Source: Reserve Bank of India
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Category: Finance
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MIL-OSI Economics: Money Market Operations as on October 29, 2024
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MIL-Evening Report: In failing to probe Robodebt, Australia’s anti-corruption body fell at the first hurdle. It now has a second chance
Source: The Conversation (Au and NZ) – By William Partlett, Associate Professor of Public Law, The University of Melbourne
The inspector of the National Anti-Corruption Commission (NACC) has released her long-awaited report on the failure of the commission to investigate the Robodebt scandal.
The report finds the commissioner of the NACC committed “officer misconduct”. He failed to fully remove himself from the decision not to investigate the scandal.
In response, the NACC has agreed to appoint an “independent eminent person” to reconsider its decision not to investigate the Robodebt scandal.
It’s an embarrassing moment for the Commonwealth’s newly created anti-corruption watchdog.
But it’s also an opportunity for the NACC to do what the public expects of it: act decisively to protect public trust in government.
How did we get here?
The NACC was created in 2022 after a federal election campaign that often focused on transparency and integrity in government.
Earlier this year, the commission announced it would not be looking into the Robodebt scandal.
This was despite the Royal Commission into Robodebt referring six people to the commission for further investigation.
The commission is monitored by an inspector, independent of the commission and the government. After receiving hundreds of complaints, Inspector Gail Furness launched an investigation into why the NACC didn’t look into Robodebt.
The issue was the first big test for the oversight body.
The inspector is legally limited as to what it can look at, but its finding of “officer misconduct” offers a broader opportunity for NACC to change course.
Robodebt was a clear breach of the public trust, with thousands of Australians feeling betrayed by the way the Morrison government acted. NACC now has a second chance to look into the scandal.
Unique anti-corruption tradition
NACC’s decision not to investigate was a departure from a long history of anti-corruption oversight in Australia.
It has its roots in corruption scandals in the late 1980s in Queensland, Western Australia and New South Wales.
These scandals involved the vast misuse of public power and resources by powerful executive branch officials. The response was far-reaching.
In Queensland, explosive allegations of police and government involvement in gambling and corruption led to the creation of an inquiry led by Tony Fitzgerald.
This inquiry made a number of wide-ranging recommendations, including the creation of a commission. It would eventually would become today’s Crime and Corruption Commission.
Read more:
Thirty years on, the Fitzgerald Inquiry still looms large over Queensland politics
In NSW, high-ranking ministers and police were caught embezzling funds and misusing public influence.
Public outrage led to the creation of Australia’s first anti-corruption commission, the powerful Independent Commission Against Corruption (ICAC).
In parliament, the NSW premier explained that ICAC was established “independent of the Executive Government and responsible only to Parliament”.
He went on to argue that its role was not to prosecute crime, but instead to enforce the public trust and dispel a “cloud of suspicion” that hung over the NSW government.
In WA in the 1980s, allegations emerged that executive branch officials were using their control of public resources to enrich themselves and preserve their own power.
In response, a royal commission in the early 1990s made a number of recommendations, including the creation of an anti-corruption commission. The commission would be an “independent parliamentary agency” responsible to parliament in carrying out its oversight duties.
Since then, all ten Australian jurisdictions have adopted anti-corruption commissions. Many of these commissions are described as officers of parliament intended to investigate breaches of the public trust.
In all states and territories, excluding Victoria and (recently) South Australia, “breaches of the public trust” or “dishonest or improper” conduct can be investigated by these agencies. Anti-corruption agencies have therefore emerged as important guardians of public trust in government.
Anti-corruption amnesia
However, we seem to have forgotten this tradition in recent years.
In South Australia, a 2021 law strippedthe state’s intergrity body of the power to investigate “maladministration” and “misconduct” in public administration and confined its scope to criminal activity.
In Victoria, then-Premier Daniel Andrews downplayed the significant breaches of public trust found by Victoria’s anti-corruption agency as being merely “educational”.
Most recently, the NACC’s refusal to review the Robodebt scandal also suggests it is unaware of the traditional purpose of Australian anti-corruption oversight.
The Robodebt scandal rivals the scandals of the 1980s in its threat to public trust.
One submission to the Royal Commission report put it clearly:
I feel utterly betrayed by the government for this […] myself, and everyone else who turned up to every meeting they had to, jumped through every hoop and tried to do the right thing, were treated like criminals and cheats, when all the while it was the department’s scheme that was illegal.
The NACC now has the opportunity to change course and broadly inquire into the Robodebt scandal.
This includes more than just an inquiry into the referrals from the Robodebt Royal Commission. It can also look into the way that a scandal of this magnitude happened and how we can prevent it in the future.
Failing to ask these questions endangers what the WA Royal Commission 30 years ago described as the “trust principle”. It said:
institutions of government and the officials and agencies of government exist for the public, to serve the interests of the public.
The NACC has been given a second chance to serve the public through properly investigating Robodebt.
If it chooses to take it, it will signal that the commission understands it plays a key role in preserving one of the most valuable commodities in Australian democracy: trust in government.
William Partlett is the Stephen Charles Fellow at The Centre for Public Integrity.
– ref. In failing to probe Robodebt, Australia’s anti-corruption body fell at the first hurdle. It now has a second chance – https://theconversation.com/in-failing-to-probe-robodebt-australias-anti-corruption-body-fell-at-the-first-hurdle-it-now-has-a-second-chance-236147
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MIL-OSI USA: Background Press Call on U.S. Efforts to Address U.S. Investments in Certain National Security Technologies and Products in Countries of Concern
US Senate News:
Source: The White House
Via Teleconference
2:38 P.M. EDT
MODERATOR: Good afternoon, everyone. Thanks so much for joining today’s call. As a reminder, this call will be on background, attributable to senior administration officials, and it is embargoed until 5:00 p.m. Eastern today.
For your awareness, not for your reporting, on the call today we have [senior administration official], [senior administration official], [senior administration official], and [senior administration official].
We’ll follow up shortly after the call with embargoed materials as well, but I will turn it over to [senior administration officials] who will have a few words at the top, and then we’ll take your questions.
Over to you.
SENIOR ADMINISTRATION OFFICIAL: Thanks, Eduardo, and thanks to everybody for joining us today.
Since the earliest days of the administration, President Biden has said we are at an inflection point with respect to advanced technologies. And as he’s often said, we will see more technological change in the next 10 years than we saw in the last 50.
And that has motivated historic investments, mobilizing hundreds of billions of dollars in private investment to rebuild American manufacturing and innovation.
The flipside of that, of course, of promoting critical technologies is, of course, protecting them. And recognizing how transformative certain technologies can be, the President directed his national security team to ensure that where we have significant advantages, our world-leading technologies and know-how are not used against us to undermine our national security. That’s been the guiding principle for the Biden-Harris administration’s export control policies, as well as the Outbound Investment Program that we’re glad to announce is being finalized today.
As many of you know, we’ve been working on this approach to address certain outbound investments in sensitive technologies and critical sectors that could undermine American national security for some time. And, in particular, we’ve been focused on the exploitation of certain intangible benefits that often accompany U.S. outbound investments and that help companies succeed through, for example, enhancing their standing and prominence, providing certain types of assistance, introducing investment and talent networks, opening up market access, and enhancing access to additional financing.
The People’s Republic of China has a stated goal, as you know: to develop key sensitive technologies that will directly support the PRC’s military modernization and related activities, including weapons development, and it has exploited U.S. investments to develop domestic, military, and intelligence capabilities.
So, today, the Treasury Department will issue a Final Rule to implement President Biden’s Executive Order 14105, from August of 2023, which is entitled “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.”
The Final Rule provides the operative regulations and a detailed, explanatory discussion regarding its intent and application. And as directed in the President’s executive order, the Final Rule does prohibit U.S. persons from engaging in certain transactions involving a defined set of technologies and products that pose a particularly acute national security risk to the United States.
The Final Rule also requires U.S. persons to notify the Treasury Department of certain other transactions involving a defined set of technologies and products that may contribute to a threat to the national security of the United States.
Covered technologies fall into three categories: semiconductors and microelectronics, quantum information technologies, and artificial intelligence. This set of technologies, we believe, is core for the next generation of military, cybersecurity, surveillance, and intelligence applications, providing what we believe are force multiplier capabilities.
The United States already prohibits and restricts the export to countries of concern of many of the technologies and products covered by the Final Rule. This program complements the United States’ existing export control and inbound screening tools by preventing U.S. investment from advancing the development of these technologies and products in countries of concern.
The Treasury Department, as [senior administration official] will lay out, has used feedback through the notice and comment process to help design a carefully tailored approach. And we also want to commend Senators Casey and Cornyn, Representatives DeLauro, Fitzpatrick, and Pascrell, as well as Representatives Meeks and McCaul in particular, for their leadership on this issue.
The overwhelmingly bipartisan vote on Senators Casey and Cornyn’s Outbound Investment Transparency Act as an amendment to the Senate NDAA demonstrates the shared will of Congress and the administration to meaningfully regulate outbound investments.
So, with that, I’ll turn it over to [senior administration official] to provide more detail on the content of the Final Rule.
Over to you.
SENIOR ADMINISTRATION OFFICIAL: Thanks very much. As mentioned today, Treasury is issuing, at the direction of the President, a targeted and narrowly scoped regulation that implements a new program to address this threat to U.S. national security. The Final Rule has clear thresholds and definitions to implement the executive order, and provides detailed, explanatory discussion regarding its intent and application to assist investors and other stakeholders to help them navigate this new program.
The Final Rule does two things at its core, as previewed: First, it prohibits U.S. persons from engaging in certain transactions involving semiconductors, quantum, and artificial intelligence. And second, it requires U.S. persons to notify Treasury of certain other transactions involving semiconductors and artificial intelligence.
The rule explains in detail the scope of the program, definitions, processes, requirements, and penalties for non-compliance, among other things. Importantly, this rule has benefited from the input of a variety of stakeholders, industry experts, and allies and partners.
We had two rounds of formal comments on the rulemaking to implement the executive order, first with the August 2023 ANPRM that was issued alongside the ENO and on which we got 60 comments from stakeholders. Those comments were integral in developing the Notice of Proposed Rulemaking that we issued in June of this year and on which we received more than 40 additional comments, which further informed the development of the Final Rule.
Over two-plus years, Treasury, along with the Departments of State and Commerce, have led extensive engagements with stakeholders across the globe. These engagements and our deliberate decision to offer two rounds of public comment have helped us receive insightful feedback that has helped inform the Final Rule to ensure to choose our national security objectives while taking into account the need to be focused, targeted, and clear.
Now, I’ll briefly discuss a few key aspects of the rule.
First, as [senior administration official] suggested, the rule imposes requirements on U.S. persons. This includes prohibiting U.S. persons from engaging in certain transactions with what the rule identifies as covered foreign persons, and requires the U.S. persons to notify the Treasury Department about other transactions that involve covered foreign persons.
Second, the Final Rule focuses on specific categories of investment transactions where the target of the investment has a nexus to the PRC and activities involving sensitive technologies and products.
In terms of what transactions are covered, the Final Rule applies to, among other things, a U.S. person’s acquisition of an equity interest or contingent equity interest, certain debt financing, certain greenfield investments, or investments that could result in corporate expansion and joint ventures. This would include, for example, a U.S. investment firm taking an equity stake in an advanced semiconductor manufacturer in the PRC. It would also cover a U.S. company’s purchase of land in the PRC to develop a quantum computing research facility.
There are exceptions for certain types of transactions that are less likely to contribute to the national security threat we’re worried about.
For example, the Final Rule excepts or carves out certain investments by a U.S. person to publicly trade securities and certain investments made by a limited partner in a pooled investment fund, among others.
In light of our ongoing conversations with allies and partners on the importance of multilateral efforts in this area, the Final Rule also includes an exception for certain transactions involving a person of a country or territory outside the United States where the Secretary of the Treasury has determined that the country or territory is addressing national security concerns posed by outbound investment.
And third, in terms of the technologies and products in scope for the program, the Final Rule provides technical details on the subsets of semiconductors, quantum, and artificial intelligence that are relevant to the program.
For example, a U.S. person is prohibited from acquiring equity in a PRC entity that manufactures advanced semiconductors or that is developing an AI system designed exclusively or intended for a military end use. A U.S. person would be required to notify Treasury if they are acquiring equity in a PRC company that manufactures legacy semiconductors.
Other examples include direct equity investments by a company or private equity fund into any PRC company that is repurposing an AI model for penetration testing or automated vulnerability detection and exploitation, which would be covered under the rule as either notifiable or prohibited, depending on the design end use and computing power used to train an AI system.
In addition to direct investments, indirect investments through a parent of a PRC company that is using AI models to improve targeting, intelligence, reconnaissance, and surveillance, or autonomous weapons systems for military use would be prohibited, as would such indirect investments in a PRC company developing or scaling quantum computers or networks to undermine encryption systems. These technologies can be used for advanced code breaking, the development of next-generation military applications, or offensive cyber operations.
Additionally, in general, the rule is based on a U.S. person’s knowledge of the relevant facts, rendering a transaction to be covered under the rule. Enforcement and penalties are consistent with the International Emergency Economic Powers Act, or IEEPA, the authority by which the President issued the executive order.
The Final Rule takes effect on January 2nd, giving stakeholders time to organize internal infrastructure and processes to ensure compliance with the rule.
The lengthy preamble to the rule summarizes the response to the comments received, as well as provides an explanation of the changes since the proposed rule issued over the summer.
And let me make two additional and final points before concluding.
First, this program is calibrated to help ensure our actions can be supported multilaterally, which is a critical component to maximize its effectiveness and reduce backfill from other investors. The administration has been engaged in extensive conversations with allies and partners on the issue, and we are encouraged to see some allies and partners, including the European Commission and the United Kingdom, exploring the issue of outbound investment security in their own jurisdictions.
Second, cross-border investment flows have long contributed to U.S. economic vitality. This targeted action is focused on national security and scope to address specific risks posed by certain U.S. outbound investment, and it maintains our longstanding commitment to open investment.
Thanks. And back to you, Eduardo, for questions.
MODERATOR: Thank you. We now have time for a few questions. If you’d like to ask a question, please use the “Raise Your Hand” feature on Zoom, and we’ll come to you.
First up, we’ll go to Michael Martina.
Q Hi there. Appreciate you doing this. So, what you described sounds quite similar to the notice for proposed rulemaking earlier in the year. I’m wondering if you can detail any specific or key changes that you made to the original notice you said it was used to inform this Final Rule. So, are any changes from earlier?
And just an effort at clarification. You know, given the exemptions for publicly traded securities, is it the White House’s contention that China has not significantly exploited publicly traded security purchases by U.S. investors to enhance their military or intelligence capabilities? My understanding is that this is perfectly fine — you could trade public securities for Chinese defense companies under this; that’s totally within the rules. Is that correct? Thanks.
SENIOR ADMINISTRATION OFFICIAL: So, maybe I’ll take the first question, Eduardo. And then, [senior administration official], if you want to chime in on the second from a White House perspective.
So, I think while largely consistent with the NPRM in scope and structure, the Final Rule does contain some changes, including with respect to clarity of the rule and thinking forward to compliance.
So, for example, we’ve selected clear technical thresholds for notifiable and prohibited transactions involving AI systems based on the amount of compute power to train an AI system that is open in the NPRM; refine how the rule applies to U.S. persons with investment banking authority and non-U.S. entity, such that it clearly applies only to those who actually exercise authority, for example; and clarifying with respect to compliance and enforcement with the rule.
And so, there are a number of areas where we have honed and focused and sharpened the rule since then, and those are some examples.
SENIOR ADMINISTRATION OFFICIAL: Thanks for the question, Michael. So, I will say we do have existing authorities to address the threat you were discussing. So, for example, Treasury has authorities — the Chinese military industrial complex sanctions regulations that are intended to address U.S. persons from purchasing or selling publicly traded securities and companies that are involved in this sector, and there are others as well.
MODERATOR: Next up, we’ll go to the line of Anita Powell.
Q Thank you so much. As you guys are surely aware, Elon Musk is developing a data center in China to train the algorithm to work on self-driving cars. That’s a lot simpler than I think it really is. But anyway, is this the type of investment that might be restricted under this new rule? Can you just kind of flesh that out for us?
SENIOR ADMINISTRATION OFFICIAL: Sure. Happy to start.
Look, I don’t think we’re going to get into hypothetical scenarios, but just reiterate some of the points that I’ve said.
What the rule is really targeted on is capital and the intangibles that can flow from such American capital to go into the development of PRC-based — not just based, but PRC-based entities that are developing these advanced technologies. And so, that’s sort of the scope of the rule.
And one thing I will mention is that Treasury will provide some guidance and other documents during this interim period before the rule goes online. That’s certainly our intent to help flesh this out. But I think going back to the core tenets of the rule is the best way to answer that.
MODERATOR: Next up, we’ll go to the line of (inaudible).
Q Yeah, hi. Thanks for doing this and for taking my question. Could you talk a little bit more about the engagement with allies and partners in the process of finalizing this rule, specifically which allies specifically you engaged with and whether there are any allies who are going to create similar rules of their own? Thank you.
SENIOR ADMINISTRATION OFFICIAL: [Senior administration official], maybe you could start with engagements with allies that you’ve had, but then maybe, [senior administration official], if we could go to you, you could talk a little bit about the G7 as well. That might be helpful.
SENIOR ADMINISTRATION OFFICIAL: Yeah, sure. Thanks.
So, in terms of — just to sort of put a topper before going to [senior administration official], we’ve had a number of engagements with partners and allies, which have resulted in not only sort of technical exchanges about what we are doing and why we’re doing it, but also various statements. And [senior administration official] will allude to one of them with regard to the G7, but obviously the European Commission and the United Kingdom have made statements in support of these goals. And so, it’s an ongoing process and one that will continue.
SENIOR ADMINISTRATION OFFICIAL: Yeah, and just to add on to what [senior administration official] said, this is something that, you know, even from the White House level we engage with our closest allies and partners on. And [senior administration official] referenced, you know, a line in the G7 leaders’ statement from Apulia early this year that refers to, you know, recognizing that appropriate measures designed to address risk from outbound investments are important to complement our existing toolkit.
So, it’s a conversation that we’re frequently having with our key partners and allies.
MODERATOR: And we have time for one more. We’ll go to the line of Patrick Tucker.
Q Hey. Thanks. Patrick Tucker from Defense One.
So, when you say the rule prohibits people from acquiring equity in a PRC entity that manufactures semiconductors that might be used in autonomous weapons systems or that might be repurposed for AI penetration testing, is that based on an observation that there are U.S. firms that currently have investments in those areas of autonomous weaponry and penetration testing for China? Or are you making the rule now in anticipation that firms might begin to invest in that sort of thing? I’m trying to get a sense of the degree to which U.S. firms have exposure and have willingly made investments in these areas of the Chinese military.
SENIOR ADMINISTRATION OFFICIAL: So let me start, [senior administration official], and then perhaps, [senior administration official], pass it to you.
I think what we are worried about, which I would focus on, is the kinds of scenarios that we have outlined, which is supported by data. And one statistic that comes to mind — and I won’t get it exactly right, so I’d refer you to the Georgetown Center for — I think it’s Technology — that had a statistic that said something to the effect of: For a five-year period, I think between 2016 and 2020 or 2021, 17 percent of investment in Chinese artificial intelligence companies included U.S. participation, and of that, 91 percent was at the venture capital stage.
I think if you think about those sets of facts and scenarios, that’s the kind of situation that when it comes to certain artificial intelligence capable of impacting our national security, from military intelligence, cyber, other related perspectives, that’s what we’re concerned about.
SENIOR ADMINISTRATION OFFICIAL: Yeah, I would just add to that that part of the motivation, as we were looking at some case studies to inform the development of this executive order and the regulation, actually was focused on cybersecurity, where we had a number — we saw a number of VC investments directly into firms working on cybersecurity that ended up on the entity list for working with Chinese military or intelligence services.
MODERATOR: Thanks, everyone, for joining. That’s all the time we have for today. As a reminder, this call was on background, attributable to senior administration officials, and the contents of the call are embargoed until 5:00 p.m. Eastern.
We’ll follow up shortly with embargoed materials as well. but do reach out to us, to the NSC or Treasury, with any questions in the meantime. Thanks so much.
3:00 P.M. EDT -
MIL-OSI Asia-Pac: FS visits Saudi Arabia
Source: Hong Kong Information Services
Financial Secretary Paul Chan led a delegation from the financial and innovation sectors on a visit to Saudi Arabia and attended the Future Investment Initiative in Riyadh.
While participating in a panel discussion during the conference, Mr Chan stated that Hong Kong is actively promoting the development of green finance and green technology.
He emphasised that the city could provide capital support for infrastructure and green projects in the Global South and guide funding to new projects through innovative financial products, such as securitised loans.
In response to questions raised at the panel discussion, Mr Chan highlighted that Hong Kong is collaborating with multiple central banks to launch Project mBridge, aiming for faster, more cost effective, and more secure cross-border payments and settlements.
He also witnessed the signing of a strategic co-operation agreement between the Hong Kong Science & Technology Parks Corporation and a venture capital firm there. The signatory parties will share resources, recommend startups to each other, facilitate connections within their startup networks, and jointly engage in market promotion and events.
In the evening, the Financial Secretary attended two receptions. One such function was hosted by Cathay Pacific.
Mr Chan noted that the goal of his visit is to expand ties between Hong Kong and Saudi Arabia, adding that the resumption of flights between the two places yields huge potential.
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MIL-OSI Australia: Unexplained death at Port Augusta
Source: South Australia Police
Major Crime Investigation Branch and Port Augusta CIB detectives are investigating the unexplained death of a 26 year-old woman from Port Augusta.
The woman, who had physical and intellectual disabilities, died in Royal Adelaide Hospital on Monday night (October 28).
She was taken to Port Augusta Hospital on October 24 after SA Ambulance attended at her Edinburgh Terrace home. She was found to be seriously ill with significant infected wounds.
On October 25, the woman’s condition deteriorated, and she was transported to the Royal Adelaide Hospital. Port Augusta CIB detectives were advised and commenced a criminal neglect investigation and searched her home.
The woman’s death has been declared a major crime.
Major Crime officer-in-charge Detective Superintendent Des Bray said the investigation was in its early stages and the examination of the house was expected to take several days.
Major Crime detectives and Forensic Response Section officers have been in Port Augusta working with local police since yesterday.
“There are significant indicators of criminal neglect, but it is not yet clear if that caused the woman’s death,’’ he said.
“Because of this there is a simultaneous criminal and coronial investigation underway that involves a significant commitment of resources.
“The criminal investigation will examine the role of everyone who was involved in the provision of care to the victim and to determine if anyone is criminally responsible for the death. I expect that will take some time.’’
“I would urge anyone who knows the victim that had raised concerns about her care to contact police.’’
Anyone with any information is urged to contact Crime Stoppers on 1800 333 000.
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MIL-OSI Economics: Strong Portfolio and Strategic Priorities Support Phillips 66 Third-Quarter Results
Source: Phillips
Reported third-quarter earnings of $346 million or $0.82 per share; adjusted earnings of $859 million or $2.04 per share
Returned $1.3 billion to shareholders through dividends and share repurchases
Achieved business transformation $1.4 billion run-rate savings target, including $1 per barrel Refining cost reduction
Progressed asset dispositions totaling $2.7 billion toward $3 billion target, including recently executed agreementsHOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX), a leading integrated downstream energy provider, announced third-quarter earnings.
“Our employees continue to execute our strategic priorities, deliver strong operating performance and leverage the benefits of our differentiated downstream portfolio,” said Mark Lashier, chairman and CEO of Phillips 66.
“We have achieved our cost reduction and Midstream synergy targets,” said Lashier. “In addition, we have significantly advanced our asset disposition program with recently announced transactions. Our commitment to operational excellence and disciplined capital allocation continues to create long-term shareholder value.”
Financial Results Summary ( in millions of dollars, except as indicated)3Q 2024
2Q 2024
Earnings
$
346
1,015
Adjusted Earnings 1
859
984
Adjusted EBITDA 1
1,998
2,183
Earnings Per Share
Earnings Per Share – Diluted
0.82
2.38
Adjusted Earnings Per Share – Diluted 1
2.04
2.31
Cash Flow From Operations
1,132
2,097
Cash Flow From Operations, Excluding Working Capital 1
1,513
1,181
Capital Expenditures & Investments 2
358
367
Return of Capital to Shareholders
1,277
1,325
Share repurchases
800
840
Dividends paid
477
485
Cash
1,637
2,444
Debt
19,998
19,960
Debt-to-capital ratio
40
%
40
%
Net debt-to-capital ratio 1
38
%
36
%
1Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
2Excludes acquisitions of $567 million in the third quarter of 2024, and purchases of government obligations of $1.1 billion in third-quarter of 2024.
Segment Financial and Operating Highlights (in millions of dollars, except as indicated)
3Q 2024
2Q 2024
Change
Earnings 1
$
346
1,015
(669
)
Midstream
644
767
(123
)
Chemicals
342
222
120
Refining
(108
)
302
(410
)
Marketing and Specialties
(22
)
415
(437
)
Renewable Fuels
(116
)
(55
)
(61
)
Corporate and Other
(327
)
(340
)
13
Income tax expense
(44
)
(291
)
247
Noncontrolling interests
(23
)
(5
)
(18
)
Adjusted Earnings 1,2
$
859
984
(125
)
Midstream
672
753
(81
)
Chemicals
342
222
120
Refining
(67
)
302
(369
)
Marketing and Specialties
583
415
168
Renewable Fuels
(116
)
(55
)
(61
)
Corporate and Other
(327
)
(340
)
13
Income tax expense
(205
)
(278
)
73
Noncontrolling interests
(23
)
(35
)
12
Adjusted EBITDA 2
$
1,998
2,183
(185
)
Midstream
892
971
(79
)
Chemicals
466
348
118
Refining
188
531
(343
)
Marketing and Specialties
656
484
172
Renewable Fuels
(92
)
(43
)
(49
)
Corporate and Other
(112
)
(108
)
(4
)
Operating Highlights
Midstream NGL Fractionated Volumes (MBD)
728
744
(16
)
Chemicals Global O&P Utilization
98
%
98
%
—
%
Refining
Turnaround Expense ($)
137
100
37
Realized Margin ($/BBL) 2
8.31
10.01
(1.70
)
Crude Capacity Utilization
94
%
98
%
(4
%)
Clean Product Yield
87
%
86
%
1
%
Renewable Fuels Produced (MBD)
44
31
13
1Segment reporting is pre-tax.
2Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
Third-Quarter 2024 Financial Results
Reported earnings were $346 million for the third quarter of 2024 versus $1.0 billion in the second quarter. Third-quarter earnings included a legal accrual of $605 million in the Marketing and Specialties segment, costs related to the planned shutdown of the Los Angeles Refinery of $41 million in the Refining segment, and an impairment of $28 million in the Midstream segment. Second-quarter earnings included a gain on sale of investment of $238 million and an impairment of $224 million, both impacting the Midstream segment. Adjusted earnings for the third quarter were $859 million versus $984 million in the second quarter.
Midstream third-quarter 2024 adjusted pre-tax income decreased compared with the second quarter mainly due to seasonal maintenance costs and lower equity earnings, partially offset by higher export margins.
Chemicals reported pre-tax income increased mainly due to higher margins and lower costs.
Refining adjusted pre-tax loss was a decrease compared to the second quarter, primarily due to a decline in realized margins largely driven by lower market crack spreads.
Marketing and Specialties adjusted pre-tax income increased primarily due to higher margins.
Renewable Fuels reported pre-tax loss increased primarily due to lower realized margins, partially offset by higher volumes.
As of September 30, 2024, the company had $1.6 billion of cash and cash equivalents and $5.3 billion of committed capacity available under credit facilities.
Business Highlights and Strategic Priorities Progress
Distributed $12.5 billion through share repurchases and dividends since July 2022 and on pace to achieve the company’s $13 billion to $15 billion target by year-end.
Achieved $1.4 billion in run-rate business transformation savings, delivering on the company’s target ahead of schedule.
Expanded its Midstream NGL wellhead-to-market business with the acquisition of Pinnacle Midstream and approved a follow-on processing plant expansion in the Midland Basin expected to be completed in mid-year 2025.
Achieved target of over $400 million of run-rate synergies from the successful integration of DCP Midstream.
Received proceeds of $1.3 billion since 2022 toward the company’s $3 billion asset disposition target. In addition, the company recently agreed to sell its 49% interest in a Switzerland-based retail joint venture for $1.24 billion, and its interests in non-core Midstream assets in North Dakota.
Investor Webcast
Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s third-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.Use of Non-GAAP Financial Information —This news release includes the terms “adjusted earnings,” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings per share,” “refining realized margin per barrel,” “cash from operations, excluding working capital,” and “net debt-to-capital ratio.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
References in the release to earnings refer to net income attributable to Phillips 66. References to run-rate business transformation savings include cost savings and other benefits that will be captured in the sales and other operating revenues impacting gross margin; purchased crude oil and products costs impacting gross margin; operating expenses; selling, general and administrative expenses; and equity in earnings of affiliates lines on our consolidated statement of income when realized. Run-rate savings include run-rate sustaining capital savings. Run-rate sustaining capital savings include savings that will be captured in the capital expenditures and investments on our consolidated statement of cash flows when realized.
Basis of Presentation — Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our 16% investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.
In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability.
Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995 —This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Earnings
Millions of Dollars
2024
2023
3Q
2Q
Sep YTD
3Q
Sep YTD
Midstream
$
644
767
1,965
724
2,060
Chemicals
342
222
769
104
494
Refining
(108
)
302
410
1,712
4,481
Marketing and Specialties
(22
)
415
759
605
1,501
Renewable Fuels
(116
)
(55
)
(226
)
22
164
Corporate and Other
(327
)
(340
)
(989
)
(354
)
(992
)
Pre-Tax Income
413
1,311
2,688
2,813
7,708
Less: Income tax expense
44
291
538
670
1,754
Less: Noncontrolling interests
23
5
41
46
199
Phillips 66
$
346
1,015
2,109
2,097
5,755
Adjusted Earnings
Millions of Dollars
2024
2023
3Q
2Q
Sep YTD
3Q
Sep YTD
Midstream
$
672
753
2,038
581
1,915
Chemicals
342
222
769
104
494
Refining
(67
)
302
548
1,742
4,525
Marketing and Specialties
583
415
1,305
605
1,501
Renewable Fuels
(116
)
(55
)
(226
)
22
164
Corporate and Other
(327
)
(340
)
(989
)
(303
)
(812
)
Pre-Tax Income
1,087
1,297
3,445
2,751
7,787
Less: Income tax expense
205
278
709
660
1,768
Less: Noncontrolling interests
23
35
71
21
218
Phillips 66
$
859
984
2,665
2,070
5,801
Millions of Dollars
Except as Indicated
2024
2023
3Q
2Q
Sep YTD
3Q
Sep YTD
Reconciliation of Consolidated Earnings to Adjusted Earnings
Consolidated Earnings
$
346
1,015
2,109
2,097
5,755
Pre-tax adjustments:
Impairments 1
28
224
415
—
—
Net gain on asset dispositions
—
(238
)
(238
)
(101
)
(123
)
Change in inventory method for acquired business
—
—
—
(46
)
(46
)
Los Angeles Refinery shutdown-related costs 2
41
—
41
—
—
Legal accrual 3
605
—
605
30
30
Legal settlement
—
—
(66
)
—
—
Business transformation restructuring costs
—
—
—
51
127
Loss on early redemption of DCP debt
—
—
—
—
53
DCP integration restructuring costs
—
—
—
4
38
Tax impact of adjustments 4
(161
)
13
(171
)
10
(14
)
Noncontrolling interests
—
(30
)
(30
)
25
(19
)
Adjusted earnings
$
859
984
2,665
2,070
5,801
Earnings per share of common stock ( dollars )
$
0.82
2.38
4.94
4.69
12.61
Adjusted earnings per share of common stock ( dollars ) 5
$
2.04
2.31
6.25
4.63
12.71
Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income
$
644
767
1,965
724
2,060
Pre-tax adjustments:
Impairments 1
28
224
311
—
—
Net gain on asset disposition
—
(238
)
(238
)
(101
)
(137
)
Change in inventory method for acquired business
—
—
—
(46
)
(46
)
DCP integration restructuring costs
—
—
—
4
38
Adjusted pre-tax income
$
672
753
2,038
581
1,915
Chemicals Pre-Tax Income
$
342
222
769
104
494
Pre-tax adjustments:
None
—
—
—
—
—
Adjusted pre-tax income
$
342
222
769
104
494
Refining Pre-Tax Income (Loss)
$
(108
)
302
410
1,712
4,481
Pre-tax adjustments:
Impairments 1
—
—
104
—
—
Los Angeles Refinery shutdown-related costs 2
41
—
41
—
—
Net loss on asset disposition
—
—
—
—
14
Legal accrual 3
—
—
—
30
30
Legal settlement
—
—
(7
)
—
—
Adjusted pre-tax income (loss)
$
(67
)
302
548
1,742
4,525
Marketing and Specialties Pre-Tax Income (Loss)
$
(22
)
415
759
605
1,501
Pre-tax adjustments:
Legal accrual 3
605
—
605
—
—
Legal settlement
—
—
(59
)
—
—
Adjusted pre-tax income
$
583
415
1,305
605
1,501
Renewable Fuels Pre-Tax Income (Loss)
$
(116
)
(55
)
(226
)
22
164
Pre-tax adjustments:
None
—
—
—
—
—
Adjusted pre-tax income (loss)
$
(116
)
(55
)
(226
)
22
164
Corporate and Other Pre-Tax Loss
$
(327
)
(340
)
(989
)
(354
)
(992
)
Pre-tax adjustments:
Business transformation restructuring costs
—
—
—
51
127
Loss on early redemption of DCP debt
—
—
—
—
53
Adjusted pre-tax loss
$
(327
)
(340
)
(989
)
(303
)
(812
)
1Impairments primarily related to certain gathering and processing assets in the Midstream segment, as well as certain crude oil processing and logistics assets in California, reported in the Refining segment.
2Shutdown-related costs recorded in the Refining segment include pre-tax charges for severance costs.
3Legal accrual primarily related to ongoing litigation.
4We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.
5YTD 2024, Q3 2024, Q3 2023 are based on adjusted weighted-average diluted shares of 426,301 thousand, 419,827 thousand, and 447,255 thousand, respectively. Other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation.
Millions of Dollars
Except as Indicated
2024
3Q
2Q
Reconciliation of Consolidated Net Income to Adjusted EBITDA
Net Income
$
369
1,020
Plus:
Income tax expense
44
291
Net interest expense
191
200
Depreciation and amortization
543
497
Phillips 66 EBITDA
$
1,147
2,008
Special Item Adjustments (pre-tax):
Impairments
28
224
Net gain on asset disposition
—
(238
)
Los Angeles Refinery shutdown-related costs
41
—
Legal accrual
605
—
Legal settlement
—
—
Total Special Item Adjustments (pre-tax)
674
(14
)
Change in Fair Value of NOVONIX Investment
—
7
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment
$
1,821
2,001
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes
24
26
Proportional share of selected equity affiliates net interest
12
19
Proportional share of selected equity affiliates depreciation and amortization
188
195
Adjusted EBITDA attributable to noncontrolling interests
(47
)
(58
)
Phillips 66 Adjusted EBITDA
$
1,998
2,183
Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA
Midstream Income before income taxes
$
644
767
Plus:
Depreciation and amortization
233
224
Midstream EBITDA
$
877
991
Special Item Adjustments (pre-tax):
Net gain on asset disposition
—
(238
)
Impairments
28
224
Midstream EBITDA, Adjusted for Special Items
$
905
977
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes
5
5
Proportional share of selected equity affiliates net interest
3
10
Proportional share of selected equity affiliates depreciation and amortization
26
37
Adjusted EBITDA attributable to noncontrolling interests
(47
)
(58
)
Midstream Adjusted EBITDA
$
892
971
Chemicals Income before income taxes
$
342
222
Plus:
None
—
—
Chemicals EBITDA
$
342
222
Special Item Adjustments (pre-tax):
None
—
—
Chemicals EBITDA, Adjusted for Special Items
$
342
222
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes
13
15
Proportional share of selected equity affiliates net interest
(2
)
—
Proportional share of selected equity affiliates depreciation and amortization
113
111
Chemicals Adjusted EBITDA
$
466
348
Refining Income (loss) before income taxes
$
(108
)
302
Plus:
Depreciation and amortization
230
204
Refining EBITDA
$
122
506
Special Item Adjustments (pre-tax):
Los Angeles Refinery shutdown-related costs
41
—
Refining EBITDA, Adjusted for Special Items
$
163
506
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes
(1
)
1
Proportional share of selected equity affiliates net interest
(1
)
(2
)
Proportional share of selected equity affiliates depreciation and amortization
27
26
Refining Adjusted EBITDA
$
188
531
Marketing and Specialties Income (loss) before income taxes
$
(22
)
415
Plus:
Depreciation and amortization
32
32
Marketing and Specialties EBITDA
$
10
447
Special Item Adjustments (pre-tax):
Legal accrual
605
—
Marketing and Specialties EBITDA, Adjusted for Special Items
$
615
447
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes
7
5
Proportional share of selected equity affiliates net interest
12
11
Proportional share of selected equity affiliates depreciation and amortization
22
21
Marketing and Specialties Adjusted EBITDA
$
656
484
Renewable Fuels Loss before income taxes
$
(116
)
(55
)
Plus:
Depreciation and amortization
24
12
Renewable Fuels EBITDA
$
(92
)
(43
)
Special Item Adjustments (pre-tax):
None
—
—
Renewable Fuels EBITDA, Adjusted for Special Items
$
(92
)
(43
)
Corporate and Other Loss before income taxes
$
(327
)
(340
)
Plus:
Net interest expense
191
200
Depreciation and amortization
24
25
Corporate and Other EBITDA
$
(112
)
(115
)
Special Item Adjustments (pre-tax):
None
—
—
Total Special Item Adjustments (pre-tax)
—
—
Change in Fair Value of NOVONIX Investment
—
7
Corporate EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment
$
(112
)
(108
)
Millions of Dollars
Except as Indicated
September 30, 2024
Debt-to-Capital Ratio
Total Debt
$
19,998
Total Equity
29,784
Debt-to-Capital Ratio
40
%
Total Cash
1,637
Net Debt-to-Capital Ratio
38
%
Millions of Dollars
September 30, 2024
Reconciliation of Net Cash Used in Operating Activities to Operating Cash Flow, Excluding Working Capital
Net Cash Used in Operating Activities
$
1,132
Less: Net Working Capital Changes
(381
)
Operating Cash Flow, Excluding Working Capital
$
1,513
Millions of Dollars
Except as Indicated
2024
3Q
2Q
Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins
Income (loss) before income taxes
$
(108
)
302
Plus:
Taxes other than income taxes
100
74
Depreciation, amortization and impairments
230
203
Selling, general and administrative expenses
60
51
Operating expenses
922
884
Equity in earnings of affiliates
12
(33
)
Other segment expense, net
(4
)
(1
)
Proportional share of refining gross margins contributed by equity affiliates
193
260
Special items:
None
—
—
Realized refining margins
$
1,405
1,740
Total processed inputs ( thousands of barrels )
145,440
151,296
Adjusted total processed inputs ( thousands of barrels )*
168,951
174,107
Income (loss) before income taxes ( dollars per barrel )**
$
(0.74
)
2.00
Realized refining margins ( dollars per barrel )***
$
8.31
10.01
*Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
**Income before income taxes divided by total processed inputs.
***Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.
Source: Phillips 66
-
MIL-OSI: Climb Channel Solutions Launches North American Partnership with Cybersecurity Vendor Fortra
Source: GlobeNewswire (MIL-OSI)
EATONTOWN, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Climb Channel Solutions, an international specialty technology distributor and wholly owned subsidiary of Climb Global Solutions, Inc. (NASDAQ: CLMB), announced a North American partnership with Fortra.
Fortra provides trusted cybersecurity solutions that span every part of the cyber-attack chain, from detection to response. Through this partnership, Climb North American VARs and MSPs have access to Fortra’s entire portfolio, which includes solutions covering digital risk and email protection, managed file transfer, data protection, infrastructure protection, managed security services, security awareness training, and automation.
“Fortra is on a mission to help as many organizations as possible increase their security maturity and decrease operational burden,” said Matt Reck, President at Fortra. “With their strong channel expertise and exceptional operational practices, we believe Climb is the perfect North American partner to help us on this journey.”
The Fortra platform will enable partners to unify their cybersecurity stack into one platform. With Fortra’s platform, users are able to:
- Detect various attacks with a broad-spectrum defense and multi-vector approach
- Aggregate data to analyze your IT environment
- Utilize AI to track events and correlate patterns to threats, allowing for improved speed to detection
- Mitigate detected threats more quickly and efficiently with accurate response
“The addition of Fortra and their comprehensive portfolio of cybersecurity focused products enables North American partners to provide the security solutions that have a strong line of defense,” said Dale Foster, CEO of Climb Channel Solutions. “VARs and MSPs alike will benefit from Fortra’s integration capabilities that will help them consolidate their security stack.”
Those interested in distribution services and solutions should contact Climb by phone at +1.800.847.7078 (US), or +1.888.523.7777 (Canada), or by email at Sales@ClimbCS.com.
About Climb Channel Solutions and Climb Global Solutions
Climb Channel Solutions is a global specialty technology distributor focusing on Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & Application Lifecycle. What sets Climb apart is our commitment to transform distribution by providing emerging and established IT technologies, flexible financing, real-time quoting, best of breed channel operations, speed to market, and exceptional service to our partners worldwide. Climb Channel Solutions is a wholly owned subsidiary of Climb Global Solutions (NASDAQ: CLMB). Experience the Climb difference and learn how our people-first approach empowers VARs and MSPs to grow, scale, and accelerate their business. Visit www.ClimbCS.com, call 1-800-847-7078, and connect with us on LinkedIn!
For Media & PR inquiries contact:
Climb Channel Solutions
Media Relations
media@ClimbCS.comInvestor Relations Contact:
Elevate IR
Sean Mansouri, CFA
T: 720-330-2829
CLMB@elevate-ir.comAbout Fortra
Fortra is a cybersecurity company like no other. We’re creating a simpler, stronger future for our customers. Our trusted experts and portfolio of integrated, scalable solutions bring balance and control to organizations around the world. We’re the positive changemakers and your relentless ally to provide peace of mind through every step of your cybersecurity journey. Learn more about Fortra.Copyright © Fortra, LLC and its group of companies. Fortra™, the Fortra™ logos, and other identified marks are proprietary trademarks of Fortra, LLC.
Media Contact:
Jessica Ryan
Public Relations Manager
Jessica.Ryan@fortra.com -
MIL-OSI: Captivision Announces Venture at Dream Hollywood Hotel
Source: GlobeNewswire (MIL-OSI)
MIAMI and SEOUL, Korea, Oct. 29, 2024 (GLOBE NEWSWIRE) — Captivision Inc. (“Captivision” or the “Company”) (Nasdaq: CAPT), a pioneer manufacturer of architectural media glass and innovative LED solution provider, today announced its first collaboration with the Dream Hollywood hotel in Los Angeles. Crescent Hotels & Resorts, a leading hotel management company, manages Dream Hollywood. The property is part of Hyatt’s global portfolio of hotels, under the Dream Hotels brand.
The collaboration catalyzes Captivision’s expansion into digital out-of-home (“OOH”) in a high-profile Los Angeles location with extraordinary partners. Unlike traditional LED signage, Captivision is creating a uniquely transparent and vibrant digital display, generating a new recurring revenue stream for the Company and its partners. This groundbreaking venture is emblematic of Captivision’s broadening business model as a trusted solution provider featuring highly innovative and transformational technology. The Dream Hollywood display is expected to generate in excess of three million social media impressions annually. Playing a pivotal role in the creation and operation of the OOH digital media at the Dream Hollywood, California-based company, Integrated Market Optimization, Inc. and Smart City Labs, have partnered with Captivision to bring their expertise and industry-leading solutions to this high-profile project.
“Joining forces with Dream Hollywood is a pivotal venture for our company in multiple respects,” said Gary Garrabrant, Chairman and CEO of Captivision. “Captivision is quickly becoming a solution provider across the LED product spectrum generating entirely new revenue streams with valued partners and clients. We believe this collaboration will kickstart an exciting new chapter of growth for Captivision in the United States and globally.”
Dream Hollywood (Façade Render)
Captivision’s transparent and non-transparent LED media solutions provide a versatile and dynamic platform showcasing high-resolution content without compromising architectural integrity and user experience. This seminal venture combines cutting-edge physical and streaming technology to generate social media driven advertising revenue, the first of what promises to be many meaningful applications with recognized and valued partners and clients.
About Captivision
Captivision is a pioneering manufacturer of media glass, combining IT building materials with architectural glass. The product has a boundless array of applications including entertainment media, information media, cultural and artistic content as well as marketing use cases. Captivision can transform any glass façade into a transparent media screen with real time live stream capability. Captivision is fast becoming a solution provider across the LED product spectrum.Captivision’s media glass and solutions have been implemented in hundreds of locations globally across sports stadiums, entertainment venues, casinos and hotels, convention centers, office and retail properties, and airports. Learn more at http://www.captivision.com.
About Crescent Hotels & Resorts
Crescent Hotels & Resorts is an award-winning, nationally recognized, operator of hotels and resorts with over 120 properties in the United States and Canada. Crescent is one of the few elite management companies approved to operate upper-upscale and luxury hotels under the brand families of Marriott, Hilton, and Hyatt. Crescent also works a collection of independent and lifestyle properties under the Latitudes Collection umbrella. These properties include PGA National Resort, The Opus Westchester, Autograph Collection, and NOPSI Hotel New Orleans. Powered by innovative, forward thinking experts, Latitudes is a modern management platform for lifestyle hotels and resorts where creative concepts connect with modern travelers from urban boutique hotels to oceanside resorts.Crescent’s clients include premiere REITs, private equity firms and major developers. For more information, please visit www.crescenthotels.com and www.latitudesbycrescent.com or connect with Crescent on LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies, or expectations for the Company’s respective businesses. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure you that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts, and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “believe”, “can”, “continue”, “expect”, “forecast”, “may”, “plan”, “project”, “should”, “will” or the negative of such terms, and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.The risks and uncertainties include, but are not limited to: (1) the ability to raise financing in the future and to comply with restrictive covenants related to indebtedness; (2) the ability to realize the benefits expected from the business combination and the Company’s strategic direction; (3) the significant market adoption, demand and opportunities in the construction and digital out of home media industries for the Company’s products; (4) the ability to maintain the listing of the Company’s ordinary shares and warrants on Nasdaq; (5) the ability of the Company to remain competitive in the fourth generation architectural media glass industry in the face of future technological innovations; (6) the ability of the Company to execute its international expansion strategy; (7) the ability of the Company to protect its intellectual property rights; (8) the profitability of the Company’s larger projects, which are subject to protracted sales cycles; (9) whether the raw materials, components, finished goods, and services used by the Company to manufacture its products will continue to be available and will not be subject to significant price increases; (10) the IT, vertical real estate, and large format wallscape modified regulatory restrictions or building codes; (11) the ability of the Company’s manufacturing facilities to meet their projected manufacturing costs and production capacity; (12) the future financial performance of the Company; (13) the emergence of new technologies and the response of the Company’s customer base to those technologies; (14) the ability of the Company to retain or recruit, or to effect changes required in, its officers, key employees, or directors; (15) the ability of the Company to comply with laws and regulations applicable to its business; and (16) other risks and uncertainties set forth under the section of the Company’s Annual Report on Form 20-F entitled “Risk Factors.”
These forward-looking statements are based on information available as of the date of this press release and the Company’s management team’s current expectations, forecasts, and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers, and affiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company management team’s views as of any subsequent date. The Company does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.
Media Contact:
Dukas Linden Public Relations
+1 212.704.7385
captivision@dlpr.comInvestor Contact:
Gateway Group
Ralf Esper
+1 949.574.3860
CAPT@gateway-grp.comA photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4835d4a9-4083-475d-996e-b09ab5decf06
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MIL-OSI: Amplify ETFs Launches Targeted 12% Annual Option Premium Fixed Income ETF: Amplify Bloomberg U.S. Treasury Target High Income ETF (CBOE: TLTP)
Source: GlobeNewswire (MIL-OSI)
CHICAGO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Amplify ETFs announces the launch of the Amplify Bloomberg U.S. Treasury Target High Income ETF (CBOE: TLTP). TLTP allows investors to tap into the stability of U.S. Treasuries while seeking to generate high, consistent levels of income through a dynamic rules-based covered call* option strategy.
TLTP seeks to track the performance (before fees and expenses) of the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index, which is designed to provide a targeted annualized option premium income of 12% through writing weekly covered call options. This approach seeks to generate higher levels of income from targeted 12% option premium income as well as the underlying U.S. Treasuries. The Fund has a monthly distribution frequency.
“Investors are increasingly seeking diversified income streams and portfolio stability,” said Christian Magoon, CEO of Amplify ETFs. “TLTP’s innovative use of a weekly covered call strategy in fixed income offers a multi-use solution for consistent high-income potential and a defensive position, making it a compelling option for a range of portfolio strategies.”
The portfolio management team from Samsung Asset Management in New York brings extensive experience in managing U.S. Treasury and options strategies.
“TLTP offers an effective way for investors to access a fixed income covered call strategy from U.S. Treasuries through a single ticker,” said Yunjae Hwang, lead portfolio manager of TLTP. “We’re excited to bring this solution to the market, especially for those looking for a more diversified and resilient approach to their portfolios.”
TLTP is Amplify ETFs’ second ETF with its strategic partner Samsung Asset Management.
For more information about the Amplify Bloomberg U.S. Treasury Target High Income ETF, visit AmplifyETFs.com/TLTP.
About Amplify ETFs
Amplify ETFs, sponsored by Amplify Investments, offers a diverse suite of income, growth, and risk-managed ETFs, with over $10 billion in assets under management (as of 10/21/2024). For more information, visit AmplifyETFs.com.Sales Contact:
Amplify ETFs
855-267-3837
info@amplifyetfs.comMedia Contacts:
Gregory FCA for Amplify ETFs
Kerry Davis
610-228-2098
amplifyetfs@gregoryfca.com*A covered call refers to a financial transaction in which the investor selling call options owns an equivalent amount of the underlying security.
Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. You could lose money by investing in the Fund. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. There can be no assurance that the Fund’s investment objectives will be achieved. Interest Rate Risk is the risk when interest rates rise, there is a corresponding decline in bond values. Conversely, very low or negative interest rates may magnify interest rate risk. The Fund is subject to the risks associated with the Underlying Funds specifically U.S. Treasury Securities Risk. The Fund bears its proportionate share of the Underlying ETF’s expenses.
The Fund is non-diversified and can invest a greater portion of its assets in individual securities than a diversified fund; changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. Covered call risk is the risk that the Fund will forgo, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. The Fund will also utilize FLEX Options and is subject to the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. The Fund currently expects to make distributions on a regular basis, a portion of which may be considered return of capital.
Amplify Investments LLC is the Investment Adviser to the Fund, and Samsung Asset Management (New York), Inc. serves as the Investment Sub-Adviser.
Amplify ETFs are distributed by Foreside Fund Services, LLC.
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MIL-OSI: Bitfarms Nominates Andrew J. Chang for Election to the Board of Directors
Source: GlobeNewswire (MIL-OSI)
This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.
TORONTO, Ontario and BROSSARD, Québec, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF) (“Bitfarms” or the “Company”), a global leader in vertically integrated Bitcoin data center operations, today announced that it has nominated Andrew J. Chang for election to its Board of Directors (the “Board”) at the Special Meeting of shareholders to be held on November 20, 2024 at 4:00p.m. Eastern Time (the “Special Meeting”).
Bitfarms Special Meeting of Shareholders
Pursuant to the Settlement Agreement between the Company and Riot Platforms, Inc. dated September 23, 2024, at the Special Meeting, shareholders will be asked to approve an expansion of the Board from five members to six members, to elect an independent director nominated by the Board to serve as the sixth member of the Board, to ratify the Company’s shareholder rights plan adopted on July 24, 2024, and to conduct such other business as may properly come before the Special Meeting.Shareholders and guests can access the virtual meeting using this link. Additional information regarding the Special Meeting, including how to vote, is available via the proxy materials disseminated to shareholders by Bitfarms and as filed on SEDAR+ at http://www.sedarplus.ca and on EDGAR at http://www.sec.gov/EDGAR.
Nomination of Andrew J. Chang to Bitfarms Board of Directors
Bitfarms’ Governance and Nominating Committee conducted a thorough director search process and held interviews with several qualified candidates, and, along with the Board, unanimously supports the nomination of Andrew J. Chang for election at the Special Meeting.Mr. Chang is a 20-year veteran of the technology industry with experience as an investor, operating executive, entrepreneur, and advisor. He was a founding partner of Liberty City Ventures, a leading venture capital fund. Mr. Chang also served as Chief Operating Officer of Paxos, a blockchain infrastructure platform that has powered solutions for PayPal, Stripe, and more. At Paxos, he helped grow the team from 8 to 190 employees and launched the first regulated blockchain focused trust company and the first regulated stablecoin in the U.S. During that time, Paxos raised $500M in capital and its most recent valuation is $2.4 billion.
Before joining Paxos, Andrew served as a Lead Strategic Partner Development Manager at Google, working in business development for display ad products. Prior to that, he was the Chief Operating Officer of ConditionOne and an associate at TechStars (New York). He also has experience managing innovation in research, analytics and digital media at WPP PLC-owned Kantar Video and at 360i, a digital marketing agency.
Andrew earned his MBA from New York University’s Leonard N. Stern School of Business, where he was President of the student body, and a BS from Boston College.
Brian Howlett, Independent Chairman of the Board, said, “The Bitfarms Board is committed to strong corporate governance and recognizes that a diverse set of skills is required to effectively oversee the execution of the Company’s strategic initiatives. Andrew is an impressive technology industry veteran whose experience and knowledge is highly complementary to that of our current Board. We believe he will be instrumental as we execute our aggressive growth plan, and we look forward to leveraging his expertise to maximize value for Bitfarms shareholders.”
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated data centers with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.
Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.
To learn more about Bitfarms’ events, developments, and online communities:
www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/Forward-Looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding holding the Special Meeting and the timing thereof, and the matters to be put before the Company’s shareholders at the Special Meeting are forward-looking information.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; and the power purchase agreements and economics thereof may not be as advantageous as expected. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Investor Relations Contact:
Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.comMedia Contact:
Québec: Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca -
MIL-OSI: Beneficient to Present at the LD Micro Main Event XVII on October 30 in Los Angeles
Source: GlobeNewswire (MIL-OSI)
DALLAS, Oct. 29, 2024 (GLOBE NEWSWIRE) — Beneficient (Nasdaq: BENF) (“Ben” or the “Company”), a technology-enabled financial services holding company, today announced that it will be presenting at the LD Micro Main Event XVII investor conference to be held October 28-30, 2024 in Los Angeles. As part of the conference, the Company will conduct a group presentation at 12:30 pm Pacific Time on Wednesday, October 30, 2024. To join the presentation online, please visit the webcast link available at https://shareholders.trustben.com/.
Additionally, Beneficient will host investor meetings throughout the day on Wednesday, October 30, 2024.
Investors attending the conference in person may request meetings with Beneficient through LD Micro’s meeting portal or Beneficient’s IR contact, mkreps@darrowir.com. Qualified investors who would like to attend the conference should contact registration@ldmicro.com.
About Beneficient
Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds − with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.
For more information, visit www.trustben.com or follow us on LinkedIn.
Contacts
Matt Kreps: 214-597-8200, mkreps@darrowir.com
Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
Investor Relations: investors@beneficient.com -
MIL-OSI: Territorial Reaffirms Board of Directors Recommendation that Territorial Shareholders Vote “FOR” Hope Bancorp Merger
Source: GlobeNewswire (MIL-OSI)
HONOLULU, Oct. 29, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (“Territorial” or the “Company”) today announced that the Company’s Board of Directors has reaffirmed its recommendation that Territorial shareholders vote “FOR” the merger with Hope Bancorp, Inc. (“Hope Bancorp”) (NASDAQ: HOPE) at the November 6, 2024, Special Meeting of Stockholders.
On October 25, 2024, Territorial received additional information from Blue Hill Advisors (“Blue Hill”) with respect to its preliminary indication of interest to acquire the Company.
Territorial’s Board of Directors (the “Territorial Board”), with the assistance of its legal and financial advisors, over the course of several meetings, carefully reviewed this information in accordance with its fiduciary duties, its commitment to serving the best interests of all Territorial shareholders and its obligations under Territorial’s merger agreement with Hope Bancorp.
Specifically, the Territorial Board reviewed information provided by Blue Hill, recently and previously, to ascertain whether Blue Hill has provided sufficient verifiable and objective information to justify a Territorial Board determination that Blue Hill’s preliminary indication of interest is reasonably likely to lead to a Superior Proposal as defined by Territorial’s merger agreement with Hope Bancorp. The Territorial Board has also considered whether it would be a breach of its fiduciary duty not to enter into a confidentiality agreement or otherwise engage with Blue Hill based on the information provided by Blue Hill to date. The Territorial Board concluded that the totality of the information provided by Blue Hill does not provide a sufficient basis for a finding that both: (i) the Blue Hill preliminary indication of interest is reasonably likely to lead to a Superior Proposal under the terms and conditions required by the merger agreement; and (ii) a failure to enter into a confidentiality agreement or otherwise negotiate with Blue Hill would be more likely than not to result in a violation of its fiduciary duties under applicable law. Accordingly, the Territorial Board concluded that Territorial may not engage with Blue Hill under the terms and conditions of the Hope Bancorp merger agreement and that it continues to support the merger with Hope Bancorp.
In reaching this conclusion, the Territorial Board considered, among other things:
- the all-stock nature of the strategic merger with Hope Bancorp and the benefits the combination with Hope Bancorp will have for shareholders as compared to a cash-out transaction, including the comparison of Hope Bancorp’s liquid, dividend-paying stock to what would be the Blue Hill-controlled Territorial stock, which would be expected to be a relatively more illiquid investment that would likely not pay a dividend for a prolonged period of time;
- continued questions regarding the conditional nature of the financing of the transaction by the Blue Hill investors, despite Territorial’s repeated statements with respect to this deficiency for several weeks;
- Blue Hill’s failure to address in a reasoned manner how the Blue Hill investor group would overcome the likely regulatory approval hurdles. In contrast, Hope Bancorp is well known by bank regulators and its approval process is well underway;
- Blue Hill’s failure to address the impact of the expected changes in regulatory capital and the Company’s business plan, all of which should be expected to be considered as part of any regulatory approval process – despite Blue Hill’s claims that regulatory approvals will be less complicated than the Hope Bancorp approvals;
- Blue Hill’s failure to realistically address transaction timing considerations, particularly including timing related to the application and regulatory approval process, in contrast to the expected timing of the Hope Bancorp merger approvals and expected timing of the closing of the Hope Bancorp merger;
- the overall execution risk associated with the Blue Hill preliminary indication of interest, including the necessary steps and approvals required to conduct a recapitalization, a tender offer and negotiations with multiple Blue Hill investors versus Hope Bancorp’s standard merger transaction where all required applications are currently being processed;
- Blue Hill’s failure to identify the expected key management team members that would manage the revised Company if acquired by Blue Hill. These individuals will be required to be identified to, and vetted by, the banking regulators before any approvals could be obtained;
- Blue Hill’s failure to identify all expected directors of the newly-reconstituted Board that would govern Territorial if acquired by Blue Hill, as these individuals will also be required to be identified to, and vetted by, the banking regulators before any approvals could be obtained;
- Blue Hill’s failure to specify how it would address any limitations established by or approvals that may be required from the banking regulators to pay any termination fee or conduct a tender offer, which would be an outflow of capital that would require regulatory approval; and
- Blue Hill’s failure to substantiate its projected financial results for Territorial on a stand-alone basis, which Blue Hill has asserted as part of the rationale for its proposed acquisition and which represent a risk for existing shareholders who continue as shareholders if the Blue Hill proposal is completed.
The Territorial Board continues to recommend that shareholders vote “FOR” the Hope Bancorp merger. For more information, visit the Company’s website at https://www.territorialandhopecombination.com.
Territorial Shareholders are Urged to Vote “FOR” the Hope Bancorp Merger Ahead of the
Special Meeting on November 6, 2024 at 8:30 a.m. HST.Voting is quick and easy.
Call toll-free:
(888) 742-1305
Banks and brokers should call:
(516) 933-3100
Email: info@laurelhill.com
Electronically: www.proxyvote.comAbout Us
Territorial Bancorp Inc., headquartered in Honolulu, Hawaiʻi, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaiʻi. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaiʻi, and has 28 branch offices in the state of Hawaiʻi. For additional information, please visit https://www.tsbhawaii.bank/.
Additional Information about the Hope Merger and Where to Find It
In connection with the proposed Hope Merger, Hope has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, containing the Proxy Prospectus, which has been mailed or otherwise delivered to Territorial’s stockholders on or about August 29, 2024, as supplemented September 12, 2024. Hope and Territorial may file additional relevant materials with the SEC. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. You may obtain any of the documents filed with or furnished to the SEC by Hope or Territorial at no cost from the SEC’s website at www.sec.gov.
Forward-Looking Statements
Some statements in this news release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, Territorial Bancorp claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Hope Bancorp’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The closing of the proposed transaction is subject to regulatory approvals, the approval of Territorial Bancorp stockholders, and other customary closing conditions. There is no assurance that such conditions will be met or that the proposed merger will be consummated within the expected time frame, or at all. If the transaction is consummated, factors that may cause actual outcomes to differ from what is expressed or forecasted in these forward-looking statements include, among things: difficulties and delays in integrating Hope Bancorp and Territorial Bancorp and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees and customers, may be greater than expected; and required governmental approvals of the merger may not be obtained on its proposed terms and schedule, or without regulatory constraints that may limit growth. Other risks and uncertainties include, but are not limited to: possible further deterioration in economic conditions in Hope Bancorp’s or Territorial Bancorp’s areas of operation or elsewhere; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying Hope Bancorp’s or Territorial Bancorp’s allowances for credit losses; potential increases in deposit insurance assessments and regulatory risks associated with current and future regulations; the outcome of any legal proceedings that may be instituted against Hope Bancorp or Territorial Bancorp; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; and diversion of management’s attention from ongoing business operations and opportunities. For additional information concerning these and other risk factors, see Hope Bancorp’s and Territorial Bancorp’s most recent Annual Reports on Form 10-K. Hope Bancorp and Territorial Bancorp do not undertake, and specifically disclaim any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.
Investor / Media Contacts:
Walter Ida
SVP, Director of Investor Relations
808-946-1400
walter.ida@territorialsavings.net -
MIL-OSI: DT Midstream Reports Strong Third Quarter 2024 Results; Raises Adjusted EBITDA Guidance
Source: GlobeNewswire (MIL-OSI)
DETROIT, Oct. 29, 2024 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced third quarter 2024 reported net income of $88 million, or $0.90 per diluted share. For the third quarter of 2024, Operating Earnings were also $88 million, or $0.90 per diluted share. Adjusted EBITDA for the quarter was $241 million.
Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.
The company also announced that the DT Midstream Board of Directors declared a $0.735 per share dividend on its common stock payable January 15, 2025 to stockholders of record at the close of business December 16, 2024.
“We continue our strong performance in 2024,” said David Slater, President and CEO. “And we have made great progress advancing new opportunities which will support our future growth.”
Slater noted the following significant business updates:
- Reached final investment decision on the Phase 4 expansion of the LEAP system, which will expand the system to 2.1 Bcf/d by the first half of 2026
- Upsized the future interconnect between our Stonewall System and Mountain Valley Pipeline
- Upgraded to investment-grade by Fitch Ratings
“Our year-to-date results are ahead of plan,” said Jeff Jewell, Executive Vice President and CFO. “Our strong performance is leading us to increase our Adjusted EBITDA guidance for 2024 to $950 – $980 million.”
The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 4749988. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.
About DT Midstream
DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a goal of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.
Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow
Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.
Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.
Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.
DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.
Forward-looking Statements
This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.
Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.
Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; global supply chain disruptions; actions taken by third-party operators, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to climate change and greenhouse gas emissions; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 and our reports and registration statements filed from time to time with the SEC.
The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2023, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.
Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.
DT Midstream, Inc.
Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)Three Months Ended September 30, June 30, 2024 2024 Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings (millions) Adjustments $ — $ — $ — $ — Net Income Attributable to DT Midstream $ 88 $ — $ — $ 88 $ 96 $ — $ — $ 96 Nine Months Ended September 30, September 30, 2024 2023 Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings (millions) Adjustments $ — $ — $ — $ — Net Income Attributable to DT Midstream $ 281 $ — $ — $ 281 $ 263 $ — $ — $ 263 (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments DT Midstream, Inc.
Reconciliation of Reported to Operating Earnings per diluted share(2) (non-GAAP, unaudited)Three Months Ended September 30, June 30, 2024 2024 Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings (per share) Adjustments $ — $ — $ — $ — Net Income Attributable to DT Midstream $ 0.90 $ — $ — $ 0.90 $ 0.98 $ — $ — $ 0.98 Nine Months Ended September 30, September 30, 2024 2023 Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings (per share) Adjustments $ — $ — $ — $ — Net Income Attributable to DT Midstream $ 2.87 $ — $ — $ 2.87 $ 2.70 $ — $ — $ 2.70 (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments (2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2024 2024 2024 2023 Consolidated (millions) Net Income Attributable to DT Midstream $ 88 $ 96 $ 281 $ 263 Plus: Interest expense 38 39 117 111 Plus: Income tax expense 30 33 94 102 Plus: Depreciation and amortization 53 53 156 133 Plus: Loss from financing activities 4 — 4 — Plus: EBITDA from equity method investees(1) 70 67 212 212 Less: Interest income (1 ) — (2 ) (1 ) Less: Earnings from equity method investees (40 ) (39 ) (125 ) (132 ) Less: Depreciation and amortization attributable to noncontrolling interests (1 ) (1 ) (3 ) (3 ) Adjusted EBITDA $ 241 $ 248 $ 734 $ 685 (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows: Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2024 2024 2024 2023 (millions) Earnings from equity methods investees $ 40 $ 39 $ 125 $ 132 Plus: Depreciation and amortization attributable to equity method investees 20 21 61 61 Plus: Interest expense attributable to equity method investees 10 7 26 19 EBITDA from equity method investees $ 70 $ 67 $ 212 $ 212 DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Pipeline Segment (non-GAAP, unaudited)Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2024 2024 2024 2023 Pipeline (millions) Net Income Attributable to DT Midstream $ 71 $ 71 $ 216 $ 185 Plus: Interest expense 12 12 37 42 Plus: Income tax expense 24 24 72 72 Plus: Depreciation and amortization 18 19 55 50 Plus: Loss from financing activities 2 — 2 — Plus: EBITDA from equity method investees(1) 70 67 212 212 Less: Interest income — — (1 ) (1 ) Less: Earnings from equity method investees (40 ) (39 ) (125 ) (132 ) Less: Depreciation and amortization attributable to noncontrolling interests (1 ) (1 ) (3 ) (3 ) Adjusted EBITDA $ 156 $ 153 $ 465 $ 425 (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows: Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2024 2024 2024 2023 (millions) Earnings from equity methods investees $ 40 $ 39 $ 125 $ 132 Plus: Depreciation and amortization attributable to equity method investees 20 21 61 61 Plus: Interest expense attributable to equity method investees 10 $ 7 26 19 EBITDA from equity method investees $ 70 $ 67 $ 212 $ 212 DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Gathering Segment (non-GAAP, unaudited)Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2024 2024 2024 2023 Gathering (millions) Net Income Attributable to DT Midstream $ 17 $ 25 $ 65 $ 78 Plus: Interest expense 26 27 80 69 Plus: Income tax expense 6 9 22 30 Plus: Depreciation and amortization 35 34 101 83 Plus: Loss from financing activities 2 — 2 — Less: Interest income (1 ) — (1 ) — Adjusted EBITDA $ 85 $ 95 $ 269 $ 260 DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2024 2024 2024 2023 Consolidated (millions) Net Income Attributable to DT Midstream $ 88 $ 96 $ 281 $ 263 Plus: Interest expense 38 39 117 111 Plus: Income tax expense 30 33 94 102 Plus: Depreciation and amortization 53 53 156 133 Plus: Loss from financing activities 4 — 4 — Plus: Adjustments for non-routine items(1) (416 ) — (416 ) (371 ) Less: Earnings from equity method investees (40 ) (39 ) (125 ) (132 ) Less: Depreciation and amortization attributable to noncontrolling interests (1 ) (1 ) (3 ) (3 ) Plus: Dividends and distributions from equity method investees 465 50 590 557 Less: Cash interest expense (6 ) (64 ) (80 ) (76 ) Less: Cash taxes (4 ) (1 ) (7 ) (21 ) Less: Maintenance capital investment(2) (4 ) (6 ) (17 ) (22 ) Distributable Cash Flow $ 207 $ 160 $ 594 $ 541 (1) Distributable Cash Flow calculation excludes certain items we consider non-routine. For the three and nine months ended September 30, 2024, adjustments for non-routine items included the $416 million Millennium financing distribution. For the nine months ended September 30, 2023, adjustments for non-routine items included the $371 million NEXUS financing distribution. (2) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. -
MIL-OSI Security: U.S. Joins International Action Against RedLine and META Infostealers
Source: Office of United States Attorneys
RedLine and META Infostealers stole information from millions of victims around the world; U.S. complaint charges developer and administrator; U.S. law enforcement seizes infrastructure
AUSTIN, Texas – The Department of Justice joined the Netherlands, Belgium, Eurojust and other partners in announcing an international disruption effort against the current version of RedLine Infostealer, one of the most prevalent infostealers in the world that has targeted millions of victim computers, and the closely-related META Infostealer.
The Justice Department, FBI, Naval Criminal Investigative Service, IRS Criminal Investigation, Defense Criminal Investigative Service, and Army Criminal Investigation Division joined international partners in the Joint Cybercrime Action Taskforce (“JCAT”) Operation Magnus (supported by Europol) to seize domains, servers, and Telegram accounts used by the RedLine and META administrators to disrupt the operations of the infostealers.
International authorities have created a website at www.operation-magnus.com with additional resources for the public and potential victims.
Infostealers are a prevalent form of malware used to steal sensitive information from victim’s computers including usernames and passwords, financial information, system information, cookies, and cryptocurrency accounts. The stolen information—referred to as “logs”—is sold on cybercrime forums and used for further fraudulent activity and other hacks. RedLine has been used to conduct intrusions against major corporations. RedLine and META infostealers can also enable cyber criminals to bypass multi-factor authentication (MFA) through the theft of authentication cookies and other system information.
RedLine and META are sold through a decentralized Malware as a Service (“MaaS”) model where affiliates purchase a license to use the malware, and then launch their own campaigns to infect their intended victims. The malware is distributed to victims using malvertising, e-mail phishing, fraudulent software downloads, and malicious software sideloading. Various schemes, including COVID-19 and Windows update related ruses have been used to trick victims into downloading the malware. The malware is advertised for sale on cybercrime forums and through Telegram channels that offer customer support and software updates. RedLine and META have infected millions of computers worldwide and, by some estimates, RedLine is one of the top malware variants in the world.
Through various investigative steps, law enforcement has collected victim log data stolen from computers infected with RedLine and META. While an exact number has not been finalized, agents have identified millions of unique credentials (usernames and passwords), email addresses, bank accounts, cryptocurrency addresses, credit card numbers, etc. The United States does not believe it is in possession of all the stolen data and continues to investigate.
The Department has unsealed a warrant issued in the Western District of Texas that authorized law enforcement to seize two domains used by RedLine and META for command and control.
In conjunction with the disruption effort, the Justice Department unsealed charges against Maxim Rudometov, one of the developers and administrators of RedLine Infostealer. According to the complaint, Rudometov regularly accessed and managed the infrastructure of RedLine Infostealer, was associated with various cryptocurrency accounts used to receive and launder payments and was in possession of RedLine malware. For his actions, he has been charged with access device fraud, in violation of 18 U.S.C. § 1029, conspiracy to commit computer intrusion, in violation of 18 U.S.C. §§ 1030 and 371, and money laundering, in violation of 18 U.S.C. § 1956.
If convicted, Rudometov faces a maximum penalty of 10 years in prison for access device fraud, five years in prison for conspiracy to commit computer intrusion, and 20 years in prison for money laundering. The complaint is merely an allegation, and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
The FBI Austin Cyber Task Force is investigating the case. The Task Force participants include the Naval Criminal Investigative Service, IRS Criminal Investigation, Defense Criminal Investigative Service, and Army Criminal Investigation Division, among other agencies.
Assistant U.S. Attorney G. Karthik Srinivasan is prosecuting the case. The Justice Department’s Cybercrime Liaison Prosecutor to Eurojust and Office of International Affairs also provided significant assistance.
The disruption effort announced today was in conjunction with Operation Magnus, a JCAT law enforcement operation to investigate RedLine and META Infostealers. The participating agencies included the Dutch National Police, Belgian Federal Police, Belgian Federal Prosecutor’s Office, United Kingdom National Crime Agency, Australian Federal Police, Portuguese Federal Police, and Eurojust.
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MIL-OSI: Paycor Launches Integration Platform to Transform Connectivity
Source: GlobeNewswire (MIL-OSI)
CINCINNATI, Oct. 29, 2024 (GLOBE NEWSWIRE) — Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of human capital management (HCM) software, today announced the launch of its Integration Platform, offering flexible solutions to make connecting data and systems easier, especially for organizations who don’t have in-house IT or developer support. The platform enables customers to integrate their third-party HR software and business applications more efficiently, as well as drive better data accuracy and real-time availability.
The Paycor Integration Platform comes at a critical time, as Finch reports half of HR professionals leverage seven or more employment systems and most of these applications are not integrated, leading to time-consuming manual workarounds, errors, and inefficiencies. Paycor’s Integration Platform offers three flexible ways to enhance connectivity:
- Paycor Marketplace: Provides access to over 320 pre-built connectors to industry-leading HCM vendor partners, including vertical-specific market needs.
- Developer Services: Offers expert teams to scope, design, build and support custom integrations for clients, many of which are built in 10 days or less.
- Developer Tools: Supplies resources that make it easier for customers to build a range of integrations, data feeds and reports. Our robust Developer Portal includes 140+ APIs, customizable templates and pre-built connectors to Paycor’s reporting and data sharing tools.
“Our Integration Platform represents an industry step change, enabling customers to seamlessly connect their preferred business solutions to our HCM platform,” said Ryan Bergstrom, Chief Product & Technology Officer at Paycor. “By offering industry-specific, highly customized solutions, we’re not just connecting systems, we’re fueling scalable operational efficiency by empowering leaders to meaningfully connect with their people, data and expertise. With this platform, we’re giving mid-market companies the ability to connect systems at a level and scope historically reserved for larger enterprises.”
To learn more about how Paycor is transforming connectivity, visit Paycor Integration Platform.
About Paycor
Paycor’s HR, payroll, and talent platform connects leaders to people, data, and expertise. We help leaders drive engagement and retention by giving them tools to coach, develop, and grow employees. We give them unprecedented insights into their operational data with a unified HCM experience that can seamlessly connect to other mission-critical technology. By providing expert guidance and consultation, we help them achieve business results and become an extension of their teams. Learn more at paycor.com.Media Relations:
Carly Pennekamp
513-954-7282
PR@paycor.comInvestor Relations:
Rachel White
513-954-7388
IR@paycor.com -
MIL-OSI: Synchronoss Technologies Announces Third Quarter 2024 Earnings Call Date
Source: GlobeNewswire (MIL-OSI)
BRIDGEWATER, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Synchronoss Technologies Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR), a global leader and innovator in Personal Cloud platforms, will hold a conference call on Tuesday, November 12, 2024 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the third quarter ended September 30, 2024. Financial results will be issued in a press release prior to the call.
Synchronoss management will host the presentation, followed by a question-and-answer period.
Date: Tuesday, November 12, 2024
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Dial-In Number: 877-451-6152 (domestic) or 201-389-0879 (international)
Conference ID: 13749828The conference call will be broadcast live and available for replay here and via the Investor Relations section of Synchronoss’ website.
About Synchronoss
Synchronoss Technologies (Nasdaq: SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com.Media Relations Contact:
Domenick Cilea
Springboard
dcilea@springboardpr.comInvestor Relations Contact:
Ryan Gardella
ICR for Synchronoss
SNCRIR@icrinc.com -
MIL-OSI: Vast and GGS Energy Partner to Bring CSP-Powered Green Methanol and SAF to the U.S.
Source: GlobeNewswire (MIL-OSI)
HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a renewable energy company specialising in concentrated solar thermal power (CSP) systems that generate zero-carbon, utility-scale electricity and industrial process heat, today announced it has signed a development services agreement with GGS Energy LLC (“GGS Energy”), a leading energy transition development company with deep project development experience, to pursue a commercial-scale synthetic fuels project in the Southwest United States (Project Bravo).
Project Bravo, Vast’s first deployment in the U.S., will see Vast’s CSP v3.0 technology used to generate carbon free heat and electricity to power a co-located refinery that will produce green methanol and/or electrically powered sustainable aviation fuel (e-SAF). The project is expected to be located in the Southwest United States.
Methanol is one of the most versatile hydrogen derivatives which, if produced using clean energy, has the potential to decarbonise shipping and aviation fuels. Using CSP can potentially reduce green fuel production costs by up to 40 percent according to a recent report by engineering group Fichtner. Furthermore, e-SAF will be critical to reducing emissions from the aviation industry over the coming decades. Given these and other strong demand trends, the parties expect to attract high-quality, long-term offtake contracts from global strategic partners.
Project Bravo will build on Solar Methanol 1 (SM1), the CSP-powered green methanol reference plant to be located in Australia at the Port Augusta Green Energy Hub, that Vast is co-developing with global energy company Mabanaft. SM1 will be supplied with baseload renewable heat from Vast’s co-located 30 MW / 288 MWh CSP plant, and it will have the capacity to produce 7,500 tonnes of green methanol each year.
Vast has been undertaking early-stage development activities for Project Bravo, including initial design, site selection and feasibility assessments, to create a viable project ready for the next phase of development in collaboration with GGS Energy. The project has a development target of 550MWh of CSP generation, with further details to be released as development activities unfold.
The development services agreement sets out how Vast will advance Project Bravo with GGS Energy, a subsidiary of Glacier Global Partners that was formed in 2020 as an energy transition company focused on developing utility-scale renewable energy. The project’s success could unlock the mass production of green fuels from synthetic feedstocks in the US and catalyse a pipeline of future projects.
Craig Wood, CEO of Vast, said, “CSP has the potential to unlock low-cost green fuel production in the U.S., and it can play a significant role in helping decarbonise shipping and aviation. We are delighted to have GGS Energy as a development partner to advance our plans in the U.S., which is a key market for Vast’s technology.”
Tommy Soriero from GGS Energy said, “GGS Energy is excited to partner with Vast and work to develop Project Bravo. This collaboration marks a significant step toward a sustainable future, harnessing advanced technology to produce low-cost green fuels. We are eager to combine our expertise and resources to ensure the success and impact of future innovative projects starting with Project Bravo.”
About Vast
Vast is a renewable energy company that has developed CSP systems to generate, store and dispatch carbon free, utility-scale electricity and industrial heat, and to unlock the production of green fuels. Vast’s CSP v3.0 approach to CSP utilises a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products.
Visit www.vast.energy for more information.
About GGS Energy LLC
GGS Energy was formed in 2020 as an energy infrastructure company focusing on developments of utility-scale energy transition projects. The GGS team has an extensive infrastructure development experience in the U.S. and internationally utilizing multiple technologies including utility scale CSP, coal-to-liquids projects, PV solar, Wind, BESS, and many more.
Contacts:
Vast
For Investors:
Caldwell Bailey
ICR, Inc.
VastIR@icrinc.comFor Australian media:
Nick Albrow
Wilkinson Butler
nick@wilkinsonbutler.comFor US Media:
Matt Dallas
ICR, Inc.
VastPR@icrinc.comForward Looking Statements
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding Project Bravo, Vast’s future financial performance, Vast’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “project,” “should,” “will,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Vast cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Vast. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Vast’s ability to obtain financing on commercially acceptable terms or at all; Vast’s ability to manage growth; Vast’s ability to execute its business plan, including the completion of the Port Augusta project (including SM1) and Project Bravo, at all or in a timely manner and meet its projections; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vast, including in relation to Vast’s recent business combination; the inability to recognize the anticipated benefits of Vast’s recent business combination; costs related to that business combination; changes in applicable laws or regulations and general economic and market conditions impacting demand for Vast’s products and services. Additional risks are set forth in the section titled “Risk Factors” in the Annual Report on Form 20-F for the year ended June 30, 2024, dated September 9, 2024, and other documents filed, or to be filed with the SEC by Vast. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Vast’s expectations can be found in Vast’s periodic filings with the SEC. Vast’s SEC filings are available publicly on the SEC’s website at www.sec.gov -
MIL-OSI: Safe Harbor Financial Originates $1.07 Million Secured Credit Facility for Missouri Cannabis Operator
Source: GlobeNewswire (MIL-OSI)
GOLDEN, Colo., Oct. 29, 2024 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced that it has originated a $1.07 million secured credit facility for a Missouri-based cannabis operator, the first tranche of a $5 million commitment to refinance existing senior debt. The loan further solidifies Safe Harbor’s position as a key partner for cannabis operators seeking competitive financial solutions in the rapidly evolving cannabis financial sector.
The facility is secured by a portfolio that includes four retail dispensaries and a manufacturing facility in Missouri. The refinancing reduces the operator’s borrowing costs and will enable them to optimize their operations within the state’s growing cannabis market.
“Our competitively-priced financing solutions provide cannabis operators — who are often underserved by traditional banking institutions — with the means to achieve their business goals,” said John Foley, Senior Vice President of Commercial Lending at Safe Harbor. “Our ability to offer competitive rates and tailored lending solutions is a key differentiator for Safe Harbor, and this transaction highlights our commitment to fostering growth in the cannabis sector by providing access to bank-quality financial services. We are building on our credibility and expertise in cannabis underwriting, with the goal of helping more operators achieve financial stability and growth.”
Mr. Foley added, “Offering cannabis operators access to capital is a major component of Safe Harbor’s long term strategy to support the evolving needs of the cannabis industry, to grow our credit portfolio and deliver value to our investors.”
About Safe Harbor
Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past eight years, Safe Harbor has facilitated more than $23 billion in deposit transactions for businesses with operations spanning over 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of the Company’s securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future; and the other risk factors discussed in Safe Harbor’s filings from time to time with the Securities and Exchange Commission. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject, are subject to risks and uncertainties. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of Safe Harbor), and other assumptions, that may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements.Contact Information
Safe Harbor Media
Nick Callaio, Marketing Manager
720.951.0619
Nick@SHFinancial.orgSafe Harbor Investor Relations
ir@SHFinancial.orgKCSA Strategic Communications
Ellen Mellody
safeharbor@kcsa.com -
MIL-OSI: Franklin Electric Reports Third Quarter 2024 Results
Source: GlobeNewswire (MIL-OSI)
Third Quarter 2024 Highlights
- Consolidated net sales of $531.4 million, a decrease of 1% to the prior year
- Water Systems and Distribution net sales increased 2% and 1%, respectively, while Fueling Systems net sales decreased 10%
- Operating income was $73.5 million with operating margin of 13.8%
- GAAP fully diluted earnings per share (EPS) was $1.17
FORT WAYNE, Ind., Oct. 29, 2024 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. today announced its third quarter financial results for fiscal year 2024.
Third quarter 2024 net sales were $531.4 million, compared to third quarter 2023 net sales of $538.4 million. Third quarter 2024 operating income was $73.5 million, compared to third quarter 2023 operating income of $78.1 million. Third quarter 2024 EPS was $1.17, versus EPS in the third quarter 2023 of $1.23.
“Our third quarter results were softer than expected due to continued macro pressure from lower home sales and starts, along with weather being wetter than normal. However, the demand environment remains healthy across our key end markets, which has normalized following record levels of sales in recent years. Margins remained stable due to our disciplined cost management, and we are actively pursuing opportunities to further reduce expenses across the enterprise,” commented Joe Ruzynski, Franklin Electric’s CEO.
“As we close out the year, we expect tempered order activity in-line with seasonal patterns. That said, having spent time with our incredible global team members over the past few months, I am energized by the potential of Franklin Electric. With our wide range of capabilities, strategic footprint, and flexible balance sheet, we have the ability to drive differentiated growth and accelerate productivity for years to come,” concluded Mr. Ruzynski.
Segment Summaries
Water Systems net sales were $302.2 million, a new third quarter record, an increase of $6.4 million or 2 percent compared to the third quarter 2023. The sales increase was driven by higher sales of groundwater products, all other surface products and water treatment products. The sales increase was partially offset by lower sales of large dewatering pumps, which had a record quarter last year. Water Systems operating income in the third quarter 2024 was $52.8 million, a new third quarter record. Third quarter 2023 Water Systems operating income was $52.7 million.
Distribution net sales were $190.8 million, an increase of $1.6 million or 1 percent compared to the third quarter 2023. Sales increases were driven by sales from a recent acquisition. The Distribution segment operating income in the third quarter 2024 was $12.2 million. Third quarter 2023 Distribution operating income was $10.7 million.
Fueling Systems net sales were $69.7 million in the third quarter 2024, a decrease of $8.0 million or 10 percent compared to the third quarter 2023. Sales decreases were driven by lower volumes. Fueling Systems operating income in the third quarter 2024 was $24.1 million. Third quarter 2023 Fueling Systems operating income was $25.8 million.
2024 Guidance
The Company is lowering its sales guidance for full year 2024 to be approximately $2.00 billion and reducing its EPS guidance for full year 2024 to be in the range of $3.75 to $3.85 which incorporates the Company’s first nine months performance and its outlook for the fourth quarter.
Earnings Conference Call
A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The third quarter 2024 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:
https://edge.media-server.com/mmc/p/cp5pmtx9
For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.
https://register.vevent.com/register/BIa5e3e952cc2d47c28144fef8683c97e0
All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).
A replay of the conference call will be available from Tuesday, October 29, 2024, through 9:00 am ET on Tuesday, November 5, 2024, by visiting the listen-only webcast link above.
Forward Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.
About Franklin Electric
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2023 and America’s Climate Leaders 2023 by USA Today.
Franklin Electric Contact:
Jeffery L. Taylor
Franklin Electric Co., Inc.
InvestorRelations@fele.comFRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share amounts) Third Quarter Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net sales $ 531,438 $ 538,431 $ 1,535,596 $ 1,592,163 Cost of sales 341,775 352,178 982,556 1,055,164 Gross profit 189,663 186,253 553,040 536,999 Selling, general, and administrative expenses 115,998 107,687 352,290 324,651 Restructuring expense 139 462 139 735 Operating income 73,526 78,104 200,611 211,613 Interest expense (1,556 ) (2,984 ) (4,980 ) (10,309 ) Other (expense) income, net (181 ) 277 709 1,865 Foreign exchange income (expense), net 88 (2,483 ) (5,228 ) (8,098 ) Income before income taxes 71,877 72,914 191,112 195,071 Income tax expense 16,983 14,746 43,795 39,167 Net income $ 54,894 $ 58,168 $ 147,317 $ 155,904 Less: Net income attributable to noncontrolling interests (298 ) (370 ) (663 ) (1,181 ) Net income attributable to Franklin Electric Co., Inc. $ 54,596 $ 57,798 $ 146,654 $ 154,723 Earnings per share: Basic $ 1.19 $ 1.25 $ 3.18 $ 3.34 Diluted $ 1.17 $ 1.23 $ 3.14 $ 3.29 FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) September 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 106,273 $ 84,963 Receivables (net) 272,003 222,418 Inventories 524,647 508,696 Other current assets 39,560 37,718 Total current assets 942,483 853,795 Property, plant, and equipment, net 226,072 229,739 Lease right-of-use assets, net 62,694 57,014 Goodwill and other assets 575,994 587,574 Total assets $ 1,807,243 $ 1,728,122 LIABILITIES AND EQUITY Accounts payable $ 173,935 $ 152,419 Accrued expenses and other current liabilities 124,865 104,949 Current lease liability 17,963 17,316 Current maturities of long-term debt and short-term borrowings 76,402 12,355 Total current liabilities 393,165 287,039 Long-term debt 11,581 88,056 Long-term lease liability 43,484 38,549 Income taxes payable non-current – 4,837 Deferred income taxes 31,128 29,461 Employee benefit plans 30,781 35,973 Other long-term liabilities 23,219 33,914 Redeemable noncontrolling interest 1,179 1,145 Total equity 1,272,706 1,209,148 Total liabilities and equity $ 1,807,243 $ 1,728,122 FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended (In thousands) September 30, 2024 September 30, 2023 Cash flows from operating activities: Net income $ 147,317 $ 155,904 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 41,825 39,582 Non-cash lease expense 15,223 12,664 Share-based compensation 10,127 8,449 Other 5,178 10,894 Changes in assets and liabilities: Receivables (51,440 ) (20,427 ) Inventory (18,760 ) 2,537 Accounts payable and accrued expenses 17,218 4,376 Operating leases (15,700 ) (12,847 ) Income taxes-U.S. Tax Cuts and Jobs Act (3,870 ) (2,902 ) Other 3,968 399 Net cash flows from operating activities 151,086 198,629 Cash flows from investing activities: Additions to property, plant, and equipment (28,897 ) (30,155 ) Proceeds from sale of property, plant, and equipment 704 – Acquisitions and investments (1,151 ) (6,641 ) Other investing activities 37 26 Net cash flows from investing activities (29,307 ) (36,770 ) Cash flows from financing activities: Net change in debt (12,477 ) (87,653 ) Proceeds from issuance of common stock 5,269 9,010 Purchases of common stock (56,989 ) (29,888 ) Dividends paid (35,442 ) (31,315 ) Deferred payments for acquisitions (348 ) (448 ) Net cash flows from financing activities (99,987 ) (140,294 ) Effect of exchange rate changes on cash and cash equivalents (482 ) (4,848 ) Net change in cash and cash equivalents 21,310 16,717 Cash and cash equivalents at beginning of period 84,963 45,790 Cash and cash equivalents at end of period $ 106,273 $ 62,507
Key Performance Indicators: Net Sales SummaryNet Sales United States Latin Europe, Middle Asia Total (in millions) & Canada America East & Africa Pacific Water Fueling Distribution Other/Elims Consolidated Q3 2023 $182.0 $45.5 $48.7 $19.6 $295.8 $77.7 $189.2 ($24.3 ) $538.4 Q3 2024 $183.6 $43.5 $53.4 $21.7 $302.2 $69.7 $190.8 ($31.3 ) $531.4 Change $1.6 ($2.0 ) $4.7 $2.1 $6.4 ($8.0 ) $1.6 ($7.0 ) ($7.0 ) % Change 1 % -4 % 10 % 11 % 2 % -10 % 1 % -1 % Foreign currency translation * ($0.3 ) ($4.4 ) ($0.3 ) $0.0 ($5.0 ) $0.1 $0.0 ($4.9 ) % Change 0 % -10 % -1 % 0 % -2 % 0 % 0 % -1 % Acquisitions $4.5 $0.0 $0.0 $0.0 $4.5 $0.0 $4.7 $9.2 % Change 2 % 0 % 0 % 0 % 2 % 0 % 2 % 2 % Volume/Price ($2.6 ) $2.4 $5.0 $2.1 $6.9 ($8.1 ) ($3.1 ) ($7.0 ) ($11.3 ) % Change -1 % 5 % 10 % 11 % 2 % -10 % -2 % 29 % -2 % *The Company has presented local currency price increases used to offset currency devaluation in the Argentina and Turkey hyperinflationary economies within the foreign currency translation, net row above.
Key Performance Indicators: Operating Income and Margin SummaryOperating Income and Margins (in millions) For the Third Quarter 2024 Water Fueling Distribution Other/Elims Consolidated Operating Income / (Loss) $ 52.8 $ 24.1 $ 12.2 $ (15.6 ) $ 73.5 % Operating Income To Net Sales 17.5 % 34.6 % 6.4 % 13.8 % Operating Income and Margins (in millions) For the Third Quarter 2023 Water Fueling Distribution Other/Elims Consolidated Operating Income / (Loss) $ 52.7 $ 25.8 $ 10.7 $ (11.1 ) $ 78.1 % Operating Income To Net Sales 17.8 % 33.2 % 5.7 % 14.5 % -
MIL-OSI: BTQ Technologies Corp. to Present at the AI & Technology Virtual Investor Conference October 31st
Source: GlobeNewswire (MIL-OSI)
VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) — BTQ Technologies Corp. (CBOE CA: BTQ) (FSE: NG3) (OTCQX: BTQQF), a global quantum technology company focused on securing mission-critical networks, today announced that Nicolas Roussy Newton, Co-Founder and COO will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31st, 2024.
DATE: October 31st
TIME: 1:30pm ET
LINK: https://bit.ly/3ASgcyv
Available for 1×1 meetings: October 31/November 1-5, 2024This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.
Learn more about the event at www.virtualinvestorconferences.com.
Recent BTQ Highlights:
About BTQ
BTQ was founded by a group of post-quantum cryptographers with an interest in addressing the urgent security threat posed by large-scale universal quantum computers. With the support of leading research institutes and universities, BTQ is combining software and hardware to safeguard critical networks using unique post-quantum services and solutions.Connect with BTQ: Website | LinkedIn
About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
CONTACTS:
BTQ Technologies Corp.
Bill Mitoulas
Investor Relations
+1.416.479.9547
bill@btq.comVirtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.comNeither CBOE Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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MIL-OSI: TeraWulf Schedules Conference Call for Third Quarter 2024 Financial Results
Source: GlobeNewswire (MIL-OSI)
EASTON, Md., Oct. 29, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that it will hold its earnings conference call and webcast for the third quarter ended September 30, 2024 on Tuesday, November 12, 2024 at 5:00 p.m. Eastern Time.
A press release detailing these results will be issued prior to the call on the same day.
Conference Call Information
To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.
Date: November 12, 2024
Time: 5:00 p.m. ET
Access ID: 13749451
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1692405&tp_key=67828cf360
Dial in: 1-877-407-0789 or 1-201-689-8562
Call me™: https://callme.viavid.com/viavid/?callme=true&passcode=13748140&h=true&info=company&r=true&B=6Participants can use the dial-in numbers listed above or click the Call me™ link for instant telephone access to the event. The Call me™ link will be available 15 minutes prior to the scheduled start time.
Replay Information
Dial-In: (844) 512-2921 or (412) 317-6671
Replay Expiration: Tuesday, November 26, 2024 at 11:59 PM ET
Access ID: 13749451About TeraWulf
TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.
Investors:
Investors@terawulf.comMedia:
media@terawulf.com -
MIL-OSI: Bel Fuse Inc. Announces Regular Quarterly Cash Dividend on its Class A and Class B Shares
Source: GlobeNewswire (MIL-OSI)
WEST ORANGE, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — BEL FUSE INC. (NASDAQ:BELFA) and (NASDAQ:BELFB) today announced that its Board of Directors has declared regular quarterly cash dividends of $0.06 per share on the Company’s Class A common shares and $0.07 per share on the Company’s Class B common shares.
Cash dividends for Class A and Class B common shares are payable on January 31, 2025 to shareholders of record on January 15, 2025.
Bel currently has approximately 12,547,000 common shares outstanding, of which 2,115,000 are Class A common shares and 10,432,000 are Class B common shares.
About Bel
Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, high-speed data transmission, military, commercial aerospace, transportation and e-Mobility industries. Bel’s portfolio of products also finds application in the automotive, medical and consumer electronics markets. Bel’s product groups include Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components), Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), and Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies). The Company operates facilities around the world.Investor Contact:
Steven Hooser or Jean Marie Young
Three Part Advisors, LLC
(631) 418-4339Company Contact:
Lynn Hutkin
VP of Financial Reporting and Investor Relations
ir@belf.com -
MIL-OSI: Linklogis Releases Q3 Results: Transaction Volume Exceeds RMB100 Billion, Hitting a Record High
Source: GlobeNewswire (MIL-OSI)
Hong Kong, China, Oct. 29, 2024 (GLOBE NEWSWIRE) — On October 23, 2024, Linklogis Inc. (09959.HK, “Linklogis”) released its business update for the third quarter of 2024. In the third quarter of 2024, the total transaction volume processed by the technology solutions of Linklogis reached RMB105 billion, representing an 18% year-over-year growth, with the quarterly transaction volume surpassing RMB100 billion for the first time, setting a new historical record. The company’s core growth driver, the Multi-tier Transfer Cloud, continued to excel, processing a total volume of supply chain assets of RMB47.7 billion, a year-over-year increase of 29%. Additionally, the ABS Cloud regained its growth momentum by launching new products, achieving an impressive 325% growth despite a challenging overall market environment.
Linklogis is dedicated to high-quality development, prioritizing the enhancement of efficiency and quality in its core business. Linklogis continues to diversify its customer base while strategically optimizing its business structure by reducing low-margin product lines. In the third quarter, Linklogis’ revenue and income from principal activities saw year-on-year growth, accompanied by a notable improvement in gross profit margin.
Focusing on Core Business Development, ABS Cloud Achieves 325% Growth Against Market Trends
In the third quarter of 2024, the total transaction volume processed by the technology solutions of Linklogis reached RMB105 billion, marking an 18% year-on-year increase. Within this, Anchor Cloud processed supply chain assets amounting to RMB64.4 billion, up 13% year-over-year, while FI Cloud handled supply chain assets totaling RMB34.6 billion, a 16% increase. Driven by a focused investment in its core business, the Multi-tier Transfer Cloud within the Anchor Cloud experienced robust growth, processing supply chain assets totaling RMB47.7 billion, a 29% rise year-over-year. Additionally, the ABS Cloud within the FI Cloud successfully launched new products to meet the increasing demand for diversified asset allocation in the current low-interest-rate environment. This initiative expanded services from upstream payable assets to downstream receivable assets, resulting in an impressive transaction volume of RMB22 billion for ABS Cloud in the third quarter, reflecting a remarkable 325% year-over-year growth and achieving success despite market challenges.
In the third quarter of 2024, Linklogis successfully won bids for the development of the supply chain finance service platform for Yangtze River Industry Investment Group and Genertec Universal Medical Group. Additionally, Linklogis has partnered with several large enterprises and financial institutions, including Shandong Binzhou Urban Construction Group, Huayuan Landport Capital Operation, Hubei Wanchuan State-owned Capital Investment and Operation Group, Changsha Broad Homes Industrial Group, Huaxia Bank, and China Bohai Bank, to collaborate in the supply chain finance technology sector and launch the first batch of multi-tier transfer businesses.
Linklogis accelerated its high-quality customer acquisition in the third quarter, adding 103 new customers and 184 partners, bringing the total number of customers to 959 and total partners to 2,270. This includes 1,917 anchor enterprises and 353 financial institutions. Notable new anchor enterprise customers include Wahaha Group, Jingye Group, Shanghai Electric Group, Yunnan Provincial Investment Holdings Group, and Yangtze River Pharmaceutical Group. Linklogis continues to expand and optimize its customer base, focusing on key industries such as infrastructure, construction, renewable energy, and public utilities, achieving a remarkable customer retention rate of 96%.
Acquisition of Bytter to Advance Treasury Development
According to the announcement on October 29, 2024, Linklogis has officially signed an equity acquisition agreement with the current controlling shareholder of Shenzhen Bytter Technology Co., Ltd. (“Bytter”) for the acquisition of 29.38% of its shares. Upon completion of the acquisition, Linklogis’s total shareholding will increase to 54.38%, making it the controlling shareholder of Bytter. The two companies will enhance their product offerings by integrating their core strengths in fund management and supply chain finance technology. Together, they aim to support state-owned enterprises as well as large and medium-sized private enterprises in building a world-class financial management platform. Linklogis will combine external mergers and acquisitions with internal growth to embark on a new chapter in the development of smart industry-finance treasury solutions.
Linklogis is dedicated to enhancing shareholder returns through active share repurchases. As of the end of the third quarter of 2024, the company has repurchased 142 million shares for approximately HK$280 million. Moving forward, Linklogis will continue to monitor market trends, seize growth opportunities, and focus on sustainable high-growth core businesses. Linklogis aims to maintain rapid customer acquisition while steadily advancing in technological innovation and service expansion, striving to create long-term value for both customers and investors.
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining can involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
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MIL-OSI: Clean Energy Technologies, Inc. and Exergy International Sign MOU to Promote ORC Heat Recovery Solutions Across the Americas
Source: GlobeNewswire (MIL-OSI)
Irvine, CA., Oct. 29, 2024 (GLOBE NEWSWIRE) — Clean Energy Technologies, Inc. (“CETY”) (Nasdaq: CETY), a clean energy manufacturing and services company specializing in eco-friendly energy solutions, clean fuels, and alternative power for small and mid-sized projects in Americas, Europe, and Asia, has signed a Memorandum of Understanding (“MOU”) with Exergy International Srl (“Exergy”), a global leading provider of Organic Rankine Cycle (“ORC”) systems, with headquarters in Italy. This strategic partnership aims to drive growth in the field of heat recovery solutions by promoting, selling, and supporting Exergy’s ORC systems across the Americas and potentially other global regions. The collaboration will expand Exergy’s and CETY’s Waste Heat to Power solutions throughout the Americas, enabling CETY to offer small to large-scale ORC systems for industries such as cement, steel, glass, oil & gas, utilities and for power generation from geothermal resources and biomass.
Leveraging CETY’s established market presence and engineering expertise, coupled with Exergy’s advanced high-capacity ORC systems utilizing the Radial Outflow Turbine, the two companies will offer highly-efficient and competitive waste heat recovery solutions to target specific industry needs for decarbonization.
“We see a significant growth trajectory ahead,” said Kam Mahdi, CEO of CETY. “With the rising demand for energy-efficient solutions, this partnership provides a scalable platform to tap into a wide range of ORC applications, from waste heat recovery in industrial process heat and biomass projects to geothermal. Together, we’re positioned to make an impact on the waste heat to power landscape, generating strong sales growth and profitability.”
Luca Pozzoni, General Manager of Exergy, comments: “Exergy views the American market as a key region for the company’s development and growth, a market that we have chosen to focus on in the coming years. I am confident that our collaboration with CETY will allow us to expand our presence, deepen our understanding of the market, and soon establish new ORC references in the region. With over 550 MWe in our portfolio, we are well-positioned to support American industries in their decarbonization journey.”
This MOU represents a strategic partnership in the waste heat recovery sector and a pathway for scalable global growth. As industries continue to prioritize sustainable energy practices, the demand for ORC solutions is expected to increase. CETY and Exergy are poised to seize the momentum and set a new standard in delivering energy-efficient solutions worldwide.
About Exergy International srl
EXERGY INTERNATIONAL Srl is a leading provider of clean energy technologies. We are experts in the design, engineering and manufacturing of Organic Rankine Cycle (ORC) systems with the pioneering Radial Outflow Turbine. EXERGY’s proprietary technologies, covered by several patents, allow for highly efficient energy production via the exploitation of heat sources from geothermal, waste heat from industry, biomass and concentrated solar power. The EXERGY portfolio accounts for over 500 MWe and the second largest geothermal binary fleet worldwide. EXERGY is part of the Chinese TICA Group, a leading integrated system and service provider in HVAC. From the headquarters in the north of Italy (Milan), EXERGY exports and implements its technology worldwide with a particular focus on high growth potential markets. Website: https://exergy-orc.com/
About Clean Energy Technologies, Inc. (CETY)
Headquartered in Irvine, California, Clean Energy Technologies, Inc. (CETY) is a rising leader in the zero-emission revolution by offering eco-friendly green energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company’s principal products are Waste Heat Recovery Solutions using our patented Clean CycleTM generator to create electricity. Waste to Energy Solutions convert waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions provide expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies.
CETY’s common stock is currently traded on the Nasdaq Capital Market under the symbol “CETY.” For more information, visit www.cetyinc.com.
For more information, visit www.cetyinc.com.
Follow CETY on our social media channels: Twitter | LinkedIn | Facebook
This summary should be read in conjunction with the Company’s quarterly report on Form 10-Q for the quarterly period ended June 30, 2024 and other periodic filings made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, which contain, among other matters, risk factors and financial footnotes as well as a discussions of our business, operations and financial matters located on the website of the Securities and Exchange Commission at www.sec.gov.
Safe Harbor Statement
This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of CETY’s 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 the Company’s control. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “plan,” “expect,” “estimate,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Any forward-looking statement made by the Company in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Clean Energy Technologies, Inc.
Investor and Investment Media inquiries:
949-273-4990
ir@cetyinc.com
Source: Clean Energy Technologies, Inc.Exergy International Srl
Media contact:
Sara Milanesi
s.milanesi@exergy.it
+39 3666012588 -
MIL-OSI: Rigetti Computing to Report Third Quarter 2024 Financial Results and Host Conference Call on November 12, 2024
Source: GlobeNewswire (MIL-OSI)
BERKELEY, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (“Rigetti” or the “Company”) (Nasdaq: RGTI), a pioneer in hybrid quantum-classical computing, announced today that it will release third quarter 2024 results on Tuesday, November 12, 2024 pre-market open. The Company will host a conference call to discuss its financial results and provide an update on its business operations at 8:30 a.m. ET the same day.
Key details regarding the call are as follows:
Call Date: Tuesday, November 12, 2024
Call Time: 8:30 a.m. ET / 5:30 a.m. PT
Webcast Link: https://edge.media-server.com/mmc/p/aoxe8j5p/
Live Call Participant Link: https://register.vevent.com/register/BI66e8b07255734ee49c6d5daf2166b220Webcast Instructions
You can listen to a live audio webcast of the conference call by visiting the “Webcast Link” above or the “Events & Presentations” section of the Company’s Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.Live Call Participant Instructions
To participate in the live call, you must register using the “Live Call Participant Link” above. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.About Rigetti
Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. The Company’s proprietary quantum-classical infrastructure provides high performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.Contact
Rigetti Computing Media Contact:
press@rigetti.comRigetti Computing Investor Relations Contact:
IR@Rigetti.com -
MIL-OSI: Sky Quarry Appoints Darryl Delwo as Chief Financial Officer and Cyla Apache as VP of Finance
Source: GlobeNewswire (MIL-OSI)
WOODS CROSS, Utah, Oct. 29, 2024 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry ” or the “Company”), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, today announced two key appointments. Darryl Delwo, CPA, a seasoned finance and accounting executive, was previously named Chief Financial Officer effective August 20, 2024, and Cyla Apache has recently been promoted to Vice President of Finance. These appointments reflect Sky Quarry’s focus on strengthening its finance leadership as it advances its growth strategy as a publicly listed company on Nasdaq.
Darryl Delwo brings over 28 years of experience to the role and was promoted after serving as Vice President of Finance at Sky Quarry since 2020. Previously, Mr. Delwo served as Chief Financial Officer of Noralta Technologies Inc., an integrated SaaS provider primarily servicing the oil & gas market. Prior to that, Mr. Delwo was Controller and Acting CFO for the start-up company Sulvaris Inc., supporting the venture funding to recommence project construction. He has also served in Controller roles at Black Diamond Energy Services, Wholesale Sports, and Regus Canada. Mr. Delwo holds CPA and CMA designations in Canada, along with a Bachelor of Commerce in Accounting from Athabasca University.
Cyla Apache brings over six years of controllership experience. She is a motivated leader with a strong background in implementing software and developing efficient workflows. Additionally, Ms. Apache has extensive knowledge of tax law and demonstrates how an accounting department can drive revenue and profitability. She holds an MBA, an MS in Accounting, a CPA designation from the California State Board of Accountancy, and an Enrolled Agent designation from the IRS.
“After more than four years as VP of Finance, Mr. Delwo’s promotion to CFO is a natural step,” said David Sealock, CEO of Sky Quarry. “His 28 years of experience and proven leadership will be invaluable as we grow as a Nasdaq-listed company and advance our capital markets strategy. Alongside Ms. Apache’s promotion to Vice President of Finance, these leadership additions enhance our ability to drive operational excellence and execute our strategic and financial priorities, all with a focus on value-added growth and commitment to our shareholders.”
About Sky Quarry Inc.
Sky Quarry Inc. (NASDAQ: SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit skyquarry.com.
Forward-Looking Statements
This press release may include ”forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.
Investor Relations
Chris Tyson
Executive Vice President
MZ Group – MZ North America
949-491-8235
SKYQ@mzgroup.us
www.mzgroup.usCompany Website
-
MIL-OSI: EXL recognized as a Major Player in IDC MarketScape for Worldwide Data Modernization Services in 2024
Source: GlobeNewswire (MIL-OSI)
NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — EXL [NASDAQ: EXLS], a leading data analytics and digital operations and solutions company, announced that it has been recognized as a Major Player in the IDC MarketScape: Worldwide Data Modernization Services 2024 Vendor Assessment (doc #US51234424, September 2024) report.
The inaugural report evaluates 27 service providers across their core value propositions, execution and innovation capabilities, go-to-market strategy, and market impact.
“Whether driven by AI adoption or not, data modernization services are a critical component of organizations’ strategies to become more efficient, agile, and growth-oriented businesses,” said Jennifer Hamel, senior research director, Enterprise Intelligence Services at IDC. “This study evaluates 27 vendors that have established themselves as trusted partners for navigating the complexities of data modernization and continue to expand and evolve their portfolios to meet organizations’ future needs across the enterprise intelligence architecture.”
According to the report, “IDC considers EXL’s strategies around offerings, client adoption, employee skills and retention, and innovation and R&D as key strengths. EXL also showcased strengths in achieving business outcomes for clients with data modernization services through case studies across a variety of industries and business functions.”
“At EXL, we take great pride in helping our clients realize the power of data and AI by creating modern data architecture, data flows and solutions for them,” said Vivek Jetley, president and global head of analytics at EXL. “We combine our data, domain and AI expertise to design and implement solutions that improve operational efficiency and customer experience. We’re proud to receive this recognition from the IDC MarketScape as we continue to help our clients optimize their processes and build their future successes.”
IDC’s Enterprise Intelligence Services subscribers can read the IDC MarketScape report at idc.com.
For more information about how EXL partners with clients to lay the data foundations of AI and improve operational efficiency and customer experience through the design and implementation of modern, agile, secure, and scalable data platforms, please visit here.
About IDC MarketScape:
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.
About EXL
EXL (Nasdaq: EXLS) is a leading data analytics and digital operations and solutions company. We partner with clients using a data and AI-led approach to reinvent business models, drive better business outcomes and unlock growth with speed. EXL harnesses the power of data, analytics, AI, and deep industry knowledge to transform operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 55,000 employees spanning six continents. For more information, visit www.exlservice.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.
© 2024 ExlService Holdings, Inc. All rights reserved. For more information go to www.exlservice.com/legal-disclaimer
Contacts
Media
Keith Little
+1 703-598-0980
media.relations@exlservice.comInvestor Relations
John Kristoff
+1 212 209 4613
IR@exlservice.com -
MIL-OSI: Xtract One Technologies to Present at the AI & Technology Virtual Investor Conference October 31st
Source: GlobeNewswire (MIL-OSI)
TORONTO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL), a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging artificial intelligence (AI), today announced that Peter Evans, CEO will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31st, 2024.
DATE: October 31st
TIME: 2.30pm – 3pm ET
LINK: https://bit.ly/3ASgcyvThis will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.
Learn more about the event at www.virtualinvestorconferences.com.
About Xtract One Technologies
Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that enable facility operators to prioritize and deliver improved “Walk-right-In” experiences while providing unprecedented safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, X, and LinkedIn.About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
CONTACTS:
Xtract One Investor Relations
Chris Witty
Darrow Associates
646-438-9385
cwitty@darrowir.comVirtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com -
MIL-OSI: ONAR to Present at the AI & Technology Virtual Investor Conference October 31st
Source: GlobeNewswire (MIL-OSI)
LOS ANGELES, Oct. 29, 2024 (GLOBE NEWSWIRE) — Reliant Holdings, Inc. (OTCQB: RELT), soon to be Onar Holding Corporation, today announced that ONAR CEO, Claude Zdanow, will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31st, 2024.
DATE: October 31st
TIME: 3:00 PM ET
LINK: https://bit.ly/3ASgcyv
Available for 1×1 meetings: November 1st, 4th, and 5thThis will be a live, interactive online event where potential investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that online potential investors pre-register and run the online system check to expedite participation and receive event updates.
Learn more about the event at www.virtualinvestorconferences.com.
Recent Company Highlights
- A reverse merger with Reliant Holdings, Inc.
- Several strategic acquisitions that expanded their capabilities
- A new partnership with iQSTEL, a leader in telecommunications and fintech
- Anticipation of Regulation A+ offering to support future acquisitions
About ONAR
ONAR (OTCQB: RELT) is a dynamic marketing and business solutions network, soon to be publicly traded as Onar Holding Corporation. ONAR’s mission is to provide unparalleled service through an integrated, AI-driven approach, leveraging its diverse brand family’s strengths. Committed to honor, candor, and best-in-class results, ONAR aims to lead the industry by example, ensuring every client relationship is deeply rooted in trust and excellence.
About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to potential investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with potential investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional potential investors.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on ONAR’s current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy, and financial needs. These statements are not historical facts and are inherently uncertain and outside of ONAR’s control. Forward-looking statements include, among other things, statements regarding ONAR’s expectations regarding its ability to achieve its financial and strategic goals, including surpassing $100 million in revenue and securing a NASDAQ listing; its ability to expand its client base and market share; and its ability to develop and launch new products and services. Actual results may differ materially from ONAR’s expectations and projections due to various risks and uncertainties, including market conditions, competition, the ability to protect intellectual property, the ability to manage growth, changes in laws and regulations, and other factors described in ONAR’s filings with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this press release, and ONAR undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
CONTACTS:
ONAR
Sara Scully
Marketing Manager
213-437-3081
IR@onar.comVirtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com -
MIL-OSI: Ambiq Expands Support for the Popular Zephyr RTOS
Source: GlobeNewswire (MIL-OSI)
AUSTIN, Texas, Oct. 29, 2024 (GLOBE NEWSWIRE) — Ambiq®, a leading developer of ultra-low-power semiconductors and solutions enabling Edge AI, expands its support for the open-sourced Zephyr Project® Real-Time Operating System (RTOS). Zephyr is now available on the Apollo3 Family SoCs, Apollo4 Plus, Apollo4 Blue Plus, and the upcoming Apollo510 MCU, for high-performing AI at the edge.
Manufacturers running Zephyr on the Apollo chips benefit from Ambiq’s signature Subthreshold Power Optimization Technology (SPOT®) for exceptional energy efficiency, low memory usage, a rich combination of design resources and documentation, easy-to-use development tools, strong community support, and flexibility. Embedded developers, already working within the Zephyr environment, can easily port their software to Ambiq’s chips to take advantage of the much lower power consumption, simplifying their development cycle and scaling their products for faster time to market.
“We are excited to be part of the Zephyr ecosystem,” said Fumihide Esaka, CEO of Ambiq. “Introducing Zephyr embedded developers to Ambiq’s low power solutions dramatically expands their toolkit for creating higher performing and more energy efficient edge devices. I have no doubts that Zephyr’s versatility and powerful community with highly documented resources, coupled with Ambiq’s ultra-low power solutions, will appeal to embedded developers at businesses of all sizes.”
“With the incredible growth Zephyr has experienced in the last few years including more than 100,000 commits on GitHub from more than 2,000 contributors, it is set to become a de-facto standard RTOS choice,” said Michael Gielda, Co-Founder of Antmicro and Chair of The Zephyr Project Marketing Committee. “We are thrilled to see Ambiq actively contributing to the ecosystem with support for their platforms to enable a next generation of low-power products running Zephyr.”
Users can access Ambiq’s GitHub code for Zephyr to get started today.
About Ambiq
Ambiq’s mission is to develop the lowest-power semiconductor solutions to enable intelligent devices everywhere and drive a more energy-efficient, sustainable, and data-driven world. Ambiq has helped leading manufacturers worldwide create products that last weeks on a single charge (rather than days) while delivering a maximum feature set in compact industrial designs. Ambiq’s goal is to take Artificial Intelligence (AI) where it has never gone before in mobile and portable devices, using Ambiq’s advanced ultra-low power system on chip (SoC) solutions. Ambiq has shipped more than 250 million units. For more information, visit www.ambiq.com.
About Zephyr
The Zephyr Project is a Linux Foundation hosted Collaboration Project. It’s an open source collaborative effort uniting developers and users in building a best-in-class small, scalable, real-time operating system (RTOS) optimized for resource-constrained devices, across multiple architectures. For more information, visit zephyrproject.org and github.com/zephyrproject-rtos.
Contact
Charlene Wan
VP of Branding, Marketing, and Investor Relations
cwan@ambiq.com
+1.512.879.2850A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a5a9bfa9-89a3-43e1-8230-afbe2ba3f19c