Category: Finance

  • MIL-OSI: Gran Tierra Energy Inc. Announces Normal Course Issuer Bid and Automatic Share Purchase Plan

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 04, 2024 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra”) (NYSE American: GTE)(TSX: GTE)(LSE: GTE), today announces that the Toronto Stock Exchange (“TSX”) has approved its notice of intention to make a normal course issuer bid (the “Bid”) for its shares of common stock (the “Shares”). As of October 31, 2024, there were 36,460,141 Shares issued and outstanding and the public float was 35,458,717 Shares. Pursuant to the Bid, Gran Tierra will be able to purchase for cancellation up to 3,545,872 Shares, representing 10% of the public float, at prevailing market prices at the time of purchase, through the facilities of the TSX, the NYSE American (the “NYSE”) or alternative trading platforms in Canada or the United States, if eligible, or by such other means as may be permitted by the TSX, the NYSE and applicable securities laws for a one year period commencing on November 6, 2024 and ending on November 5, 2025. Gran Tierra has also entered into an Automatic Share Purchase Plan (the “ASPP”) in connection with the Bid. The ASPP is intended to allow for the purchase of Shares under the Bid when Gran Tierra would ordinarily not be permitted to purchase Shares due to regulatory restrictions and customary self-imposed blackout periods.

    Gran Tierra may purchase up to 9,829 Shares during any trading day, which represents approximately 25% of 39,317, which represents the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX’s acceptance of the notice of the Bid. Gran Tierra may effect repurchases from time to time in the open market or in negotiated transactions off the market at prevailing market prices at the time of purchase.

    Management of Gran Tierra believes that the Shares, at times, have been trading in a price range which does not adequately reflect their value in relation to Gran Tierra’s current operations, growth prospects and financial position. At such times, the purchase of Shares for cancellation or to satisfy awards granted under Gran Tierra’s Long Term Equity Incentive Plan may be advantageous to stockholders by increasing the value of the Shares.

    Within the past twelve months, Gran Tierra purchased 2,703,914 Shares at a volume weighted average price of CDN$9.34 under a previously approved normal course issuer bid through the facilities of the TSX and eligible alternative trading platforms in Canada and the United States permitting the purchase of up to 3,234,914 Shares (calculated on a post-10-for-1 reverse stock split basis), which expired on November 2, 2024.

    Pursuant to the ASPP, outside of a trading blackout period, Gran Tierra may, but is not required to, instruct the designated broker to make purchases under the Bid in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters set by Gran Tierra in accordance with the rules of the TSX, the NYSE, applicable securities laws, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be implemented on November 6, 2024.

    Outside of blackout periods, Shares may be purchased under the Bid based on management’s discretion, in compliance with the rules of the TSX, the NYSE and applicable securities laws. Purchases made under the ASPP will be included in computing the number of Shares purchased under the Bid.

    As previously announced on February 20, 2024, Gran Tierra was granted an exemptive relief order by the Canadian securities regulators which permits Gran Tierra to purchase up to 10% of its “public float” (within the meaning of the rules of the TSX) of the Shares through the NYSE and other trading systems based in the United States as part of any NCIB implemented in the 36 months following the date of the exemption order, being February 12, 2024. Gran Tierra will therefore not be limited on such trading platforms to purchasing 5% of its outstanding Shares at the beginning of any 12-month period as Canadian securities laws would otherwise provide. The exemptive relief expires February 12, 2027 and is conditional upon, among other things, purchases being made in compliance with applicable U.S. rules, the TSX rules applicable to a normal course issuer bid, National Instrument 23-101 – Trading Rules, and at a price not higher than the market price at the time of purchase.

    About Gran Tierra Energy Inc.

    Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. Gran Tierra is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional growth opportunities that would further strengthen Gran Tierra’s portfolio. Gran Tierra’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Information on Gran Tierra does not constitute a part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

    Gran Tierra’s U.S. Securities and Exchange Commission (“SEC”) filings are available on the SEC website at www.sec.gov. Gran Tierra’s Canadian securities regulatory filings are available on SEDAR+ at www.sedarplus.com and UK regulatory filings are available on the National Storage Mechanism (the “NSM”) website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Gran Tierra’s filings on the SEC, SEDAR+ and NSM websites are not incorporated by reference into this press release.

    Forward-Looking Statements and Advisories

    This press release contains statements about future events that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Such forward-looking statements include, but are not limited to, the belief of Gran Tierra’s management that the Bid will be advantageous to stockholders, potential purchases of the Shares for cancellation or redeployment under Gran Tierra’s Long Term Equity Incentive Plan, the potential value of the Bid for Gran Tierra’s stockholders and other benefits to be derived from the Bid. There can be no assurance as to how many Shares, if any, will ultimately be acquired by Gran Tierra.

    The forward-looking statements contained in this news release are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements, including, among others, unexpected changes in general market and economic conditions. Accordingly, readers should not place undue reliance on the forward-looking statements contained herein. Further information on potential factors that could affect Gran Tierra are included in risks detailed from time to time in Gran Tierra’s reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K filed February 20, 2024 and its subsequent quarterly reports on Form 10-Q. These filings are available on a Website maintained by the SEC at http://www.sec.gov and on SEDAR+ at www.sedarplus.com.

    All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws. Gran Tierra’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.

    No Offer or Solicitation

    The information in this press release is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or otherwise, nor shall there be any purchase in any jurisdiction in contravention of applicable law.

    Contact Information:

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer

    +1-403-265-3221
    info@grantierra.com

    The MIL Network

  • MIL-OSI Asia-Pac: Ministry of Culture completes Special Campaign 4.0 focusing on institutionalization of Swachhata and minimizing pendency in the Offices

    Source: Government of India (2)

    Posted On: 02 NOV 2024 4:56PM by PIB Delhi

    Ministry of Culture (MoC), along with its organizations, participated in the Special Campaign 4.0 while focusing mainly on institutionalization of Swachhata and minimizing pendency in Government Offices.

    During implementation phase from 2nd to 31st October,2024, the Ministry achieved 100% targets in carrying out cleanliness drives in all designated 529 sites. 100% files in Record Management viz.12,668 Physical files and 3261 E-files were reviewed. 1167 Physical Files & 470 E-Files have been weeded out and closed, respectively. Revenue to the tune of Rs.31,73,667/- was generated by disposing of scarps. A total of 46876 Sq.ft. area was freed. In addition, 100% Public Grievances; 60% Public Grievances Appeals, 73% MP References 55% PMO References were disposed of. Ministry released 5 Press Statements. 187 Tweets were also issued by the Ministry and its various organizations.

    Cleanliness drive conducted at Ramappa Temple, Hyderabad and Warangal Fort, Hyderabad sites

    Ramappa Temple, Hyderabad

       

    Before                                           After

    Warangal Fort, Hyderabad

                 

    Before                                         After

     

    Digitization of Records

    The National Archives of India(NAI), an attached office of Ministry of Culture, has collections of approximately 34 crore pages. The NAI has a plan to convert all its physical collections into digital and make it accessible to the society online.  NAI has started a digitization programme through outsourcing. NAI has started the work of digitization of 30 Crore pages and uploading the same on Department search portal i.e. www.abhilekh-patal.in. and the work is expected to be completed in two years.  56,07,806 pages have been digitized in the month of October 2024 with complete DMS implementation, Bar-coding and each record have 24 number of indexing field.

    Conservation of Records

    As a part of restorative conservation of records, The National Archives of India (NAI) repaired 2380 number of sheets; stitched and bound 14 vols and 160 files/mics items; and also repaired 44 maps during the period.

    (On going conservation of Records at NAI)

    Appraisal of Records

    Ministry of Home Affairs, Ministry of Railway, Ministry of Coal and Directorate General CRPF, New Delhi have intimated NAI for appraisal of 680, 1366, 81 and 102 files, respectively. NAI has initiated action for joint appraisal of the above files as per provisions of Public Record Act & Rules.

    Record Management Training

    The following Training Programmes in Record Management were conducted by National Archives of India during Special Campaign 4.0 :-

    1. 178th Orientation course on Records Management for the Central Government officials/Departmental Records Officers was conducted for three days from 23-25 October 2024 at NAI, Records Centre, Jaipur. 27 participants from various Ministries/ Departments like Ministry of Finance, Ministry of Heavy Industries, Ministry of Defence, Atomic Energy, Archaeological Survey of India and PSUs etc. participated in this orientation course.

     

     

    2.As part of special campaign 4.0, a workshop/training session on ‘Records Management’ was conducted by NAI at Ministry of Coal on 18th October, 2024. Approximately 40 participants including ASO, SO and US level officers attended the workshop.

     

     

    Exhibition

    The National Archives of India organized an exhibition titled “सुशासन और अभिलेख as part of Special Campaign 4.0 for Swachhata. The exhibition was inaugurated by Hon’ble Culture Minister Shri Gajendra Singh Shekhawat on 1st October 2024 at NAI and remained open for public viewing till 30th October, 2024.

    Best Practice:

    Adding a creative dimension to the SHS Campaign,2024 and Special Campaign 4.0 some of the Organizations of Ministry of Culture have undertaken the following initiatives with citizen involvement and collective action as part of good practice:-

    1. Waste to Art Initiatives by National Council for Science Museums (NCSM) by engaging community in the waste to art initiatives: –
      1. 3 days Waste to Art Exhibition organized at National Science Centre, New Delhi, a Unit of NCSM, from 24th to 26th September,2024.

     

     

    b) Shadow Art piece crafted from discarded electronic, electrical & spare parts,  and A Coffee Table Book curated by NCSM Hqrs, Kolkata using waste material.

     (Coffee Table Book)

    1. Workshop on Composting Garden Waste organized by Goa Science Centre and Planetarium, a Unit of NCSM.

     

    Workshop on Vermicomposting organized by District Science Centre, Dharampur, Gujarat, a Unit of NCSM.

     

    1. Workshop on Hand made paper organized by Goa Science Centre and Planetarium Goa, a Unit of NCSM.

     

    1. Mobile Science Exhibition on Hygiene and Sanitation organised by District Science Centre, Dharmpur, Gujarat, a Unit of NCSM.
    1. Preservation of Gandhi Papers by Asiatic Society of Kolkata(ASK) 
    1. Curative Preservation of Manuscripts and Book “Ramayana” by Asiatic Society of Kolkata(ASK).
       

     

     

    Ministry of Culture is committed to continue with the good works done during Special Campaign in order to promote and institutionalize swachhata, and reduce pendency in all organizations.

    ***

    SKT/

    (Release ID: 2070325) Visitor Counter : 57

    MIL OSI Asia Pacific News

  • MIL-OSI: Descartes Sets Date to Announce Third Quarter Fiscal 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    WATERLOO, Ontario, Nov. 04, 2024 (GLOBE NEWSWIRE) — Descartes Systems Group (TSX: DSG) (Nasdaq: DSGX), the global leader in uniting logistics-intensive businesses in commerce, is scheduled to report its third quarter fiscal 2025 financial results after market close on Tuesday, December 3, 2024.

    Members of Descartes’ executive management team will host a conference call to discuss the company’s financial results at 5:30 p.m. ET on Tuesday, December 3, 2024. Designated numbers are +1 289 514 5100 and +1 800 717 1738 for Toll-Free in North America, using conference ID 07584.

    The company will simultaneously conduct an audio webcast on the Descartes website at www.descartes.com/descartes/investor-relations. Phone conference dial-in or webcast log-in is required approximately 10 minutes beforehand.

    Replays of the conference call will be available until December 10, 2024, by dialing +1 289 819 1325 or Toll-Free for North America using +1 888 660 6264 with Playback Passcode: 07584#. An archived replay of the webcast will be available at www.descartes.com/descartes/investor-relations.

    About Descartes Systems Group
    Descartes is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security, and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and X (Twitter).

    Descartes Investor Contact
    Laurie McCauley
    (519) 746-2969
    investor@descartes.com

    The MIL Network

  • MIL-OSI: AMG Reports Financial and Operating Results for the Third Quarter and Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    Company reports EPS of $3.78, Economic EPS of $4.82 in the third quarter of 2024

    • Net income (controlling interest) of $124 million, Economic Net Income (controlling interest) of $153 million
    • Economic Earnings per share of $4.82 for the quarter, increased 18% year-over-year
    • Repurchased $103 million in common stock, bringing year-to-date share repurchases to $580 million

    WEST PALM BEACH, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the third quarter and nine months ended September 30, 2024.

    Jay C. Horgen, President and Chief Executive Officer of AMG, said:
    “AMG delivered strong results in the third quarter, including year-over-year growth of 18% in Economic Earnings per share, reflecting the ongoing momentum in our business and the positive impact of our disciplined capital allocation strategy.

    “Our growth strategy continues to drive the evolution of our business mix toward secular growth areas, with alternative strategies meaningfully, and increasingly, contributing to AMG’s earnings. AMG’s dedicated private markets Affiliates raised approximately $7 billion in the quarter, reflecting the strength of the ongoing demand for our Affiliates’ specialized strategies. During the quarter, we continued to invest AMG’s capital and resources in and alongside our Affiliates to enhance their growth – including by collaborating to develop additional innovative alternative solutions, across both private markets and liquid alternatives, for the U.S. wealth marketplace. AMG’s proven ability to magnify the competitive advantages of partner-owned firms, while also preserving their independence, continues to differentiate AMG’s partnership model and is highly valued by prospective Affiliates. As we form partnerships with additional new Affiliates in areas of secular demand and continue to invest in existing Affiliates, including by leveraging our capital formation capabilities, we expect to accelerate the evolution of AMG’s business profile toward alternatives and enhance our long-term growth prospects.

    “Our excellent capital position was further strengthened through the issuance of $400 million in senior notes in the quarter, extending the average duration of our debt to more than 20 years. Given our unique partnership model, proven strategic capabilities, and ample financial flexibility, we see increasing opportunities to invest for growth in both new and existing Affiliates, and create meaningful additional shareholder value over time.”

    FINANCIAL HIGHLIGHTS Three Months Ended   Nine Months Ended
    (in millions, except as noted and per share data) 9/30/2023   9/30/2024   9/30/2023   9/30/2024
    Operating Performance Measures              
    AUM (at period end, in billions) $ 635.8     $ 728.4     $ 635.8     $ 728.4  
    Average AUM (in billions)   663.8       711.7       664.4       694.9  
    Net client cash flows (in billions)   (9.4 )     (2.8 )     (23.1 )     (5.6 )
    Aggregate fees   997.5       1,157.1       3,505.7       3,726.8  
    Financial Performance Measures              
    Net income (controlling interest) $ 217.0     $ 123.6     $ 476.8     $ 349.5  
    Earnings per share (diluted)(1)   5.48       3.78       12.28       10.25  
    Supplemental Performance Measures(2)              
    Adjusted EBITDA (controlling interest) $ 208.4     $ 214.1     $ 639.6     $ 691.4  
    Economic net income (controlling interest)   149.5       153.2       474.9       495.8  
    Economic earnings per share   4.08       4.82       12.72       14.90  
                                   

    For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.

    Capital Management
    During the third quarter of 2024, the Company repurchased approximately $103 million in common stock, bringing total year-to-date repurchases to approximately $580 million. The Company also announced a third-quarter cash dividend of $0.01 per share of common stock, payable November 29, 2024 to stockholders of record as of the close of business on November 14, 2024.

    About AMG
    AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in a diverse array of high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of September 30, 2024, AMG’s aggregate assets under management were approximately $728 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

             

    Conference Call, Replay, and Presentation Information
    A conference call will be held with AMG’s management at 8:30 a.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

    The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13749048. The live call and replay of the session and a presentation highlighting the Company’s performance can also be accessed via AMG’s website at https://ir.amg.com/.

    Financial Tables Follow

    ASSETS UNDER MANAGEMENT – STATEMENTS OF CHANGES (in billions)
               
    BY STRATEGY – QUARTER TO DATE Alternatives Global Equities U.S. Equities Multi-Asset &
    Fixed Income
    Total
    AUM, June 30, 2024 $ 256.6   $ 186.4   $ 146.6   $ 111.4   $ 701.0  
    Client cash inflows and commitments   14.3     3.9     4.7     4.4     27.3  
    Client cash outflows   (6.9 )   (10.2 )   (8.4 )   (4.6 )   (30.1 )
    Net client cash flows   7.4     (6.3 )   (3.7 )   (0.2 )   (2.8 )
    New investments*               0.7     0.7  
    Market changes   1.1     11.2     8.3     3.6     24.2  
    Foreign exchange   2.8     3.0     0.4     0.5     6.7  
    Realizations and distributions (net)   (1.3 )   (0.0 )   (0.0 )   (0.1 )   (1.4 )
    Other   (0.1 )   0.0     0.0     0.1      
    AUM, September 30, 2024 $ 266.5   $ 194.3   $ 151.6   $ 116.0   $ 728.4  
               
    BY STRATEGY – YEAR TO DATE Alternatives Global Equities U.S. Equities Multi-Asset &
    Fixed Income
    Total
    AUM, December 31, 2023 $ 238.8   $ 186.6   $ 142.8   $ 104.5   $ 672.7  
    Client cash inflows and commitments   36.7     13.6     14.3     16.8     81.4  
    Client cash outflows   (18.4 )   (28.4 )   (25.9 )   (14.3 )   (87.0 )
    Net client cash flows   18.3     (14.8 )   (11.6 )   2.5     (5.6 )
    New investments   0.7             0.7     1.4  
    Market changes   7.7     23.8     20.1     8.3     59.9  
    Foreign exchange   2.4     1.8     (0.1 )   0.2     4.3  
    Realizations and distributions (net)   (3.9 )   (0.1 )   (0.1 )   (0.2 )   (4.3 )
    Other   2.5     (3.0 )   0.5     0.0     0.0  
    AUM, September 30, 2024 $ 266.5   $ 194.3   $ 151.6   $ 116.0   $ 728.4  
             
    BY CLIENT TYPE – QUARTER TO DATE Institutional Retail High Net
    Worth
    Total
    AUM, June 30, 2024 $ 369.7   $ 201.4   $ 129.9   $ 701.0  
    Client cash inflows and commitments   11.7     8.5     7.1     27.3  
    Client cash outflows   (11.7 )   (13.2 )   (5.2 )   (30.1 )
    Net client cash flows   (0.0 )   (4.7 )   1.9     (2.8 )
    New investments*           0.7     0.7  
    Market changes   9.2     9.4     5.6     24.2  
    Foreign exchange   3.6     2.9     0.2     6.7  
    Realizations and distributions (net)   (1.3 )   (0.1 )   (0.0 )   (1.4 )
    Other   (6.1 )   (0.4 )   6.5      
    AUM, September 30, 2024 $ 375.1   $ 208.5   $ 144.8   $ 728.4  
             
    BY CLIENT TYPE – YEAR TO DATE Institutional Retail High Net
    Worth
    Total
    AUM, December 31, 2023 $ 354.9   $ 196.0   $ 121.8   $ 672.7  
    Client cash inflows and commitments   36.8     26.3     18.3     81.4  
    Client cash outflows   (31.7 )   (39.1 )   (16.2 )   (87.0 )
    Net client cash flows   5.1     (12.8 )   2.1     (5.6 )
    New investments   0.5         0.9     1.4  
    Market changes   26.0     23.1     10.8     59.9  
    Foreign exchange   2.0     2.4     (0.1 )   4.3  
    Realizations and distributions (net)   (3.9 )   (0.3 )   (0.1 )   (4.3 )
    Other   (9.5 )   0.1     9.4     0.0  
    AUM, September 30, 2024 $ 375.1   $ 208.5   $ 144.8   $ 728.4  
     

    __________________________
    * Includes assets under management related to a new investment made by an existing Affiliate.

     
    CONSOLIDATED STATEMENTS OF INCOME
           
        Three Months Ended  
    (in millions, except per share data)   9/30/2023   9/30/2024  
    Consolidated revenue   $ 525.2     $ 516.4    
               
    Consolidated expenses:          
    Compensation and related expenses     211.8       220.8    
    Selling, general and administrative     91.1       97.0    
    Intangible amortization and impairments     12.5       7.3    
    Interest expense     31.1       34.7    
    Depreciation and other amortization     3.0       3.3    
    Other expenses (net)     7.9       11.6    
    Total consolidated expenses     357.4       374.7    
               
    Equity method income (net)(3)     39.8       52.6    
    Affiliate Transaction gain(4)     133.1          
    Investment and other income     23.0       22.8    
    Income before income taxes     363.7       217.1    
               
    Income tax expense     77.7       31.3    
    Net income     286.0       185.8    
               
    Net income (non-controlling interests)     (69.0 )     (62.2 )  
    Net income (controlling interest)   $ 217.0     $ 123.6    
               
    Average shares outstanding (basic)     34.9       30.1    
    Average shares outstanding (diluted)     43.4       35.0    
               
    Earnings per share (basic)   $ 6.22     $ 4.11    
    Earnings per share (diluted)(1)   $ 5.48     $ 3.78    
     
    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)
        Three Months Ended  
    (in millions, except per share data)   9/30/2023   9/30/2024  
    Net income (controlling interest)   $ 217.0     $ 123.6    
    Intangible amortization and impairments     29.8       27.5    
    Intangible-related deferred taxes     14.7       15.6    
    Affiliate Transactions(4)     (104.7 )        
    Other economic items     (7.3 )     (13.5 )  
    Economic net income (controlling interest)   $ 149.5     $ 153.2    
               
    Average shares outstanding (adjusted diluted)     36.6       31.8    
    Economic earnings per share   $ 4.08     $ 4.82    
               
    Net income (controlling interest)   $ 217.0     $ 123.6    
    Interest expense     31.1       34.7    
    Income taxes     76.6       33.3    
    Intangible amortization and impairments     29.8       27.5    
    Affiliate Transactions(4)     (139.6 )        
    Other items     (6.5 )     (5.0 )  
    Adjusted EBITDA (controlling interest)   $ 208.4     $ 214.1    
                       

    See Notes for additional information.

     
    CONSOLIDATED STATEMENTS OF INCOME
           
        Nine Months Ended  
    (in millions, except per share data)   9/30/2023   9/30/2024  
    Consolidated revenue   $ 1,555.2     $ 1,516.6    
               
    Consolidated expenses:          
    Compensation and related expenses     663.0       676.5    
    Selling, general and administrative     273.4       278.1    
    Intangible amortization and impairments     37.5       21.8    
    Interest expense     92.4       98.1    
    Depreciation and other amortization     10.0       9.4    
    Other expenses (net)     36.2       31.5    
    Total consolidated expenses     1,112.5       1,115.4    
               
    Equity method income (net)(3)     154.3       188.3    
    Affiliate Transaction gain(4)     133.1          
    Investment and other income     87.2       60.0    
    Income before income taxes     817.3       649.5    
               
    Income tax expense     155.4       130.0    
    Net income     661.9       519.5    
               
    Net income (non-controlling interests)     (185.1 )     (170.0 )  
    Net income (controlling interest)   $ 476.8     $ 349.5    
               
    Average shares outstanding (basic)     35.6       31.4    
    Average shares outstanding (diluted)     42.9       35.2    
               
    Earnings per share (basic)   $ 13.41     $ 11.11    
    Earnings per share (diluted)(1)   $ 12.28     $ 10.25    
     
    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)
           
        Nine Months Ended  
    (in millions, except per share data)   9/30/2023   9/30/2024  
    Net income (controlling interest)   $ 476.8     $ 349.5    
    Intangible amortization and impairments     88.6       118.7    
    Intangible-related deferred taxes     44.6       46.6    
    Affiliate Transactions(4)     (122.1 )        
    Other economic items     (13.0 )     (19.0 )  
    Economic net income (controlling interest)   $ 474.9     $ 495.8    
               
    Average shares outstanding (adjusted diluted)     37.3       33.3    
    Economic earnings per share   $ 12.72     $ 14.90    
               
    Net income (controlling interest)   $ 476.8     $ 349.5    
    Interest expense     92.4       98.1    
    Income taxes     150.7       133.0    
    Intangible amortization and impairments     88.6       118.7    
    Affiliate Transactions(4)     (162.7 )        
    Other items     (6.2 )     (7.9 )  
    Adjusted EBITDA (controlling interest)   $ 639.6     $ 691.4    
                       

    See Notes for additional information.

     
    CONSOLIDATED BALANCE SHEETS
           
        Period Ended  
    (in millions)   12/31/2023   9/30/2024  
    Assets          
    Cash and cash equivalents   $ 813.6     $ 1,010.7    
    Receivables     368.4       457.1    
    Investments in marketable securities     461.0       66.1    
    Goodwill     2,523.6       2,532.0    
    Acquired client relationships (net)     1,812.4       1,807.1    
    Equity method investments in Affiliates (net)     2,288.5       2,148.4    
    Fixed assets (net)     67.3       61.0    
    Other investments     480.9       532.8    
    Other assets     243.9       287.8    
    Total assets   $ 9,059.6     $ 8,903.0    
               
    Liabilities and Equity          
    Payables and accrued liabilities   $ 628.5     $ 625.7    
    Debt     2,537.5       2,619.7    
    Deferred income tax liability (net)     463.8       522.0    
    Other liabilities     466.3       464.5    
    Total liabilities     4,096.1       4,231.9    
               
    Redeemable non-controlling interests     393.4       397.1    
    Equity:          
    Common stock     0.6       0.6    
    Additional paid-in capital     741.4       711.3    
    Accumulated other comprehensive loss     (167.6 )     (139.2 )  
    Retained earnings     6,389.6       6,738.1    
          6,964.0       7,310.8    
    Less: treasury stock, at cost     (3,376.1 )     (3,994.5 )  
    Total stockholders’ equity     3,587.9       3,316.3    
    Non-controlling interests     982.2       957.7    
    Total equity     4,570.1       4,274.0    
    Total liabilities and equity   $ 9,059.6     $ 8,903.0    
     

    Notes

    (1) Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock.
       
      We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.
       
      We are required to apply the if-converted method to our outstanding junior convertible securities when calculating Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.
       
      The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share:
          Three Months Ended   Nine Months Ended  
      (in millions)   9/30/2023   9/30/2024   9/30/2023   9/30/2024  
      Numerator                  
      Net income (controlling interest)   $ 217.0   $ 123.6   $ 476.8   $ 349.5  
      Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes     17.1     5.2     39.4     1.0  
      Interest expense on junior convertible securities, net of taxes     3.4     3.4     10.1     10.1  
      Net income (controlling interest), as adjusted   $ 237.5   $ 132.2   $ 526.3   $ 360.6  
      Denominator                  
      Average shares outstanding (basic)     34.9     30.1     35.6     31.4  
      Effect of dilutive instruments:                  
      Stock options and restricted stock units     1.7     1.7     1.7     1.9  
      Hypothetical issuance of shares to settle Redeemable non-controlling interests     5.1     1.5     3.9     0.2  
      Junior convertible securities     1.7     1.7     1.7     1.7  
      Average shares outstanding (diluted)     43.4     35.0     42.9     35.2  
       
    (2) As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC’s website at www.sec.gov.
       
      Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate Transactions, and non-cash items such as certain Affiliate equity activity, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to Affiliate Transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity activity, gains and losses related to contingent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities are converted and we are relieved of our debt obligation.
       
      The following table provides a reconciliation of Average shares outstanding (adjusted diluted):
          Three Months Ended   Nine Months Ended  
      (in millions)   9/30/2023   9/30/2024   9/30/2023   9/30/2024  
      Average shares outstanding (diluted)   43.4     35.0     42.9     35.2    
      Hypothetical issuance of shares to settle Redeemable non-controlling interests   (5.1 )   (1.5 )   (3.9 )   (0.2 )  
      Junior convertible securities   (1.7 )   (1.7 )   (1.7 )   (1.7 )  
      Average shares outstanding (adjusted diluted)   36.6     31.8     37.3     33.3    
    (3) The following table presents equity method earnings and equity method intangible amortization and impairments, which in aggregate form Equity method income (net):
          Three Months Ended   Nine Months Ended  
      (in millions)   9/30/2023   9/30/2024   9/30/2023   9/30/2024  
      Equity method earnings   $ 61.0     $ 75.3     $ 217.3     $ 292.6    
      Equity method intangible amortization and impairments     (21.2 )     (22.7 )     (63.0 )     (104.3 )  
      Equity method income (net)   $ 39.8     $ 52.6     $ 154.3     $ 188.3    
    (4) The following table presents the impact of the completion of our previously announced sales of our equity interests in Veritable, LP to a third party in the third quarter of 2023, and Baring Private Equity Asia to EQT AB (EQT), a public company listed on Nasdaq Stockholm (EQT ST), in the fourth quarter of 2022, pursuant to which we received ordinary shares of EQT:
          Three Months Ended   Nine Months Ended  
      (in millions)   9/30/2023   9/30/2024   9/30/2023   9/30/2024  
      Affiliate Transaction gain   $ 133.1     $   $ 133.1     $  
      Investment and other income – Realized gains on EQT shares     6.5           29.6        
      Affiliate Transactions, pre-tax     139.6           162.7        
      Income taxes     (34.9 )         (40.6 )      
      Affiliate Transactions, after-tax   $ 104.7     $   $ 122.1     $  
                                     

    Forward-Looking Statements and Other Matters

    Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.

    This release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate.

    From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

    The MIL Network

  • MIL-OSI: Capital Southwest Announces Proposed Convertible Notes Offering

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Nov. 04, 2024 (GLOBE NEWSWIRE) — Capital Southwest Corporation (Nasdaq: CSWC) (“Capital Southwest”) today announced the commencement of a registered public offering of unsecured convertible notes due 2029 (the “notes”) in an underwritten offering (the “offering”).

    The notes will be unsecured obligations of Capital Southwest, will accrue interest payable quarterly in arrears and will mature in 2029, unless earlier converted, redeemed or repurchased. Upon conversion, Capital Southwest will pay or deliver, as the case may be, cash, shares of Capital Southwest’s common stock or a combination of cash and shares of Capital Southwest’s common stock, at Capital Southwest’s election. The interest rate, initial conversion rate, redemption or repurchase rights and other terms of the notes will be determined at the time of pricing of the offering.

    Capital Southwest expects to use the net proceeds from the offering to redeem in full its 4.50% Notes due 2026, to repay a portion of the outstanding indebtedness under its senior secured revolving credit facility with ING Capital LLC, and for general corporate purposes.

    Oppenheimer & Co. is acting as sole book-running manager for the proposed offering.

    The proposed offering is being conducted pursuant to Capital Southwest’s automatic shelf registration statement on Form N-2, including a base prospectus, that was filed with the Securities and Exchange Commission (the “SEC”) on October 29, 2024 and became effective upon filing. A preliminary prospectus and accompanying prospectus relating to the proposed offering will be filed with the SEC and will be available for free on the SEC’s website located at http://www.sec.gov. Copies of the preliminary prospectus supplement relating to this offering and the accompanying prospectus may be obtained, when available, from: Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by telephone at (212) 667-8055, or by email at EquityProspectus@opco.com.

    This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

    About Capital Southwest

    Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.5 billion in investments at fair value as of September 30, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

    Forward-Looking Statements

    This press release contains “forward-looking” statements, as that term is defined under the federal securities laws, including statements concerning the proposed terms of the notes, the completion, timing and size of the proposed offering of the notes, the anticipated use of proceeds from the offering, the potential impact of the foregoing or related transactions on dilution to holders of Capital Southwest’s common stock, the market price of Capital Southwest’s common stock or the notes or the conversion price of the notes. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Capital Southwest’s control. Capital Southwest’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to whether Capital Southwest will consummate the offering of notes on the expected terms or at all, which could differ or change based upon market conditions or for other reasons, and the other risks detailed in Capital Southwest’s Form 10-K filed with the SEC for the year ended March 31, 2024, in Capital Southwest’s quarterly report on Form 10-Q for the quarter ended September 30, 2024 and in other filings and reports that Capital Southwest may file from time to time with the SEC. The forward-looking statements included in this press release represent Capital Southwest’s views as of the date of this press release. Capital Southwest anticipates that subsequent events and developments will cause Capital Southwest’s views to change. Capital Southwest undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Capital Southwest’s views as of any date subsequent to the date of this press release.

    Investor Relations Contact:

    Michael S. Sarner, Chief Financial Officer
    214-884-3829

    The MIL Network

  • MIL-OSI Economics: OEUK news OEUK responds to Autumn Budget 30 October 2024

    Source: Offshore Energy UK

    Headline: OEUK news

    OEUK responds to Autumn Budget

    30 October 2024

    Photo caption: OEUK CEO David Whitehouse. Credit: Offshore Energies UK.

    The leading trade body for the UK offshore energy sector has responded to today’s Autumn Budget.

    Confirming changes to the Energy Profits Levy, the Chancellor said she has sought to ensure the UK oil and gas industry can protect jobs and support domestic energy security. She confirmed that while the government will increase and extend the energy profits levy on oil and gas production to a headline rate of 78% and remove the associated investment allowance, the 100% first-year capital allowance and the decarbonisation allowance will be retained. The Chancellor also confirmed that the EPL will fall away in March 2030 unless the Energy Security Investment Mechanism is triggered before then.

    OEUK said there is different path which generates more economic value and enables a homegrown transition towards the country’s climate goals by anchoring the sector’s world class supply chain and supporting over 200,000 UK-wide jobs.

    The Chancellor today reconfirmed support for GB Energy and funding for carbon capture and storage and hydrogen projects across the UK.

    David Whitehouse, CEO Offshore Energies UK comments:

    “Today we heard the Chancellor recognise the role of the oil and gas sector to support high quality jobs and strengthen the UK’s energy security. We welcome that and the meetings and dialogue which have taken place between industry and the new government.

    “While the government will increase and extend the Energy profits levy on oil and gas production to a headline rate of 78% and remove the associated investment allowance, the 100% first-year allowance and the decarbonisation allowance will be retained. The Chancellor also confirmed that the EPL will fall away in March 2030.

    “However, with an increase in tax despite commodity prices at recent lows, there is no hiding that this is a difficult day for the sector.

    “Oil and gas companies, our world class supply chain and our highly skilled people will support the energy transition. We will not be successful without them.

    “It’s why there is a different path for this industry which can deliver the energy future we all agree on. With industry and government working in partnership we can protect the North Sea as a national economic asset. It can and should serve as an engine to realise UK economic growth and climate goals.

    “We welcome that the government will consult in early 2025 on how the oil and gas tax regime can encourage investment and respond to changes in the oil price. We also note the consultation on end use emissions for oil and gas projects.

    “That’s why we are calling for a homegrown energy transition – making the most of our whole homegrown sector – from oil, gas, wind, hydrogen to carbon capture projects with fair and competitive stable policies that keep jobs, skills and capital in the UK.”

    Notes to editors:

    1. Issued by the communications team, OEUK. Contact [email protected].
    2. OEUK is campaigning for a homegrown energy transition that makes the most of the UK’s people and industrial strengths to be a secure, sustainable and skilled future. Download a copy of OEUK’s industry manifesto here.

    Did you know?

    • 154,000 jobs are directly or indirectly related to offshore energy.
    • 120,000 of these are directly or indirectly supported by oil and gas projects. When induced jobs are included this increases to over 200,000.
    • Spend in the UK’s offshore energy sector could total £450bn by 2040.
    • The existing supply chain built through experience supporting the oil and gas sector has the capability to service 84%, 80% and 58% of our CCS, Hydrogen, and Floating offshore wind sectors, respectively.
    • Moving to net zero will require more than £1 trillion of investment across the UK economy.
    • The offshore energy sector is ready to spend £450bn on projects in the next 15 years under the right investment conditions.
    • The UK imports around 40% of its energy needs. UK energy production is at the lowest it has ever been.
    • The UK gets three-quarters of its total energy from oil and gas. Domestic production is equivalent to around half these needs.
    • Over 24 million homes rely on gas boilers for heating. 1.5 million more homes rely on heating oil.
    • Over 30% of UK electricity is supplied by gas power stations
    • 38 million UK vehicles run on petrol or diesel.

    Share this article

    MIL OSI Economics

  • MIL-OSI China: China leverages fiscal toolbox to consolidate economic growth

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

    BEIJING, Nov. 4 — China has appropriately enhanced the intensity of the proactive fiscal policy so far this year, utilizing a combination of policy tools, including ultra-long special treasury bonds and tax and fee reductions to promote its sustained economic recovery.

    The country has leveraged the multiplier effect of government spending to support development in key areas.

    Some 700 billion yuan (about 98.31 billion U.S. dollars) in the central government budget has been earmarked for investment this year, with the focus on supporting scientific and technological innovation, new infrastructure and carbon reduction, and improving people’s livelihoods, according to the Ministry of Finance (MOF).

    The special-purpose bonds for local governments to be issued this year stand at a record 3.9 trillion yuan. In the first three quarters, the MOF said that 3.6 trillion yuan of bonds had been issued to support over 30,000 projects.

    Some 700 billion yuan of funds raised via the ultra-long special treasury bonds have been allocated to support the implementation of major national strategies and build up security capacity in key areas.

    To promote steady consumption growth, China introduced a large-scale equipment upgrade and consumer goods trade-in program in March this year and stepped up policy support in July with a fund injection of 300 billion yuan via ultra-long special treasury bonds.

    Since its launch, the trade-in program for automobiles and home appliances has achieved positive results. It is set to help further spur consumer spending and consolidate the country’s ongoing economic recovery, according to the Ministry of Commerce (MOC).

    As of Oct. 24, the MOC had received 1.57 million applications for scrappage incentives and 1.26 million applications for automobile replacement subsidies.

    The trade-in policy has revitalized consumer demand, propelled the development of new quality productive forces, promoted the green transformation of relevant industries, and injected strong impetus into consolidating the upward economic trajectory, said Li Gang, an official with the MOC.

    China has also optimized preferential tax and fee policies to boost the vitality of market entities.

    In the first eight months of the year, tax and fee cuts and tax rebates in support of scientific and technological innovation and the development of the manufacturing industry exceeded 1.8 trillion yuan, according to MOF.

    Minister of Finance Lan Fo’an told a press conference last month that China will introduce a package of targeted incremental fiscal policy measures in the near future to boost the economy.

    The package includes increasing the debt ceiling on a relatively large scale in a lump sum to replace existing hidden debts of local governments and help defuse their debt risks.

    Calling it “the strongest debt alleviation measure introduced in recent years,” Lan said the move is “undoubtedly a timely policy rain.”

    “It will greatly reduce the pressure on local governments to dissolve debts, free up more resources for economic development, and boost the confidence of business entities,” the minister said.

    MIL OSI China News

  • MIL-OSI Russia: Financial News: The main topics of the Moscow Exchange Corporate Governance Forum were information disclosure, challenges for businesses when going public, and the role of the Corporate Governance Code

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    On October 31, 2024, a corporate governance forum was held in Moscow, organized by the Moscow Exchange.

    The forum brought together more than 500 participants and guests of the event, who represented over 300 companies.

    The panel discussions featured representatives of the Bank of Russia, the Ministry of Finance, the Moscow Exchange, major Russian issuers, investors, professional communities, as well as corporate secretaries and recognized experts in this field.

    The leitmotif of the forum was the challenges that the corporate governance system of companies has to face in the process of their IPO and in their further activities. The participants of the discussions considered the importance of corporate governance, including the role of information disclosure for the formation and development of capital markets in modern conditions. The speakers touched upon the topics of improving this system as a key element in increasing trust in financial markets, as well as ensuring the protection of the rights and interests of shareholders.

    Particular attention was paid to the significance of the Corporate Governance Code adopted ten years ago and its impact on strengthening the system of relationships between management, the board of directors, shareholders of the company and other stakeholders. The forum participants discussed how this document contributes to increasing the transparency and efficiency of public companies, whether it should be amended and what prospects await its development in the future.

    Elena Kuritsyna, Senior Managing Director for Issuer and Government Relations at Moscow Exchange:

    “I am glad that the forum has become a space for constructive and open dialogue between representatives of government agencies, the regulator, business and the expert community. I am confident that its results will be used both for sharing experiences and developing effective solutions for interaction between issuers and investors, and for further improvement of legislation and corporate governance practices. I would like to thank all participants and guests of the forum for their active participation and contribution to the discussion of the most important issues of corporate governance development in Russia.”

    At the end of the forum, a ceremonial ceremony took place award ceremony winners of the XXVII annual annual report competition.

    Moscow Exchange Group operates the largest multifunctional exchange platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Group includes a central depository and a clearing center that acts as a central counterparty in the markets, which allows Moscow Exchange to provide its clients with a full cycle of trading and post-trading services.

    Contact information for media 7 (495) 363-3232PR@moex.com

    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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n74508

    MIL OSI Russia News

  • MIL-OSI Russia: Financial News: Henderson IPO on Moscow Exchange Celebrates One Year

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    November 2, 2024 marks exactly one year since the start of trading in shares of PJSC Henderson Fashion Group (NNFG) on the Moscow Exchange. The company became the first representative of fashion retail on the Russian stock market.

    Henderson is the largest federal chain of men’s fashion stores in Russia, offering clothing, footwear, accessories, perfumes and cosmetics in the premium and affordable luxury segments.

    The company’s market capitalization is 22.37 billion rubles, the share of shares in free circulation (free-float) is 12.17%. The shareholder base has doubled since the IPO and now has more than 80 thousand shareholders.

    Henderson shares are included in the second-level quotation list of the Moscow Exchange and are included in the settlement bases Moscow Exchange Broad Market Index And Moscow Exchange IPO Index.

    In 2024, Henderson was ranked third in Moscow Exchange Annual Reports Competition in the Retail Investors’ Choice category, demonstrating an example of openness and professionalism in information disclosure and corporate governance.

    Congratulations to the company on the first anniversary of listing on the Moscow Exchange!

    The HENDERSON fashion house is the largest federal retailer of men’s fashion in Russia and offers men elegant and stylish collections for work and leisure in the premium and affordable luxury segments. Today, HENDERSON manages 160 of its own fashion stores located in 64 cities in Russia – from Kaliningrad to Vladivostok, from Murmansk to Grozny, and is also present on the largest marketplaces in the country. Since autumn 2022, the brand has entered the international market, opening three stores in Armenia under the international franchising system.

    Moscow Exchange is the largest Russian exchange, the only multifunctional platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Moscow Exchange Group includes a central depository, as well as a clearing center that performs the functions of a central counterparty in the markets, which allows Moscow Exchange to provide clients with a full cycle of trading and post-trading services.

    Contact information for media 7 (495) 363-3232PR@moex.com

    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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n74509

    MIL OSI Russia News

  • MIL-OSI: authID Signs $10 Million Agreement to Deliver Next Generation Authentication Security in India

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Nov. 04, 2024 (GLOBE NEWSWIRE) — authID Inc. (Nasdaq: AUID), a leading provider of biometric identity verification and authentication solutions, today announced a $10 million, multi-year agreement with a next-generation AI company specializing in custom solutions for global multi-national companies to enable authentication for a range of industries in India.

    The agreement represents a $10 million commitment over a three-year period, with a minimum of $3.33 million each year for licensing authID’s identity platform services.

    authID will deliver unprecedented biometric authentication accuracy and a frictionless user experience to a variety of the partner’s customers across the banking, financial services, emergency services, and transportation industries among others, powering use cases for onboarding, daily login, account recovery, and high-value transactions.

    authID will augment the partner’s existing solutions with their privacy-preserving next generation biometric identity verification and authentication, while complying with Indian privacy laws safeguarding user identities and other data. The Indian market’s sizable institutional and end-user base will highlight authID’s ability to not only deliver a best-in-class user experience but also demonstrate its 1:1B biometric identity verification accuracy.  With over 1.4B citizens to authenticate in the Indian market, only authID’s accuracy can deliver the level of assurance and scale needed by every institution to always “know who’s behind the device” for each transaction.

    “This partnership further demonstrates authID’s thought leadership and technical standing in the global markets, and we are incredibly excited to enter the Indian market where, over the next 10 years, the biometric authentication industry could see exponential growth in transaction volumes as the demand for secure, efficient digital identification continues to rise,” said Rhon Daguro, CEO of authID. “authID’s biometric identity platform delivers speed and accuracy while processing captured biometrics, and identifying users as legitimate or fraudulent, all within a market-leading 700 milliseconds. We look forward to working closely with our new partner to deliver the confidence that user onboarding and authentication are accurate and completed in record time.”

    About authID

    authID (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the DeviceTM” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience while preserving privacy demanded by today’s digital ecosystem. Contact us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.

    Investor Relations Contacts

    Gateway Group, Inc. 
    Cody Slach and Alex Thompson
    1-949-574-3860
    AUID@gateway-grp.com
    Investor-Relations@authid.ai  

    Media Contacts

    Walter Fowler
    1-631-334-3864
    wfowler@nexttechcomms.com

    Forward-Looking Statements

    This Press Release includes “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the future business strategy, plans and objectives of management for future operations of both authID Inc. and its customers and business partners, are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding authID’s present and future business strategies, and the environment in which authID expects to operate in the future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the successful implementation and ramp of the services to be provided under the new technology partner agreement and their adoption by the partner’s customers and their respective users; changes in laws, regulations and practices; changes in domestic and international economic and political conditions, the as yet uncertain impact of the wars in Ukraine and the Middle East, inflationary pressures, changes in interest rates, and others. See the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2023 filed at www.sec.gov and other documents filed with the SEC for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this release and cannot be relied upon as a guide to future performance. authID expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any changes in its expectations with regard thereto or any change in events, conditions, or circumstances on which any statement is based.

    The MIL Network

  • MIL-OSI: Diamond Equity Research Releases Update Note on Zhibao Technology Inc. (NASDAQ: ZBAO)

    Source: GlobeNewswire (MIL-OSI)

    New York, Nov. 04, 2024 (GLOBE NEWSWIRE) — Diamond Equity Research, an equity research firm with a focus on small capitalization public companies has released Update Note on Zhibao Technology Inc. (NASDAQ: ZBAO). The update note includes information on the Zhibao Technology Inc.’s management commentary, recent developments, outlook, and risks.

    The update note is available below.

    Zhibao Technology Update Note November 2024

    Highlights from the note include:                                              

    • Expansion Initiatives Amid Revenue Decline and Increased Operational Costs – For the six months ended December 31, 2023, Zhibao Technology Inc. reported an approximately 8% decrease in total revenue to RMB 84.3 million from RMB 91.8 million in the same period of 2022. This decline was largely due to reduced renewals of specific accounts and the abrupt closure of business by a reinsurance partner in the high-end medical sector. Insurance brokerage and managing general underwriting (MGU) services revenues decreased by RMB 5.7 million and RMB 1.8 million, respectively. Despite these challenges, the company demonstrated growth initiatives by launching customized household insurance in seven cities and providing sports insurance coverage for over 100,000 instances across thousands of sports scenarios. The cost of revenues decreased to RMB 54.2 million, while total operating expenses increased to RMB 38.44 million. Selling and marketing expenses rose to RMB 21.0 million due to increased advertising and sales payrolls. Research and development expenses increased to RMB 7.3 million, driven by an increase in headcount. General and administrative expenses saw a modest rise to RMB 10.2 million, partly due to the adoption of new credit loss assessment standards. Consequently, Zhibao Technology reported a loss from operations of RMB 8.4 million, as the company continued to invest in strategic growth initiatives. The company ended H1 FY2024 with cash and cash equivalents of approximately RMB 5.5 million.
    • Positive Operational Indicators and Industry Tailwinds – As of December 31, 2023, Zhibao Technology Inc. achieved significant growth, reaching over 10 million end customer users and partnering with 118 insurance and reinsurance companies domestically and internationally. Zhibao Technology Inc.’s development of B Channels exhibited significant growth. By December 31, 2023, the company increased the number of B channels it works with from approximately 1,000 to nearly 1,500. These B channels span diverse market segments and are a crucial component in expanding Zhibao’s 2B2C embedded digital insurance model. Despite a slight decrease in business volume and half-yearly net loss due to reduced renewals and a reinsurance partner’s business closure, the company launched customized household insurance in seven cities, including major hubs like Guangzhou and Nanjing, and provided sports insurance coverage for over 100,000 instances across thousands of sports scenarios. Strengthening its high-end medical insurance market presence, Zhibao secured an agreement with PICC Property and Casualty Company Limited to provide managing general underwriting services to all PICC Group Subsidiaries. Furthermore, the “Project Amoeba” reorganization, completed in May 2024, enhanced operational efficiency by transforming mid- and back-office teams into quasi-profit centers, aligning costs with revenue, and encouraging service improvements. Actively pursuing mergers and acquisitions (M&A) since April 2024, Zhibao aims to potentially integrate companies with complementary 2B2C models to potentially create the largest insurance brokerage platform in China. The company is also poised to potentially benefit from industry tailwinds, including the rapid digitalization of insurance services and growing consumer demand for customized insurance solutions, which are expected to further accelerate growth.
    • Valuation – Zhibao Technology Inc. reported a modest financial performance in the first half of FY2024, influenced by a reduction in renewals of specific accounts and the closure of business by a key reinsurance partner. Despite these temporary challenges, management’s strategic initiatives indicate strong potential for long-term growth and sustained profitability. While the immediate outlook presents certain hurdles, these efforts, combined with favorable industry tailwinds, could enable Zhibao to recover and potentially enhance its market position in the future. After updating our valuation model to reflect revised estimates and a re-assessment of comparable company analysis, we reiterate our valuation of $7.05 per share for Zhibao Technology Inc., contingent on successful execution by the company.

    About Zhibao Technology Inc.  

    Zhibao Technology Inc., through its subsidiaries, provides digital insurance brokerage services in China, and has pioneered the 2B2C (“to-business-to-customer”) embedded digital insurance brokerage model, establishing itself as a first mover in this innovative market segment. It also offers Managing General Underwriter (MGU) services; and offline insurance brokerage consulting services. The company was founded in 2015 and is operationally based in Shanghai, China.

    About Diamond Equity Research

    Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.

    For more information, visit https://www.diamondequityresearch.com.

    Disclosures:

    Diamond Equity Research LLC is being compensated by Zhibao Technology Inc. for producing research materials regarding Zhibao Technology Inc. and its securities. This compensation is meant to subsidize the high cost of creating the report and monitoring the security. However, the views in the report reflect those of Diamond Equity Research. All payments are received upfront and are billed for respective research engagement term As of 11/04/24, the issuer had paid us $35,000 ($34,980 after bank fees) consisting of  $22,500 ($22,480 after bank fees) for the initiation report and a minimum of one update note (as part of $35,000 annual contract in two six-month consecutive upfront installment payments for the first year of coverage), which commenced on 04/10/24 with the second installment of $12,500 paid on 10/10/24 for a minimum of two additional update notes. Diamond Equity Research LLC may also be compensated for non-research-related services, including presenting at Diamond Equity Research investment conferences, issuing press releases, and providing other additional services. The non-research-related service cost is dependent on the company but usually does not exceed $5,000. The issuer has not paid us for non-research-related services as of 11/04/2024. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. This report does not explicitly or implicitly affirm that the information contained within this document is accurate and/or comprehensive, and as such should not be relied on in such a capacity. All information contained within this report is subject to change without any formal or other notice provided. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Investors need to be aware of the high degree of risk in small capitalization equities including the complete potential loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Zhibao Technology Inc. Please review update note attached for full disclosure page.

    Contact:

    Diamond Equity Research
    research@diamondequityresearch.com


     [HD1]Link pdf here

    Attachment

    The MIL Network

  • MIL-OSI: Liquidia Corporation to Report Third Quarter 2024 Financial Results on November 11, 2024

    Source: GlobeNewswire (MIL-OSI)

    MORRISVILLE, N.C., Nov. 04, 2024 (GLOBE NEWSWIRE) — Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease, announced today that it will report its third quarter 2024 financial results on Monday, November 11, 2024. The company will host a live webcast at 8:30 a.m. Eastern Time to discuss its financial results and provide a corporate update.

    The live webcast will be available on Liquidia’s website at https://liquidia.com/investors/events-and-presentations. A rebroadcast of the event will be available and archived for a period of one year at the same location.

    About Liquidia Corporation
    Liquidia Corporation is a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease. The company’s current focus spans the development and commercialization of products in pulmonary hypertension and other applications of its proprietary PRINT® Technology. PRINT enabled the creation of Liquidia’s lead candidate, YUTREPIA™ (treprostinil) inhalation powder, an investigational drug for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The company is also developing L606, an investigational sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and currently markets generic Treprostinil Injection for the treatment of PAH. To learn more about Liquidia, please visit www.liquidia.com.

    Contact Information

    Investors:
    Jason Adair
    Chief Business Officer
    919.328.4350
    jason.adair@liquidia.com

    Media:
    Patrick Wallace
    Director, Corporate Communications
    919.328.4383
    patrick.wallace@liquidia.com

    The MIL Network

  • MIL-OSI: Alarum Achieves Significant Milestone; Fortune 200 Company Adopts its Website Unblocker Solution Following a Large-scale Evaluation

    Source: GlobeNewswire (MIL-OSI)

    The customer, operating a multi-million cross-region network, is set to gain best-in-class data-driven capabilities, positioning itself to achieve sustained market leadership, by subscribing to both NetNut’s IPPN and Website Unblocker offerings

    TEL AVIV, Israel, Nov. 04, 2024 (GLOBE NEWSWIRE) — Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) (“Alarum” or the “Company”), a global provider of internet access and web data collection solutions, today announced the expansion of its recently established relationship with a leading global Fortune 200 company, which has subscribed to the newly rolled-out Website Unblocker from NetNut, in addition to Internet Protocol Proxy Network (IPPN). The customer, operating a multi-million cross-region network, and a multi-billion US Dollar business, will enhance automation and customer spending while gaining a competitive edge.

    To facilitate seamless access to public web information, NetNut’s Website Unblocker utilizes advanced Artificial Intelligence (AI) technology to simulate authentic user environments, enhancing data retrieval consistency from public online sources. The selection of NetNut’s Website Unblocker, which followed extensive evaluations and analysis by the leading global Fortune 200 company, is clear testament to its superiority.

    Alarum empowers businesses to gain a competitive edge and improve efficiencies by leveraging its robust and growing NetNut network. Being a global data frontrunner provider, Alarum enables organizations to efficiently and successfully collect large volumes of data, seamlessly analyze, and extract structured data at scale. As part of the company’s overarching strategy, it is actively working to integrate AI and advanced analytics to deliver the utmost comprehensive data insights.

    “In the third quarter of 2024, the customer, a Fortune 200 company, initially subscribed to our IPPN product and less than three months later added the unique Website Unblocker, marking an important milestone in realization of our strategy,” said Mr. Shachar Daniel, Chief Executive Officer of Alarum. “The Website Unblocker is essential to Alarum’s long-term growth plans for penetrating the multi-billion-dollar Data Collection and Labeling Market. It provides our customers with enhanced data access and improved operational efficiency, enabling them to penetrate new markets, better understand their customers’ behavior and optimize their strategies. We see a growing pipeline of opportunities for our Website Unblocker, which has been tested and rated as a market leader by various industry experts,” Mr. Daniel concluded.

    Alarum’s strategy and long-term vision is focused on three growth engines: Increasing market share in the IP Proxy Network (IPPN) segment, penetrating the Data Collection and Labelling Market, and providing its customers with Data Insights. With its innovations, the Company continues to push the boundaries of what’s possible in its industry.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Alarum is using forward-looking statements in this press release when when discussing its anticipated growth strategy, including plans for expanding market share in the IP Proxy Network segment, establishing product development timelines for the Website Unblocker and IPPN solutions, projecting the benefits these solutions may deliver to customers, and anticipating customer adoption rates, as well as addressing Alarum’s potential to enhance automation processes, improve customer spending, and achieve competitive advantages within the data collection market. Because such statements deal with future events and are based on Alarum’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Alarum could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Alarum’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 14, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, Alarum undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Alarum is not responsible for the contents of third-party websites.

    About Alarum Technologies Ltd.

    Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) is a global provider of internet access and web data collection solutions. The solutions by NetNut, our enterprise internet access and web data collection arm, are based on our world’s fastest and most advanced and secured hybrid proxy network, enabling our customers to collect data anonymously at any scale from any public sources over the web. Our network comprises both exit points based on our proprietary reflection technology and hundreds of servers located at our ISP partners around the world. The infrastructure is optimally designed to guarantee privacy, quality, stability, and the speed of the service.

    For more information about Alarum and its internet access and web data collection solutions, please visit www.alarum.io.

    Follow us on Twitter

    Subscribe to our YouTube channel

    Investor Relations:

    investors@alarum.io

    The MIL Network

  • MIL-OSI: Willis Lease Finance Corporation Reports Strong Third Quarter Pre-Tax Income of $34.5 million; Pre-Tax Income Up 69% as Compared to that of the Third Quarter of the Prior Period; Board Declares Recurring Quarterly Dividend of $0.25 Per Share of Common Stock

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”) today reported third quarter total revenues of $146.2 million and quarterly pre-tax income of $34.5 million. The Company also announced its quarterly dividend of $0.25 per share, expected to be paid on November 21, 2024, with a record holder date of November 12, 2024. For the three months ended September 30, 2024, core lease rent and maintenance reserve revenues were $114.7 million in the aggregate, up 26% as compared to $91.3 million for the same period in 2023. The growth was predominantly driven by core, recurring lease and maintenance revenues associated with the continued strength of the aviation marketplace, as airlines leverage the Company’s leasing, parts and maintenance capabilities to avoid protracted, expensive engine shop visits.

    “Scale through growth has proven to be an important factor in our profitability,” said Austin C. Willis, Chief Executive Officer. “Our platform of complementary services and assets is helping to fuel that growth.”

    “Our long-standing efforts to demonstrate the value of engine programs and our vertically integrated products and services continue to deliver for the Company and for our customers,” said Brian R. Hole, President. “The challenge for us now is to deliver that value and scale efficiently to meet existing demand.”

    Third Quarter 2024 Highlights

    • Lease rent revenue was $64.9 million in the third quarter of 2024, an increase of 21.2%, compared to $53.6 million in the third quarter of 2023. During the three months ended September 30, 2024, we purchased equipment (including capitalized costs) totaling $166.9 million, which consisted of three airframes, 19 engines, and other parts and equipment purchased for our lease portfolio. During the three months ended September 30, 2023, we purchased equipment (including capitalized costs) totaling $31.0 million, which consisted of five engines and other parts and equipment purchased for our lease portfolio.
    • Maintenance reserve revenue was $49.8 million in the third quarter of 2024, an increase of 32.0%, compared to $37.7 million in the same quarter of 2023, reflecting the high level of usage of our assets by our customer base. Engines on lease with “non-reimbursable” usage fees generated $48.5 million of short-term maintenance revenues in the first three quarters of 2024, compared to $34.4 million in the prior year period. There was $1.2 million long-term maintenance revenue recognized in the three months ended September 30, 2024, compared to $3.3 million long-term maintenance revenue recognized for the three months ended September 30, 2023. Long-term maintenance revenue is recognized at the end of a lease period as the related maintenance reserve liability is released from the balance sheet.
    • Spare parts and equipment sales increased to $10.9 million in the third quarter of 2024, compared to $3.4 million in the third quarter of 2023. The increase in spare parts sales for the three months ended September 30, 2024 reflects the demand for surplus material that we are seeing as operators extend the lives of their current generation engine portfolios. Equipment sales for the three months ended September 30, 2024 were $1.0 million for the sale of one engine. There were no equipment sales for the three months ended September 30, 2023.
    • Gain on sale of leased equipment was $9.5 million in the third quarter of 2024, reflecting the sale of 13 engines and other parts and equipment from the lease portfolio. During the three months ended September 30, 2023, we sold one engine, one airframe, and other parts and equipment for a net gain of $0.8 million.
    • The Company generated $34.5 million of pre-tax income in the third quarter of 2024, compared to pre-tax income of $20.3 million in the third quarter of 2023, an increase of 69.4%.
    • The book value of lease assets owned either directly or through our joint ventures, inclusive of our notes receivable, maintenance rights, and investments in sales-type leases was $3,039.8 million as of September 30, 2024. We continue to see the value of scale through increased profitability as well as our ability to offer bespoke solutions to our customers.
    • Diluted weighted average income per common share was $3.37 for the third quarter 2024, compared to diluted weighted average income per common share of $2.13 in the third quarter of 2023.
    • On September 27, 2024, the Company refinanced and expanded its $50.0 million of Series A-1 and Series A-2 Preferred Stock into one $65.0 million Series A series, which accrues quarterly dividends at a rate of 8.35% per annum, providing incremental growth equity to the business.
    • On October 31, 2024, the Company entered into a new, $1.0 billion, five-year, revolving credit facility with a consortium of lenders, refinancing its $500.0 million outstanding credit facility. This new facility will provide incremental capital to support the ongoing growth of the business.
    • The Company declared its quarterly dividend of $0.25 per share of common stock, expected to be paid on November 21, 2024, with a record holder date of November 12, 2024.

    Balance Sheet

    As of September 30, 2024, the Company’s lease portfolio was $2,665.7 million, consisting of $2,435.6 million of equipment held in its operating lease portfolio, $175.4 million of notes receivable, $31.5 million of maintenance rights, and $23.2 million of investments in sales-type leases, which represented 348 engines, 16 aircraft, one marine vessel and other leased parts and equipment. As of December 31, 2023, the Company’s lease portfolio was $2,223.4 million, consisting of $2,112.8 million of equipment held in our operating lease portfolio, $92.6 million of notes receivable, $9.2 million of maintenance rights, and $8.8 million of investments in sales-type leases, which represented 337 engines, 12 aircraft, one marine vessel and other leased parts and equipment.

    Conference Call

    WLFC will hold a conference call on Monday, November 4, 2024 at 10:00 a.m. Eastern Standard Time to discuss its third quarter results. Individuals wishing to participate in the conference call should dial: US and Canada (888) 632-5004, International +1 (646) 828-8082, wait for the conference operator and provide the operator with the Conference ID 512645. A digital replay will be available two hours after the completion of the conference. To access the replay, please visit our website at www.wlfc.global under the Investor Relations section for details.

    Willis Lease Finance Corporation

    Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Forward-Looking Statements

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Any forward-looking statement made by the Company is based only on information currently available to the Company and speaks only as of the date on which it is made. We undertake no obligation to update them, except as may be required by law. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and pandemics; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.

    Unaudited Condensed Consolidated Statements of Income
    (In thousands, except per share data) 

      Three months ended
    September 30,
          Nine months ended
    September 30,
       
        2024     2023   % Change     2024     2023     % Change
    REVENUE                      
    Lease rent revenue $ 64,905   $ 53,573   21.2 %   $ 173,652   $ 161,209     7.7 %
    Maintenance reserve revenue   49,760     37,696   32.0 %     156,527     96,609     62.0 %
    Spare parts and equipment sales   10,863     3,359   223.4 %     20,337     12,961     56.9 %
    Interest revenue   3,412     2,106   62.0 %     7,965     6,409     24.3 %
    Gain on sale of leased equipment   9,519     773   1,131.4 %     33,148     5,101     549.8 %
    Maintenance services revenue   5,948     6,199   (4.0 )%     17,956     16,707     7.5 %
    Other revenue   1,816     2,039   (10.9 )%     6,841     5,279     29.6 %
    Total revenue   146,223     105,745   38.3 %     416,426     304,275     36.9 %
                           
    EXPENSES                      
    Depreciation and amortization expense   23,650     23,088   2.4 %     68,303     68,131     0.3 %
    Cost of spare parts and equipment sales   8,861     2,024   337.8 %     17,003     9,581     77.5 %
    Cost of maintenance services   6,402     5,580   14.7 %     17,647     14,351     23.0 %
    Write-down of equipment   605     719   (15.9 )%     866     2,390     (63.8 )%
    General and administrative   40,037     26,545   50.8 %     104,305     86,103     21.1 %
    Technical expense   5,151     8,739   (41.1 )%     17,924     19,755     (9.3 )%
    Net finance costs:                      
    Interest expense   27,813     19,052   46.0 %     75,378     56,526     33.4 %
    Total net finance costs   27,813     19,052   46.0 %     75,378     56,526     33.4 %
    Total expenses   112,519     85,747   31.2 %     301,426     256,837     17.4 %
                           
    Income from operations   33,704     19,998   68.5 %     115,000     47,438     142.4 %
    Income (loss) from joint ventures   756     346   118.5 %     7,255     (1,289 )   nm  
    Income before income taxes   34,460     20,344   69.4 %     122,255     46,149     164.9 %
    Income tax expense   10,364     5,726   81.0 %     34,704     13,321     160.5 %
    Net income   24,096     14,618   64.8 %     87,551     32,828     166.7 %
    Preferred stock dividends   948     819   15.8 %     2,758     2,431     13.5 %
    Accretion of preferred stock issuance costs   15     21   (28.6 )%     39     63     (38.1 )%
    Net income attributable to common shareholders $ 23,133   $ 13,778   67.9 %   $ 84,754   $ 30,334     179.4 %
                           
    Basic weighted average income per common share $ 3.51   $ 2.16       $ 13.01   $ 4.83      
    Diluted weighted average income per common share $ 3.37   $ 2.13       $ 12.57   $ 4.70      
                           
    Basic weighted average common shares outstanding   6,582     6,365         6,513     6,282      
    Diluted weighted average common shares outstanding   6,859     6,466         6,745     6,454      

    Unaudited Condensed Consolidated Balance Sheets
    (In thousands, except per share data)

        September 30, 2024   December 31, 2023
    ASSETS        
    Cash and cash equivalents   $ 5,791   $ 7,071
    Restricted cash     99,333     160,958
    Equipment held for operating lease, less accumulated depreciation     2,435,583     2,112,837
    Maintenance rights     31,506     9,180
    Equipment held for sale     4,286     805
    Receivables, net     37,069     58,485
    Spare parts inventory     74,089     40,954
    Investments     61,891     58,044
    Property, equipment & furnishings, less accumulated depreciation     36,119     37,160
    Intangible assets, net     4,177     1,040
    Notes receivable, net     175,358     92,621
    Investments in sales-type leases, net     23,204     8,759
    Other assets     55,187     64,430
    Total assets   $ 3,043,593   $ 2,652,344
             
    LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY        
    Liabilities:        
    Accounts payable and accrued expenses   $ 119,560   $ 52,937
    Deferred income taxes     178,177     147,779
    Debt obligations     1,990,455     1,802,881
    Maintenance reserves     108,090     92,497
    Security deposits     27,203     23,790
    Unearned revenue     39,294     43,533
    Total liabilities     2,462,779     2,163,417
             
    Redeemable preferred stock ($0.01 par value)     63,053     49,964
             
    Shareholders’ equity:        
    Common stock ($0.01 par value)     72     68
    Paid-in capital in excess of par     41,035     29,667
    Retained earnings     473,609     397,781
    Accumulated other comprehensive income, net of tax     3,045     11,447
    Total shareholders’ equity     517,761     438,963
    Total liabilities, redeemable preferred stock and shareholders’ equity   $ 3,043,593   $ 2,652,344
    CONTACT: Scott B. Flaherty
      Executive Vice President & Chief Financial Officer
      (561) 413-0112

    The MIL Network

  • MIL-OSI: MARA Announces Bitcoin Production and Mining Operation Updates for October 2024

    Source: GlobeNewswire (MIL-OSI)

    Energized Hash Rate Increased 14% to 40.2 EH/s
    717 Bitcoin Produced in October, 2% Increase M/M
    Transaction Fees Accounted for 5% of Total Bitcoin Produced

    Fort Lauderdale, FL, Nov. 04, 2024 (GLOBE NEWSWIRE) — MARA (NASDAQ: MARA) (“MARA” or the “Company”), one of the world’s largest publicly traded bitcoin (“BTC”) miners and a leader in supporting and securing the Bitcoin ecosystem, today published unaudited BTC production update for October 2024.

    Management Commentary
    “October was our best month of bitcoin production since April’s halving event as uptime remained strong and we grew our energized hash rate to 40.2 EH/s, a 14% increase over September,” said Fred Thiel, MARA’s chairman and CEO. “Despite a slight month-over-month decrease in block wins, driven by the growth in global hash rate and the resulting rise in difficulty level, BTC production increased by 2% to 717 BTC.

    “Transaction fees accounted for approximately 5% of the total, with one particular transaction generating a fee of 3.217 BTC and another generating a fee of 2.665 BTC. We believe that our proprietary technology platforms such as Slipstream and MARAPool, our proprietary mining pool, allow us to capture all potential benefits and take advantage of higher transaction fees as they arise.

    “Our 50 EH/s target by the end of 2024 is within sight as we steadily increase our hash rate by installing new miners, improving infrastructure and energizing additional immersion containers.”

    Operational Highlights and Updates
    Figure 1: Operational Highlights

        Prior Month Comparison
    Metric   10/31/2024   9/30/2024   % Δ
    Number of Blocks Won 1   200     207     (3)%
    BTC Produced   717     705     2%
    Average BTC Produced per Day   23.1     23.5     (2)%
    Share of available miner rewards 2   4.6 %   5.2 %   NM
    Transaction Fees as % of Total 1   4.8 %   1.7 %   NM
    Energized Hash Rate (EH/s) 1   40.2     35.2     14%
                     
    1. These metrics are MARAPool only and do not include blocks won from joint ventures.
    2. Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by the Bitcoin network during the period.

    NM – Not Meaningful

    As of October 31, 2024, the Company held a total of 27,562 BTC, which includes 4,499 restricted BTC.

    Investor Notice
    Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under the heading “Risk Factors” in our most recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange Commission (the “SEC”). If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Forward-Looking Statements” below.

    The operational highlights and updates presented in this press release pertain solely to our BTC mining operations. Detailed information regarding our other operations can be found in our periodic reports filed with the SEC.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words “may,” “will,” “could,” “anticipate,” “expect,” “intend,” “believe,” “continue,” “target” and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to the expected timing and achievement of our growth targets, specifically relating to our anticipated hash rate and exahash growth, the transition to immersion coolers at the Granbury site and our BTC treasury policy. Such forward-looking statements are based on management’s current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, the factors set forth under the heading “Risk Factors” in our most recent annual report on Form 10-K, and any other periodic reports that we may file with the SEC.

    About MARA
    MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world’s preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.

    For more information, visit www.mara.com, or follow us on:

    Twitter: @MarathonDH
    LinkedIn: www.linkedin.com/company/marathon-digital-holdings
    Facebook: www.facebook.com/MarathonDigitalHoldings
    Instagram: @marathondigitalholdings

    MARA Company Contact:
    Telephone: 800-804-1690
    Email: ir@mara.com

    MARA Media Contact:
    Email: marathon@wachsman.com

    The MIL Network

  • MIL-OSI Economics: Tuomas Välimäki: Opening remarks – Nordic Cyber in Finance Conference

    Source: Bank for International Settlements

    Dear colleagues, dear friends,

    A very warm welcome to the seventh Nordic Cyber in Finance conference, hosted by Suomen Pankki, the Bank of Finland. In Finland, we hold resilience and preparedness in high regard, and I am no exception to this. It is a privilege and an honor to open this highly topical event today.

    Over the course of the day, we will explore different themes centered on resilience and preparedness. We will deal with hybrid threats in cyber space – critical infrastructure protection, information manipulation and cyber defense tools. These topics will be covered by a distinguished line-up of speakers ranging from cyber security industry to financial institutions as well as authorities. I will now provide you with an overview of what lies ahead and, more importantly, emphasize why these topics matter.

    Network Effects, Interconnectedness, and Collaboration

    The financial industry prospers on increasing network effects. This creates an inherent drive for growth, where often the largest players dominate the market. As businesses scale, the dependency within the industry deepens, making individual entities critical to the overall network. While this growth may benefit business, it also magnifies the importance of preparedness, as failures can become too large to bear.

    This is true not only for payment systems and commercial banks but also for central banks. For instance, over the last two decades, TARGET services have evolved into one of the most efficient settlement systems globally, a testament to the power of scale. Today we will learn how Eurosystem secures Europe’s financial backbone, i.e. the TARGET services. Ensuring the security of such a critical infrastructure is a mission that demands relentless efforts. We must maintain and strengthen community wide partnerships to safeguard this backbone.

    Critical Infrastructure and Path Dependency

    The interdependencies within critical infrastructure extend beyond finance. Consider the electrical grid, which the financial sector heavily relies on. If a major electricity producer or distributor fails, the consequences can be swift and severe for the whole electric system – much like the systemic impact that we’ve witnessed also in financial crises. These interconnected systems highlight that path dependencies are not industry-specific; they are intertwined across multiple sectors, systems, agreements and customers. 

    While banks are generally well-prepared for major disruptions, the same cannot always be said for the average citizen or business. For example, large banking institutions are likely to sustain operations during a power outage, but the same cannot be expected for the average citizen or a small firm. The combination of systemic risk and contagion is a central concern for central banks. It underscores the need for a holistic approach to resilience – one that draws lessons also from other sectors. Today, we will hear from a power system network operator on how they as a critical service providers approach disruptions like geopolitics and green transition. 

    Hearts and Minds

    Hybrid warfare isn’t limited to physical infrastructure; it also targets our hearts and minds. Some might argue – and I expect some of today’s speakers will – that safeguarding our mental processes is even more crucial than securing infrastructure. While I won’t take sides, I do believe both are essential. 

    The way people think and form opinions can have profound impact on societal order. There is ample evidence throughout the history, how minds have been influenced and opinions shaped. Without listing historical nor recent examples, I trust we can all agree on this point. I also believe social media and new technologies have evidenced their capabilities for spreading misinformation at hyper speed and sowing widespread distrust.

    The importance of this issue is especially true in the financial sector, where trust is paramount. Lose trust, and customers will leave. Lose trust at the systemic level, and civil order can quickly unravel.

    Loss of confidence is central to all systemic crises. Even if not the initial cause, it accelerates crises to new levels. Financial crises have demonstrated how liquidity position of an institution is not only depending on the institution in question but also on the confidence of others. Trust can deteriorate through contagion – even if the crisis begins with another institution.

    While technical problems can often be resolved, a coordinated attack on both technology and public trust poses a far greater threat.

    Now, imagine a hybrid scenario where critical infrastructure is compromised or even damaged. For this example, the exact location of the damage is irrelevant, as we normally have robust measures in place across sectors to compensate for lost capabilities. We can re-route telecommunications, implement temporary solutions within the power grid, and even deploy backup clearing systems if necessary. Next, imagine that a second or third element in this scenario involves eroding overall trust in the financial system. Suddenly, the issue becomes contagious, escalates rapidly, and becomes much harder to contain – a textbook example of how systemic risks emerge. This is a fascinating topic, and fortunately, we have an entire session dedicated to it today.

    Facilitating the Discussion

    The financial industry is well-positioned to lead discussions on hybrid threats. Our existence depends on trust, and our interconnectedness means that threats can have a clear and wide-reaching impact. We engage in these conversations not to seek trouble but to emphasize the importance of proactive, coordinated responses in a highly networked world.

    While time may be on the attacker’s side, we must remain vigilant and learn when and how to respond effectively. In this learning process acting together is vital. Cyber threats don’t follow a zero-sum game. If one institution’s trust is compromised, the effects ripple industry wide. Indeed, when it comes to fighting cyber-crime or hybrid warfare, two plus two definitely equals much more than four. I am confident that today’s event is a step toward building a stronger, more resilient industry and society.

    I sincerely hope you find the topics we discuss today both engaging and thought-provoking. With ten presentations and two panel discussions ahead, let’s make the most of this opportunity to collaborate and learn from one another.

    Thank you for your attention and once again, a warm welcome to this year’s Nordic Cyber in Finance conference! 

    MIL OSI Economics

  • MIL-OSI: Mercuria and HNK Alpha Execute First Carbon Futures Block Trades on Abaxx Commodity Futures Exchange and Clearinghouse

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Nov. 04, 2024 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced the execution of the first two carbon futures block trades, traded between Mercuria and HNK Alpha on October 30, 2024.

    Mercuria and HNK Alpha traded 50 lots of December 2024 CORSIA¹ Phase 1 Carbon Offset Unit Futures at USD $24.00/tCO2e². Mercuria and HNK Alpha also traded 50 lots of December 2025 JREDD+³ Carbon Offset Unit Futures at USD $17.75/tCO2e.

    Abaxx’s carbon futures contracts are designed to enhance price discovery and equip market participants with improved risk management tools. These centrally-cleared, physically-deliverable contracts were launched in June to provide reliable price signals essential for pricing carbon emissions and advancing decarbonization efforts.

    “We’re proud that Mercuria has chosen to use Abaxx Exchange Environmental Futures to better manage their risk in global carbon markets,” said Abaxx Exchange’s Head of Environmental Markets, Alasdair Were. “We’ve built these contracts in collaboration with global market participants and to meet the needs of the commercial market, and we look forward to continue working with world-class trading firms like Mercuria to build liquidity in our carbon markets.”

    Abaxx’s suite of futures contracts for LNG and carbon are open for trading 14 hours a day, Monday through Friday. Visit abaxx.exchange/resources-directory for a full list of clearing firms and execution brokers.

    Notes:
    ¹ Carbon Offsetting and Reduction Scheme for International Aviation
    ² Tonne of carbon dioxide equivalent
    ³ Jurisdictional Reducing Emissions from Deforestation and Forest Degradation

    About Abaxx Technologies

    Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is a majority-owner of Abaxx Exchange and Abaxx Clearing, subsidiaries recognized by MAS as an RMO and ACH, respectively.

    Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

    For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

    For more information about this press release, please contact:
    Steve Fray, CFO
    Tel: +1 647 490 1590

    Media and investor inquiries:

    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 647 490 1590
    E-mail: ir@abaxx.tech

    Forward-Looking Statements

    This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

    Forward-looking information related to Abaxx in this press release includes, but is not limited to, Abaxx’s objectives, goals or future plans, the development and implementation of additional products and futures contracts, the ability to meet commercial demands for its products and to meet the needs of the commercial market, the ability to develop and maintain relationships with trading firms and build liquidity for its products. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network

  • MIL-OSI: FTC Solar Announces 1GW Tracker Supply Agreement with Dunlieh Energy

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — FTC Solar, Inc. (Nasdaq: FTCI) (“FTC Solar”), a leading provider of solar tracker systems, and Dunlieh Energy, (“Dunlieh”) announced today that FTC will be supplying trackers for over one gigawatt of solar projects for Dunlieh beginning in 2025.

    The first project expected under the agreement is the Situla Energy Project, a 500-megawatt utility-scale solar and battery facility under development in Banner County, Nebraska, approximately 30 miles east of the Wyoming border. In addition to providing clean, renewable energy, the project is expected to generate more than 225 local construction jobs and contribute more than $1.4 million annually in nameplate capacity taxes, most of which will go to local schools and the county. Tracker delivery on the project is expected to begin in the second half of 2025.

    “FTC Solar has impressive, high-quality tracker technology that is incredibly fast, safe, and easy to install,” said Thaer Flieh, CEO of Dunlieh Energy. “The Situla project is poised to provide great value to the community, and FTC’s highly constructible design will lend itself incredibly well for that and other future developments.”

    “We’re very pleased to have been selected by Dunlieh for this one-gigawatt agreement,” commented Yann Brandt, FTC Solar’s President and CEO. “With our robust product lineup across 1P and 2P technologies, along with excellent customer service, we stand ready to help our new customer, Dunlieh, optimize each individual project site.”

    FTC Solar adds this material supply agreement to a recently announced relationship with Strata Clean Energy as well as new project details with Sandhills Energy in the past quarter.

    About FTC Solar Inc.
    Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a leading provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

    About Dunlieh Energy 
    At Dunlieh Energy, we’re on a mission to accelerate the transition to clean energy by solving energy problems and bringing new generation capacity to areas that lack energy supply. Developing sustainable energy projects including solar PV, energy storage and green hydrogen, our goal is to build a green future for the next generation.

    FTC Solar Contact:
    Bill Michalek 
    Vice President, Investor Relations 
    FTC Solar
    T: (737) 241-8618 
    E: IR@FTCSolar.com

    Dunlieh Contact:
    contact@dunlieh-energy.com
    www.dunlieh-energy.com 

    Forward-Looking Statements 
    This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.  In addition, this press release contains statements about third parties and their commercial activity.  We have not independently verified or confirmed such statements and have instead relied on the veracity of information as provided to us by such third parties related to such statements.  You should not rely on our forward-looking statements or statements related to third parties or their commercial activities as predictions of future events, as actual results may differ materially from those in the forward-looking statements or statements related to third parties or their commercial activities because of several factors, including those described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the section entitled “Risk Factors” contained therein. FTC Solar undertakes no duty or obligation to update any forward-looking statements or statements related to third parties or their commercial activities contained in this release as a result of new information, future events or changes in its expectations, except as required by law. 

    The MIL Network

  • MIL-OSI: Consumer Portfolio Services Partners with SentiLink to Enhance Fraud Prevention

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, NV, Nov. 04, 2024 (GLOBE NEWSWIRE) — Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”), a leader in providing indirect automobile financing to consumers, today announced that it has partnered with SentiLink, a leading provider of advanced identity verification and fraud detection solutions. The partnership enables CPS to improve its fraud prevention efforts while also saving the Company approximately $1 million per quarter so far.

    SentiLink’s AI-driven technology analyzes key identity and fraud indicators to generate actionable reports for CPS, helping the Company lend to legitimate, verified borrowers. This improvement in fraud detection directly supports CPS’s goal of significantly reducing lifetime portfolio losses, ultimately reinforcing financial performance.

    “Fraud prevention is an increasingly vital component of our risk management strategy,” said Robert DeJarnette, VP of Risk Management at CPS. “With the rise in fraud attempts across the subprime auto sector, SentiLink’s technology will continue to be instrumental in helping us detect fraudulent activity early and reduce exposure within our portfolio.”

    Mike Lavin, COO of CPS, added: “SentiLink’s fraud detection capabilities have already helped us lower our fraud exposure by over $1 million each quarter so far. As we continue to optimize our technology, we expect to further reduce risks for our lending partners while supporting our continued growth in the subprime lending market.”

    Staying at the forefront of technology has become a key performance differentiator for CPS, enabling the Company to refine its underwriting processes, enhance dealer performance, and strengthen risk management. Through the thoughtful application of advanced AI and machine learning, CPS is well-positioned to drive sustained growth in the years ahead.

    About Consumer Portfolio Services:
    Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.

    About SentiLink
    SentiLink, the leader in identity verification technology, provides financial institutions and fintechs with best-in-class solutions to prevent synthetic fraud, identity theft, and emerging forms of first-party fraud, as well as access to the eCBSV SSN verification service. Founded in 2017 by Naftali Harris and Max Blumenfeld, creators of the risk and fraud systems at Affirm, SentiLink has raised $85M to date from investors including Andreessen Horowitz, Craft Ventures, and NYCA Partners, among others.

    Company Contact
    Danny Bharwani
    Chief Financial Officer
    949-753-6811

    Investor Relations Contact
    Tom Colton and Alec Wilson
    Gateway Group, Inc.
    949-574-3860
    CPSS@gateway-grp.com

    The MIL Network

  • MIL-OSI: Phunware To Acquire Stake in Campaign Nucleus Subsidiary

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — Phunware, Inc. (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announced that it signed a term sheet, in conjunction with other parties, to acquire a controlling interest in MyCanvass, LLC, which is currently indirectly majority owned and controlled by Campaign Nucleus, a SaaS platform company founded by Brad Parscale, for a mix of cash and Phunware stock having an aggregate value of $1.02 million. Mr. Parscale is known for his pivotal roles as the Digital Director for Donald Trump’s 2016 election and Campaign Manager for Trump’s 2020 candidacy. Campaign Nucleus is a SaaS platform command center designed for political campaigns and organizations, and currently provides services for Trump’s 2024 campaign. The term sheet is contingent upon the execution of definitive documents. Phunware, Campaign Nucleus and other parties are working to execute definitive documentation and expect to complete same in the coming days.

    MyCanvass is a technology company focused on providing voter and advocacy engagement tools, including mobile apps. Phunware and Campaign Nucleus intend to utilize MyCanvass and its campaign canvassing and advocacy software to develop innovative approaches to identify, engage and mobilize voters, manage canvassing operations, and integrate them with campaigns within and outside of the U.S.

    “We are very excited to add the innovative MyCanvass technology platform to our portfolio as we explore solutions that align our technology with both companies shared missions to be true to our core values. Our collaboration will also aim to reduce inefficiencies, enhance campaign and advocacy effectiveness, and enable real-time, personalized voter outreach and engagement through AI and modular solutions,” said Stephen Chen, CEO of Phunware.

    Phunware and Campaign Nucleus intend for MyCanvass to serve as the foundation of a strategic partnership that will focus on developing AI-powered canvassing and related management and operations tools to support political and advocacy campaigns, emphasizing transparency, accountability, and grassroots empowerment.

    The MyCanvass acquisition would occur as highly dynamic and charged election cycles highlight the need for robust, AI-driven canvassing tools to safeguard political campaign integrity. Phunware and Campaign Nucleus aim to have MyCanvass equip grassroots movements with cutting-edge digital infrastructure to drive voter and advocacy engagement and facilitate success for campaigns and advocacy groups.

    Phunware and Campaign Nucleus will endeavor to invest in political and advocacy technology, targeting election cycles and other advocacy opportunities within and outside of the U.S. with advancements in AI and mobile applications.

    Brad Parscale noted, “We are excited to again partner with Phunware and combine the innovative technology stacks of Campaign Nucleus and Phunware. Together, we’re creating something revolutionary for canvassing to empower campaigns with cutting-edge tools to drive grassroots engagement and win elections.”

    About Campaign Nucleus

    Campaign Nucleus is a SaaS platform designed to improve campaign management and digital communications. It acts as a central command center, offering tools for data analysis, voter targeting, media engagement, and events. Built for political campaigns, organizations, and advocacy groups, it focuses on streamlining operations, increasing efficiency, and scaling campaign efforts. Created by Brad Parscale, the platform draws from his experiences as Digital Director for Donald Trump’s 2016 campaign and Campaign Manager for Trump’s 2020 campaign.

    About Phunware 

    Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, digital advertising, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.

    Phunware’s mission is to achieve unparalleled connectivity and monetization through widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, digital asset holders, and market participants. Phunware is poised to expand its software products and services audience through its new platform, utilize and monetize its patents and other intellectual property, and reintroduce its digital asset ecosystem for existing holders and new market participants. 

    For more information on Phunware, please visit www.phunware.com. To better understand and leverage generative AI and Phunware’s mobile app technologies, visit https://ai.phunware.com/advocacy.

    Safe Harbor / Forward-Looking Statements

    This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” and similar expressions are intended to identify forward-looking statements. For example, Phunware is using forward-looking statements when it discusses the adoption and impact of emerging technologies and their use across mobile engagement platforms.

    The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC. We undertake no obligation to update any forward-looking statements.

    By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.

    Investor Relations Contact:

    Chris Tyson, Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    PHUN@mzgroup.us
    www.mzgroup.us

    Phunware Media Contact:

    Joe McGurk, Managing Director
    917-259-6895
    PHUN@mzgroup.us

    The MIL Network

  • MIL-OSI: Banzai Announces Listing Transfer to Nasdaq Capital Market Pursuant to Nasdaq Compliance Plan

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Nov. 04, 2024 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, announces that it has received approval from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) to transfer their listing to the Nasdaq Capital Market. The Company’s securities were transferred from the Nasdaq Global Market to the Nasdaq Capital Market at the opening of business on October 31, 2024.

    The transfer of the Company’s listing to The Nasdaq Capital Market is not expected to have any impact on trading in the Company’s shares, and the Company’s shares will continue to trade on Nasdaq under the symbol BNZI.

    On September 19, 2024, the Company had a hearing before the Nasdaq Hearings Panel (the “Panel”) and requested the transfer of its listing, pursuant to a plan to evidence compliance with the requirements for continued listing on The Nasdaq Capital Market. Following the hearing, the Panel granted the Company’s request to transfer its listing to the Nasdaq Capital Market. The Company’s continued listing on The Nasdaq Capital Market is subject to the company fulfilling the continued listing requirements by January 31, 2025.

    “We look forward to further growth and development of Banzai on the Nasdaq with the support of our shareholders,” said Joe Davy, Founder and CEO of Banzai. “As we continue to invest in our software platforms and growth, we recently announced a comprehensive initiative aimed at improving our financial position and net income while maintaining a strong growth outlook. With the recent selection of MZ Group as our investor relations partner, we are committed to delivering on our value proposition to shareholders and the investment community.”

    About Banzai

    Banzai is a marketing technology company that provides essential marketing and sales solutions for businesses of all sizes. On a mission to help their customers achieve their mission, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Banzai customers include Square, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.

    Investor Relations
    Chris Tyson
    Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    BNZI@mzgroup.us
    www.mzgroup.us

    Media
    Rachel Meyrowitz
    Director, Demand Generation, Banzai
    media@banzai.io

    The MIL Network

  • MIL-OSI: KVH and Pacific Basin Completing Hybrid Connectivity and Network Management Upgrade

    Source: GlobeNewswire (MIL-OSI)

    MIDDLETOWN, R.I., Nov. 04, 2024 (GLOBE NEWSWIRE) — KVH Industries, Inc. (Nasdaq: KVHI), today announced that it has substantially completed a 75-vessel connectivity upgrade for commercial dry bulk operator Pacific Basin Shipping, a longtime KVH customer. KVH is delivering worldwide communications to more than 75 Pacific Basin vessels using the KVH ONE® multi-orbit, multi-channel network, including the addition of Low Earth Orbit service via Starlink. These vessels are using KVH TracPhone® V7-HTS terminals, new Starlink Flat High Performance terminals, and KVH’s CommBox Edge Communications Gateway onboard. This upgrade was carried out under the terms of a new agreement signed in July 2024.

    “It’s been our pleasure to help Pacific Basin ships and crews remain always connected since 2016, and we are honored that they elected to continue their longstanding partnership with us,” says Ken Loke, KVH’s vice president of Asia-Pacific sales. “By choosing our global VSAT service, TracPhone V7-HTS, and Starlink, together with our advanced CommBox Edge, Pacific Basin once again illustrates its commitment to providing innovative world-class maritime connectivity for its vessels and seafarers by taking full advantage of KVH’s fully integrated hybrid solutions.”

    “Pacific Basin is focused on the highest possible quality operations and the promotion of the highest standards of welfare for our crews across our fleet,” said Harsh Bhave, Director of Fleet Management, Pacific Basin. “This installation recognizes the need to add smart bandwidth that can enable next level performance for our ships and our people.”

    KVH’s TracPhone V7-HTS terminals feature Ku-band satellite interconnectivity delivered by a global network of high-throughput satellites (HTS) powered by Intelsat and delivering connection speeds as fast as 10/2 Mbps (down/up). Starlink offers high-speed, low-latency Internet using a high-performance, electronically steered flat panel array. Thanks to plug-and-play integration with KVH’s CommBox Edge 6 belowdeck appliance, intelligent hybrid switching will ensure that customers take full advantage of KVH ONE network, including Starlink, for uninterrupted connectivity worldwide.

    CommBox Edge is an all-in-one management toolbox for maritime IT professionals who want to control the growing array of wide area network (WAN) options, such as the VSAT, low earth orbit (LEO) services, 5G cellular, and other services available through the KVH ONE global network. It employs dynamic network and bandwidth management over these networks with an extensive suite of data and user controls, real-time reporting, and more. It delivers outstanding performance for crew, guest, and vessel communications thanks to a versatile, secure, fast SD-WAN architecture with cloud-based management.

    Note to Editors: High-resolution images of KVH products are available at the KVH Press Room Image Library, https://www.kvh.com/imagelibrary

    About KVH Industries, Inc.

    KVH Industries, Inc. is a global leader in mobile connectivity and maritime VSAT delivered via the KVH ONE network. The company, founded in 1982, is based in Middletown, RI, with research, development, and manufacturing operations in Middletown, RI, and more than a dozen offices around the globe. KVH provides connectivity solutions for commercial maritime, leisure marine, military/government, and land mobile applications on vessels and vehicles, including the TracNet, TracPhone, and TracVision® product lines, the KVH ONE OpenNet Program for non-KVH antennas, AgilePlans® Connectivity as a Service (CaaS), and the KVH Link crew wellbeing content service.

    This press release contains forward-looking statements that involve risks and uncertainties. For example, forward-looking statements include statements regarding the success of our strategic evolution towards an integrated solution provider, competitive positioning and profitability, expected data speeds over our network, the expected level of coverage availability, and the services to be provided under agreement with Pacific Basin. These and other factors are discussed in more detail in KVH’s Quarterly Report on Form 10-Q filed with the SEC on August 1, 2024, and Annual Report on Form 10-K filed with the SEC on March 15, 2024. Copies are available through its Investor Relations department and website: https://investors.kvh.com. KVH does not assume any obligation to update our forward-looking statements to reflect new information and developments.

    KVH Industries, Inc., has used, registered, or applied to register its trademarks in the USA and other countries around the world, including but not limited to the following marks: KVH, KVH ONE, CommBox, TracVision, TracPhone, TracNet, and AgilePlans. Other trademarks are the property of their respective companies.

    For further information, please contact:
    Chris Watson
    Vice President, Marketing & Communications
    KVH Industries, Inc.
    Tel: +1 401 845 2441
    cwatson@kvh.com

    The MIL Network

  • MIL-OSI USA: FACT SHEET: The Biden-⁠ Harris Administration Marks the Anniversary of the Americas Partnership for Economic Prosperity Leaders’  Summit

    US Senate News:

    Source: The White House
    The United States has deep economic ties to the Western Hemisphere. Through the Americas Partnership for Economic Prosperity, the Biden-Harris Administration’s premier economic initiative for the region, the United States is strengthening and expanding our efforts to enhance regional competitiveness by focusing on the drivers of bottom-up and middle-out economic growth that will create good-quality jobs and more resilient supply chains.
    The Americas Partnership for Economic Prosperity (known as the Americas Partnership or APEP) launched at the Summit of the Americas in 2022, includes member countries that represent90 percent of the hemisphere’s GDP and nearly two-thirds of its people.
    At the inaugural Leaders’ Summit on November 3, 2023, President Biden and leaders of the eleven other Americas Partnership countries—Barbados, Canada, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico, Panama, Peru, and Uruguay—deepened our shared commitment to ahemisphere that is among the most dynamic economic regions in the world.  During the past year, Ministers from the Trade, Foreign Affairs, and Finance tracks have met to set goals and develop priority workstreams to intensify regional economic cooperation.  U.S. Trade Representative Katherine Tai, Secretary of State Antony Blinken, and Secretary of the Treasury Janet Yellen all hosted their Americas Partnership ministerial counterparts to drive inclusive sustainable growth and strengthen critical supply chains in semiconductors, medical supplies, and clean energy and critical minerals. 
    One year on, the initiative is delivering concrete results to improve the lives of people throughout the region while creating economic opportunities within the hemisphere. As National Security Advisor Jake Sullivan said at the Brookings Institutionthis year, “we’re working to make the Western Hemisphere a globally competitive supply chain hub for semiconductors, clean energy, and more.”
    Since its launch, the Americas Partnership is: 
    Driving investment and expanded entrepreneurship by leading efforts to train an inclusive and diverse cohort of entrepreneurs and connect them with financing opportunities. 
    The Americas Partnership Investor Network was launched at a July 2024 White House meeting hosted by National Security Advisor Jake Sullivan. As part of the Network, a diverse group of angel and venture capital investors pledged to collectively invest more than $1 billion in early-stage companies and entrepreneurs in Latin America and the Caribbean by 2030.  The Inter-American Development Bank’s innovation and venture arm, IDB Lab, contributed $300,000 toward implementation of this Investor Network by the Uruguay Innovation Hub and Endeavor, creating new opportunities for the region’s next generation of high-impact entrepreneurs.  
    The inaugural cohort of 46 impact enterprises from Colombia, Costa Rica, Mexico, and Panama graduated from USAID’s CATALYZE Americas Partnership Accelerator program, with the next cohort of 119 impact enterprises from Barbados, Chile, Costa Rica, Ecuador, Peru, and Uruguay in the training pipeline.  The program’s work across 10 target countries has mobilized the first $1.5 million of the investment goal of at least $20 million in two years.
    Canada’s AcelerarMe Program is providing training and mentoring to businesswomen in Colombia, Costa Rica, Ecuador, Panama, Peru, and Mexico, executed by the Thunderbird School of Global Management.  The program aims to graduate an estimated 450 entrepreneurs by 2026.  Already, two active cohorts have completed the majority ofthe training and four new cohorts will begin training in January 2025.
    In 2024, Americas Partnership countries supported Small and Medium Enterprises (SMEs) through the Americas Partnership SME Inclusive Trade Inventory, including programs which assist micro-SMEs, that are owned and led by women, Indigenous persons, minorities, and those from historically underrepresented and underserved communities.  This fall, Americas Partnership governments held a Best Practices Exchange to strengthen knowledge-sharing among APEP countries. 
    Advancing economic competitiveness and supply chain resilience for Americas Partnership economies.
    The Department of State has driven inclusive and sustainable growth by providing up to $7 million to the IDB’s Biodiversity and Natural Capital Facility.  This Fund for Nature is supporting Americas Partnership member countries with technical cooperation to mainstream climate, biodiversity, natural capital, and nature-based solutions into economic development plans and investments.  
    To bolster semiconductor production capabilities across the Western Hemisphere, the Department of State, in collaboration with the IDB, unveiled the CHIPS ITSI Western Hemisphere Semiconductor Initiative.  This groundbreaking initiative, supported through the CHIPS Act International Technology Security and Innovation (ITSI) Fund, is enhancing semiconductor assembly, testing, and packaging capabilities in key Americas Partnership countries, beginning with Mexico, Panama, and Costa Rica.  Under the initiative, Costa Rica, Panama, and the Dominican Republic signed MOUs with Arizona State and Purdue Universities to expand their skilled semiconductor workforce. 
    The U.S. International Development Finance Corporation (DFC) and IDB Invest have supported almost $2 billion worth of projects in APEP member countries over the past year.  In addition, DFC and IDB Invest launched the Americas Partnership Platform to facilitate co-investments, and added a $30 million technical assistance facility to support new and existing projects under the Platform.
    The Inter-American Development Bank delivered a “Phase I” report to Americas Partnership members in June 2024 to evaluate and enhance members’ competitiveness in the three priority supply chain sectors (semiconductors, medical supplies, and critical minerals).  This report highlighted the scale of the nearshoring opportunity in our region, while identifying areas where targeted policy innovations and infrastructure improvements will attract additional investment.  In the next stage, the IDB is engaging policymakers and other stakeholders throughout the region to develop concrete, country-specific policy recommendations in a set of “Phase II” reports. 
    Americas Partnership countries launched the Americas Partnership Clean Hydrogen Working Group, co-led by Chile, Uruguay, and the United States.  Backed by the Department of State’s Power Sector Program, the Working Group seeks to ensure the Western Hemisphere is a global leader in clean hydrogen development and deployment as countries seek to meet their national clean energy and climate goals. 
    APEP countries have led a wide range of initiatives on key member priorities.  For example, Ecuador and Peru have joined forces to promote sustainable food production.  The Dominican Republic has led an effort to promote transparency and integrity in the public sector.  Chile is spearheadingexpanded cooperation in civil and commercial space affairs. Supported by agencies like the U.S. Trade and Development Agency (USTDA), Americas Partnership countries are also aiming to improve regulatory systems and market access for essential medical products across the region.
    In the year since the November 3, 2023 Leaders’ Summit, the Biden-Harris Administration has worked together with the members of the Americas Partnership for Economic Prosperity to take concrete steps towards fulfilling the hemispheric vision of economic prosperity for all of our citizens.

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Legal Week opens

    Source: Hong Kong Information Services

    Hong Kong Legal Week 2024, an annual flagship event of the legal sector to showcase Hong Kong as an international legal and dispute resolution services centre, was launched today.

    Themed “Hong Kong Common Law System: World-Class Springboard to China & Beyond”, the five-day event provides an opportunity for participants from all corners of the world to engage in a series of insightful discussions and fruitful exchanges with prominent experts, practitioners and government officials on a wide spectrum of topics.

    The topics include international law, developments in alternative dispute resolution, opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, and the rule of law in the region and beyond.

    The Asia-Pacific International Private Law Summit 2024, themed “Springboard to Opportunities: Utilising International Private Law & Technology to Facilitate Access to Credit, Investment, & Sustainable Development in the Asia-Pacific Region”, was held as the opening event of this year’s Legal Week.

    The biennial summit brought together preeminent legal academics and renowned practitioners worldwide to discuss how the unification and co-ordination of various areas of international private law can support economic growth and facilitate smoother cross-border interactions.

    More than 1,100 registrations from 46 jurisdictions have been received for this event.

    In his welcome remarks, Secretary for Justice Paul Lam said that the Department of Justice (DoJ) places great importance on nurturing legal talent and will provide professional development opportunities to legal talent with a view to strengthening Hong Kong’s position as a leading international legal and dispute resolution centre.

    To further the DoJ’s capacity building initiatives, Mr Lam announced that the Hong Kong International Legal Talents Training Academy will be set up, with the launch ceremony taking place on the final day of Legal Week, which he invited everyone to join.

    In addition, an exhibition featuring the milestones and achievements in the construction of the rule of law by the country in the modern era, as well as the role played by Hong Kong in contributing to the developments, has been set up at the venue this year.

    Click here for the event details.

    MIL OSI Asia Pacific News

  • MIL-OSI: Primech Holdings and Primech AI Forge Strategic Partnerships with Unity Group for Advanced Energy and Robotics Solutions

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Nov. 04, 2024 (GLOBE NEWSWIRE) — Primech Holdings Limited (Nasdaq: PMEC) (“Primech” or the “Company”) and its subsidiary, Primech AI, are pleased to announce new strategic partnerships with Unity Group Holdings International Limited (1539.HK) (“Unity Group”), a renowned provider of energy solutions listed on the Hong Kong Stock Exchange. These partnerships, formalized through separate Memorandums of Understanding (MOUs), aim to harness Unity Group’s energy expertise and Primech AI’s robotic innovations to drive sustainability and technological advancements in their respective fields.

    Unity Group (https://www.unitygroup.eco) operates in over 20 countries, offering innovative energy solutions that significantly reduce carbon footprints and operational costs for numerous global clients. This collaboration aligns with Primech’s commitment to environmental stewardship and marks a significant step in integrating sustainable practices and advanced technologies across its operations.

    Details of the Partnerships:

    • Primech Holdings Ltd. will collaborate with Unity Group to explore and implement cutting-edge energy solutions in Singapore, focusing on enhancing energy efficiency within its extensive facilities management operations.
    • Primech AI and Unity Group will cooperate on the business development and trial deployment of the Hytron restroom cleaning robot into major properties in Dubai. This initiative aims to revolutionize facility maintenance with cutting-edge robotic technology, improving efficiency and reducing the environmental footprint of cleaning operations.

    They will expand Unity Group’s technological footprint in Singapore and beyond, setting new standards for international collaboration in energy and robotic solutions.

    Mr. Kin Wai Ho, CEO of Primech Holdings Limited, commented, “We are proud to partner with Unity Group to pioneer the integration of sustainable energy solutions and advanced robotics in our operations. These initiatives are pivotal as we continue to push the boundaries of what is possible in our industry, ensuring that we remain at the forefront of both environmental responsibility and technological innovation.”

    Mr. Mansfield Wong, Co-founder, Chairman, and CEO of Unity Group, stated, “Our collaboration with Primech Holdings and Primech AI represents a significant opportunity to leverage our expertise in energy solutions alongside Primech’s innovations in robotic technologies. We are excited about the potential of our joint efforts to set benchmarks in sustainability and operational efficiency globally.”

    About Unity Group Holdings International Limited
    Founded in 2008, Unity Group became the first energy service company to be listed on the Hong Kong Stock Exchange. At the core of its operations is the Energy Management Contract (EMC) business model, which implements customized solutions designed to achieve optimal energy efficiency and maximize returns for clients. Unity Group employs industry-leading, effective, and practical research methodologies. These methodologies span innovative green technologies, data analysis, and machine learning. The outcomes of its research and development efforts manifest in its uniquely versatile, appropriate, and actionable green technology solutions. Currently, Unity Group operates in Mainland China, Malaysia, and the Middle East.

    About Primech Holdings Limited
    Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore, with expanding operations in Malaysia. With a legacy of excellence and innovation in the facility services industry, Primech’s operating subsidiary, Primech A & P offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Additionally, CSG Industries Pte Ltd, a subsidiary of Primech Holdings, manufactures and supplies various high-quality cleaning products under its brand, extending its reach and capabilities within the industry. Known for its commitment to sustainability and cutting-edge technology, Primech integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.    

    About Primech AI
    Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    Company Contact:
    Email: ir@primech.com.sg

    Investor Relations Contact:        
    Matthew Abenante, IRC
    President                                        
    Strategic Investor Relations, LLC                                         
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

    The MIL Network

  • MIL-OSI: Pineapple Energy to Host Virtual Fireside Chat

    Source: GlobeNewswire (MIL-OSI)

    RONKONKOMA, N.Y., Nov. 04, 2024 (GLOBE NEWSWIRE) — Pineapple Energy Inc. (Nasdaq: PEGY) (“Pineapple” or the “Company”), a leading provider of sustainable solar energy and backup power to households, businesses, municipalities, and for servicing existing systems, today announced that Scott Maskin, Interim CEO, will host a virtual Fireside Chat on November 14th, 2024 at 10:00 AM ET. The event will be moderated by Julien Dumoulin-Smith, Managing Director, Power, Utilities, & Clean Energy Equity Research group at Jefferies.

    Mr. Maskin will discuss recent developments, provide an overview of Pineapple’s business and industry, outline strategies to enhance shareholder value, and answer questions from current and prospective shareholders.

    The fireside chat will be available for viewing at Pineapple’s website, www.pineappleenergy.com.

    Questions may be submitted in advance to ir@pineappleenergy.com with the subject line “Fireside Chat Questions.” The deadline for submitting questions is November 13that 5:00 PM ET.

    Julien Dumoulin-Smith is a perennially #1 double ranked Institutional Investor (II) magazine analyst in both Utilities & Alternative/Clean Energy and was recently inducted into the II Hall of Fame for his cumulative accomplishments.  

    About Pineapple Energy
    Pineapple is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear) provide homeowners and businesses of all sizes with an end-to-end product offering spanning solar, battery storage, and grid services.

    Forward Looking Statements 
    This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s current expectations or beliefs and are subject to uncertainty and changes in circumstances, including the Company’s expectations regarding its ability to effect the reverse stock split and regain compliance with Nasdaq’s continued listing standards. While the Company believes its plans, intentions, and expectations reflected in those forward-looking statements are reasonable, these plans, intentions, or expectations may not be achieved. For information about the factors that could cause such differences, please refer to the Company’s filings with the Securities and Exchange Commission, including, without limitation, the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequent filings. The Company does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.

    Safe Harbor Statement
    Our prospects here at Pineapple Energy Inc. are subject to uncertainties and risks. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at www.sec.gov.

    Contacts:  

    Scott Maskin
    Interim Chief Executive Officer
    +1 (631) 823-7131
    scott.maskin@pineappleenergy.com

    Pineapple Investor Relations
    +1 (952) 996-1674
    IR@pineappleenergy.com

    The MIL Network

  • MIL-OSI: Insider Announces $500M Series E Led by General Atlantic to Accelerate AI Investments, Fuel U.S. Expansion, and Continue to Scale Global Operations

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) — Insider, a leading AI-native omnichannel experience and customer engagement platform, today announced a $500 million Series E funding round led by General Atlantic, a leading global growth investor.

    Insider plans to further develop its next-generation marketing software offering and invest heavily in research and development, focusing on expanding and evolving its AI solutions. The company also intends to scale its talent base and geographic footprint, leveraging General Atlantic’s global platform. With an established market position in 28 countries across five continents, including North America, EMEA, APAC, and Latin America, Insider plans to increase its regional investments on the back of strong demand in the U.S. market, where it has achieved significant growth. Additionally, the company will use the funds to explore strategic M&A opportunities.

    As a leading enterprise marketing software provider, Insider enables marketers and customer experience teams to create highly personalized omnichannel experiences and manage customer engagement from a single platform. With an integrated CDP that vertically integrates data and marketing application layers to fuel marketing automation and personalized customer journey orchestration across 12+ natively-supported channels – including WhatsApp, SMS, Email, Web, App, Site Search, and more – Insider helps marketers to efficiently collect, analyze, and predictively use first-party data in real-time. As a result, brands can accelerate growth, realize higher marketing efficiency, and create more valuable customer relationships.

    Hande Cilingir, Co-Founder and CEO at Insider, said, “Our mission is to empower marketing and CX teams to deliver a holistic omnichannel experience and deepen customer engagement. Unlike traditional technology companies that focus on a single area or product, our approach has always been to build multiple best-in-breed and industry-leading products, bringing them together in one complete platform that outperforms single-point solutions. As a pioneer of predictive models in customer experience, this funding positions us to further build upon that foundation to disrupt the MarTech industry. We believe that our differentiators, especially AI-enabled tools, will set Insider apart as the preferred choice for marketing and customer experience teams, and we look forward to leveraging General Atlantic’s deep experience backing growth companies to drive the marketing technology shift.”

    “Many brands are eager to move away from traditional marketing clouds that limit their growth. We are on a mission to help as many users as possible transition from legacy marketing clouds to Insider. We have developed a white-glove migration blueprint designed to make the transition seamless. In the last year, 150 brands have successfully made the switch to Insider using our automatic migrator and pre-built integrations, and achieved up to 5X faster time to value compared to their previous vendor,” said Serhat Soyuerel, Co-Founder and CRO at Insider.

    Insider launched patent-pending Sirius AI™, a comprehensive solution for end-to-end omnichannel experience creation. The technology combines the transformative power of generative, conversational, and predictive AI.

    “This funding will help accelerate our ambitious product roadmap and grow our 350+ in-house engineering team. Over the next two years, we plan to focus on realizing our vision to build an end-to-end AI-native omnichannel experience and customer engagement platform that compounds promotional, transactional, and support capabilities into a seamless solution powered by an extensive set of channels. Harnessing Generative AI to make user interactions more conversational at every level, we plan to further invest in Sirius AI™ Co-Pilot, which guides teams at every stage of customer journey creation,” said Muharrem Derinkok, Co-Founder and Chief Product Officer at Insider.

    Sascha Guenther, Managing Director and Head of DACH at General Atlantic, commented, “The MarTech industry is benefitting from a secular shift levered to ongoing tailwinds, including the proliferation of data traffic and channels, the growing importance of first-party data, and evolving customer expectations regarding personalized experiences across channels. Insider has successfully positioned itself as a leading and dynamic innovator in the B2B SaaS space and delivers tangible ROI to its customers. We believe the company is well placed to capture a greater share of the $15+ billion total addressable market, as businesses race to upgrade their marketing strategies around the world in need of higher marketing efficiency and effectiveness.”

    Alex Crisses, Managing Director, Enterprise Technology, and Global Head of New Investment Sourcing at General Atlantic, continued, “Insider has disrupted traditional marketing cloud operators in the enterprise space by offering a differentiated and well-integrated suite of next-gen products. Insider’s success lies in consistently delivering unmatched value to their customers. Few platforms are capable of achieving this, setting Insider apart. We believe Hande and her team are talented product visionaries and entrepreneurs, and we’re excited to help them scale further.”

    As part of the transaction, Sascha Guenther, Alex Crisses, and Christopher Apfel, Vice President at General Atlantic, will join the Insider Board of Directors.

    Insider is hiring across 28 regions. Explore open positions at useinsider.com/careers. For more information about Insider, visit https://useinsider.com/.

    About Insider

    Insider is a leading AI-native Omnichannel Experience and Customer Engagement Platform – enabling marketing and customer experience teams to deliver a unique experience per person, from a single platform. Insider’s integrated CDP vertically integrates data and marketing application layers to fuel marketing automation and personalized customer journey orchestration across 12+ natively-supported channels, like WhatsApp, SMS, Email, Web, App, Site Search, and more. Insider helps marketers to efficiently collect, analyze, and predictively use first-party data in real-time. As a result, brands accelerate growth, realize higher productivity, maximize marketing ROI, increase customer lifetime value, and create more valuable customer relationships.

    Insider powers omnichannel experiences and customer engagement for 1,500+ global customers across retail, automotive, travel, and telecommunications, including Nike, Samsung, L’Oreal, Unilever, Allianz, Walt Disney, ING Group, Toyota, Singapore Airlines, and GAP.

    Loved by customers and recognized by analysts, Insider is recognized as a leader in the areas marketing and CX teams care most about, including Cross-Channel Campaign Management, Personalization, and Customer Data Platforms, offering brands unrivaled product excellence within a single consolidated platform. Insider was named a leader in the Gartner Magic Quadrant for Personalization Engines 2021, the Forrester Wave for Cross-Channel Campaign Management 2021, and Leader in the IDC MarketScape: Worldwide Omnichannel Marketing Platforms for B2C Enterprises 2023 Assessment. The company was recently recognized in The Top 1% of all software companies worldwide in G2’s 2024 Software Awards and named the #5 Best Software Product with the most #1 rankings alongside other software legends like Google, Zoom, and Monday.com. According to G2’s Fall’24 reports, Insider is also the #1 G2 Leader in 9+ categories, including Customer Data Platforms (CDP), Personalization Engines, Personalization Software, Mobile Marketing, Customer Journey Analytics, SMS Marketing, WhatsApp Marketing, eCommerce Search, and eCommerce Personalization, with a 4.8/5.0 ranking for 21+ consecutive quarters.

    Today, Insider has more than 1,100 team members representing 51 nationalities across 28 countries worldwide. The company is woman-founded, with 70% of top executive roles, including the CEO, CMO, CHRO, and CFO, being held by women. With initiatives such as 100 cities, 100 projects, Young Engineers Club, shecodes, and sheleads, Insider is committed to scaling its impact across its communities. For more information about Insider, please visit: https://useinsider.com.

    About General Atlantic

    General Atlantic is a leading global growth investor with more than four decades of experience providing capital and strategic support for over 520 growth companies throughout its history. Established in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. Guided by the conviction that entrepreneurs can be incredible agents of transformational change, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with and scale innovative businesses around the world. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Sustainable Infrastructure strategies. General Atlantic manages approximately $97 billion in assets under management, inclusive of all strategies, as of October 1, 2024 (based on valuations as of June 30, 2024), with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d23219b3-1e4a-4c8e-83dd-b8ad780dba13

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6d23d86b-d14e-4ddb-bf67-0d0d4ab87b04

    https://www.globenewswire.com/NewsRoom/AttachmentNg/26f93f38-9c6b-458a-8506-460a9a55e491

    The MIL Network

  • MIL-OSI: TRILLION ENERGY PROVIDES UPDATE ON SASB VS INSTALLATION

    Source: GlobeNewswire (MIL-OSI)

    Vancouver, B.C. , Nov. 04, 2024 (GLOBE NEWSWIRE) — Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide an update on the velocity string installation program at the SASB gas field.

    On October 27th the snubbing unit was positioned over the Akcakoca-3 well where 2 3/8” production tubing (“velocity string” or “VS”) was ran into the well through the existing 4 ½ tubing. The operation was completed on October 29th. The well continued to flow throughout the operation.

    Following the VS installation, Akcakoca-3 production increased from approximately 2.0 MMcf/d (average production for the 27 days prior to installation) to 2.6 MMcf/d (average production first 4 days post VS). We continue to monitor production from the well at this time.

    On October 30th, 2024 a 2 3/8th velocity string was ran into the West Akcakoca-1 well using the snubbing unit. The operation was completed by November 1st, where the velocity string reached a total measured depth (MD) of 3,496 meters. The West Akcakoca-1 well was not producing prior to the operation and gas production is expected to resume following nitrogen stimulation being applied.

    Currently, VS is being run into the Guluc-2 well. The velocity strings are being installed with the objective of reducing water loading issues in the SASB gas wells.

     About the Company

    Trillion Energy International Inc is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The Company is 49% owner of the SASB natural gas field, a Black Sea natural gas development and a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. More information may be found on www.sedar.com, and our website.

    Contact

    Arthur Halleran, Chief Executive Officer
    ‎Brian Park, Vice President of Finance
    1-778-819-1585
    e-mail: info@trillionenergy.com;
    Website: www.trillionenergy.com

    Cautionary Statement Regarding Forward-Looking Statements

    This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company’s ability to obtain regulatory approval of the executive officer and director appointments. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trillion does not undertake to update any forward-looking information except in accordance with applicable securities laws.

    These statements are no guarantee of future performance and are subject to certain risks, uncertainties, delay, change of strategy, and assumptions that are difficult to predict and which may change over time. Accordingly, actual results and strategies could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, changes in capital raising strategies, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may increase and be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s filings on www.sedar.com, including the most recently filed Annual Report on Form 20-F and subsequent filings. For a full summary of our oil and gas reserves information for Turkey, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.com, and or request a copy of our reserves report effective December 31, 2022 and updated January 31 2023.

    The MIL Network

  • MIL-OSI Canada: Canada brings international leadership ambition on nature and biodiversity to COP16 in Cali, Colombia

    Source: Government of Canada News

    On behalf of Canada and the Honourable Steven Guilbeault, Minister of Environment and Climate Change, the Canadian delegation worked diligently—through negotiations, bilateral discussions, and side events—to bring countries together to advance the implementation of the 23 targets for 2030 laid out in the Kunming–Montréal Global Biodiversity Framework

    November 4, 2024 – Cali, Colombia

    Canada is known for its rich biodiversity and extraordinary natural beauty and takes pride in playing a leadership role in global nature recovery. At the conclusion of the 16th United Nations Biodiversity Conference (COP16) in Cali, Colombia, Canada continued to actively work with international partners toward halting and reversing the biodiversity crisis and advocating for ambitious action to protect nature.

    On behalf of Canada and the Honourable Steven Guilbeault, Minister of Environment and Climate Change, the Canadian delegation worked diligently—through negotiations, bilateral discussions, and side events—to bring countries together to advance the implementation of the 23 targets for 2030 laid out in the Kunming–Montréal Global Biodiversity Framework. They also worked to identify ways to address the key drivers of biodiversity loss, such as pollution, climate change, and overexploitation of nature. Canada and its fellow Nature Champions pushed for the conservation of 30 percent of land and water by 2030 and reaffirmed the importance of respecting the rights and roles of Indigenous peoples.

    After significant collaboration with National Indigenous Organizations and international Indigenous bodies, COP16 successfully established a permanent Indigenous subsidiary body, the first of its kind in any of the UN Rio conventions. Canada welcomes this historic step forward for giving a voice to Indigenous peoples in the UN process.

    The COP also established a multilateral mechanism on digital sequence information aimed at enhancing access and benefit sharing for communities and traditional knowledge holders of biodiversity.

    In addition to these two historic achievements, this COP adopted a program of work to integrate nature and climate change actions. After years of work, countries also endorsed work on ecologically significant marine areas.

    Canada supports the need to mobilize international biodiversity funding. Despite efforts, countries were unable to reach an agreement on critical issues, such as resource mobilization. Canada remains determined to engage with countries and non-state actors at the next opportunity to address these gaps and remains committed to working with Parties to finalize an ambitious strategy.

    In addition to driving ambition in international negotiations, at COP16 Canada:

    • Announced a total of $62 million for seven projects working to protect biodiversity around the world. The projects will support gender-inclusive initiatives and Indigenous-led projects for vulnerable communities to build a stronger, more sustainable future; fight climate change; protect nature; and support resilient local economies.
    • Brought the Nature Champions Network together, with increased membership, and encouraged rapid global biodiversity action through effective implementation of respective national biodiversity strategies.
    • Led two panels in partnership with the Indigenous Leadership Initiative to highlight the importance of collaboration with Indigenous peoples and the success of Indigenous-led conservation and stewardship in Canada. Indigenous Guardians initiatives are crucial to ensuring the sustainability of our planet for current and future generations, and innovative financing models, like the project finance for permanence, are empowering this vital work.
    • Joined the ‘Declaration of the World Coalition for Peace with Nature’, a call for action to enhance national and international efforts and commitments toward achieving a balanced and harmonious relationship with nature.
    • Joined the ‘Mainstreaming Champions Group’, an initiative launched at COP16 to accelerate progress on mainstreaming biodiversity across sectors to help achieve the Global Biodiversity Framework’s mission, goals and targets.

    Backed by over $12 billion in investments since 2015, the Government of Canada has led the largest campaign in Canadian history to support nature and nature-based climate solutions, with the goal of protecting 30 percent of land and water by 2030 and conserving species at risk, in full partnership with provinces, territories, and Indigenous peoples.   

    • COP16 was held in Cali, Colombia, from October 21 to November 1, 2024.

    • Both the 2030 Nature Strategy and the Nature Accountability Bill provide a roadmap for collaboration across all levels of government and with Indigenous peoples in the development and implementation of measures aimed at meeting Kunming–Montréal Global Biodiversity Framework and related Convention on Biological Diversity commitments.

    • The Nature Champions Network is a ministerial-level group launched by Canada that focuses on fostering international awareness and understanding of the global biodiversity framework. 

    • At COP15, Prime Minister Justin Trudeau announced $350 million in funding to support developing countries in advancing biodiversity efforts and to support the implementation of the Kunming–Montréal Global Biodiversity Framework.

    • Indigenous-led conservation is proven to help land, water, and communities thrive, and it is central to Canada’s plan to protect 30 percent of our land and water by 2030.

    • In recent years, the Government of Canada has made historic investments in Indigenous-led conservation projects, including through initiatives like the Indigenous Guardians Program.

    • Project finance for permanence provides multi-partner investments and sustainable financing for large-scale conservation and sustainable development projects. These initiatives bring together Indigenous organizations, governments, and the philanthropic community to identify shared goals for protecting nature and ultimately halting biodiversity loss while advancing community well-being and reconciliation with Indigenous peoples.

    • In 2022, during COP15, Prime Minister Justin Trudeau pledged to deliver up to $800 million in support of up to four Indigenous-led project finance for permanence initiatives, including the Great Bear Sea Project Finance for Permanence.

    • The Great Bear Sea Project Finance for Permanence agreement was officially established in June 2024. Work is underway to finalize the remaining projects over the coming year.

    Hermine Landry
    Press Secretary
    Office of the Minister of Environment and Climate Change
    873-455-3714
    Hermine.Landry@ec.gc.ca

    Media Relations
    Environment and Climate Change Canada
    819-938-3338 or 1-844-836-7799 (toll-free)
    media@ec.gc.ca

    MIL OSI Canada News

  • MIL-OSI USA: 30 Years Ago: STS-66, the ATLAS-3 Mission to Study the Earth’s Atmosphere

    Source: NASA

    On Nov. 3, 1994, space shuttle Atlantis took to the skies on its 13th trip into space. During the 11-day mission, the STS-66 crew of Commander Donald R. McMonagle, Pilot Curtis L. Brown, Payload Commander Ellen Ochoa, and Mission Specialists Joseph R. Tanner, Scott E. Parazynski, and French astronaut Jean-François Clervoy representing the European Space Agency (ESA) operated the third Atmospheric Laboratory for Applications and Sciences (ATLAS-3), and deployed and retrieved the U.S.-German Cryogenic Infrared Spectrometers and Telescopes for the Atmosphere-Shuttle Pallet Satellite (CRISTA-SPAS), as part of NASA’s Mission to Planet Earth. The remote sensing instruments studied the Sun’s energy output, the atmosphere’s chemical composition, and how these affect global ozone levels, adding to the knowledge gained during the ATLAS-1 and ATLAS-2 missions.
    Left: Official photo of the STS-68 crew of Jean-François Clervoy, left, Scott E. Parazynski, Curtis L. Brown, Joseph R. Tanner, Donald R. McMonagle, and Ellen Ochoa. Middle: The STS-66 crew patch. Right: The ATLAS-3 payload patch.
    In August 1993, NASA named Ochoa as the ATLAS-3 payload commander, and in January 1994, named the rest of the STS-66 crew. For McMonagle, selected as an astronaut in 1987, ATLAS-3 marked his third trip into space, having flown on STS-39 and STS-54. Brown, also from the class of 1987, previously flew on STS 47, while Ochoa, selected in 1990, flew as a mission specialist on STS-56, the ATLAS-2 mission. For Tanner, Parazynski, and Clervoy, all from the Class of 1992 – the French space agency CNES previously selected Clervoy as one of its astronauts in 1985 before he joined the ESA astronaut cadre in 1992 – STS-66 marked their first spaceflight.
    Left: Schematic illustration of ATLAS-3 and its instruments. Right: Schematic illustration of CRISTA-SPAS retrievable satellite and its instruments.
    The ATLAS-3 payload consisted of six instruments on a Spacelab pallet and one mounted on the payload bay sidewall. The pallet mounted instruments included Atmospheric Trace Molecule Spectroscopy (ATMOS), Millimeter-Wave Atmospheric Sounder (MAS), Active Cavity Radiometer Irradiance Monitor (ACRIM), Measurement of the Solar Constant (SOLCON), Solar Spectrum Measurement from 1,800 to 3,200 nanometers (SOLSCAN), and Solar Ultraviolet Spectral Irradiance Monitor (SUSIM).
    The Shuttle Solar Backscatter Ultraviolet (SSBUV) instrument constituted the payload bay sidewall mounted experiment. While the instruments previously flew on the ATLAS-1 and ATLAS-2 missions, both those flights took place during the northern hemisphere spring. Data from the ATLAS-3’s mission in the fall complemented results from the earlier missions. The CRISTA-SPAS satellite included two instruments, the CRISTA and the Middle Atmosphere High Resolution Spectrograph Investigation (MAHRSI).
    Left: Space shuttle Atlantis at Launch Pad 39B at NASA’s Kennedy Space Center in Florida. Middle: Liftoff of Atlantis on STS-66. Right: Atlantis rises into the sky.
    Following its previous flight, STS-46 in August 1992, Atlantis spent one and a half years at the Rockwell plant in Palmdale, California, undergoing major modifications before arriving back at KSC on May 29, 1994. During the modification period, workers installed cables and wiring for a docking system for Atlantis to use during the first Shuttle-Mir docking mission in 1995 and equipment to allow it to fly Extended Duration Orbiter missions of two weeks or longer. Atlantis also underwent structural inspections and systems upgrades including improved nose wheel steering and a new reusable drag chute. Workers in KSC’s Orbiter Processing Facility installed the ATLAS-3 and CRISTA-SPAS payloads and rolled Atlantis over to the Vehicle Assembly Building on Oct. 4 for mating with its External Tank and Solid Rocket Boosters. Atlantis rolled out to Launch Pad 39B six days later. The six-person STS-66 crew traveled to KSC to participate in the Terminal Countdown Demonstration Test, essentially a dress rehearsal for the launch countdown, on Oct. 18.
    They returned to KSC on Oct. 31, the same day the final countdown began. Following a smooth countdown leading to a planned 11:56 a.m. EST liftoff on Nov. 3, 1994, Atlantis took off three minutes late, the delay resulting from high winds at one of the Transatlantic Abort sites. The liftoff marked the third shuttle launch in 55 days, missing a record set in 1985 by one day. Eight and a half minutes later, Atlantis delivered its crew and payloads to space. Thirty minutes later, a firing of the shuttle’s Orbiter Maneuvering System (OMS) engines placed them in a 190-mile orbit inclined 57 degrees to the equator. The astronauts opened the payload bay doors, deploying the shuttle’s radiators, and removed their bulky launch and entry suits, stowing them for the remainder of the flight.
    Left: Atlantis’ payload bay, showing the ATLAS-3 payload and the CRISTA-SPAS deployable satellite behind it. Middle: European Space Agency astronaut Jean-François Clervoy uses the shuttle’s Remote Manipulator System (RMS) to grapple the CRISTA-SPAS prior to its release. Right: Clervoy about to release CRISTA-SPAS from the RMS.
    The astronauts began to convert their vehicle into a science platform, and that included breaking up into two teams to enable 24-hour-a-day operations. McMonagle, Ochoa, and Tanner made up the Red Team while Brown, Parazynski, and Clervoy made up the Blue Team. Within five hours of liftoff, the Blue Team began their sleep period while the Red Team started their first on orbit shift by activating the ATLAS-3 instruments, the CRISTA-SPAS deployable satellite, and the Remote Manipulator System (RMS) or robotic arm in the payload bay and some of the middeck experiments. The next day, Clervoy, operating the RMS, grappled CRISTA-SPAS, lifted it from its cradle in the payload bay, and while Atlantis flew over Germany, deployed it for its eight-day free flight. McMonagle fired Atlantis’ thrusters to separate from the satellite.
    Left: Ellen Ochoa and Donald R. McMonagle on the shuttle’s flight deck. Middle: European Space Agency astronaut Jean-François Clervoy in the commander’s seat during the mission. Right: Scott E. Parazynski operates a protein crystallization experiment in the shuttle middeck.
    Left: Joseph R. Tanner operates a protein crystallization experiment. Middle: Curtis L. Brown operates a microgravity acceleration measurement system. Right: Ellen Ochoa uses the shuttle’s Remote Manipulator System to grapple CRISTA-SPAS following its eight-day free flight.
    For the next eight days, the two teams of astronauts continued work with the ATLAS instruments and several middeck and payload bay experiments such as protein crystal growth, measuring the shuttle microgravity acceleration environment, evaluating heat pipe performance, and a student experiment to study the Sun that complemented the ATLAS instruments. On November 12, the mission’s 10th day, the astronauts prepared to retrieve the CRISTA-SPAS satellite. For the retrieval, McMonagle and Brown used a novel rendezvous profile unlike previous ones used in the shuttle program. Instead of making the final approach from in front of the satellite, called the V-bar approach, Atlantis approached from below in the so-called R-bar approach. This is the profile Atlantis planned to use on its next mission, the first rendezvous and docking with the Mir space station. It not only saved fuel but also prevented contamination of the station’s delicate sensors and solar arrays. Once within 40 feet of CRISTA-SPAS, Ochoa reached out with the RMS, grappled the satellite, and then berthed it back in the payload bay.
    A selection from the 6,000 STS-66 crew Earth observation photographs. Left: Deforestation in the Brazilian Amazon. Middle left: Hurricane Florence in the North Atlantic. Middle right: The Ganges River delta. Right: The Sakurajima Volcano in southern Japan.
    As a Mission to Planet Earth, the STS-66 astronauts spent considerable time looking out the window, capturing 6,000 images of their home world. Their high inclination orbit enabled views of parts of the planet not seen during typical shuttle missions.
    Left: The inflight STS-66 crew photo. Right: Donald R. McMonagle, left, and Curtis R. Brown prepare for Atlantis’ deorbit and reentry.
    On flight day 11, with most of the onboard film exposed and consumables running low, the astronauts prepared for their return to Earth the following day. McMonagle and Brown tested Atlantis’ reaction control system thrusters and aerodynamic surfaces in preparation for deorbit and descent through the atmosphere, while the rest of the crew busied themselves with shutting down experiments and stowing away unneeded equipment.
    Left: Atlantis makes a perfect touchdown at California’s Edwards Air Force Base. Middle: Atlantis deploys the first reusable space shuttle drag chute. Right: Mounted atop a Shuttle Carrier Aircraft, Atlantis departs Edwards for the cross-country trip to NASA’s Kennedy Space Center in Florida.
    On Nov. 14, the astronauts closed Atlantis’ payload bay doors, donned their launch and entry suits, and strapped themselves into their seats for entry and landing. Tropical Storm Gordon near the KSC primary landing site forced a diversion to Edwards Air Force Base (AFB) in California. The crew fired Atlantis’ OMS engines to drop out of orbit. McMonagle piloted Atlantis to a smooth landing at Edwards, ending the 10-day 22-hour 34-minute flight, Atlantis’ longest flight up to that time. The crew had orbited the Earth 174 times. Workers at Edwards safed the vehicle and placed it atop a Shuttle Carrier Aircraft for the ferry flight back to KSC. The duo left Edwards on Nov. 21, and after stops at Kelly Field in San Antonio and Eglin AFB in the Florida panhandle, arrived at KSC the next day. Workers there began preparing Atlantis for its next flight, STS-71 in June 1995, the first Shuttle-Mir docking mission. Meanwhile, a Gulfstream jet flew the astronauts back to Ellington Field in Houston for reunions with their families. As it turned out, STS-66 flew Atlantis’ last solo flight until STS-125 in 2009, the final Hubble Servicing Mission. The 16 intervening flights, and the three that followed, all docked with either Mir or the International Space Station.
    “The mission not only met all our expectations, but all our hopes and dreams as well,” said Mission Scientist Timothy L. Miller of NASA’s Marshall Space Flight Center in Huntsville, Alabama. “One of its high points was our ability to receive and process so much data in real time, enhancing our ability to carry out some new and unprecedented cooperative experiments.” McMonagle said of STS-66, “We are very proud of the mission we have just accomplished. If there’s any one thing we all have an interest in, it’s the health of our planet.”
    Enjoy the crew narrate a video about the STS-66 mission.

    MIL OSI USA News