a letter to shareholders that can be viewed at https://ir.180degreecapital.com/financial-results.

    “We were pleased with our performance in Q4 2024 relative to the majority of our public market comparable indices,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “While our full year performance was disappointing, Q1 2025 has thus far continued and exceeded our strong performance exiting 2024. Our gross total return of +205% from inception through the end of 2024 continues to compare favorably to the +69% total return for the Russell Microcap Index.1 We are also incredibly proud and excited for our recent announcement of the signing of a definitive agreement for 180 Degree Capital to enter into a business combination (the “Business Combination”) with Mount Logan Capital Inc. (“Mount Logan”). For those of you who have not had a chance to listen to our joint call with the team from Mount Logan or review the presentation deck that summarizes the proposed transaction, both can be found at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger. We expect to file a registration statement and included joint proxy statement/prospectus with the Securities and Exchange Commission (the “SEC”) soon. This document will give us the opportunity to speak more extensively with our shareholders about the proposed Business Combination and what we believe are its significant benefits for all shareholders. The proxy will also describe the process that led to our Board’s unanimous approval of it.”

    “This proposed transaction is not the end of 180 Degree Capital,” continued Daniel B. Wolfe, President of 180 Degree Capital. “We believe this Business Combination is the logical next step in our evolution. It is also an opportunity that is not afforded commonly to closed-end funds, particularly since we believe most have limited differentiation. We believe there are clear reasons why 180 Degree Capital has this truly unique opportunity to combine with an asset manager and to transition to an operating company. We are not the only ones who understand the potential for value creation from this Business Combination. Some of our largest shareholders have signed either voting agreements or non-binding indications of support, that when combined with ownership of management and our Board, account for approximately 27% of our outstanding shares in the aggregate. We appreciate the time and consideration these shareholders spent to understand the merits of this proposed Business Combination and their support for it.”

    Mr. Rendino added, “I, as the largest individual shareholder of 180 Degree Capital, and Daniel as a top-ten shareholder, could not be more excited about the future of the combined entity. We believe the proposed Business Combination to be the best opportunity to build value for all shareholders of 180 Degree Capital. We believe strongly in the future of the combined entity under the leadership of Ted Goldthorpe and his colleagues. I have been an investor in the public markets for 35 years, during which investors entrusted me with billions of dollars of capital. We are interested in building true value for shareholders over the short and long term. We believe this combination achieves both of these objectives.”

    The table below summarizes 180 Degree Capital’s performance over periods of time through the end of Q4 20241:

      Quarter 1 Year 5 Year Inception to Date
      Q4 2024 Q4 2023-
    Q4 2024    		 Q4 2019-
    Q4 2024    		 Q4 2016-
    Q4 2024
    TURN Public Portfolio Gross Total Return (Excluding SMA Carried Interest) 7.8 % 1.0 % -10.8 % 185.7 %
    TURN Public Portfolio Gross Total Return (Including SMA Carried Interest) 7.8 % 1.0 % -4.8 % 204.5 %
             
    Change in NAV 5.5 % -7.6 % -49.5 % -33.9 %
             
    Change in Stock Price 8.7 % -10.5 % -43.1 % -11.4 %
             
    Russell Microcap Index 5.9 % 13.7 % 39.8 % 68.5 %
    Russell Microcap Growth Index 14.7 % 22.5 % 28.2 % 57.6 %
    Russell Microcap Value Index 4.3 % 9.7 % 49.3 % 77.8 %
    Russell 2000 Index 0.3 % 11.5 % 42.7 % 82.7 %
    Lipper Peer Group 1.6 % 10.8 % 52.5 % 81.8 %


    About 180 Degree Capital Corp.

    180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.

    Press Contact:
    Daniel B. Wolfe
    Robert E. Bigelow
    180 Degree Capital Corp.
    973-746-4500
    ir@180degreecapital.com

    Additional Information and Where to Find It

    In connection with the proposed Business Combination, 180 Degree Capital intends to file with the SEC and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”), containing a form of WHITE proxy card. In addition, the surviving Delaware corporation, Mount Logan Capital Inc. (“New Mount Logan”) plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.

    Certain Information Concerning the Participants

    180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.

    Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 14, 2024, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.

    Non-Solicitation

    This letter and the materials accompanying it are not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

    Forward-Looking Statements

    This letter and the materials accompanying it, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common stock or 180 Degree Capital’s common stock; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.

    Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.

    1. Past performance is not an indication or guarantee of future performance. Gross unrealized and realized total returns of 180 Degree Capital’s cash and securities of publicly traded companies are compounded on a quarterly basis, and intra-quarter cash flows from investments in or proceeds received from privately held investments are treated as inflows or outflows of cash available to invest or withdrawn, respectively, for the purposes of this calculation. 180 Degree Capital is an internally managed registered closed-end fund that has a portion of its assets in legacy privately held companies that are fair valued on a quarterly basis by the Valuation Committee of its Board of Directors, and 180 Degree Capital does not have an external manager that is paid fees based on assets and/or returns. Please see 180 Degree Capital’s filings with the SEC, including its 2024 Annual Report on Form N-CSR for information on its expenses and expense ratios.

    The MIL Network –