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Category: Finance

  • MIL-OSI: NNIT A/S: Publication of financial estimates gathered from equity analysts covering the NNIT share

    Source: GlobeNewswire (MIL-OSI)

    Today, NNIT has published financial estimates gathered from the four equity analysts covering the NNIT share ahead of the Q4/FY 2024 announcement scheduled for publication on February 18.

    The analyst estimates is available on NNIT’s investor site through this link: https://www.nnit.com/investors-media/investors/share/analyst-coverage/

    NNIT will host its webcast about the Q4/FY 2024 results on February 19 at 9:30 AM CET. Details can be found via this link: https://www.nnit.com/investors-media/investors/calendar/

    For more information, please contact:

    Investor Relations
    Carsten Ringius
    EVP & CFO
    Tel: +45 3077 8888
    carr@nnit.com

    Media Relations
    Sofie Mand Steffens
    Senior Communications Consultant
    Tel: +45 3077 8337
    smst@nnit.com

    ABOUT NNIT
    NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and private sectors in Denmark.

    We focus on high complexity industries and thrive in environments where regulatory demands and complexity are high.

    We advise on and build sustainable digital solutions that work for the patients, citizens, employees, end users or customers.

    We strive to build unmatched excellence in the industries we serve, and we use our domain expertise to represent a business first approach – strongly supported by a selection of partner technologies, but always driven by business needs rather than technology.

    NNIT consists of group company NNIT A/S and the subsidiary SCALES. Together, these companies employ more than 1,700 people in Europe, Asia and USA.  

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Principality of Andorra: Staff Concluding Statement of the 2025 Article IV Mission

    Source: International Monetary Fund

    February 11, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Andorra La Vella – February 11, 2025

    The Andorran economy is doing well. This provides a window of opportunity to address substantial long-term challenges. The authorities have consolidated the country’s macro-financial framework and reinforced buffers. However, Andorra’s real GDP per capita—while high in absolute terms—has remained flat over the last 50 years, with growth largely driven by population increases. Going forward, population aging is both an economic and a fiscal concern, and climate change challenges an economic model largely dependent on winter tourism. Ambitious structural reforms are needed to unlock investment and lift productivity.

    Economic Outlook

    The Andorra economy continues to show resilience and to grow above its potential. Growth in 2024 surprised slightly on the upside, at an estimated 2.1 percent, driven by the service, banking and construction sectors. Inflation is subsiding gradually, reaching 2.6 percent at the end of 2024, despite limited economic slack and a still tight labor market. The current account surplus remains very large, estimated at 15.1 percent of GDP in 2024. The strong performance of banks continued in 2024 supported by high interest margins and increased fees and commissions.

    Going forward, GDP is expected to slow to the level of potential growth. Real GDP growth is forecasted at 1.7 percent in 2025 and 1.5 percent from 2027 onwards. Inflation is projected to stabilize at 1.7 percent over the medium term. Short-term risks are balanced: greater uncertainty in the global economy and the potential for adverse shocks such as deepening geoeconomic fragmentation, supply disruptions, recurrent commodity price fluctuations and a reversal of monetary policy loosening are downside risks to growth and inflation. On the upside, Andorra, like other service-oriented economies in Europe, could benefit from stronger demand, and grow faster than projected. Solid buffers mitigate risks.

    Challenges are concentrated over the medium-term, as stagnating income growth makes it challenging to address the impact of population aging and climate change. With long life expectancy and low fertility rates, Andorra’s population is expected to age rapidly—removing an engine for GDP growth and creating fiscal liabilities over the long term. Fiscal costs from pensions and healthcare will be substantial. More frequent climate shocks can affect the economic cycle in an economy largely reliant on winter tourism, and structurally warmer temperatures will require extensive adaptation.

    Policy priorities

    The solid macroeconomic position and the credibility of the policy framework provide Andorra with an opportunity for implementing far-reaching structural reforms. Diversifying the economy to enhance resilience, unlocking investment and lifting productivity to raise income levels, and addressing the costs of aging and climate change should be driving the policy agenda. The recently negotiated EU Association Agreement (EUAA), if approved by referendum, could offer an opportunity to support the reform momentum, but would also bring challenges.

    Maintaining a solid fiscal framework given spending pressures over the medium term

    Maintaining a disciplined fiscal policy within the fiscal framework is important and will provide room for more public investment. In a microstate that needs fiscal buffers against external shocks, entrenching fiscal space is important. In addition, the credibility of the fiscal framework and the primary surplus provide room for higher public investment to support potential growth and mitigate structural bottlenecks.

    • A balanced 2025 budget focused on economic priorities. The 2025 budget finds a welcome balance between maintaining a conservative fiscal stance but building on the authorities’ structural priorities, with a focus on health, housing, maintaining purchasing power, and education. Overall, the 2025 budget foresees a deficit of 0.9 percent of GDP. Given past practice of adjusting expenditures in line with incoming revenues, staff forecasts a small surplus of about 0.3 percent of GDP.
    • Room for growth-enhancing public spending. The fiscal framework, which prescribes an overall deficit limit of 1 percent of GDP and a central government debt ceiling of 40 percent of GDP, provides room for higher public spending targeted towards growth-enhancing investment. Spending should be focused on the structural needs of the economy: social and affordable housing, upskilling the workforce and addressing labor shortages, connectivity to support economic diversification, and investments to lift potential growth. As under-execution of budgeted public investment is customary, delivering on investment plans should be a policy objective.

    Over the medium term, Andorra faces rising spending pressures from aging, as well as a need to adapt to climate change—engaging reforms early is paramount. Staff estimates that by 2050, pension system expenditures will rise by 6.7 percentage points while healthcare expenditures will increase by 2 percentage points. Acting early on pension and healthcare reforms is needed to anticipate and mitigate the fiscal impact of aging.

    • Pension reform has been on the government’s agenda for some time and is overdue. The menu of options to put the system on the sustainable path is well understood, from increasing contribution rates and reducing conversion rates to increasing the retirement age. Concluding the reform in an expeditious and comprehensive manner is needed to ensure the sustainability of the social security fund in the long run.
    • A reform of the healthcare system should aim to contain long-term costs while raising healthcare revenues . Experience from other advanced economies provides a blueprint for potential measures, in 4 areas: (i) enhance cost efficiency, (ii) strengthen preventive care, (iii) increase revenues for healthcare while preserving equity, and (iv) improve governance. The National Pact brought together stakeholders and should continue its work to strengthen the healthcare system.

    · Beyond direct policies in the pension and healthcare areas, broader measures would be helpful to buffer the additional long-term fiscal costs of aging. Domestic revenue mobilization and migration policies can help.

    • Climate change also exposes the government to future contingent liabilities. Public investment needs to increase to meet Andorra’s climate change mitigation targets and to provide adequate support to the adaptation of the private sector. In addition, fiscal space will be increasingly needed to buffer the negative impact of climate shocks.

    Precautionary borrowing and a rapid reduction in public debt provide the authorities with flexibility in managing the debt profile. The authorities are reaping the benefits of an effective debt management strategy that is projected to bring public debt down to 30 percent of GDP by 2026, that lengthened its maturity to 6.3 years and that keeps public debt service low. The authorities should continue to monitor market conditions for an upcoming debt maturity of €500 million public bonds in 2027, including for further diversifying debt and extending its maturity to decrease rollover risks and mitigate consequences from potential increases in interest rates.

    Consolidating banking performance in a changing environment

    Strengthening further the resilience of the banking system during periods of high profitability is appropriate. The banking sector displays solid fundamentals, with large capital and liquidity buffers. However, given the large size of the banking sector, the supervisor should remain vigilant. Available supervisory tools should complement each other, including by supporting the lender of last resort facility introduced in 2022 by continued close supervision and a well-designed resolution framework to ensure that critical problems are identified and addressed early. The activation of a countercyclical capital buffer in 2024 was timely to increase banking system resilience during high bank profitability.

    The changing financial landscape, notably with the continued international expansion of banks and a possible EUAA, brings opportunities and challenges for Andorran banks. Banks have been growing in the EU where they run independent subsidiaries focused on private banking services, and the EUAA would facilitate this expansion, notably in the asset management business. Domestically, the EUAA has the potential to create a more dynamic domestic market but also to open Andorra to greater competition. The authorities should work closely with banks to prepare for the transition and safeguard financial stability.

    Ambitious structural reforms to unlock investment and lift productivity, support the diversification of the economy and help mitigate climate change.

    A comprehensive set of structural measures is important and should focus on the following:

    • Addressing frictions, notably labor and housing shortages. Public investment in education and well-designed immigration policies can improve knowledge capital in Andorra and raise labor productivity. Multiple housing measures were implemented recently—including the extension of existing rental contracts, the creation of a public affordable housing park, tax incentives for owners who offer affordable housing, suspension of tourist accommodation licenses, fees on empty houses and on real estate purchases by foreigners. The authorities should aim at providing market-based incentives for investing in affordable housing while minimizing distortions.
    • Creating a business environment conducive to higher investment. Recommendations encompass reducing administrative rigidities associated with doing business in Andorra, promoting access to financing, and implementing measures to attract and retain talent.
    • Supporting the development of higher value-added sectors, including the digital economy. With limited space for manufacturing, Andorra can look at the experience of peer countries that have successfully diversified towards the digital economy. Government policies, including the 2022 Law on the digital economy, entrepreneurship, and innovation and the Digitalization Strategy 2020-2030 were welcome initial steps.

    The EUAA could provide further momentum for reforms towards diversification, unlock investment, and raise productivity in Andorra, but is not without its own challenges. The agreement signals a strong commitment to deeper integration with the EU and to reinforce Andorran institutions in their coherence with EU standards. Empirical evidence on the benefits of EU membership provides useful lessons for EU association. It suggests that while the impact can be significant and positive, it builds up over time, and is conditional on well-designed domestic reforms during the accession period. While the impact varies with country-specific circumstances, it materializes through a few channels: structural reforms in the period preceding accession/association, greater capital accumulation, notably FDI, and higher productivity. In Andorra, room for increasing investment and productivity is substantial. Transition periods for key sectors such as telecom and banking mitigate the risks of disruption and fiscal space can cover transition costs. Preparedness is essential to realize the benefits of association, and reduce potential downsides, such as greater regional competition.

    The climate adaptation strategy needs to be accelerated given the macrocriticality of global warming for Andorra. Because of its higher altitude, Andorra is less exposed than other winter tourism locations in the region and should use this window of opportunity to enact needed policies, support the development of higher value-added service sectors and diversify away from winter tourism. The authorities should expedite the development and execution of a climate adaptation strategy.

    *

    The mission thanks the authorities and all our counterparts for a constructive and candid policy dialogue, for engaging in a productive and transparent collaboration, and for their hospitality during the official visit of the IMF to Andorra.

    Andorra: Selected Social and Economic Indicators

    I. Social Indicators

    Population (2023)

    85101

    Population at risk of poverty (percent, 2020)

    13

    Per capita income (2023, euros)

    40511

    Human Development Index Rank (2021)

    40 (out of 189)

    Gini Index (2020)

    32

    Life expectancy at birth (2024)

    83.9

    II. Economic Indicators

    Projections

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    NATIONAL ACCOUNTS AND PRICES

    (annual change, percent, unless otherwise indicated)

    Real GDP

    9.6

    2.6

    2.1

    1.7

    1.6

    1.5

    1.5

    1.5

    1.5

    Nominal GDP

    14.2

    9.0

    5.0

    3.7

    3.4

    3.3

    3.2

    3.2

    3.2

    GDP deflator

    4.2

    6.3

    2.9

    1.9

    1.8

    1.7

    1.7

    1.7

    1.7

    (contribution to nominal GDP growth, percentage points)

    Consumption

    6.5

    7.0

    3.6

    2.5

    2.5

    2.5

    2.5

    2.4

    2.4

    Private

    6.2

    3.5

    1.7

    1.5

    1.5

    1.5

    1.5

    1.4

    1.4

    Public

    0.3

    3.4

    1.9

    1.0

    1.0

    1.0

    1.0

    1.0

    1.0

    Investment

    6.8

    -2.2

    0.9

    0.5

    0.6

    0.3

    0.3

    0.4

    0.5

    Private 1/

    6.4

    -3.1

    0.2

    0.0

    0.4

    0.1

    0.1

    0.2

    0.3

    Public

    0.4

    0.9

    0.7

    0.5

    0.2

    0.2

    0.2

    0.2

    0.2

    Net exports of goods and services

    0.9

    4.3

    0.7

    0.6

    0.4

    0.4

    0.4

    0.4

    0.4

    Exports

    18.8

    10.4

    4.2

    3.3

    2.8

    2.8

    2.9

    2.9

    2.8

    Imports

    18.0

    6.1

    3.5

    2.7

    2.5

    2.4

    2.5

    2.5

    2.4

    Prices

    Inflation (percent, period average)

    6.2

    5.6

    3.1

    2.2

    1.8

    1.7

    1.7

    1.7

    1.7

    Inflation (percent, end of period)

    7.2

    4.6

    2.6

    2.0

    1.7

    1.7

    1.7

    1.7

    1.7

    Unemployment rate (percent)

    2.1

    1.6

    1.6

    1.6

    1.8

    1.8

    1.9

    2.0

    2.0

    EXTERNAL SECTOR

    (percent of GDP, unless otherwise indicated)

    Current account

    11.6

    14.2

    15.1

    17.0

    17.0

    17.0

    17.0

    17.0

    17.0

    Balance on goods and services

    8.8

    12.0

    12.0

    12.2

    12.1

    12.1

    12.1

    12.1

    12.1

    Exports of goods and services

    80.9

    83.7

    83.7

    83.9

    83.8

    83.9

    84.1

    84.2

    84.3

    Imports of goods and services

    72.2

    71.8

    71.6

    71.7

    71.7

    71.8

    71.9

    72.1

    72.2

    Primary income, net

    4.3

    3.5

    4.3

    6.1

    6.1

    6.1

    6.1

    6.1

    6.1

    Secondary income, net

    -1.4

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    Capital account

    0.0

    -0.1

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Financial account

    12.7

    13.5

    15.1

    17.0

    17.0

    17.0

    17.0

    17.0

    17.0

    Errors and omissions

    1.1

    -0.6

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Gross international reserves (millions of euros) 2/

    338.4

    338.7

    399.0

    399.0

    399.0

    399.0

    399.0

    399.0

    399.0

    FISCAL SECTOR

    (percent of GDP, unless otherwise indicated)

    General Government 3/

    Revenue

    39.7

    38.0

    37.9

    37.8

    37.7

    37.8

    37.8

    37.7

    37.8

    Expenditure

    34.9

    35.9

    36.5

    36.7

    36.6

    36.9

    36.9

    37.0

    37.0

    Interest

    0.7

    0.6

    0.6

    0.6

    0.6

    0.8

    0.8

    0.8

    0.8

    Primary balance

    5.6

    2.7

    2.0

    1.7

    1.6

    1.6

    1.7

    1.6

    1.6

    Net lending/borrowing (overall balance)

    4.8

    2.1

    1.5

    1.1

    1.1

    0.8

    0.9

    0.8

    0.8

    Public debt

    38.9

    35.5

    33.7

    32.5

    31.5

    30.5

    30.0

    29.5

    29.0

    Central Government 4/

    Revenue

    21.7

    19.8

    21.3

    20.8

    20.8

    20.8

    20.8

    20.8

    20.9

    Expenditure

    18.7

    19.1

    20.4

    20.5

    20.5

    20.6

    20.7

    20.6

    20.7

    Interest

    0.7

    0.5

    0.5

    0.5

    0.5

    0.7

    0.7

    0.7

    0.7

    Primary balance

    3.6

    1.2

    1.4

    0.8

    0.8

    0.9

    0.8

    0.9

    0.9

    Net lending/borrowing (overall balance)

    2.9

    0.7

    0.9

    0.3

    0.3

    0.2

    0.1

    0.2

    0.2

    Public debt

    37.1

    34.0

    32.3

    31.2

    30.1

    29.2

    28.7

    28.3

    27.9

    BANKING SECTOR5 /

    (percent, unless otherwise indicated)

    Regulatory capital to risk-weighted assets

    20.3

    21.7

    21.2

    …

    …

    …

    …

    …

    …

    Nonperforming loans to total gross loans

    3.3

    2.2

    2.1

    …

    …

    …

    …

    …

    …

    Credit to nonfinancial private sector

    Level (percent of GDP)

    116.4

    101.3

    94.5

    …

    …

    …

    …

    …

    …

    Corporates

    61.8

    55.1

    51.1

    …

    …

    …

    …

    …

    …

    Households

    54.6

    46.2

    43.4

    …

    …

    …

    …

    …

    …

    Growth (nominal)

    -1.7

    -5.2

    -2.0

    …

    …

    …

    …

    …

    …

    Corporates

    2.6

    -2.8

    -2.5

    …

    …

    …

    …

    …

    …

    Households

    -6.1

    -7.8

    -1.3

    …

    …

    …

    …

    …

    …

    Credit to public sector

    Level (percent of GDP)

    2.2

    1.8

    1.5

    …

    …

    …

    …

    …

    …

    Growth (nominal)

    -8.4

    -10.0

    -13.0

    …

    …

    …

    …

    …

    …

    Memorandum items

    Exchange rate (€/USD, period average) 6/

    0.95

    0.92

    0.92

    0.97

    0.97

    0.97

    0.97

    0.97

    0.97

    Nominal GDP (millions of euros)

    3,210

    3,501

    3,676

    3,811

    3,942

    4,070

    4,202

    4,338

    4,478

    Sources: Andorran authorities, Eurostat, and IMF staff calculations.

    1/ The contribution of private investment is derived as a residual and includes investments of state-owned enterprises.

    2/ The increase of gross international reserves in 2022 is due to €100 million deposited at the Bank of Spain, €40 million at the Banque de France, and €60 million at the Nederlandsche Bank as gross international reserves. In 2024, additional €60 million reserves were accounted, mainly deposited at the Bank of Spain.

    3/ The general government comprises the central government, local governments, and the social security fund.

    4/ The central government comprises Govern d’Andorra, as well as nonmarket, nonprofit institutional units.

    5/ 2024 data corresponds to 2024Q3.

    6/ The table reports the exchange rate €/USD because Andorra is a euroized economy.
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

  • MIL-OSI: CapitalRock spreads its wings in the realm of cryptocurrency with the latest solutions and investment plans

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 11, 2025 (GLOBE NEWSWIRE) — World-recognized Crypto Asset Management Leader now introduces CapitalRock coin and is ready to start its trading app.

    CapitalRock is one of the leading crypto asset management companies that has come up with a huge plan to redefine the digital finance system through its advanced investment plans, strategic analysis approach, and attractive offers.

    Composed of a competent team of more than 200 experts, CapitalRock is all set to take over the crypto world.

    The prime focus of CapitalRock is to cater to the digital world with its unique crypto investment plans with keen market analysis. The efficient team is dedicated to working most professionally by keeping an eye on the latest trends and risk factors, thus making smart decisions for its Investors. The CapitalRock team involves seasoned analysts, traders, and Blockchain experts from the industry who bring their hands-on experience to make every effort to elevate the graph of CapitalRock coin.

    CapitalRock coin aka CR is the nucleus of CapitalRock’s unique work plan in the world of cryptocurrency. CR has taken the top position in the contemporary exchange market. Its top ranking has increased the company’s reputation in the market in turn, providing the investors a trustworthy platform for carrying out trade activities. Thus, both CR and the company find its way to ace the digital market.

    CapitalRock Coin (CR): A Game-Changer in Crypto

    CapitalRock coin (CR) has been launched to set a foundation for the company’s beneficial monetary plans, to take it high in the brand ranking. After wise investment planning, along with smart strategic management, CR bears the potential to bring innovation to the digital market. CR paves a lucrative path for its users from trade aspects, thus providing them a strong and durable crypto ecosystem.

    The launch of CR is completely aligned with the vision of CapitalRock which claims to provide its users not just with a financially supportive trade coin but also makes them a valuable part of the company’s mission.

    CR, being labelled as the top-ranked coin in the exchange market, has caught the attention of investors worldwide for availing a better trading experience.

    CapitalRock’s Trading Application: A Step Forward in User Experience

    In the coming future, CapitalRock is also ready to launch its highly effective trading application. This up-to-date trading app will allow both retailers and investors to make use of advanced features to increase the functionality of the coin. With the use of this app, the users through their crypto profile, will enjoy a smooth trade experience with CR.

    The application will be designed with an attractive yet easy-to-use interface, precise analysis, and authentic market data. The easy-to-use interface will allow both new traders and old crypto users to enjoy the service in its full bloom. It will enable the users to reach out to important market updates, trading trends, and analytics and will also allow them to maintain their trade portfolio and view the performance graph. These facilities will surely allow them to make wise decisions in terms of trading and investment in the digitally competitive finance market.

    Technology is a reality and it stands at the heart of the crypto asset management and our trading app is the representative of this reality. Our motto is to take crypto investments through a more user-friendly approach and this will be possible via our trading application. The CEO of CapitalRock claimed to be eagerly in the queue to embrace its beneficial impact in the digital world.

    CapitalRock’s Dedicated Team: The Driving Force Behind Success

    The CapitalRock team of over 200 potential minds is one of the leading reasons behind its successful journey. The expert data analysts, competent risk managers, and Blockchain masters put their entire efforts to keep it high in the exchange ranking by continuously devising mindful strategies and keeping a track of the associated risks. Thus CapitalRock has met all the risks and stands high in ua performance.

    The head of CapitalRock’s investment strategy department stated that the CapitalRock team is its backbone. He further mentioned that they take pride in their capabilities to cope with the trends, pinpoint risks timely, and avail the opportunities rightly by being flexible by market fluctuations. He also paid tribute to the team members’ full-time commitment and dedication to their duties and the company’s vision.

    A Vision for the Future

    With the continuous growth of the crypto market, CapitalRock stands firm with its motto to add value to the advanced digital world. The strategic plans of CapitalRock including continuous investment analysis, the launch of CR, and the most useful trading application are all its support systems that speak of its vision. The passionate team of CapitalRock is also striving to extend its global face, making new partnerships and fostering ties with organizational investors. It also has smart plans to work on Blockchain projects and make trading collaborations. The leadership of CapitalRock is giving it’s best in availing more growth opportunities to amplify its digital profile along with bringing more services and facilities for the investors.

    In the coming future, CapitalRock is also quite eager to take part in educational programs, innovative projects, and decentralized finance (DeFi) applications in order to pay back to the Blockchain community in the best way.

    Commitment to Transparency and Security

    Transparency is practiced at its best at CapitalRock. As with the increasing number of users and an upsurge in digital assets, the company is subjected to more seamlessness in providing the data to its partners. Therefore, it ensures that the company’s investors feel rather more trusted while making decisions and being a part of this community.

    CapitalRock makes use of top-notch security tools i-e multi-signature wallets, two-factor authentication, and peer-to-peer encryption to keep all the investments as well as users’ personal data fully safe and secure. With frequently mushrooming crypto assets, CapitalRock has felt the need to maintain its security protocols rather than more.

    Conclusion

    With all its uniqueness, CapitalRock is determined to maintain its pre-eminent position in the crypto world. With it’s crypto coin (CR) and the trendy trading application launched, the company is doing its best to come up to the mark with all competitors and contribute in revamping the digital finance market.

    CapitalRock, with its seasoned team, smart leadership, and dedicated mindset, is laying the foundation to better standards for crypto investments, trade and exchanges. Investors can see a bright future ahead of their way in the contemporary crypto ecosystem where CapitalRock is leading their way.

    For further information regarding CapitalRock coin (CR) and trading app, keep visiting the official website.

    https://www.capitalrock.ch/
    https://t.me/capitalrock1
    https://twitter.com/CapitalRock_AG
    Contact person: Jawwad Ahmed
    Company name: CapitalRock
    Website: capitalrock.ch
    Email: admin@capitalrock.ch

    Disclaimer: This press release is provided by CapitalRock. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4c8175b0-1282-4ae3-8036-d6168fb13fbe

    The MIL Network –

  • MIL-OSI United Kingdom: Building consensus on Council Tax reform

    Source: Scottish Government

    Future of local taxation to be considered.

    The public will be invited to submit their views on how to make the Council Tax system fairer, as part of wider efforts to explore options and build a consensus for potential reform.

    As part of a joint programme of engagement by the Scottish Government and COSLA, independent analysis will also be commissioned to examine the Council Tax system accounting for market changes, reforms, and improvements.

    This will inform public engagement later this year, followed by a Scottish Parliament debate on the findings and proposed policy reforms.

    Finance Secretary Shona Robison said:

    “Partnering with COSLA, we want to examine ways to make Council Tax fairer, which will help to continue to deliver better public services across Scotland.

    “By working closely with local authorities and listening to the public, we will be seeking a consensus on a local taxation system that is fairer, financially sustainable and fits a modern Scotland.”

    COSLA Resources Spokesperson Cllr Katie Hagmann said:

    “Local Authorities wish to see a fair and proportionate Council Tax, which benefits people and communities. 

    “COSLA is looking forward to working with the Scottish Government on a programme of engagement with the public, with the shared goal of achieving a better, fairer system of local taxation.”

    Background

    Programme of engagement:

    Expert and independent analysis will be commissioned, including to provide high level analysis and modelling on alternative scenarios and reforms of the system.

    Following that, a range of activities to seek the views from a wide range of people from across Scotland will be undertaken, consisting of three key elements:

    • A formal public consultation process.
    • A number of public events or ‘town hall’ meetings held over the autumn months, ensuring a reasonable geographical spread and diversity.
    • A set of focused discussions with key stakeholders and experts.  

    The public engagement will aim to capture a wide spectrum of opinions and considered responses, ensuring a diverse range of perspectives, including representation from those paying Council Tax across different bands.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Aberdeen awarded major award from Arts and Humanities Research Council The University of Aberdeen has secured a major award from the Arts and Humanities Research Council (AHRC) to support PhD research across the arts and humanities disciplines.

    Source: University of Aberdeen

    The University of Aberdeen has secured a major award from the Arts and Humanities Research Council (AHRC) to support PhD research across the arts and humanities disciplines.

    This award underscores the University’s international reputation for research excellence in the arts and humanities, and also our commitment to supporting and preparing the next generation of scholars to ensure the vitality of arts and humanities disciplines.” Professor Nicholas Forsyth

    The five-year £500K award will provide 15 scholarships to outstanding PhD candidates, with a further £1M provided to foster collaboration with other Scottish Universities through a regional training hub. The PhD candidates will come from a range of disciplines at the University including the School of Divinity, History, Philosophy and Art History, the School of Law, the School of Language, Literature, Music and Visual Culture, and the Archaeology department within the School of Geosciences. 

    Professor Nicholas Forsyth, the University of Aberdeen’s Vice-Principal for Research said: “This award underscores the University’s international reputation for research excellence in the arts and humanities, and also our commitment to supporting and preparing the next generation of scholars to ensure the vitality of arts and humanities disciplines.” 

    The AHRC Executive Chair, Professor Christopher Smith said: “The AHRC doctoral landscape awards provide flexible funding to allow universities to build on existing excellence in research and opportunities for innovation across the arts and humanities.” 

    This AHRC award follows other recent successes in securing support for PhD research and training. The Natural Environment Research Council (NERC) and Biotechnology and Biological Sciences Research Council (BBSRC) have confirmed a combined £9M investment in a PhD research and training programme led by the University of Aberdeen to prepare the next generation of environmental scientists who can tackle global environmental grand challenges such as the climate crisis and biodiversity loss. 

    This combined success has been welcomed in a motion raised in the Scottish Parliament by Kevin Stewart, MSP for Aberdeen Central, highlighting that “Investment recognises the excellence of the University of Aberdeen’s research and its commitment to training PhD students as innovative research leaders.” 

    Professor Stuart Piertney, the University’s Dean for Postgraduate Research said: “Securing funding for PhD research and training that spans science to arts subjects allows the University to deliver on its commitments to grow a vibrant and diverse postgraduate community that is empowered to make high-impact contributions to both academia and society.” 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Director of Public Health Report05 February 2025 ​Professor Peter Bradley has today published his second Director of Public Health Report which looks at the evidence for investing in prevention. This year’s Director of Public Health Report considers… Read more

    Source: Channel Islands – Jersey

    05 February 2025

    ​

    Professor Peter Bradley has today published his second Director of Public Health Report which looks at the evidence for investing in prevention. 

    This year’s Director of Public Health Report considers the case for prevention in the Jersey context and details: 

    • the current burden of disease faced by Islanders 
    • how that burden is not equally spread across the Island 
    • how the Island’s aging population is likely impact on future health 
    • an estimate of the costs of this aging population 
    • a summary of the evidence of the effectiveness of a preventative approach.

    Director of Public Health, Professor Peter Bradley, said: “I am pleased to be publishing this report and raise awareness of the importance of investing in health prevention. This report highlights that prevention is not just about avoiding illness; Investing in prevention means Islanders can enjoy better health and wellbeing, employers have a healthier workforce, and healthcare systems can allocate resources more effectively to those in greatest need.

    “Building on existing work and improvements already made, we can embed prevention into our policies across government, as well as into the community, ensuring our Island remains an attractive place to live, work, and visit.” 

    The full report and executive summary are attached and will be made available online at Public Health reports​.​

    MIL OSI United Kingdom –

  • MIL-OSI Submissions: OPEC Fund provides a €50 million loan to accelerate Türkiye’s green transformation

    Source: OPEC Fund for International Development (the OPEC Fund)

    February 11, 2025: The OPEC Fund for International Development (the OPEC Fund) has signed a €50 million loan agreement with the Industrial Development Bank of Türkiye (TSKB) to support investments in renewable energy, energy efficiency, climate adaptation, climate-related equipment production, and circular economy initiatives. 

    The financing, provided through an on-lending arrangement with the Republic of Türkiye’s Ministry of Treasury and Finance, marks the first collaboration between the OPEC Fund and TSKB.

    OPEC Fund President Abdulhamid Alkhalifa said: “This milestone partnership with TSKB underscores our commitment to advancing climate action and sustainable development in Türkiye. By channeling funding into renewable energy, energy efficiency, and climate-resilient industries, we aim to support Türkiye’s transition to a low-emission economy and its net zero target by 2053, while fostering inclusive and green economic growth.”

    TSKB CEO Murat Bilgiç said: “We are delighted to establish our first loan partnership with the OPEC Fund, which will help diversify our sustainable funding sources and support Türkiye’s green transformation. This secured loan aligns with national climate goals and the 2053 Long-Term Climate Strategy, contributing to sustainable development and climate adaptation efforts. We aim for this resource to finance low-emission and resilient economy projects, bringing significant benefits to our country.”

    The OPEC Fund has been a longstanding partner to Türkiye since 1976, supporting projects in key sectors including energy, infrastructure, agriculture and health.

    About the OPEC Fund

    The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. 

    The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. 
    The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people.
     Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. 
    To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of about US$225 billion. The OPEC Fund is rated AA+ (Stable Outlook) by Fitch and S&P. Our vision is a world where sustainable development is a reality for all.

    MIL OSI – Submitted News –

  • MIL-OSI: Bitget lists JAILSTOOL adding it to Spot Trading

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 11, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of Stool Prisondente ($JAILSTOOL). The memecoin was adopted by Barstool Sports founder David Portnoy. Spot trading will begin on 10 February 2025, 14:00 (UTC), with withdrawals available on 11 February 2025, 10:00 (UTC).

    Stool Prisondente is a community-driven memecoin designed for fun and lighthearted engagement within the crypto ecosystem, celebrating crossovers between internet culture and the unpredictable nature of meme assets. With a focus on community participation and viral momentum, Jailstool embodies the spirit of crypto’s inherent degen culture.

    Bitget continues to expand its offerings, positioning itself as a leading platform for cryptocurrency trading. The exchange has established a reputation for innovative solutions that empower users to explore crypto within a secure CeDeFi ecosystem. With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON. The addition of $JAILSTOOL into Bitget’s portfolio marks a significant step toward expanding its ecosystem, by embracing niche communities and fostering innovation in decentralized economies, further solidifying its role as a gateway to diverse Web3 projects and cultural movements.

    For more details on $JAILSTOOL, visit here.

    About Bitget

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

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

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

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea3c6294-13cb-4c4d-945a-df3941ae416c

    The MIL Network –

  • MIL-OSI: Explore cryptocurrency wealth and get efficient returns every day through BitconeMine cloud mining

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 11, 2025 (GLOBE NEWSWIRE) — BitconeMine, the leading AI-driven cloud mining platform, is making waves in the cryptocurrency industry by offering a limited-time $10 login mining bonus to new users. The initiative aims to lower the barrier to entry for crypto enthusiasts and provide a seamless, cost-effective way to start earning Bitcoin through cloud mining.

    What is Bitcoin Cloud Mining?

    BitconeMine allows users to participate in cryptocurrency mining without owning expensive hardware or dealing with a complex technical setup. By renting mining power from a data center, users can earn Bitcoin with minimal effort and investment.

    Why BitconeMine?

    BitconeMine stands out in the cloud mining industry with its innovative AI technology, ensuring optimized mining operations and consistent returns for investors. With a seven-year track record, BitconeMine continues to provide a secure and stable platform for passive income generation.

    Key Benefits of BitconeMine:

    $10 Login Bonus: New users can start mining immediately and earn a fixed $0.6 per day.
    Transparency: Monitor contracts and earnings in real time via mobile or desktop.
    Security: Investment protection backed by L&G Insurance.
    Scalability: Flexible contracts to suit a variety of investment needs.
    Zero maintenance costs: BitconeMine takes care of all hardware and operational maintenance.
    24/7 customer support: 24/7 assistance for a seamless mining experience.

    How to get started

    Joining BitconeMine is simple. Register on the platform and instantly activate your $10 mining reward. With daily passive income, new users can explore cloud mining without an initial financial commitment.

    1. First register as a BitconeMine user (visit the BitconeMine official website, click on register, and follow the steps to set up your account and password.)

    2. Choose a suitable contract package
    3. Pay the mining contract fee
    4. Wait for daily earnings.

    The bright future of cloud mining

    BitconeMine is committed to innovation and user satisfaction, and continuously enhances its platform to provide industry-leading cloud mining solutions. With strong security measures, transparent operations, and AI-driven efficiency, BitconeMine is poised to redefine the future of cryptocurrency mining.
    Start your crypto mining journey today. Visit https://bitconemine.com/ and claim your $10 sign-on bonus instantly!

    Contact:
    Lily Tanoria
    info@bitconemine.com

    Disclaimer: This press release is provided by BitconeMine. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including potential loss of capital. Readers are strongly advised to conduct their own research and consult a qualified financial advisor before making any investment decision.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0bb1cd16-634a-413d-a8a5-081d7a58ff66

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7b59576d-f683-4cb1-b8d1-6825cb45375e

    The MIL Network –

  • MIL-OSI Russia: Sobyanin: Overpass over SZKh near Novozavodskaya Street to be completed in 2026

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The construction of the overpass across the main route of the North-West Chord (NWCH) towards Rublevskoye Highway is planned to be completed in 2026. This was reported by Sergei Sobyanin in his telegram channel.

    The 155-meter-long overpass is being built as part of the Targeted Investment Program. It will provide an exit from the residential and public areas of the Mnevnikovskaya floodplain to the main route of the North-West Chord.

    “Thanks to the overpass and the new bridge across the Moskva River in line with Novozavodskaya Street, we will be able to create an additional exit to the SZH and a new route to the Filevsky Park area, to the National Space Center and the Khrunichev site of the Technopolis Moscow SEZ,” wrote Sergei Sobyanin.

    According to the architects’ idea, the artificial structure will harmoniously fit into the surrounding floodplain development: the same lighting masts as in the neighboring blocks will be installed on the overpass. The V-shaped supports with smooth rounding were developed individually for each span, while maintaining a uniform style.

    Currently, the construction readiness of the overpass is 70 percent.

    Development of the Mnevnikovskaya floodplain area

    Today Mnevnikovskaya floodplain— one of the largest development centers of the city. It is planned to build about three million square meters of real estate here. The construction of a modern urban area with residential areas, educational facilities, sports centers, a surf park and numerous green recreation areas is underway.

    One of the largest sports clusters in Moscow, with an area of about 500 thousand square meters, is being created on the territory of the Mnevnikovskaya floodplain. It will include an ice palace, the Alexander Ovechkin International Hockey Academy, a training center for the Russian national football team, a multifunctional building with a curling arena, as well as the CSKA basketball club and a rowing base with the necessary infrastructure.

    Currently, over 200 thousand square meters of various real estate have been put into operation, including residential buildings, an educational complex for 925 students, an ice palace and other facilities.

    Large-scale work continues creation of a modern transport infrastructure. In 2021, two stations of the Big Circle Line of the metro were opened in the Mnevnikovskaya floodplain: Mnevniki and Terekhovo. The reconstruction of Nizhnie Mnevniki Street (North-West Chord) was carried out with the construction of bridges across the Moskva River and locks. In December 2024, a bridge was opened across the Moskva River in line with Myasishchev Street, which connected the Filevskaya and Mnevnikovskaya floodplains, as well as an underground pedestrian crossing in the area of the junction with Myasishchev Street.

    A project to develop the local street and road network is currently being implemented, within the framework of which streets will appear to provide access to residential areas under construction, sports facilities and metro stations. They are also building a road bridge across the Moskva River in line with Novozavodskaya Street, an overpass across the main route of the SZH towards Rublevskoye Highway, two bicycle and pedestrian bridges across the Moskva River to Ostrovnaya Street (Krylatskoye district) and towards Fili Park. In addition, they will make two pedestrian crossings, including one overground (across the SZH in the area of the Moskvoretsky Arboretum) and one underground (in the area of the Moskvoretsky Natural and Historical Park). The plans include the reconstruction of the embankments of the Moskva River with a total length of about seven kilometers.

    In total, they plan to build 17 kilometers of roads on the territory of the Mnevnikovskaya floodplain.

    Four pedestrian bridges will be built in Moscow by the end of 2027The new bridge in the Mnevnikovskaya floodplain will have spectacular arches — Sergei SobyaninSergei Sobyanin opened a unique ice palace in the Mnevnikovskaya floodplainConstruction of the International Hockey Academy continues in the Mnevnikovskaya floodplain

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/mayor/tkhemes/12371050/

    MIL OSI Russia News –

  • MIL-OSI Russia: A modern multifunctional space will be created in Kommunarka under the KRT program

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    In Kommunarka, a 3.13-hectare site will be reorganized under the integrated territorial development program (ITD). A draft of the corresponding decision already published on the mos.ru portal. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “A modern multifunctional space will be created on the territory between Edvarda Griga and Lipovy Park streets. The project involves the construction of a sports cluster and other public and business facilities here. Investments in the development of the site will amount to 7.6 billion rubles, and the annual budget effect will be 169.14 million rubles. As a result, the city will receive over 270 jobs,” said Vladimir Efimov.

    The reorganized territory has high transport accessibility – the Potapovo metro station and the Solntsevo-Butovo-Varshavskoye Shosse highway are nearby.

    “The development area of the site in Kommunarka will be 40.6 thousand square meters. It is planned to create a sports cluster here, which will include, among other things, an extreme sports center and an open sports ground. A medical center and a parking lot for 550 cars will also appear on the territory. The implementation of the project will provide local residents with the necessary infrastructure,” said the Minister of the Moscow Government, head of the capital’s Department of City Property

    Maxim Gaman.

    According to the program of integrated development of territories, multifunctional city blocks are created, where roads, comfortable housing and all necessary infrastructure are designed on the site of former industrial zones and inefficiently used areas. Currently, 302 KRT projects with a total area of about 4.2 thousand hectares are at various stages of development and implementation in Moscow. This work is carried out on behalf of Sergei Sobyanin.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/149933073/

    MIL OSI Russia News –

  • MIL-OSI Africa: International Monetary Fund (IMF) Staff Completes 2025 Article IV Consultation with Morocco

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

    RABAT, Morocco, February 11, 2025/APO Group/ —

    • Economic growth is accelerating thanks to strong domestic demand, amid a new investment cycle in many sectors.
    • Tax reforms have allowed the fiscal deficit in 2024 to be lower than expected while also funding spending measures. Going forward, saving part of the revenue windfall would help strengthen the fiscal buffers. The current monetary policy stance is appropriate and should remain data dependent.
    • Structural reforms should focus on strengthening job creation, including by better targeting active labor market polices, consolidating programs to support small and medium firms, and removing regulatory distortions that hinder firms’ growth.

    An International Monetary Fund (IMF) staff team led by Roberto Cardarelli conducted discussions with the Moroccan authorities in Rabat on the 2025 Article IV Consultation from January 27 to February 7. At the conclusion of the visit, Mr. Cardarelli issued the following statement:

    “Economic activity is expected to have grown by 3.2 percent in 2024 and to accelerate to 3.9 percent in 2025, as agricultural output rebounds after the recent droughts and the nonagricultural sector continues to expand at a robust pace amid strong domestic demand. Higher growth is expected to increase the current account deficit towards its estimated medium-term norm of around 3 percent, while inflation is expected to stabilize at around 2 percent. The risks to the outlook are broadly balanced, with significant uncertainty regarding the economic impact of geopolitical tensions and changing climate conditions.

    “With inflation expectations anchored around 2 percent and little signs of demand pressures, the current broadly neutral monetary policy stance is appropriate, and staff agrees with Bank Al-Maghrib that future changes of policy rates should remain data dependent. With inflation back to around 2 percent, Bank Al-Maghrib should continue its preparation to adopt an inflation-targeting framework.”

    “Recent reforms to the tax system and tax administration have helped expand the tax base while lowering the tax burden. As a result, tax revenues in 2024 have been greater than expected. With only a small part of the additional tax revenues being saved, the central government’s deficit for the year was 4.1 percent of GDP compared to the 4.3 announced in the 2024 Budget. While the 2025 Budget confirms the gradual pace of fiscal adjustment projected last year, higher-than-expected revenues should be used to accelerate the pace of debt reduction to levels closer to pre-pandemic. In addition, continuing to finance structural reforms may require further efforts to expand the tax base and rationalize spending, including by reducing transfers to state-owned enterprises as part of the ongoing reform of the sector and expanding the use of the Unified Social Registry to all social programs.

    “Staff welcomes the ongoing reform of the Organic Budget Law that should introduce a new fiscal rule based on a medium-term debt anchor. Good progress has been made in the Medium-Term fiscal framework to include an assessment of the risk from climate change. Staff encourages the authorities to build on this progress by adding more information on the impact of new policy measures and a quantification of the risks from the increased reliance on public-private partnership (PPP) projects.

     “Stronger job creation requires a novel approach to active labor market policies, focusing on labor displaced from the agricultural sector due to the sequence of droughts. A special focus should be placed on encouraging the growth of small and medium size enterprises (SME)  and favoring their integration into sectoral value chains. Staff welcomes the progress in the operationalization of the Mohammed VI Investment Fund that should help SMEs access equity financing. Measures that may encourage the development of a more buoyant private sector include strengthening the support for SMEs under the new Charter of Investment, strengthening regional investment centers so they can better help SMEs access the financial and technical resources needed for their growth, and reviewing the labor code, tax system, and regulatory and governance frameworks so as remove the distortion that incentivize firms to remain small or informal. It will also be necessary that the ongoing SOE reform effectively pursues market neutrality between public and private sector firms.

    “The IMF team held discussions with senior officials of the government of Morocco, Bank Al-Maghrib, and representatives of the public and private sectors. The team thanks the Moroccan authorities and other stakeholders for their hospitality and candid and productive discussions.”

    MIL OSI Africa –

  • MIL-OSI: Equinor ASA: Share buy-back – first tranche for 2025

    Source: GlobeNewswire (MIL-OSI)

    Please see below information about transactions made under the first tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).

    Date on which the tranche was announced: 5 February 2025.

    The duration of the tranche: 6 February to no later than 2 April 2025.

    Further information on the tranche can be found in the stock market announcement on its commencement dated 5 February 2025, available here: https://newsweb.oslobors.no/message/637712

    From 6 February to 7 February 2025, Equinor ASA has purchased a total of 1,200,000 own shares at an average price of NOK 266.0754 per share.

    Overview of transactions:

    Date Trading venue Aggregated daily volume (number of shares) Weighted average share price (NOK) Total transaction value (NOK)
             
    6 February OSE 600,000 269.0584 161,435,040.00
      CEUX      
      TQEX      
             
    7 February OSE 600,000 263.0924 157,855,440.00
      CEUX      
      TQEX      
             
    Total for the period OSE 1,200,000 266.0754 319,290,480.00
      CEUX      
      TQEX      
             
    Previously disclosed buy-backs under the tranche OSE      
    CEUX      
    TQEX      
    Total      
             
    Total buy-backs under the tranche (accumulated) OSE 1,200,000 266.0754 319,290,480.00
    CEUX      
    TQEX      
    Total 1,200,000 266.0754 319,290,480.00

     
    Following the completion of the above transactions, Equinor ASA owns a total of 69,743,662 own shares, corresponding to 2.50% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 62,356,027 own shares, corresponding to 2.23% of the share capital).

    This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

    Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

    Contact details:

    Investor relations
    Bård Glad Pedersen, senior vice president Investor Relations,
    +47 918 01 791

    Media
    Sissel Rinde, vice president Media Relations,
    +47 412 60 584

    Attachment

    The MIL Network –

  • MIL-OSI: International Petroleum Corporation Announces 2024 Year-End Financial and Operational Results and 2025 Budget, Reserves and Guidance

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three months and year ended December 31, 2024. IPC is also pleased to announce its 2025 budget, including that IPC continues to progress the development of the Blackrod Phase 1 project in Canada in line with schedule and budget. IPC previously announced the renewal of the normal course issuer bid (NCIB) under which IPC may acquire a further 5.3 million common shares up to December 2025, in addition to the 2.2 million common shares already purchased for cancellation under the NCIB in December 2024 and January 2025. IPC’s 2025 capital and decommissioning expenditure budget is USD 320 million and its 2025 average daily production guidance is between 43,000 and 45,000 barrels of oil equivalent (boe) per day (boepd). 2024 year-end proved plus probable (2P) reserves are 493 million boe (MMboe) and best estimate contingent resources (unrisked) are 1,107 MMboe.(1)(2)

    William Lundin, IPC’s President and Chief Executive Officer, comments: “We are very pleased to announce that IPC achieved strong operational results in 2024. Our average net production was 47,400 boepd for the full year, with very strong operational and ESG performance across all our areas of operation. 2024 was a very significant investment year for our Blackrod Phase 1 development project, and we have spent over two-thirds of the forecast capital expenditure by the end of 2024. We generated strong cash flows from our business, and we returned USD 102 million to shareholders through share buybacks in 2024. With gross cash resources of USD 247 million at 2024 year-end, we continue to be well positioned to deliver on our three strategic pillars of Organic Growth, Stakeholder Returns, and M&A that drive value creation for our stakeholders.(1)(3)

    On Organic Growth, we are very pleased with the progress of the development of Phase 1 of the Blackrod project, Canada, which remains in line with schedule and budget. Phase 1 of the Blackrod project continues to forecast first oil in late 2026, with peak production planned to increase to 30,000 bopd by 2028. In 2024, IPC achieved over 250% reserves replacement ratio, ending the year with 493 MMboe of 2P reserves, the highest in our history.(1)(2)

    On Stakeholder Returns, we completed the 2023/2024 NCIB program, purchasing and cancelling 8.3 million IPC common shares over the period of December 5, 2023 to December 4, 2024, representing approximately 6.5% of the common shares outstanding at the start of that program. We immediately recommenced purchasing under the renewed 2024/2025 NCIB, purchasing for cancellation 0.8 million common shares during December 2024 and over 1.4 million common shares during January 2024. We are permitted to purchase up to a further 5.3 million common shares by early December 2025, which will represent a 6.2% reduction in the number of shares common outstanding at the beginning of the 2024/2025 NCIB.

    On M&A, we continue to review potential opportunities in Canada and internationally. IPC’s principal focus continues to be on progressing the Blackrod Phase 1 development as well as developing our existing asset base in Canada, France and Malaysia.

    IPC is well-positioned for 2025 and beyond as our Blackrod Phase 1 project is progressing according to plan, our existing production operations continue to generate strong cash flows, and our balance sheet is strong. At the same time, we continue return value to our shareholders by repurchasing and cancelling our common shares under the NCIB. I look forward to another exciting year at IPC with our high quality assets and our highly skilled and motivated teams across all areas of operation.”

    2024 Business Highlights

    • Average net production of approximately 47,400 boepd for the fourth quarter of 2024 was in line with the guidance range for the period (51% heavy crude oil, 15% light and medium crude oil and 34% natural gas).(1)
    • Full year 2024 average net production was 47,400 boepd, above the mid-point of the 2024 annual guidance of 46,000 to 48,000 boepd.(1)
    • Development activities on Phase 1 of the Blackrod project progressed in 2024 on schedule and on budget, with forecast first oil in late 2026. All major third-party contracts have been executed and construction is advancing according to plan, including construction of the central processing facility (CPF) and well pad facilities, finalization of the midstream agreements for the input fuel gas, diluent and oil blend pipelines, and advancement of drilling operations. As at the end of 2024, over two-thirds of the forecast Blackrod Phase 1 development capital expenditure of USD 850 million has been spent since project sanction in early 2023.
    • Drilling activity at the Southern Alberta assets in Canada continued with a total of thirteen wells drilled during 2024.
    • Successful completion of planned maintenance shutdowns at Onion Lake Thermal (OLT) in Canada and the Bertam field in Malaysia during 2024.
    • 8.3 million common shares purchased and cancelled from December 2023 to early December 2024 under IPC’s 2023/2024 NCIB and a further 2.2 million common shares purchased for cancellation during December 2024 and January 2025 under the renewed 2024/2025 NCIB.
    • In Q3 2024, published IPC’s fifth annual Sustainability Report.

    2024 Financial Highlights

    • Operating costs per boe of USD 18.2 for the fourth quarter of 2024 and USD 17.0 for the full year, in line with the most recent 2024 guidance of less than USD 18.0 per boe for the full year.(3)
    • Strong operating cash flow (OCF) generation for the fourth quarter and full year 2024 amounted to MUSD 78 and MUSD 342, respectively.(3)
    • Capital and decommissioning expenditures of MUSD 129 for the fourth quarter and MUSD 442 for the full year 2024, in line with the full year guidance of MUSD 437.
    • Free cash flow (FCF) generation for the full year 2024 of negative MUSD 135, with negative FCF generation of MUSD 61 for the fourth quarter in line with expectations and taking into account the significant capital expenditures during the quarter in respect of the Blackrod project. FCF for the full year 2024, before 2024 Blackrod Phase 1 development expenditure of MUSD 351, was MUSD 216.(3)
    • Net debt of MUSD 209 and gross cash of MUSD 247 as at December 31, 2024.(3)
    • Net result of MUSD 0.4 for the fourth quarter of 2024 and MUSD 102 for the full year 2024.
    • Entered into a letter of credit facility in Canada during 2024 to cover operational letters of credit, giving full availability under IPC’s undrawn CAD 180 million Revolving Credit Facility.

    Reserves and Resources

    • Total 2P reserves as at December 31, 2024 of 493 MMboe, with a reserve life index (RLI) of 31 years.(1)(2)
    • Contingent resources (best estimate, unrisked) as at December 31, 2024 of 1,107 MMboe.(1)(2)
    • 2P reserves net asset value (NAV) as at December 31, 2024 of MUSD 3,083 (10% discount rate).(1)(2)(5)(6)

    2025 Annual Guidance

    • Full year 2025 average net production forecast at 43,000 to 45,000 boepd.(1)
    • Full year 2025 operating costs forecast at USD 18 to 19 per boe.(3)
    • Full year 2025 OCF guidance estimated at between MUSD 210 and 280 (assuming Brent USD 65 to 85 per barrel).(3)
    • Full year 2025 capital and decommissioning expenditures guidance forecast at MUSD 320, including MUSD 230 relating to Blackrod capital expenditure.
    • Full year 2025 FCF ranges from approximately MUSD 80 to 150 (assuming Brent USD 65 to 85 per barrel) before taking into account proposed Blackrod capital expenditures, or negative MUSD 150 to 80 including proposed Blackrod capital expenditures.(3)

    Business Plan Production and Cash Flow Guidance

    • 2025 – 2029 business plan forecasts:
      • average net production forecast approximately 57,000 boepd.(1)(8)
      • capital expenditure forecast of USD 8 per boe, including USD 3 per boe for growth expenditure.(8)
      • operating costs forecast of USD 18 to 19 per boe.(3)(8)
      • FCF forecast of approximately MUSD 1,200 to 2,000 (assuming Brent USD 75 to 95 per barrel).(3)(8)
    • 2030 – 2034 business plan forecasts:
      • average net production forecast of approximately 63,000 boepd.(1)(8)
      • capital expenditure forecast of USD 5 per boe.(8)
      • operating costs forecast of USD 18 to 19 per boe.(3)(8)
      • FCF forecast of approximately MUSD 1,600 to 2,600 (assuming Brent USD 75 to 95 per barrel).(3)(8)
      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023
    Revenue 199,124   198,460     797,783   853,906
    Gross profit 42,774   39,955     210,171   250,514
    Net result 415   29,710     102,219   172,979
    Operating cash flow (3) 78,158   73,634     341,989   353,048
    Free cash flow (3) (61,476 ) (64,688 )   (135,497 ) 2,689
    EBITDA (3) 76,184   66,284     335,488   350,618
    Net Cash / (Debt) (3) (208,528 ) 58,043     (208,528 ) 58,043
                     

    IPC was launched in 2017 by way of spinning off the non-Norwegian assets from Lundin Energy. The strategy and vision from the outset was to be the international E&P growth vehicle for the Lundin Group by pursuing growth organically and through acquisitions. The foundation of this strategy was and is predicated on maximising long-term stakeholder value through responsible business operations focused on operational excellence and financial resilience to underpin optimal capital allocation decision-making.

    We are very pleased with the track record of value creation achieved by the company to date. IPC’s production, reserves, resources and cash flow exposure has increased materially through accretive acquisitions supplemented by base business investment. Excluding the growth capital expenditure assigned to the Blackrod Phase 1 development, over USD 1.5 billion in free cash flow (FCF) has been generated and over USD 0.5 billion has been returned to shareholders in the form of share buybacks since inception. IPC’s current shares outstanding are less than 5% higher than the original shares outstanding upon the formation of the company. IPC is determined to build on the historical success and the growth outlook has never been brighter.(3)

    2024 was a milestone year for the company through successfully delivering the largest capital investment campaign in its history. The record investment was accompanied by strong safety, operational and financial performance. IPC returned USD 102 million of value to shareholders in the year through share repurchases, whilst maintaining a strong balance sheet.

    Oil prices were rangebound in 2024 between Brent USD 70 to 90 per barrel, with a full year Brent average of USD 81 per barrel, in line with our original oil price sensitivities guided at CMD. The fourth quarter 2024 Brent price averaged USD 75 per barrel, the lowest quarterly price average in the year. The downward trend in benchmark oil prices through the second half of 2024 has been slightly reversed in current time as continuous crude inventory draws, strong demand, underwhelming non-OPEC production growth and continued OPEC production curtailments have supported the market balance. A new administration in the White House presents uncertainty for the oil market, as looming tariffs and sanctions pose a risk to global supply chain systems and trade flows. Around 40% of our 2025 Dated Brent and WTI exposure is hedged at USD 76 per barrel and USD 71 per barrel respectively.

    The fourth quarter 2024 WTI to WCS price differentials averaged less than USD 13 per barrel, around USD 2 per barrel lower than the full year average of USD 15 per barrel. The fourth quarter differential was the lowest quarterly average since the Covid pandemic in 2020 when benchmark oil prices were more than USD 30 per barrel less than current levels. The TMX pipeline is driving the tighter differentials with excess take-away capacity in the Western Canadian Sedimentary Basin (WCSB) relative to supply. Close to 50% of our 2025 WCS to WTI differential exposure is hedged at USD 14 per barrel, which should assist in mitigating adverse effects of potential US tariffs on Canadian production.

    Natural gas prices averaged CAD 1.5 per Mcf for 2024 and in the fourth quarter. Western Canada gas storage levels continue to sit above the five-year range. This is in part due to delays of the LNG Canada start-up project which was supposed to be onstream at end 2024, start-up is now anticipated for mid-2025. IPC has around 9,600 Mcf per day hedged at CAD 2.6 per Mcf for 2025.

    Fourth Quarter and Full Year 2024 Highlights

    During the fourth quarter of 2024, IPC’s assets delivered average net production of 47,400 boepd, in line with guidance for the quarter. Full year 2024 average net production of 47,400 boepd was above the 2024 mid-point guidance range of 46,000 to 48,000 boepd.(1)

    IPC’s operating costs per boe for the fourth quarter of 2024 was USD 18.2. Full year 2024 operating costs per boe was USD 17.0, in line with the most recent 2024 annual guidance of less than USD 18 per boe.(3)

    Operating cash flow (OCF) generation for the fourth quarter of 2024 was USD 78 million. Full year 2024 OCF was USD 342 million in line with the most recent guidance of USD 335 to 342 million.(3)

    Capital and decommissioning expenditure for the fourth quarter of 2024 was USD 129 million. Full year 2024 capital and decommissioning expenditure of USD 442 million was in line with guidance of USD 437 million.

    Free cash flow (FCF) generation was in line with guidance at negative USD 61 million during the fourth quarter of 2024, reflecting the higher level of capital expenditure on the Blackrod Phase 1 development project. Full year 2024 FCF generation was negative USD 135 million, in line with the most recent guidance of negative USD 140 to 133 million.(3)

    As at December 31, 2024, IPC’s net debt position was USD 209 million. IPC’s gross cash on the balance sheet amounts to USD 247 million which provides IPC with significant financial strength to continue progressing its strategies in 2025, including advancing the Blackrod development project, returning value to shareholders through the 2024/2025 NCIB, and remaining opportunistic to mergers and acquisitions activity.(3)

    Blackrod Project

    The Blackrod asset is 100% owned by IPC and hosts the largest booked reserves and contingent resources within the IPC portfolio. After more than a decade of pilot operations, subsurface delineation and commercial engineering studies, IPC sanctioned the Phase 1 Steam Assisted Gravity Drainage (SAGD) development in the first quarter of 2023. The Phase 1 development targets 259 MMboe of 2P reserves, with a multi-year forecast capital expenditure of USD 850 million to first oil planned in late 2026. The Phase 1 development is planned for plateau production of 30,000 bopd which is expected by early 2028.(1)(2)

    As at the end of 2024, USD 591 million of cumulative growth capital, has been spent on the Blackrod Phase 1 development since sanction with a peak annual investment of USD 351 million incurred in 2024. Significant progress has been made across all key scopes of the project including but not limited to: detailed engineering, procurement, fabrication, drilling, construction, third party transport pipelines, commissioning and operations planning. Site health and safety control has been excellent with zero lost time incidents since commercial development activities commenced.

    Looking forward, USD 230 million is planned to be spent in 2025 mainly relating to advancing the remaining fabrication, construction and substantial completion of the Central Processing Facility (CPF) for the Phase 1 development. The remaining growth capital expenditure to first oil is forecast to be spent in 2026 on drilling, completions and commissioning of the CPF with first steam anticipated by end Q1 2026.

    IPC is strongly positioned to deliver within plan with a clear line of sight to start-up. The Blackrod Phase 1 project is expected to generate significant value for all our stakeholders. And with over 1 billion barrels of best estimate contingent resources (unrisked) beyond Phase 1, IPC is pleased to announce a resource maturation plan that sees significant volume maturation into reserves through low cost of less than USD 0.15 per barrel. The 2P reserves attributable to Phase 1 has increased by 40 MMboe to 259 MMboe from year end 2023 to year end 2024.(2)

    As at the end of 2024, 70% of the Blackrod Phase 1 development capital had been spent since the project sanction in early 2023. All major work streams are progressing as planned and the focus continues to be on executing the detailed sequencing of events as facility modules are safely delivered and installed at site. The total Phase 1 project guidance of USD 850 million capital expenditure to first oil in late 2026 is unchanged. IPC intends to fund the remaining Blackrod Phase 1 development costs with forecast cash flow generated by its operations and cash on hand.

    Stakeholder Returns: Normal Course Issuer Bid

    During the period of December 5, 2023 to December 4, 2024, IPC purchased and cancelled an aggregate of approximately 8.3 million common shares under the 2023/2024 NCIB. The average price of shares purchased under the 2023/2024 NCIB was SEK 131 / CAD 17 per share.

    In Q4 2024, IPC announced the renewal of the NCIB, with the ability to repurchase up to approximately 7.5 million common shares over the period of December 5, 2024 to December 4, 2025. Under the 2024/2025 NCIB, IPC repurchased and cancelled approximately 0.8 million common shares in December 2024. By the end of January 2025, IPC repurchased for cancellation over 1.4 million common shares under the 2024/2025 NCIB. The average price of common shares purchased under the 2024/2025 NCIB during December 2024 and January 2025 was SEK 135 / CAD 17.5 per share.

    As at February 7, 2025, IPC had a total of 117,781,927 common shares issued and outstanding, of which IPC holds 508,853 common shares in treasury.

    Under the 2024/2025 NCIB, IPC may purchase and cancel a further 5.3 million common shares by December 4, 2025. This would result in the cancellation of 6.2% of shares outstanding as at the beginning of December 2024. IPC continues to believe that reducing the number of shares outstanding while in parallel investing in material production growth at Blackrod will prove to be a winning formula for our stakeholders.

    Environmental, Social and Governance (ESG) Performance

    As part of IPC’s commitment to operational excellence and responsible development, IPC’s objective is to reduce risk and eliminate hazards to prevent occurrence of accidents, ill health, and environmental damage, as these are essential to the success of our business operations. During the fourth quarter and for the full year 2024, IPC recorded no material safety or environmental incidents.

    As previously announced, IPC targets a reduction of our net GHG emissions intensity by the end of 2025 to 50% of IPC’s 2019 baseline and IPC remains on track to achieve this reduction. During 2024, IPC announced the commitment to remain at end 2025 levels of 20 kg CO2/boe through to the end of 2028.(4)

    Reserves, Resources and Value

    As at the end of December 2024, IPC’s 2P reserves are 493 MMboe. During 2024, IPC replaced 251% of the annual 2024 production. The reserves life index (RLI) as at December 31, 2024, is approximately 31 years.(1)(2)

    The net present value (NPV) of IPC’s 2P reserves as at December 31, 2024 was USD 3.3 billion. IPC’s net asset value (NAV) was USD 3.1 billion or SEK 287 / CAD 37 per share as at December 31, 2024.(1)(2)(5)(6)(7)

    In addition, IPC’s best estimate contingent resources (unrisked) as at December 31, 2024 are 1,107 MMboe, of which 1,025 MMboe relate to future potential phases of the Blackrod project.(1)(2)

    2025 Budget and Operational Guidance

    IPC is pleased to announce its 2025 average net production guidance is 43,000 to 45,000 boepd. IPC forecasts operating costs for 2025 between USD 18 and 19 per boe.(1)(3)

    IPC’s 2025 capital and decommissioning expenditure budget is USD 320 million, with USD 230 million forecast relating to Blackrod capital expenditure. The remainder of the 2025 budget in Canada includes drilling and ongoing optimization work at Onion Lake Thermal and Suffield Area assets. IPC also plans to advance the next phase of infill drilling and complete well maintenance works at the Bertam field in Malaysia. IPC expects to conduct technical studies for future development potential in France. In all of IPC’s areas of operation, IPC has significant flexibility to control its pace of spend based on the development of commodity prices during 2025.

    Notwithstanding a modest production decline expected in 2025, IPC’s production per share metric remains largely unchanged relative to 2024 and 2023. IPC has prioritised capital allocation to the transformational Blackrod Phase 1 development and share buybacks as opposed to further increasing its base business investment to preserve balance sheet strength and maximise long- term shareholder value.

    Further details regarding IPC’s proposed 2025 budget and operational guidance will be provided at IPC’s Capital Markets Day presentation to be held on February 11, 2025 at 15:00 CET. A copy of the Capital Markets Day presentation will be available on IPC’s website at www.international-petroleum.com.

    Notes:

    (1) See “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” below. See also the material change report (MCR) available on IPC’s website at www.international-petroleum.com and filed on the date of this press release under IPC’s profile on SEDAR+ at www.sedarplus.ca.
    (2) See “Reserves and Resources Advisory“ below. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of NPV, are described in the MCR. The reserve life index (RLI) is calculated by dividing the 2P reserves of 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd. Reserves replacement ratio is based on 2P reserves of 468 boe as at December 31, 2024, sales production during 2024 of 16.6 MMboe, net additions to 2P reserves during 2024 of 41.7 MMboe, and 2P reserves of 493 MMboe as at December 31, 2024.
    (3) Non-IFRS measure, see “Non-IFRS Measures” below and in the MD&A.
    (4) Emissions intensity is the ratio between oil and gas production and the associated carbon emissions, and net emissions intensity reflects gross emissions less operational emission reductions and carbon offsets.
    (5) Net present value (NPV) is after tax, discounted at 10% and based upon the forecast prices and other assumptions further described in the MCR. See “Reserves and Resources Advisory” below.
    (6) Net asset value (NAV) is calculated as NPV less net debt of USD 209 million as at December 31, 2024.
    (7) NAV per share is based on 119,059,315 IPC common shares as at December 31, 2024, being 119,169,471 common shares outstanding less 110,156 common shares held in treasury and cancelled in January 2025. NAV per share is not predictive and may not be reflective of current or future market prices for IPC common shares.
    (8) Estimated FCF generation is based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, including net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the MCR. IPC’s market capitalization is at close on January 31, 2025 (USD 1,557 million based on 146.8 SEK/share, 117.7 million IPC shares outstanding (net of treasury shares) and exchange rate of 11.10 SEK/USD). IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts. See “Forward-Looking Statements” and “Non-IFRS Measures” below.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		       Or       Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15
             

    This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07:30 CET on February 11, 2025. The Corporation’s audited condensed consolidated financial statements (Financial Statements) and management’s discussion and analysis (MD&A) for the three months and year ended December 31, 2024 have been filed on SEDAR+ (www.sedarplus.ca) and are also available on the Corporation’s website (www.international-petroleum.com).

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    Forward-looking statements include, but are not limited to, statements with respect to:

    • 2025 production ranges (including total daily average production), production composition, cash flows, operating costs and capital and decommissioning expenditure estimates;
    • Estimates of future production, cash flows, operating costs and capital expenditures that are based on IPC’s current business plans and assumptions regarding the business environment, which are subject to change;
    • IPC’s financial and operational flexibility to navigate the Corporation through periods of volatile commodity prices;
    • The ability to fully fund future expenditures from cash flows and current borrowing capacity;
    • IPC’s intention and ability to continue to implement its strategies to build long-term shareholder value;
    • The ability of IPC’s portfolio of assets to provide a solid foundation for organic and inorganic growth;
    • The continued facility uptime and reservoir performance in IPC’s areas of operation;
    • Development of the Blackrod project in Canada, including estimates of resource volumes, future production, timing, regulatory approvals, third party commercial arrangements, breakeven oil prices and net present values;
    • Current and future production performance, operations and development potential of the Onion Lake Thermal, Suffield, Brooks, Ferguson and Mooney operations, including the timing and success of future oil and gas drilling and optimization programs;
    • The potential improvement in the Canadian oil egress situation and IPC’s ability to benefit from any such improvements;
    • The ability of IPC to achieve and maintain current and forecast production in France and Malaysia;
    • The intention and ability of IPC to acquire further common shares under the NCIB, including the timing of any such purchases;
    • The return of value to IPC’s shareholders as a result of the NCIB;
    • IPC’s ability to implement its GHG emissions intensity and climate strategies and to achieve its net GHG emissions intensity reduction targets;
    • IPC’s ability to implement projects to reduce net emissions intensity, including potential carbon capture and storage;
    • Estimates of reserves and contingent resources;
    • The ability to generate free cash flows and use that cash to repay debt;
    • IPC’s continued access to its existing credit facilities, including current financial headroom, on terms acceptable to the Corporation;
    • IPC’s ability to identify and complete future acquisitions;
    • Expectations regarding the oil and gas industry in Canada, Malaysia and France, including assumptions regarding future royalty rates, regulatory approvals, legislative changes, and ongoing projects and their expected completion; and
    • Future drilling and other exploration and development activities.

    Statements relating to “reserves” and “contingent resources” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and that the reserves and resources can be profitably produced in the future. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

    These include, but are not limited to general global economic, market and business conditions, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties, environmental and abandonment regulations.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in the MD&A (See “Risk Factors”, “Cautionary Statement Regarding Forward-Looking Information” and “Reserves and Resources Advisory” therein), the Corporation’s material change report dated February 11, 2025 (MCR), the Corporation’s Annual Information Form (AIF) for the year ended December 31, 2023, (See “Cautionary Statement Regarding Forward-Looking Information”, “Reserves and Resources Advisory” and “Risk Factors”) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Management of IPC approved the production, operating costs, operating cash flow, capital and decommissioning expenditures and free cash flow guidance and estimates contained herein as of the date of this press release. The purpose of these guidance and estimates is to assist readers in understanding IPC’s expected and targeted financial results, and this information may not be appropriate for other purposes.

    Estimated FCF generation is based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, including net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the MCR. IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts.

    Non-IFRS Measures
    References are made in this press release to “operating cash flow” (OCF), “free cash flow” (FCF), “Earnings Before Interest, Tax, Depreciation and Amortization” (EBITDA), “operating costs” and “net debt”/”net cash”, which are not generally accepted accounting measures under International Financial Reporting Standards (IFRS) and do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with similar measures presented by other public companies. Non-IFRS measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

    The definition of each non-IFRS measure is presented in IPC’s MD&A (See “Non-IFRS Measures” therein).

    Operating cash flow
    The following table sets out how operating cash flow is calculated from figures shown in the Financial Statements:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Revenue 199,124   198,460     797,783   853,906  
    Production costs and net sales of diluent to third party1 (119,371 ) (126,414 )   (447,481 ) (491,303 )
    Current tax (1,595 ) 1,588     (8,313 ) (14,457 )
    Operating cash flow 78,158   73,634     341,989   348,146  
                       

    1 Include net sales of diluent to third party amounting to USD 737 thousand for the fourth quarter of 2024 and the year ended December 31, 2024.

    The operating cash flow for the year ended December 31, 2023 including the operating cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 353,048 thousand.

    Free cash flow
    The following table sets out how free cash flow is calculated from figures shown in the Financial Statements:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Operating cash flow – see above 78,158   73,634     341,989   348,146  
    Capital expenditures (126,256 ) (128,825 )   (434,713 ) (312,729 )
    Abandonment and farm-in expenditures1 (3,364 ) (1,516 )   (8,302 ) (9,199 )
    General, administration and depreciation expenses before depreciation2 (3,569 ) (5,762 )   (14,814 ) (16,886 )
    Cash financial items3 (6,445 ) (2,219 )   (19,657 ) (5,812 )
    Free cash flow (61,476 ) (64,688 )   (135,497 ) 3,520  

    1 See note 19 to the Financial Statements
    2 Depreciation is not specifically disclosed in the Financial Statements
    3 See notes 5 and 6 to the Financial Statements

    The free cash flow for the year ended December 31, 2023 including the free cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 2,689 thousand. Free cash flow is before shareholder distributions and financing costs.

    EBITDA
    The following table sets out the reconciliation from net result from the consolidated statement of operations to EBITDA:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Net result 415   29,710     102,219   172,979  
    Net financial items 35,767   6,509     59,709   22,736  
    Income tax 3,852   4,691     33,325   55,362  
    Depletion and decommissioning costs 32,087   30,434     128,392   101,922  
    Depreciation of other tangible fixed assets 2,430   1,309     8,933   7,812  
    Exploration and business development costs 1,725   348     2,069   2,355  
    Depreciation included in general, administration and depreciation expenses1 308   389     1,241   1,569  
    Sale of assets2 (400 ) (7,106 )   (400 ) (19,018 )
    EBITDA 76,814   66,284     335,488   345,717  

    1 Item is not shown in the Financial Statements
    2 Sale of assets is included under “Other income/(expense)” but not specifically disclosed in the Financial Statements

    The EBITDA for the year ended December 31, 2023 including the EBITDA contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 350,618 thousand.

    Operating costs
    The following table sets out how operating costs is calculated:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Production costs 120,108   126,414     448,218   491,303  
    Cost of blending (36,036 ) (44,473 )   (152,735 ) (172,996 )
    Change in inventory position (4,633 ) 1,427     (1,473 ) 3,655  
    Operating costs 79,439   83,368     294,010   321,962  
                       

    The operating costs for the year ended December 31, 2023 including the operating costs contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 328,763 thousand.

    Net cash / (debt)
    The following table sets out how net cash / (debt) is calculated from figures shown in the Financial Statements:

    USD Thousands December 31, 2024   December 31, 2023  
    Bank loans (5,121 ) (9,031 )
    Bonds1 (450,000 ) (450,000 )
    Cash and cash equivalents 246,593   517,074  
    Net cash / (debt) (208,528 ) 58,043  

    1 The bond amount represents the redeemable value at maturity (February 2027).

    Reserves and Resources Advisory
    This press release contains references to estimates of gross and net reserves and resources attributed to the Corporation’s oil and gas assets. For additional information with respect to such reserves and resources, refer to “Reserves and Resources Advisory” in the MD&A and the MCR. Light, medium and heavy crude oil reserves/resources disclosed in this press release include solution gas and other by-products. Also see “Supplemental Information regarding Product Types” below.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in Canada are effective as of December 31, 2024, and are included in the reports prepared by Sproule Associates Limited (Sproule), an independent qualified reserves evaluator, in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook) and using Sproule’s December 31, 2024 price forecasts.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in France and Malaysia are effective as of December 31, 2024, and are included in the report prepared by ERC Equipoise Ltd. (ERCE), an independent qualified reserves auditor, in accordance with NI 51-101 and the COGE Handbook, and using Sproule’s December 31, 2024 price forecasts.

    The price forecasts used in the Sproule and ERCE reports are available on the website of Sproule (sproule.com) and are contained in the MCR. These price forecasts are as at December 31, 2024 and may not be reflective of current and future forecast commodity prices.

    The reserve life index (RLI) is calculated by dividing the 2P reserves of 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd. Reserves replacement ratio is based on 2P reserves of 468 MMboe as at December 31, 2023, sales production during 2024 of 16.6 MMboe, net additions to 2P reserves during 2024 of 41.7 MMboe and 2P reserves of 493 MMboe as at December 31, 2024.

    The reserves and resources information and data provided in this press release present only a portion of the disclosure required under NI 51-101. All of the required information will be contained in the Corporation’s Annual Information Form for the year ended December 31, 2024, which will be filed on SEDAR+ (accessible at www.sedarplus.ca) on or before April 1, 2025. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of net present value and other relevant information related to the contingent resources disclosed, is disclosed in the MCR available under IPC’s profile on www.sedarplus.ca and on IPC’s website at www.international-petroleum.com.

    IPC uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). A BOE conversion ratio of 6:1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.

    Supplemental Information regarding Product Types

    The following table is intended to provide supplemental information about the product type composition of IPC’s net average daily production figures provided in this press release:

      Heavy Crude Oil
    (Mbopd)    		 Light and Medium Crude Oil (Mbopd) Conventional Natural Gas (per day) Total
    (Mboepd)
    Three months ended        
    December 31, 2024 24.3 7.1 95.9 MMcf
    (16.0 Mboe)    		 47.4
    December 31, 2023 25.7 6.6 103.8 MMcf
    (17.3 Mboe)    		 49.6
    Year ended        
    December 31, 2024 23.9 7.7 95.1 MMcf
    (15.8 Mboe)    		 47.4
    December 31, 2023 25.8 8.1 102.8 MMcf
    (17.1 Mboe)    		 51.1
             

    This press release also makes reference to IPC’s forecast total average daily production of 43,000 to 45,000 boepd for 2025. IPC estimates that approximately 55% of that production will be comprised of heavy oil, approximately 12% will be comprised of light and medium crude oil and approximately 33% will be comprised of conventional natural gas.

    Currency
    All dollar amounts in this press release are expressed in United States dollars, except where otherwise noted. References herein to USD mean United States dollars. References herein to CAD mean Canadian dollars.

    The MIL Network –

  • MIL-OSI USA: Murray, Merkley, Heinrich Lead Western Senators in Letter to Interior Secretary, Acting Agriculture Secretary: Trump’s Illegal Funding Cuts Threaten Wildfire Mitigation Efforts

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, joined Senators Jeff Merkley (D-OR), Ranking Member of the Senate Appropriations Subcommittee that funds the Department of the Interior and Department of Agriculture’s Forest Service, and Senator Martin Heinrich (D-NM), Ranking Member of the Senate Committee on Energy and Natural Resources, and other Western U.S. Senators in sounding the alarm over reports the Bureau of Land Management issued stop work orders to small businesses and organizations across America related to the removal of hazardous fuels in our public lands and rumors of forthcoming stop work orders at the United States Forest Service. Delaying these treatments even for a short period can mean missing out on the right seasonal and weather conditions for safely treating hazardous fuels. 

    The senators’ letter—addressed to recently confirmed Interior Secretary Doug Burgum and Acting Agriculture Secretary Gary Washington—follows President Donald Trump’s illegal executive orders cutting federal funds to mitigate and fight wildfires and comes as communities nationwide prepare for wildfire season.

    “Catastrophic wildfires across the United States are an ongoing national crisis and responding to them must be a national priority. These stop work orders and funding freezes jeopardize communities that depend on a robust federal response to our wildfire crisis – and also jeopardize small businesses, often in frontier and rural communities, that are contracted to do the work on the ground to reduce hazardous fuels,” wrote the senators.

    “As we’ve seen with the recent fires surrounding Los Angeles, wildfire does not distinguish between homes and trees. But we do have ways to mitigate the risk,” the senators continued. “One of the most effective strategies to reduce that risk is to reduce the hazardous natural fuels that surround our communities. These fuels reduction projects save lives and property, reduce the danger to firefighters, and return our lands to a fire-adapted ecosystem that can better withstand the threat to human life, communities, infrastructure, and property.  

    “By terminating or even pausing these projects, all of the progress made at protecting these communities is at risk. We are imploring you to rescind the order to stop work on these hazardous fuels reduction efforts, as well as any other wildland fire management programs that are working to reduce risk and safeguard communities from catastrophic wildfire,” the senators concluded.

    The letter was also signed by U.S. Senators Michael Bennet (D-CO), Maria Cantwell (D-WA), Catherine Cortez Masto (D-NV), Ruben Gallego (D-AZ), John Hickenlooper (D-CO), Mark Kelly (D-AZ), Ben Ray Luján (D-NM), Alex Padilla (D-CA), Jacky Rosen (D-NV), Adam Schiff (D-CA), and Ron Wyden (D-OR).

    Full text of the letter is HERE and below:

    Dear Secretary Burgum and Acting Secretary Washington,

    We are writing with great concern about reports from our constituents that the Bureau of Land Management has issued stop work orders for hazardous fuels reduction projects. We are further concerned that fuels projects overseen by the U.S. Forest Service will be next. These projects are integral to increased safety and resiliency and any delay in implementation puts those communities at greater risk. We urge you to immediately rescind these stop work orders, halt any further stop work orders or funding freezes, and instead work with the tools and funds Congress has provided to better safeguard our communities from the serious risk of catastrophic wildfire.

    These projects are part of the Wildfire Crisis Strategy, funded by the Infrastructure and Investment in Jobs Act (IIJA) and the Inflation Reduction Act (IRA). Investing in fuels reduction treatments is a primary recommendation in the Wildland Fire Mitigation and Management Commission Report, a nonpartisan strategy document to tackle the myriad challenges associated with wildfire across the country. We also note with alarm that this report was removed from federal websites this week.

    In 2022, the Forest Service identified high-risk firesheds across the country to be prioritized for hazardous fuels reduction work through the Wildlife Crisis Strategy and Implementation Plan. The Forest Service chose 10 high-priority landscapes with the enactment of IIJA and an additional 11 landscapes with the enactment of IRA – each of these landscapes require significant investment to reduce wildfire risk. These 21 landscapes were awarded a total of $1.73 billion to protect at-risk communities, critical infrastructure, public water sources, and adjacent Tribal lands in 10 Western states: Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, and Washington. The Bureau of Land Management, Forest Service, States, Tribes, local stakeholders, and small businesses have been working together over the last three years to implement fuels reduction on these landscapes.

    Catastrophic wildfires across the United States are an ongoing national crisis and responding to them must be a national priority. These stop work orders and funding freezes jeopardize communities that depend on a robust federal response to our wildfire crisis – and also jeopardize small businesses, often in frontier and rural communities, that are contracted to do the work on the ground to reduce hazardous fuels. 

    In addition to endangering communities, the President’s Executive Orders freezing funding are flagrantly illegal. The Government Accountability Office, the Department of Justice Office of Legal Counsel (including in an opinion written by future Chief Justice of the Supreme Court, William H. Rehnquist), and the Supreme Court of the United States have all disavowed the notion of some “inherent Presidential power to impound,” as some in the Administration, as well as pending Administration nominees, have tried to argue without legal or textual basis.

    Not only does the Constitution vest the power of the purse with Congress and provide no power to the President to impound funds, but there have been several bedrock fiscal statutes enacted to protect Congress’ constitutional power of the purse and prevent unlawful executive overreach, including the Antideficiency Act and the Impoundment Control Act of 1974 (ICA). The ICA prohibits any action or inaction that precludes Federal funds from being obligated or spent, either temporarily or permanently, without following the strictly circumscribed requirements of that law, which have not been honored in this instance.

    As we’ve seen with the recent fires surrounding Los Angeles, wildfire does not distinguish between homes and trees. But we do have ways to mitigate the risk. One of the most effective strategies to reduce that risk is to reduce the hazardous natural fuels that surround our communities. These fuels reduction projects save lives and property, reduce the danger to firefighters, and return our lands to a fire-adapted ecosystem that can better withstand the threat to human life, communities, infrastructure, and property.  

    By terminating or even pausing these projects, all of the progress made at protecting these communities is at risk. We are imploring you to rescind the order to stop work on these hazardous fuels reduction efforts, as well as any other wildland fire management programs that are working to reduce risk and safeguard communities from catastrophic wildfire.

    We hope to work with you to combat the scourge of catastrophic wildfire.

    MIL OSI USA News –

  • MIL-Evening Report: Whether we carve out an exemption or not, Trump’s latest tariffs will still hit Australia

    Source: The Conversation (Au and NZ) – By Scott French, Senior Lecturer in Economics, UNSW Sydney

    US President Donald Trump and Prime Minister Anthony Albanese have stated an exemption for Australia from Trump’s executive order placing 25% tariffs on all steel and aluminium imported into the US is “under consideration”. But prospects remain uncertain.

    Albanese would do well to secure an exemption using similar arguments as then-Prime Minister Malcolm Turnbull did in 2018.

    If Australia cannot obtain a carve-out from the tariffs, the main group affected will be the Australian producers of steel and aluminium. But the size of the hit they will take is difficult to predict.

    Regardless of whether Australia gets an exemption, the world economy – and Australians – will be affected by Trump’s latest round of tariffs.

    Producers will be hit

    If ultimately imposed by the US, these tariffs will make steel and aluminium produced in Australia more expensive for US manufacturers relative to domestically produced alternatives. This will certainly result in reduced demand for the Australian products.

    However, three factors will help limit the effects:

    1. The price of metals produced in the US will rise

    It will take time to ramp up US production to fill the gap of reduced imports, and the extra production will likely come from less efficient domestic producers. This means that US manufacturers will continue to buy imported metals, despite the higher prices.

    2. The US is not a huge market for Australian steel and aluminium

    Australia produced A$113 billion of primary and fabricated metal in the 2022-23 financial year, according to the ABS.

    By comparison, less than $1 billion of steel and aluminium was exported to the US in 2023, according to data from UN Comtrade, consisting of about $500 million of aluminium and less then $400 million of steel. Exports to the US account for about 10% of Australia’s total exports of these metals.

    3. Major markets

    If major markets such as China and the European Union enact retaliatory tariffs on US metals, this could make Australian metals more competitive in these markets.

    Some stand to benefit

    While workers in Australian steel and aluminium plants will be watching the news with trepidation, some of Australia’s biggest manufacturing companies may be less concerned.

    For example, BlueScope Steel has significant US steel operations, and saw its share price increase on news of the tariffs.

    US-based Alcoa, which owns alumina refineries in Western Australia and an aluminium smelter in Victoria, will also expect to see its US operations benefit.

    And Rio Tinto will be most concerned about its substantial Canadian operations. Its Canadian hub is responsible for close to half of its global aluminium production.

    Demand for iron ore could fall

    The US tariffs will also have wider ranging effects on the Australian economy, regardless of whether Australia’s products are directly targeted.

    While aluminium is Australia’s top manufacturing export, it still makes up only about 1% of total exports, and steel makes up less than half that.

    Iron ore, by contrast, makes up more than 20% of Australia’s exports, with aluminium ores making up an additional 1.5%.

    This means the effect of the tariffs on demand for the raw materials to make steel and aluminium may have the largest detrimental effect on the Australian economy.

    Because the tariffs will make steel and aluminium more expensive to US manufacturers, they will seek to reduce their use of them. This means global demand for the metals, and the ores used to produce them, will decline.

    Investors appear to be betting on this, with shares of Australian miners like Rio Tinto and BHP falling since Trump announced the tariffs.

    Imported goods will become more expensive

    Many of the things Australians buy are likely to get more expensive.

    All US products that use steel and aluminium at any stage of the production process will also become more expensive. Tariffs will raise the cost of steel and aluminium for US manufacturers, both directly and by reducing overall productivity in the US.

    About 11% of Australia’s imports come from the US. And about half of this consists of machinery, vehicles, aircraft, and medical instruments, which typically contain steel and aluminium. Further, these goods are used by manufacturers around the world to produce and transport many of the other things Australians buy.

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

    – ref. Whether we carve out an exemption or not, Trump’s latest tariffs will still hit Australia – https://theconversation.com/whether-we-carve-out-an-exemption-or-not-trumps-latest-tariffs-will-still-hit-australia-249493

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Thousands of Australian pets may soon have ‘useless’ microchips. It’s a symptom of a bigger problem

    Source: The Conversation (Au and NZ) – By Bronwyn Orr, Veterinarian, Southern Cross University

    Mitchell Orr/Unsplash

    Late last year, rumours swirled online that HomeSafeID, a private Australian pet microchip registry, had stopped operating.

    On Feburary 5 2025, a notice appeared on the HomeSafeID website, ostensibly from the site’s administrator. It states the website “is likely to go offline” soon due to unpaid bills. This means the database of information stored on HomeSafeID would also go offline.

    There has been no official word from HomeSafeID as to the status of the company. HomeSafeID did not respond when The Conversation reached out for comment.

    According to the Australian Securities and Investment Commission (ASIC), the company is still registered and no insolvency notice has been published. However, it’s possible HomeSafeID has stopped operating or will do so in the near future.

    If this happens, any pet with a HomeSafeID registered microchip would no longer have searchable microchip details. If these pets become lost, vets and shelters will have no way of finding or verifying their owner.

    The situation is a symptom of a bigger problem with pet microchip registries in Australia – a lack of national oversight.

    Why should you microchip your pet?

    If your pet goes missing, their microchip is key to you being reunited. Vets and shelters can scan a stray animal’s microchip, search one of the seven microchip registries in Australia, find the pet owner’s details and contact them. Pet microchips significantly increase the likelihood lost pets will be reclaimed by their owners.

    In fact, microchipping pets is a legal requirement in all states and territories of Australia except the Northern Territory, although it is required in the City of Darwin. In New South Wales, fines for failing to microchip your pet range from A$180 to $880.

    A pet microchip should contain up-to-date details of the pet’s owner so they can be contacted if the animal becomes lost.
    Todorean-Gabriel/Shutterstock

    If HomeSafeID does go offline, many pets will have microchips that don’t connect to a database any more, making them essentially useless.

    It’s difficult to estimate the scale of the problem, but it could affect hundreds of thousands of pets, including ones adopted from RSPCA Queensland.

    According to ASIC, RSPCA Queensland was a part-owner of HomeSafeID until 2020. A spokesperson for the charity told The Conversation it has no current partnership with HomeSafeID, and “don’t know the extent of how many animals are affected”. Yesterday, RSPCA Queensland issued advice for pet owners to check their registration details.

    Where are microchip details stored?

    There are currently seven registries in Australia. Five are privately owned, including HomeSafeID, and two are owned by state governments, in NSW and South Australia. Pets microchipped in those states are meant to be registered with the state registry.

    The five private registries jointly fund a website called Pet Address, which allows you to search the five private databases to find where your pet’s details are stored.

    However, Pet Address doesn’t cover the state registries – these have to be searched separately. Only NSW vets and “authorised identifiers” (such as shelters) can access the pet owner details stored in the NSW registry.

    If a pet is moved to another state but their owner doesn’t update the registry, their microchip won’t be readable in the new location by non-NSW vets and shelters.

    There are currently no rules, regulations or even guidelines around how private pet microchip registries should operate in Australia. If a microchip database were to cease operating, there is no safety net to ensure information is automatically moved to another database.

    A vet can scan your pet’s microchip to retrieve the number and find out the registration details.
    Lucky Business/Shutterstock

    What can I do to make sure my pet’s microchip is up to date?

    Given current uncertainty around the HomeSafeID registry, pet owners across Australia should check their pets’ microchip numbers and find out which database they’re registered in.

    If you don’t already know your pet’s microchip number, vets and shelters can use a microchip scanner to find that number for you. Then, you can run it through Pet Address or the SA and NSW registries where relevant, to find out which database the number is registered on.

    If your pet’s microchip is currently with HomeSafeID, it might be prudent to move your pet’s details to another database. You can do this by contacting one of the other microchip registries and applying to register with their database (this may involve a small fee).

    Australia needs national coordination on pet microchipping

    Given it’s mandatory to microchip dogs and cats, it might seem strange there are no regulations or guidelines around how microchip registries should operate. However, this is a symptom of a much bigger issue.

    There is almost no national leadership or collaboration on companion animal issues in Australia. Pets are firmly the domain of state governments, with the federal government only really involved in the export and import of companion animals.

    There are, however, avenues for national coordination. The renewal of the Australian Animal Welfare Strategy is one, and the national Animal Health Committee is another.

    Regardless of who takes responsibility, it’s clear a round table on pet microchipping is urgently required to prevent hundreds of thousands of pets walking around with microchips that don’t work anymore.

    Otherwise, lost pets may find themselves at shelters and pounds unnecessarily, and animals that might have otherwise been returned home could end up being adopted, or worse, euthanised.

    Bronwyn Orr is a Director of the Walk In Clinic For Animals and Veterinary Support Group.

    – ref. Thousands of Australian pets may soon have ‘useless’ microchips. It’s a symptom of a bigger problem – https://theconversation.com/thousands-of-australian-pets-may-soon-have-useless-microchips-its-a-symptom-of-a-bigger-problem-249492

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: China Harbour’s moduling building factory begins operations in Saudi Arabia

    Source: China State Council Information Office 3

    A moduling building factory under China Harbour Engineering Company’s (CHEC) Sedra project in Saudi Arabia has officially commenced operations.

    Spanning approximately 200,000 square meters, the factory will supply prefabricated components for the Sedra project’s fully modular villas, while laying the industrial foundation for future prefabricated construction initiatives in Saudi Arabia, the CHEC announced in a statement on Sunday.

    The facility is equipped with an independently developed production management system and advanced robotics, enabling a fully digitalized workflow covering design, production, and storage.

    At the inauguration ceremony on Sunday, Iain McBride, head of commercial at Saudi ROSHN Real Estate Company, praised the factory’s remarkable speed of completion, commending its design, construction quality, and safety standards.

    “We look forward to deepening our collaboration with China Harbour in alignment with Vision 2030, the subsequent phases of the Sedra project, and expansion plans, working together to create a new chapter of mutually beneficial cooperation between China and Saudi Arabia,” he said.

    Yang Zhiyuan, general manager of CHEC (Middle East), said China Harbour will continue working closely with Saudi Arabia’s Public Investment Fund and ROSHN to establish a leading prefabricated construction production base in the Middle East.

    MIL OSI China News –

  • MIL-OSI USA: Markey Leads Members of Massachusetts Delegation Blasting Trump’s Drastic Cuts to National Institutes of Health Funding

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Washington (February 10, 2025) – Senator Edward J. Markey (D-Mass.), top Democrat on the Primary Health and Retirement Security Subcommittee of the Health Education, Labor, and Pensions (HELP) Committee, along with Senator Elizabeth Warren (D-Mass.) and Representatives Richard Neal (MA-01), Jim McGovern (MA-02), Lori Trahan (MA-03), Katherine Clark (MA-05), Seth Moulton (MA-06), Ayanna Pressley (MA-07), Stephen Lynch (MA-08), and Bill Keating (MA-09) released the following statement today on the Trump administration’s cuts to the National Institutes of Health (NIH).     

    “Investments in medical research lead to cures, jobs, and economic growth,” said the Massachusetts lawmakers. “The Trump administration is drastically cutting NIH funding and giving away the United States’ and Massachusetts’ leadership in biomedical innovation to pay for tax breaks for billionaires. These cuts and the chaos this announcement has created is already being felt across the country by hospitals, state universities, and research institutions, by the people whose jobs rely on this funding, and by families who will have to wait longer for treatments and cures for Alzheimer’s, Parkinson’s, cancer, diabetes, and more.     

    Massachusetts is a national leader in developing groundbreaking treatments and cures, giving hope to patients, families, and caregivers in need of breakthroughs and discoveries. Committed health providers, researchers, and workers drive these innovations, relying on sustainable funding to do their work. The Trump administration’s illegal NIH funding cut is not only going to impede their work to improve our health care system and save lives, but also diminish our competitiveness and cede leadership to China. This action must be reversed.”  

    In 2024, Massachusetts received nearly 6,000 grants amounting to $3.5 billion, or 9.3 percent of all NIH funding, despite having just 2% of the population.

    President Trump’s nominee for NIH director, Jay Bhattacharya, M.D., Ph.D. will appear before the HELP Committee.

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell Statement on Trump’s Latest Steel & Aluminum Tariffs: “He Wants to Double Down on Raising Costs for Americans Even More”

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.10.25

    Cantwell Statement on Trump’s Latest Steel & Aluminum Tariffs: “He Wants to Double Down on Raising Costs for Americans Even More”

    In 2024, state imported $1.2B worth of steel & aluminum for aerospace, shipbuilding, electronics & more; Last week, Cantwell delivered a speech on Senate floor calling for increasing exports & voted against advancing Trump’s trade nominee

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and a senior member of the Senate Committee on Finance, issued the following statement in response to President Donald Trump’s new 25% tariffs on all steel and aluminum imports.

    “Many of Trump’s tariffs on steel and aluminum have been in place since 2018. Nothing was resolved and they added costs to cars, building materials, and energy projects. Now in 2025, he wants to double down raising costs for Americans even more,” Sen. Cantwell said.

    In Washington state, two out of every five jobs are tied to trade and trade-related industries. Combined, the state imported $1.21 billion worth of steel and aluminum last year – and the major industries and employers in Washington that rely on steel and aluminum include aerospace, shipbuilding, utilities, and electronics. When President Trump imposed steel tariffs in 2018, our trading partners immediately responded by imposing tariffs of their own on Washington products, especially agriculture, including cherries, apples, pears, and potatoes. Nationally, across all industries, the steel and aluminum tariffs resulted in a decrease in production worth about $3.4 billion per year, according to an ITC report.  The United States imports $58.81 billion in steel and aluminum every year.

    Last week, Sen. Cantwell also delivered a major speech on the Senate floor last week, arguing that the president’s arbitrary tariffs would threaten domestic job creation and economic growth in an Information Age. She outlined a strategy focused on building coalitions, growing exports, and establishing principles to support innovation in the Information Age.

    Sen. Cantwell also voted against advancing the nomination of Howard Lutnick, President Trump’s choice to be Secretary of the Department of Commerce, citing concerns with Lutnick’s support for Trump’s proposed tariffs. More information on how President Trump’s proposed tariffs on goods from Mexico, Canada, and China would affect consumers and businesses in the State of Washington can be found HERE.

    Sen. Cantwell has remained a steadfast supporter of free trade to grow the economy in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20 percent retaliatory tariff on American apples, which was imposed in response to tariffs on steel and aluminum and devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after then-President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe:  apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023.  In September 2023, following several years of Sen. Cantwell’s advocacy, India ended its retaliatory tariffs on apples and pulse crops which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.

    In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), then-chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.

    In 2022, Sen. Cantwell spearheaded passage of the Ocean Shipping Reform Act, a law to crack down on skyrocketing international ocean shipping costs and ease supply chain backlogs that raise prices for consumers and make it harder for U.S. farmers and exporters to get their goods to the global market.

    In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.

    In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Improving resilience on State Highway 1 in Marlborough – stage 2 works brought forward

    Source: New Zealand Transport Agency

    New resilience work recently got underway on State Highway 1 in Marlborough, south of Blenheim at Dashwood.

    • The start date for the second stage of this work has now been brought forward to start on Monday, 17 February to help avoid the upcoming grape harvest, says NZ Transport Agency Waka Kotahi (NZTA).

    During this time one lane of the highway will remain open under stop/go traffic management 24/7 and a 30 km/h temporary speed limit. 

    • Work is expected to continue until 9 April 2025, but NZTA is aiming to have an end to stop/go traffic management by early March.

    The work involves raising the height of the road to minimise future flooding and complete drainage improvements.

    Wayne Oldfield, Marlborough System Manager, says the 500-metre section of state highway between Awatere Valley Road and the Awatere Bridge is prone to flooding.

    “Making these improvements and increasing the highway’s resilience will help keep the road open in bad weather, and ensure people, products, and places remain connected on this busy arterial route.”

    “It means the transport network will be stronger and better prepared for any future disruption,” Mr Oldfield says.

    The work on the three-lane section of the state highway will be carried out in stages.

    Stage 1 will see the start of new drainage works alongside the highway. During Stage 2, one lane of the highway will remain open under a stop/go traffic management 24/7 and a 30 km/h temporary speed limit.  For Stage 3, two lanes will be open under a 30 km/h temporary speed limit.

    Keeping the road open while work is done is particularly important given the Marlborough grape harvest will soon be underway.

    Mr Oldfield says the work is funded by the Crown Resilience Programme.

    “The fund is about covering the cost of resilience improvements on the state highway network and minimising damage from future weather events.”

    “Marlborough residents know only too well how big an impact floods can have. In previous years, heavy rainfall has resulted in the closure of this stretch of the highway. Investments like this can make a big difference,” Mr Oldfield says.

    Other resilience works recently completed in Marlborough include State Highway 6 Rai Saddle and State Highway 63 at the Wash Bridge.

    Works Schedule overall

    Stage 1 – Early February to 9 April

    • Drainage works undertaken in the swale alongside the highway.
    • Northbound passing lane will be closed during the work activities.

    Stage 2 – 17 February to early March (amended from our first notice of this work)

    • Stop/Go temporary traffic management in place from 24/7 – No work on Sundays.
    • A temporary speed limit of 30 km/h will be in place at the site 24/7.
    • Expect delays of up to 10 minutes.
    • This work is subject to weather and unforeseen circumstances.

    Stage 3 – Early to late March

    • State Highway 1 reopened to two lanes
    • A temporary speed limit of 30 km/h will be in place at the site 24/7.

    More Information

    • The Crown Resilience Programme (previously the Transport Resilience Fund) is a $419 million investment package of resilience improvement activities that will reduce the impact of severe weather events on our national roading networks. This will ensure a more resilient and efficient network now and into the future. The total crown resilience programme comprises $279 million for activities on State Highways, and $140 million for activities on Local Roads.
    • This seven-year programme aims to advance proactive resilience improvements on the roading network to minimise the future damage caused to New Zealand roads by weather events, which have been increasing in frequency and severity.
    • Crown Resilience Programme

    MIL OSI New Zealand News –

  • MIL-OSI Security: Three People Charged in Commercial Bribery Scheme

    Source: Office of United States Attorneys

    DENVER – The United States Attorney’s Office for the District of Colorado announces that Edward Joseph Chmiel, 49, Henry Lozano, 43, and Sabino Loera, 51, have been charged with conspiracy to commit money laundering arising out of a scheme to submit fraudulent invoices to a contractor providing services for a Colorado electrical utility.

    Loera and Lozano made their initial appearances in federal court on February 10. Chmiel is expected to have his initial appearance later this month.  According to the criminal information, Chmiel and Loera worked for a company providing electrical contracting services to a utility company in Colorado. Lozano owned a company providing trucking and hauling services. In August 2018, the three agreed that Lozano’s company would provide those services in exchange for kickback payments to Chmiel and Loera.  To generate the money that would pay the kickbacks, the three schemed to submit false invoices from Lozano’s company to Chmiel and Loera’s. Once Lozano was paid for those invoices, Loera would direct Lozano to issue checks to a network of 15 other people. Those people cashed the checks and then gave the cash to Chmiel and Loera.  Between August 2018 and June 2020, the false invoices generated approximately $1,495,781.51 in kickback proceeds.

    The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    The investigation is being conducted by the Internal Revenue Service Criminal Investigation and the FBI Denver Field Office. The case is being prosecuted by Assistant United States Attorneys Sonia Dave and Bryan Fields.

    Case Number: 25-cr-00024-RMR             

    MIL Security OSI –

  • MIL-OSI Security: Mexican National Sentenced to 2 Years in Prison for Possessing Heroin with Intent to Distribute

    Source: Office of United States Attorneys

    FRESNO, Calif. — Jose Angel Beltran-Chaidez, 69, a Mexican national residing in Bakersfield, was sentenced today by U.S. District Judge Jennifer L. Thurston to two years in prison for possessing with intent to distribute heroin, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, in January 2022, at the direction of his brother Antonio Beltran-Chaidez, 55, also a Mexican national, Beltran delivered more than 2 pounds of heroin to Jorge Calderon-Campos, 44, a Mexican national residing in Bakersfield, for distribution. However, when Calderon-Campos was unable to sell the drug, Beltran retrieved it from Calderon-Campos and was in possession of the heroin when stopped by a CHP officer for a traffic violation.

    Calderon-Campos and Antonio Beltran-Chaidez previously pleaded guilty and were sentenced to eight years and one month in prison and three years and 10 months in prison, respectively.

    This case was the product of an investigation by Homeland Security Investigations and the Drug Enforcement Administration, with assistance from the U.S. Department of Agriculture Office of Inspector General, the U.S. Marshals Service, the U.S. Customs and Border Protection, the U.S. Secret Service, the Bureau of Land Management, the Kern County High Intensity Drug Trafficking Area Task Force, the California Highway Patrol, the California Department of Corrections and Rehabilitation, the Kern County Sheriff’s Office, the Kern County Probation Department, and the Bakersfield Police Department. Assistant U.S. Attorney Karen Escobar prosecuted the case.

    The case was investigated under the Organized Crime Drug Enforcement Task Forces (OCDETF). OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. For more information, please visit Justice.gov/OCDETF. 

    MIL Security OSI –

  • MIL-OSI: Odysight.ai Announces the Pricing of $21.5 Million Public Offering and Uplisting to the Nasdaq Capital Market

    Source: GlobeNewswire (MIL-OSI)

    Odysight.ai common stock to begin trading on Nasdaq Tuesday, February 11, 2025, under the symbol “ODYS”

    OMER, Israel, Feb. 10, 2025 (GLOBE NEWSWIRE) — Odysight.ai Inc. (Nasdaq: ODYS) (“Odysight.ai” or the “Company”), a pioneering developer of AI systems for Predictive Maintenance (PdM) and Condition-Based Monitoring (CBM), today announced the pricing of a public offering of 3,307,692 shares of its common stock at a price to the public of $6.50 per share. The sole book-running manager of the offering will have a 30-day option to purchase up to an additional 496,153 shares of common stock from Odysight.ai at the public offering price, less underwriting discounts and commissions.

    Odysight.ai’s common stock has been approved for listing and is expected to begin trading on the Nasdaq Capital Market under the symbol “ODYS” on Tuesday, February 11, 2025.

    The offering is expected to close on February 12, 2025, subject to customary closing conditions.

    The gross proceeds to Odysight.ai from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $21.5 million. Odysight.ai intends to use the net proceeds from this offering for expanded research and development, increased sales and marketing, working capital and other general corporate purposes.

    The Benchmark Company, LLC is acting as sole book-running manager for the offering.

    A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, and became effective on February 10, 2025. The proposed offering will be made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from The Benchmark Company, LLC, 150 East 58th St., 17th Floor, New York, NY 10155, by telephone: (212) 312-6700, or by email at prospectus@benchmarkcompany.com.

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

    About Odysight.ai 

    Odysight.ai is pioneering the Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) markets with its visualization and AI platform. Providing video sensor-based solutions for critical systems in the aviation, transportation, and energy industries, Odysight.ai leverages proven visual technologies and products from the medical industry. Odysight.ai’s unique video-based sensors, embedded software, and AI algorithms are being deployed in hard-to-reach locations and harsh environments across a variety of PdM and CBM use cases. Odysight.ai’s platform allows maintenance and operations teams visibility into areas which are inaccessible under normal operation, or where the operating ambience is not suitable for continuous real-time monitoring.

    We routinely post information that may be important to investors in the Investors section of our website. For more information, please visit: https://www.odysight.ai or follow us on Twitter, LinkedIn and YouTube.

    Forward-Looking Statements

    Information set forth in this news release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding the completion of the offering, the satisfaction of customary closing conditions related to the offering and the intended use of net proceeds from the offering. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Those statements are based on information we have when those statements are made or our management’s current expectation and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward- looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to the following: (i) market acceptance of our existing and new products, including those that utilize our micro Odysight.ai technology or offer Predictive Maintenance and Condition Based Monitoring applications, (ii) lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device and related industries from much larger, multinational companies, (v) product liability claims, product malfunctions and the functionality of Odysight.ai’s solutions under all environmental conditions, (vi) our limited manufacturing capabilities and reliance on third-parties for assistance, (vii) an inability to establish sales, marketing and distribution capabilities to commercialize our products, (viii) an inability to attract and retain qualified personnel, (ix) our efforts to obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on a single customer that accounts for a substantial portion of our revenues, (xi) our reliance on single suppliers for certain product components, including for miniature video sensors which are suitable for our Complementary Metal Oxide Semiconductor technology products, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain, (xiii) the impact of computer system failures, cyberattacks or deficiencies in our cybersecurity, (xiv) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical, global supply chain and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction and (xv) political, economic and military instability in Israel, including the impact of Israel’s war against Hamas and Hezbollah. These and other important factors discussed in Odysight.ai’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 26, 2024 and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required under applicable securities legislation, Odysight.ai undertakes no obligation to publicly update or revise forward-looking information.

    Investor Relations Contact:
    Miri Segal
    MS-IR LLC
    msegal@ms-ir.com

    Company Contact:
    Einav Brenner, CFO
    info@odysight.ai

    The MIL Network –

  • MIL-Evening Report: Do men and women agree on how easy it is for each other to find a job or a date?

    Source: The Conversation (Au and NZ) – By Stephen Whyte, Deputy Director – Behavioural Economics, Society and Technology (BEST) Research Group. Chief-Investigator – ARC ITTC Centre for Behavioural Inisghts for Technology Adoption (BITA).), Queensland University of Technology

    The Conversation, DenPhotos/Shutterstock, Mehaniq/Shutterstock

    Typically, you don’t have to write a cover letter before attending a candlelit dinner. But there are some eerie emotional parallels between finding a job and finding a date.

    Both can require you to put yourself “out there” in uncomfortable ways, brace yourself for repeated rejection and grapple with heartache.

    On the flip side, success in either pursuit can significantly boost your confidence and sense of wellbeing – especially if it feels like a good fit.

    This raises the question: do Australians really believe they have equal access to the labour and dating markets?

    Our study, published in the journal Evolutionary Psychology, examined this question in depth, shining a light on how these beliefs are linked, and where they differ.

    Whether Australians’ perceptions of job and dating market access are completely accurate or not, they can certainly have a big impact on the choices we make and the way we behave in both our personal and professional lives.

    Finding a job versus finding a date

    We surveyed more than 1,000 online daters aged between 18 and 81. Our sample only included participants who described their sexual orientation as heterosexual and who identified as either male or female.

    Our study looked at people’s beliefs about how easy it was to find a job or find a date.
    Arthur Bargan/Shutterstock

    It’s important to understand that we were looking specifically at people’s perceptions of their access to these markets.

    That is, we looked at what men and women believed about their own (and the opposite sex’s) ability to find a job or find a date.

    We also examined what both sexes believed about women’s economic dependence on men.

    On average, we found women think it’s easier for men to find a decently paying job. Women also think they’re less economically dependent on male partners than men think women are.

    Both sexes agree it’s easier for women to find a date than men. But men think they have it much worse off on this metric than women think they do.

    Where beliefs diverge

    These perceptions begin to vary significantly with factors such as age, education, number of children and political orientation.

    There are some big differences in how women perceive women’s economic dependence and ease of dating access at different stages of life.

    Middle-aged men and women (aged 35 to 55 years) share similar perspectives on women’s economic dependence. This contrasts with younger and older women, who believe women are significantly less economically dependent on men.

    Women believe they have an easier time finding a date as they age from 18 to 35 years old. This perception then declines sharply from 40 to 75 years or older.

    These patterns align with evolutionary theories, suggesting that access to resources and shifting household dynamics at different life stages influence how men and women view the labour and dating markets.

    Shifting beliefs about access at different age levels may reflect changing household dynamics.
    aijiro/Shutterstock

    Intertwined ‘markets’

    Importantly, we found that perceptions of labour and dating market access are intrinsically linked, and they tend to reflect broader economic conditions.

    For instance, men in high-income areas think they have better job and dating opportunities, while those in areas with greater gender income disparities see women as more economically dependent.

    On the flipside, women in higher-income areas think they are less economically dependent. And those in areas with lower gender gaps in income perceive women’s dating access to be greater.

    This interplay of beliefs is also reflected in participants’ own dating preferences. Women who believe they are more economically dependent on men tend to seek a long-term male partner with greater earning potential than them.

    On the other hand, men who expect to earn more than their ideal partner think it’s easier for men to find a date.

    Beliefs about how easy it is to find a job and find a date are linked.
    Drazen Zigic/Shutterstock

    Why does this all matter?

    Economic growth is the way economists and politicians measure increases in our standard of living. It is primarily driven by consumption.

    That’s everyday Australians buying their morning coffees at work, leg hams at Christmas time or splurging on a new cabana for the beach.

    Historically, more consumers meant more consumption, which meant higher economic growth and an increased standard of living.

    Many governments have recognised and acted on this link, encouraging Australians to have more children. Back in the early 2000s, for instance, the Howard government implemented the so-called “baby bonus”.

    Then-Treasurer Peter Costello famously asked the nation to “Have one for mum, one for dad, and one for the country”.

    It worked, sort of. Australia’s birth rates increased modestly.

    Fast forward to today, and these issues are just as relevant. Dating and job market choices still have a significant impact on Australian society, both economically and socially.

    Khandis R Blake receives funding from the Australian Research Council (DE210100800 and DP220101023).

    Benno Torgler, Ho Fai Chan, Rachel Hall, and Stephen Whyte do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Do men and women agree on how easy it is for each other to find a job or a date? – https://theconversation.com/do-men-and-women-agree-on-how-easy-it-is-for-each-other-to-find-a-job-or-a-date-247235

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: F&M Bank Welcomes Peter Schork as Regional President for Toledo, Ohio & Southeast Michigan

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, Feb. 10, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) announced that Peter Schork has joined F&M as Regional President of the Toledo, Ohio, and Southeastern Michigan regions.

    Lars Eller, President and CEO of F&M stated, “As a proven community banker, Peter brings a wealth of experience to F&M. His leadership, deep market knowledge, and commitment to building strong relationships will be an invaluable resource to F&M as we continue to grow and serve our communities. We look forward to the impact he will make in driving success for our customers, employees, and stakeholders.”

    In his new role, Peter will oversee F&M’s presence in the Toledo, Ohio, and Birmingham, Michigan markets, including offices in Waterville, Swanton, Perrysburg, Sylvania, and Downtown Toledo, as well as F&M’s Loan Production Office in Troy and its Birmingham, Michigan location.

    Peter brings over 25 years of banking and financial experience to F&M. Prior to joining the Company, he served as the Ann Arbor President for Oxford Bank and co-founded the Ann Arbor State Bank serving as its President and CEO. In addition to his community bank experience, Peter was the CFO at Catalyst Commercial Real Estate, and the President of a Michigan-based title, mortgage, and real estate company. In addition to his business experience, Peter is a proud supporter of various community organizations. Currently, he serves on the Michigan Theater Board of Trustees, is a member of the Ray and Eleanor Cross Foundation and the Kiwanis Club of Ann Arbor and is a Board Member and Treasurer for the Homeless/Unhoused Mission. Peter holds a Master of Business Administration (M.B.A.) with a specialization in Finance from Eastern Michigan University.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    __________________________________________

    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank    		 Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e11179be-cf20-449e-9416-ca1e8ff1fd2f

    The MIL Network –

  • MIL-OSI USA: Senator Reverend Warnock, Colleagues Push Back on DOGE’s Interference into Departments of Education, Treasury and Access to Payments Systems for Millions of Americans 

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock, Colleagues Push Back on DOGE’s Interference into Departments of Education, Treasury and Access to Payments Systems for Millions of Americans 

    In two separate efforts this week, Senator Reverend Warnock demanded answers into the “Department” of Government Efficiency (DOGE) employees’ data collection practices and access to federal agencies

    The letters are part of an ongoing effort by several lawmakers to push back against the efforts of the Trump Administration and its billionaire allies to gut the federal government

    The letters follow Senator Reverend Warnock’s nearly hour-long speech on the Senate floor opposing Russell Vought’s nomination to lead the Office of Management and Budget (OMB)

    ICYMI from the New York Times: Senate Democrats Demand Clarity About Musk’s Efforts at Education Dept.

    Washington, D.C. — Earlier this week, U.S. Senator Reverend Raphael Warnock (D-GA) joined two efforts to push back against the “Department” of Government Efficiency’s (DOGE) access to personal information and sensitive government data. 

    “If you want to know who Donald Trump is working for, look at who he’s surrounding himself with. The likes of Elon Musk, the billionaire, the richest man in the world who is now telling the rest of us that we need to tighten our belts. How quaint,” said Senator Reverend Warnock during his Wednesday floor speech.

    The first letter, authored by Senator Elizabeth Warren (D-MA) and Senate Minority Leader Chuck Schumer (D-NY), was sent to Acting Secretary of the Department of Education (ED), Denise Carter, launching a probe into recent reports that Elon Musk’s Department of Government Efficiency (DOGE) has infiltrated the Department of Education and that “DOGE staffers have gained access to federal student loan data, which includes personal information for millions of borrowers.”

    “This deeply troubling report raises questions about potential exposures of Americans’ private data, the abuse of this data by the Trump Administration, and whether officials who have access to the data may have violated the law or the federal government’s procedures for handling sensitive information,” wrote the senators.

    In the second letter, addressed to Senate Banking and Finance committee Chairs, Tim Scott (R-SC) and Mike Crapo (R-ID) respectively, Senator Warnock joined 16 other Senate Democrats in calling for an immediate hearing to examine the reports that officials associated with the DOGE have gained access to systems that control millions of payments to American citizens.

    “Putting this system in the hands of unaccountable political actors raises significant economic and national security risks. Information in these systems is critical to the Department’s management of the national debt. The takeover by Mr. Musk and his associates was achieved by engineering the ouster of a key official responsible for managing the extraordinary measures the Department has been taking to avoid a default. A misstep with these payment systems could lead to a technical default with a wide range of devastating consequences, from seniors missing Social Security payments to a global financial meltdown that costs trillions of dollars and millions of jobs,” wrote the Senators.

    The letter to acting DOE Secretary Denise Carter can be viewed HERE.

    The letter to Ranking Members Scott and Crapo can be viewed HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Padilla, Schiff, Western Senators Raise Alarm on Trump’s Illegal Funding Cuts Targeting Wildfire Mitigation Efforts

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Schiff, Western Senators Raise Alarm on Trump’s Illegal Funding Cuts Targeting Wildfire Mitigation Efforts

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla and Adam Schiff (both D-Calif.) joined Senator Jeff Merkley (D-Ore.), Senator Martin Heinrich (D-N.M.), and 10 other Western Democratic Senators to sound the alarm over threats to the removal of hazardous fuels on U.S. public lands. The Bureau of Land Management recently issued stop work orders to small businesses and organizations across America carrying out critical hazardous fuel removal projects on high-risk federal lands. Delaying these treatments risks missing out on the right seasonal and weather conditions for safely treating hazardous fuels.

    The letter follows President Donald Trump’s illegal executive orders cutting federal funds needed to mitigate and fight wildfires, despite the devastating fires that ravaged Southern California communities last month. The Senators demanded that Interior Secretary Doug Burgum and Acting Agriculture Secretary Gary Washington rescind the order to stop work on essential hazardous fuels reduction efforts and any other wildland fire management and risk-reduction programs.

    “Catastrophic wildfires across the United States are an ongoing national crisis and responding to them must be a national priority. These stop work orders and funding freezes jeopardize communities that depend on a robust federal response to our wildfire crisis — and also jeopardize small businesses, often in frontier and rural communities, that are contracted to do the work on the ground to reduce hazardous fuels,” wrote the Senators.

    “As we’ve seen with the recent fires surrounding Los Angeles, wildfire does not distinguish between homes and trees. But we do have ways to mitigate the risk,” continued the Senators. “One of the most effective strategies to reduce that risk is to reduce the hazardous natural fuels that surround our communities. These fuels reduction projects save lives and property, reduce the danger to firefighters, and return our lands to a fire-adapted ecosystem that can better withstand the threat to human life, communities, infrastructure, and property.

    The hazardous fuel reduction projects are a core component of the Wildfire Crisis Strategy, to which Congress appropriated over $3 billion from the Bipartisan Infrastructure Law and the Inflation Reduction Act. These investments in fuels reduction treatments for high-risk firesheds were recommended in the nonpartisan Wildland Fire Mitigation and Management Commission Report.

    In addition to Senators Padilla, Schiff, Merkley, and Heinrich, the letter is signed by U.S. Senators Michael Bennet (D-Colo.), Maria Cantwell (D-Wash.), Catherine Cortez Masto (D-Nev.), Ruben Gallego (D-Ariz.), John Hickenlooper (D-Colo.), Mark Kelly (D-Ariz.), Ben Ray Luján (D-N.M.), Patty Murray (D-Wash.), Jacky Rosen (D-Nev.), and Ron Wyden (D-Ore.).

    Senator Padilla has long been a leader in strengthening the federal and state response to wildfires. Last week, Padilla introduced bipartisan legislation to create a national Wildfire Intelligence Center to streamline federal response and create a whole-of-government approach to combat wildfires. He also announced a package of three bipartisan bills to bolster fire resilience and proactive mitigation efforts, including the Wildfire Emergency Act, the Fire-Safe Electrical Corridors Act, and the Disaster Mitigation and Tax Parity Act, the last of which is co-led by Senator Schiff. Padilla’s legislation to strengthen FEMA’s wildfire preparedness and response efforts, the FIRE Act, became law in 2022.

    Padilla previously questioned Secretary Burgum on his support for wildfire aid, securing his commitment to responding to wildfires regardless of which state they impact with all necessary resources and support possible.

    Full text of the letter can be found here and below:

    Dear Secretary Burgum and Acting Secretary Washington, 

    We are writing with great concern about reports from our constituents that the Bureau of Land Management has issued stop work orders for hazardous fuels reduction projects. We are further concerned that fuels projects overseen by the U.S. Forest Service will be next. These projects are integral to increased safety and resiliency and any delay in implementation puts those communities at greater risk. We urge you to immediately rescind these stop work orders, halt any further stop work orders or funding freezes, and instead work with the tools and funds Congress has provided to better safeguard our communities from the serious risk of catastrophic wildfire.

    These projects are part of the Wildfire Crisis Strategy, funded by the Infrastructure and Investment in Jobs Act (IIJA) and the Inflation Reduction Act (IRA). Investing in fuels reduction treatments is a primary recommendation in the Wildland Fire Mitigation and Management Commission Report, a nonpartisan strategy document to tackle the myriad challenges associated with wildfire across the country. We also note with alarm that this report was removed from federal websites this week. 

    In 2022, the Forest Service identified high-risk firesheds across the country to be prioritized for hazardous fuels reduction work through the Wildlife Crisis Strategy and Implementation Plan. The Forest Service chose 10 high-priority landscapes with the enactment of IIJA and an additional 11 landscapes with the enactment of IRA – each of these landscapes require significant investment to reduce wildfire risk. These 21 landscapes were awarded a total of $1.73 billion to protect at-risk communities, critical infrastructure, public water sources, and adjacent Tribal lands in 10 Western states: Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, and Washington. The Bureau of Land Management, Forest Service, States, Tribes, local stakeholders, and small businesses have been working together over the last three years to implement fuels reduction on these landscapes. 

    Catastrophic wildfires across the United States are an ongoing national crisis and responding to them must be a national priority. These stop work orders and funding freezes jeopardize communities that depend on a robust federal response to our wildfire crisis – and also jeopardize small businesses, often in frontier and rural communities, that are contracted to do the work on the ground to reduce hazardous fuels.  

    In addition to endangering communities, the President’s Executive Orders freezing funding are flagrantly illegal. The Government Accountability Office, the Department of Justice Office of Legal Counsel (including in an opinion written by future Chief Justice of the Supreme Court, William H. Rehnquist), and the Supreme Court of the United States have all disavowed the notion of some “inherent Presidential power to impound,” as some in the Administration, as well as pending Administration nominees, have tried to argue without legal or textual basis. 

    Not only does the Constitution vest the power of the purse with Congress and provide no power to the President to impound funds, but there have been several bedrock fiscal statutes enacted to protect Congress’ constitutional power of the purse and prevent unlawful executive overreach, including the Antideficiency Act and the Impoundment Control Act of 1974 (ICA). The ICA prohibits any action or inaction that precludes Federal funds from being obligated or spent, either temporarily or permanently, without following the strictly circumscribed requirements of that law, which have not been honored in this instance. 

    As we’ve seen with the recent fires surrounding Los Angeles, wildfire does not distinguish between homes and trees. But we do have ways to mitigate the risk. One of the most effective strategies to reduce that risk is to reduce the hazardous natural fuels that surround our communities. These fuels reduction projects save lives and property, reduce the danger to firefighters, and return our lands to a fire-adapted ecosystem that can better withstand the threat to human life, communities, infrastructure, and property.   

    By terminating or even pausing these projects, all of the progress made at protecting these communities is at risk. We are imploring you to rescind the order to stop work on these hazardous fuels reduction efforts, as well as any other wildland fire management programs that are working to reduce risk and safeguard communities from catastrophic wildfire. 

    We hope to work with you to combat the scourge of catastrophic wildfire. 

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Repeat offender gets 10-year sentence after ICE HSI Newark investigation

    Source: US Immigration and Customs Enforcement

    NEWARK, N.J. – A Hudson County man was sentenced for possessing child sexual abuse material, following an investigation by ICE Homeland Security Investigations Newark with support from CBP Port of New York/Newark.

    Jonathan Lattif, 46, of Jersey City, N.J., who was sentenced to 120 months in prison on February 6, 2025. Lattif previously pleaded guilty to an Information charging him with one count of possession of child pornography at the District of New Jersey in Newark.

    “It is inconceivable that a market exists for the disturbing and depraved images Lattif had in his possession,” said ICE HSI Newark Special Agent in Charge Ricky J. Patel. “HSI Newark is constantly working with our law enforcement partners to protect children who are victimized in the heinous crime of online child sexual exploitation and abuse.”

    According to the investigation, on March 18, 2022, Lattif possessed videos depicting sexual abuse of minors, including prepubescent children, on his mobile device. He possessed over 500 videos files and 1 photograph of child sexual abuse material.

    Lattif also has a prior state conviction for possession of child pornography.

    In addition to the prison term, Lattif was sentenced to 10 years of supervised release.

    MIL OSI USA News –

  • MIL-OSI Security: Homestead Felon Pleads Guilty to Possessing Machinegun, Trafficking Drugs, and Other Offenses While on Federal Supervised Release for Prior Conviction; Plea Agreement Calls for Sentence of 35 Years in Prison

    Source: Office of United States Attorneys

    PITTSBURGH, Pa. – A former resident of Homestead, Pennsylvania, pleaded guilty in federal court to charges of violating federal narcotics and firearms laws and agreed that later this year he will be sentenced to 35 years in prison, Acting United States Attorney Troy Rivetti announced today.

    Erik Addison, 28, pleaded guilty to four counts before United States District Judge J. Nicholas Ranjan, including possession with intent to distribute a quantity of fentanyl, possession of a machinegun, possession of a firearm and ammunition by a convicted felon, and possession of a firearm in furtherance of a drug trafficking crime.

    In connection with the guilty plea, the Court was advised that, on May 8, 2023, law enforcement in Pittsburgh attempted to stop a vehicle driven by Addison when he fled police and then abandoned and ran from the vehicle. Addison was pursued, detained, and arrested, with a police video camera recording the defendant in possession of a firearm later determined to be a Glock 19 9mm pistol equipped with a machinegun conversion device, commonly referred to as a Glock switch, intended to convert a weapon into a fully automatic machinegun. Investigators also recovered from Addison two cell phones, more than $3,200 in cash, and car keys.

    A search of the vehicle registered to Addison revealed a black bag containing 28 bricks of fentanyl, a 31 round 9mm Glock magazine, and Addison’s state ID card. The suspected fentanyl was confirmed, by laboratory testing, to consist of fentanyl as well as a mixture of heroin and fentanyl. Addison’s cell phone contained extensive evidence of Addison’s drug trafficking and knowledge of Glock switches, including entries in which he described having such firearms. At the time of the offenses to which Addison pleaded guilty, he was serving a term of supervised release following his conviction for a prior federal firearms offense in 2021. Federal law prohibits possession of a firearm or ammunition by a convicted felon.

    In addition to the federal charges, Addison is also facing charges in the Allegheny County Court of Common Pleas stemming from his conduct on May 8, 2023. On October 2, 2023, while detained at the Allegheny County Jail awaiting trial on his state and federal charges, Addison was found in possession of ABD-Butanica, a synthetic cannabinoid and Schedule I controlled substance.

    “Erik Addison’s blatant disregard for the law by possessing a dangerous firearm in connection with illegal fentanyl trafficking while on federal supervised release for a prior conviction and then, possessing another controlled substance while incarcerated on those charges, demonstrates the need to have dangerous criminals like him off of our streets,” said Acting U.S. Attorney Rivetti. “Today’s plea is a testament to the good work of our law enforcement partners in helping to bring violent traffickers such as Addison to justice.”

    “Armed with fentanyl, heroin, and a pistol converted into a dangerous machinegun via an illegal ‘switch,’ this defendant was a deadly threat to his neighborhood,” said Eric DeGree, Special Agent in Charge of the ATF Philadelphia Field Division. “Stopping criminals from endangering our communities with illegal firearms is a top ATF priority. We thank our local partners for their diligence and courage in this apprehension, as well as the United States Attorney’s Office’s support as we work to make our communities safer.”

    “We are grateful to the U.S. Attorney’s Office for their efforts in moving this case to a resolution,” said Allegheny County Police Superintendent Christopher Kearns. “These violent incidents leave a lasting impact throughout our community, and only strengthen our commitment to work with our local and federal partners to keep dangerous, illegal weapons off our streets.”

    Judge Ranjan scheduled sentencing for May 29, 2025. As to the most serious offense, possession of a firearm in furtherance of a drug trafficking crime, the law provides for a mandatory minimum sentence of five years of imprisonment with a maximum possible sentence of life, a fine of up to $250,000, or both. Under the federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offenses and the prior criminal history of the defendant.

    Assistant United States Attorneys Douglas C. Maloney and Brendan T. Conway are prosecuting this case on behalf of the government.

    The investigation and prosecution of Addison was the result of a collaborative effort between the Allegheny County District Attorney’s Office, Bureau of Alcohol, Tobacco, Firearms and Explosives, Allegheny County Police Department, and Edgewood Borough Police Department.

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

    MIL Security OSI –