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Category: Finance

  • MIL-OSI Europe: Sparking motorcycle evolution

    Source: European Investment Bank

    Stark Future’s electric dirt bike uses cutting-edge technology and engineering, featuring custom-made key component and innovative electronics. To achieve this, Wass and his team had to reimagine the very essence of the motocross bike itself.

    “Motocross is maybe the most difficult motorcycle to build, and the reason is that it does the most extreme type of riding,” says Wass. “So, it needs to be extremely durable and strong, but it also requires having perfect weight balance, very low weight, high power-to-weight ratio, and all of these things have to match perfectly.”

    This becomes even more complex when designing an electric bike. You need to consider components such as the battery and electrical systems, which significantly impact the bike’s weight, balance, and overall performance.

    “You no longer have things like a gas tank, gears, clutch and an exhaust system,” Anton adds. “It really changes the whole construction of the chassis. But if you stay open minded, this also gives you new opportunities.”

    The final product is truly impressive. The company has developed the most powerful power-to-weight motor of any production motocross bike. The 6.5 kilowatt-hour battery, coupled with a custom carbon fibre sleeve motor, provides up to 80 horsepower, 30% more power than a comparable 450cc motocross gas bike. This setup allows up to six hours of technical trail riding or enough energy to complete a full motocross race, with a recharge time of just two hours.

    The bike also has an adjustable power setting, enabling riders to set the power level anywhere from 10 to 80 horsepower. Thanks to this feature, new riders can reduce the power as needed during the learning curve.

    MIL OSI Europe News –

    January 25, 2025

  • MIL-OSI Europe: Germany: EIB supports affordable housing in Bremen

    Source: European Investment Bank

    • Housing company GEWOBA is building almost 500 new rental flats and is investing to decarbonise its existing housing stock.
    • The EIB is providing €125 million in co-financing for the project to increase the supply of affordable housing that meets energy efficiency standards.

    The European Investment Bank (EIB) is granting a €125 million loan to housing-company GEWOBA AG Wohnen und Bauen in Bremen. The loan supports an extensive €500 million building and renovation project to increase the supply of affordable and climate-friendly housing in Bremen and Bremerhaven by the company that is majority-owned by the two municipalities. The flats will meet the high energy efficiency standards set out by the European Union and at least meet the German energy standard of KfW Efficiency House 55.

    According to the current plans, almost 500 new flats will be built, most of which will be accessible for people with reduced mobility. As part of the project, there will be a new kindergarten for around 60 children, as well as assisted-living communities and a day centre for 15 elderly people. In addition, over 2 000 existing flats will undergo energy-related renovation works. The price of rent per square metre for the new flats may not exceed €6.80 for subsidised flats and €9.00 for rent-capped flats.

    Bremen is a growing city, with its population expected to rise from today`s 685 000 inhabitants to 705 000 by 2035. Although the state of Bremen is in good economic shape overall, it has the highest unemployment rate of all federal states of Germany at 10%, and a high proportion of its residents earn low incomes.

    As in many cities in Germany, rent prices have increased in recent years. As the biggest rental housing provider in Bremen and Bremerhaven, GEWOBA is steering away from this trend, charging an average rent price of €6.94 per square metre (excluding bills) and an average of €7.94 per square metre for new rental contracts in existing flats.

    “The project is helping to ensure that a vibrant city can continue to grow and be liveable for families with children and the elderly”, says EIB Vice-President Nicola Beer. “Together with our partner GEWOBA, we are facing up to the social challenge in German and European cities and continuing to create affordable and climate-friendly housing.”

    The new flats are set to be highly energy efficient and will contribute to the European Union’s climate and environmental sustainability goals. They will help to reduce the amount of CO2 emitted from buildings and will support Bremen on its path to climate neutrality. They will also encourage social inclusion, as demonstrated by the emphasis on accessibility, and will create more housing options in the city for people on low and moderate incomes.

    “We are pleased to have a partner at our side in the form of the EIB, which is pursuing the same climate and social objectives as we are,” said Member of the Executive Board of GEWOBA Anja Passlack.

    Background information

    The EIB Group is the long-term lending institution of the European Union. It finances sound investments that contribute to EU policy objectives and works closely with other EU institutions and bodies to advance shared priorities such as equitable growth and a just transition towards climate neutrality. The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing in 2023, of which €8.6 billion in Germany.

    The EIB Group has been providing financing and advisory services to the housing sector for 25 years. In the last five years alone, it has provided around €13.4 billion to support sustainable urban development and modernisation projects. Together with the European Commission, the EIB will increase its commitment to affordable housing in the coming years.

    GEWOBA AG Wohnen und Bauen in Bremen was founded in 1924 with the aim of making decent housing available for broad sections of the population – a mission that is still enshrined in its statute today. With around 43 000 rental apartments, GEWOBA is the largest rental housing provider in the state of Bremen and is majority-owned by the municipality. Its core business is value-based management and looking to the future to further develop its diverse housing portfolio. For decades, it has invested in extensive maintenance and modernisation projects, and expands its portfolio with new, high-quality buildings when required.

    MIL OSI Europe News –

    January 25, 2025

  • MIL-OSI USA: Administrator Samantha Power at a Swearing-in Ceremony for Emily Coffman-Krunic as Mission Director for Bosnia and Herzegovina

    Source: USAID

    ADMINISTRATOR SAMANTHA POWER: Dobro jutro [good morning], here. Dobar dan [good evening], there. 

    It’s really great to be part of this event. Jim [Hope], really lovely to hear from your perspective. Jim has most recently been our Mission Director in Ukraine, and this is the first ceremony that I’ve had the chance to hear him emcee. But, it’s great to hear from a fellow Mission Director what these ceremonies mean. Certainly, they mean the world to us. 

    Ambassador [Michael] Murphy, as much as you think you know about Emily, you are about to learn much more. You will have a lot more ammo to use in various interagency deliberations. But, I want to thank you for joining and doing so in the spirit you did, I’ve actually – we haven’t had the chance to meet in person – but I devour your cables and your tweets. But above all, I have the greatest respect for just how you have not taken the easy path there and really stood. I think, very strongly in the face of an awful lot of resistance and many many headwinds – for not only American values but ultimately for the dignity of the people of the country and of the region. Really, really grateful to you for that. I’ve admired you from afar for a long time. 

    I do want to recognize – and Emily and I just talked about the tragedy of the historic floods that have really besieged really small communities in Bosnia and Herzegovina, very specifically Jablanica and Konjic. I know that Ambassador Murphy and Emily are already working with affected communities to support recovery efforts and even visited and met with the affected people. That means the world, I’m sure, to them, that someone has their back. But, our thoughts, of course, go out to those communities. There’s a lot coming at the people of Bosnia and Herzegovina, and when the floods pile on, it must be very overwhelming. So again, just a reflection of how much the American people care about the people of the country, and you all are incredible ambassadors for that. 

    Emily has a full house here today, in person and online, and maybe breaking some records if we add up all the miles traveled for each of the family members. But, we have her father Daniel and her mother Blanche, beaming in on the screen. And, here in the audience, we have her sisters Elizabeth, Ginny, and Julie. Ginny flew in all the way from England, and, incredibly, Julie has made the time to be here today after spending the past few weeks helping hurricane recovery efforts in western North Carolina. 

    And again, the parallel between what happens in Bosnia and the extremity of that and what happens here is just a reminder of the universality, sadly, of these challenges these days. 

    Thank you to the sisters, you seem like an incredibly close-knit group. I was like, “Are you thinking of visiting?” And they were like, “Ah, we’ve been there many times, you know!” So, I know Emily is incredibly lucky to have you in her corner. 

    We’re also joined by Emily’s children, of course – by Adrian, who studies engineering at the University of North Florida, and Emily’s daughter Stella, who began her own studies recently in anthropology in Amsterdam. I know that through your lives you’ve had to make big changes often to accommodate mom’s spirit of public service – leaving schools, and friends, and communities. So, thank you for your own sacrifices. You are the reason your mom does everything she does. So, thank you. 

    Alright, this is your life portion. 

    Emily was born in Jacksonville, Florida, to two parents we just got to see, who instilled in her the value of helping others. Her mom was a nurse before becoming a great caretaker for her four daughters, and then her mom worked at a local school. Emily’s dad was a pilot in the Navy and then a lawyer. 

    As a child, Emily was a go-getter who loved adventure, apparently. Although she was not the oldest, I’m told that she was the one who always directed the games among the girls. Emily went on to earn her degree in philosophy from Texas Christian University, before working at Merrill Lynch, where she saved up enough money to keep fueling her adventures. 

    She went to Guatemala for three months to learn Spanish and to Chile for six months to teach English to children of the indigenous Mapuche people, where she caught the spark, I guess, for international development work. Emily went on to earn her master’s in international peace and conflict resolution at American University, while also volunteering at the International Rescue Committee. 

    One day, Emily heard that the Organization for Security and Cooperation in Europe, OSCE, was looking for people to support Bosnia and Herzegovina’s very first municipal elections since the war. The country, as all of you know, had emerged from a horrific conflict with the signing of the U.S.-brokered Dayton Accords just the year before, and tensions were high as elections neared – with the question of whether the Dayton agreement could result in lasting peace and whether democracy really could be meaningfully ushered in. 

    Emily still had two months left in her degree program, but everyone she talked to, including the professors whose classes she would be skipping out on, said, “You have to do this. This is too important not to do.” 

    But, she was conflicted, because she was clearly a better student than I was. And so, she called her dad, and he was the last person she just had to make sure that she wasn’t doing something crazy. Her dad, Dan, of course, was worried about her going to war-torn Bosnia – again, the bullets had barely ceased firing, and this election was really soon after the war had ended.

    But, Emily asked him, and he expressed some reluctance, you know, given that the headlines had recently been very grim. But, Emily asked him, “Dad, what exactly were you doing when you were 27?”

    And his answer was, “I guess I was flying jets off aircraft carriers in the ocean…”

    So, Emily went on, booked her ticket with everybody’s full support. As you heard, she went on to work in Bosnia and Herzegovina for eight years, eventually joining the World Conference of Religions for Peace, one of USAID’s partners in Bosnia and Herzegovina as the Chief of Party.

    Emily knew that for development efforts to be effective there, after such vicious inter-ethnic conflict, there needed to be enhanced communication and cooperation. The demonization across lines had been very, very intense.

    Muslims, Croats, Bosnian Serbs, Orthodox Christians, Catholics, Jews – everyone kind of had to come together in dialogue. So, as you heard again from Ambassador Murphy, she and her team founded this inter-religious council of Bosnia and Herzegovina, and it really has, over the years, worked to mobilize faith leaders, faith communities, in service of reconciliation and rebuilding. 

    The work has never been easy. The demons, not only from the wars of the 1990s, but dating even further back, loom large. The misinformation which really impedes, you know, the ability to sustain, sometimes, that trust that those encounters can breed – all of that makes it immensely challenging.

    But, Emily continued to help the council members establish common ground and find productive ways to work together. Over these last decades, this Council has played an important role on everything from organizing youth reconciliation, to addressing gender-based violence, to facilitating the protection of holy sites for all groups.

    I think this shows a characteristic that has defined Emily’s work over the years. Even in incredibly difficult environments where the odds seem low of succeeding, she has managed to help people see that there is a path forward, if they can come together.

    In Rwanda, Emily arrived at a time when the democracy team’s funding had been nearly zeroed out for two years in a row. The Mission was actually considering stopping all democracy and governance programming. But, Emily understood that supporting democracy, again as Ambassador Murphy reinforced, was, in fact, fundamental to advancing development. 

    To make enduring progress on any front, developmentally, citizens have to be empowered to demand and work toward the change that they want in their own communities. They also have to be able to, through raising their voice at the ballot, be able to get rid of leaders who are corrupt or governing poorly and in a way that isn’t bettering the lives of citizens. 

    In the words of Joseph Rurangwa, an FSN in Rwanda, Emily “fought for DG’s identity” – fought for democracy and governance’s identity. Apparently, she worked day and night to convince partners, donors, and colleagues that democracy and governance was worth the investment. 

    Emily went to battle, and Emily won. The Mission in Rwanda didn’t just revitalize the small democracy team that Emily had come to lead. It created an entirely new standalone democracy and governance office. The office went from having two activities in other portfolios to an entire portfolio of 13 democracy and governance activities: from training journalists, to hosting election roundtables for citizens and human rights training for Rwandan youth, to even creating the Mission’s first-ever activity supporting the LGBTQI+ community in Rwanda. Joseph says, “Emily steered the boat in troubled waters, and with her at the helm, 800,000 flowers bloomed all at once.” 

    In Jordan, where Emily started as the Democracy, Rights, and Governance Office Director and ultimately became the Deputy Mission Director, she helped manage a portfolio completely unknown to her: water. Water is a huge, huge issue, as everyone knows. For Jordan, specifically, the country is the third most water scarce country in the entire world. And, while a country is considered to face water scarcity when it has less than 500 cubic meters of water per person per year, Jordan has just one-fifth of that. Just to give you a sense of the magnitude of this challenge. And water, as we know, again, all of us, from our own lives, is necessary for just about everything. 

    Jordan’s water portfolio is the largest budget for any single portfolio for USAID, and it is also a country – one of the few countries in the world – where USAID finances large infrastructure projects. So, it was a huge task, and though Emily had no formal background in water, she quickly became fluent in everything from project finance to major infrastructure construction. One colleague at the time says, “Emily came to the job with so much humility and curiosity. It really inspired all of us to feel like we were all in this together.”

    Emily led the team as they took on two tasks. First, while Jordan had an existing water sharing agreement with its neighbor Israel, Emily knew that in spite of the complex relationship between the countries, they could and should share more water. 

    So, she and the team helped negotiate an agreement in which the two countries agreed to double the volume of water that they shared. This was a historic agreement that spared further water rationing in Jordan. But, Emily also knew that to meet the scale of need, Jordan needed to develop its own desalination ability, turning saltwater into drinkable water. So, she oversaw the design and procurement of the third-largest desalination project in the world, leading it through political negotiations, financial hurdles, and technical discussions, as donors, partners, diplomats, and elected officials came together to achieve a workable plan. Emily’s efforts paid off. 

    USAID was able to catalyze nearly $3 billion against our $300 million pledge from donors like the Development Finance Corporation, the European Union, and the Islamic Development Bank. When construction is complete, slated to be in about five years, the project will pump newly desalinated water from the south of Jordan, 280 miles uphill, to the population centers of Jordan, who need the water for daily life – through pipes that are so big that you can actually drive a car through them. This single desalination project will meet a full 40 percent of Jordan’s water needs, transforming its water security.

    Emily has spent the past year, of course, applying the skills that she honed leading these kinds of ambitious projects in difficult environments in the Mission in Bosnia and Herzegovina, where she returned to serve as Deputy Mission Director. We are told that the first two weeks that Emily was back on the ground in Bosnia and Herzegovina, she met every single person at the Mission, from the Ambassador to the Foreign Service Officers to the Foreign Service Nationals to the cleaning staff, to get to know all of those who are part of her new team.

    When it was announced that she was going to be the new Mission Director, her predecessor, Courtney Chubb – an extraordinary Mission Director in her own right – but as Courtney described it, when word went out that she was going to be promoted, the Ambassador was completely overjoyed. And, as Courtney put it, “I’ve never seen so many smiles on the faces of our Mission staff.”

    And just to say a word about that Mission staff and having a chance to engage you all directly, you’re extraordinary. Our Foreign Service Nationals – as Courtney and I discussed when I was on the ground there on a visit, and Emily and I just discussed – you all are really some of the leading lights in the world. The amount you know, the amount you have achieved, the amount you have circumnavigated, all that stands in your way to make the peace enduring and to try to strengthen checks and balances and institutions. Many of our FSNs in Bosnia and Herzegovina have been there more than 20 years, some more than 30 years. It’s just an incredible team. And to have as a Mission Director, as you do, someone who so values you and recognizes how much she has to learn from you every day, that’s the best kind of teamwork that can be expected.

    So, there is no better person, I think, in something of a returning home, second home really, to Emily but for Emily Coffman-Krunic to be taking the helm as the Mission Director in Bosnia and Herzegovina.

    Bosnia and Herzegovina is a special place. It is a country whose people continue to experience incredible hardship. I talked earlier about the flooding, but there’s a lot of man-made disasters happening in Bosnia and Herzegovina, because so many elected leaders do not put their people first. Some do, and they are extraordinary, what they put up with as well.

    But, when institutions don’t work always on behalf of the people, it makes what the people do to make development happen even more impressive. And, the efforts that the people of Bosnia and Herzegovina have made, initially, to rebuild, to revitalize, to grow, really speak just to the resilience of all communities, and it’s an inspiration for those of us who only get to visit every now and then. 

    Since 1996, the U.S. government has provided more than $2 billion, including $1.5 billion from USAID alone, in assistance in efforts to support, again, those on the ground who are building a democratic and inclusive European country. One of the most complicated government structures in the world, makes things very, very challenging. It is hard, often, for leaders to agree on the kinds of basic policies or basic initiatives that the people really expect from them. When they agree, it can be very challenging to operationalize those efforts. But nonetheless, again, there is so much good that is happening on the ground. 

    The virulent nationalism that lives on, usually most vocally in those who don’t know how to or don’t care to deliver basic services for the citizens of the country, continues to threaten the progress that has been made. We see the direct targeting of NGOs and development partners. We see attacks on independent media. We see, basically, threats to this effort to build a strong, independent, and vibrant European country, which is so clearly what young people in the country want. 

    USAID has an incredibly important role to play in support of the whole country team’s effort to push back against these challenges. We are working to counter harmful nationalistic rhetoric and narrative, with the goal of strengthening the security and the dignity for individuals and for communities within the country. We are expanding our work with independent media, with civil society, with investigative journalists. We are working to contribute to economic development, to help the private sector drive growth, and to include all groups like LGBTQI+ communities, women and Roma populations, in the progress that the people of Bosnia and Herzegovina are trying to drive. 

    Now, Emily, I want to end these remarks on something your son Adrian told us. We asked Adrian what it was like to grow up and to travel the world with you. And Adrian said, “I always knew that what my mom did was helping people. It made me want to be a better person.” 

    So, Emily, I think it’s safe to say you’ve made so many of us here want to be better people, even I, just listening to your journey, but also seeing what you’ve been doing on the grounds in Bosnia and Herzegovina, and in Jordan, just during my time here. And, what I love about your spirit is you never give up. You don’t care about the odds. You just invest body and soul, bring questions and not answers in the first instance, empower your teams, and you have one of the best teams in the world there, as you well know, and you do it all with an eye to future generations and what would mean the most. 

    So, we are thrilled that you’re our Mission Director in Bosnia and Herzegovina, and I look forward to making it official and swearing you in. Congratulations.

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI: BIO-key Secures $910,000 Order to Upgrade Long-Time Financial Services Customer to Enhanced Biometric Customer Identification Technology

    Source: GlobeNewswire (MIL-OSI)

    HOLMDEL, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB) for phoneless, tokenless, passwordless and phish-resistant authentication, announced that it has received a $910,000 order from a long-term financial services customer to upgrade to BIO-key’s “fingerprint only” Biometric Customer Identification Technology.

    The technology enhancement builds on the customer’s expanding deployment of BIO-key technology to verify the identity of customers, now totaling over 25 million enrolled individuals. Previously customers were verified at a branch location by matching their fingerprint scan and their ID number, account number or card. By upgrading to BIO-key’s “fingerprint only” identification, the customer will be able to identify each of its clients by a simple fingerprint scan – without the need for a card, account or ID number, saving an estimated thirty seconds per client encounter. 

    The financial services customer plans to upgrade all its users to BIO-key’s fingerprint-only identity solution in order to further streamline what is already a best-in-class client experience of its existing BIO-key-based verification solution. The new client identification solution will be entirely hosted on Amazon Web Services (AWS) infrastructure in order to support the technical demands of real-time, one-to-many biometric identification as compared to one-to-one matching of a fingerprint scan with a biometric associated with an account number, ID number or card.

    Following full deployment of the enhanced biometric customer identification solution during 2025, BIO-key expects annual recurring revenue (ARR) from this financial services customer to increase to approximately $1.4M per year.

    “This financial services customer remains on the cutting edge of biometric technology deployment as it works to deliver the best possible customer experience and protection against fraud”, said Jim Sullivan, BIO-key’s SVP of Strategy and CLO. “After closely working with our team on advance testing, they found that upgrading to BIO-key’s one-to-many fingerprint-only identification technology would not only provide a better user experience but would also save a substantial amount of time at every client encounter, avoiding the time to retrieve a physical ID card. BIO-key’s unparalleled accuracy in identification and speed of indexed search makes this leap in efficient customer engagement possible. The upgrade advances our customer’s commitment to leveraging the power of biometric technology to execute secure digital, paper-less transactions for their clients. We believe this is one of the world’s largest deployments of one-to-many biometric technology in a private commercial or enterprise setting. Working with the client and our partner at AWS, we intend to publish a more detailed whitepaper on this deployment in order to support other enterprises’ understanding the benefits our advanced biometric identity solutions can provide.”

    About BIO-key International, Inc. (www.BIO-key.com)
    BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

    BIO-key Safe Harbor Statement

    All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to execute and deliver on contracts in Africa; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

    Investor Contacts
    William Jones, David Collins
    Catalyst IR
    BKYI@catalyst-ir.com
    212-924-9800

    The MIL Network –

    January 25, 2025

  • MIL-OSI Economics: Euro area economic and financial developments by institutional sector: second quarter of 2024

    Source: European Central Bank

    29 October 2024

    • As of October 2024, ECB quarterly financial accounts provide more details on loans by counterpart sector granted by other financial institutions (OFIs) and information on debt securities issuance of non-financial corporations (NFCs) via financing conduits. OFIs are creditors of 23% of loans granted to NFCs by financial sector
    • Euro area net saving increased to €795 billion in four quarters to second quarter of 2024, compared with €787 billion one quarter earlier
    • Household debt-to-income ratio decreased to 83.4% in second quarter of 2024 from 87.8% one year earlier
    • NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 69.3% in second quarter of 2024 from 71.8% one year earlier

    New details on other financial institutions and the financing of other sectors

    As of October 2024, the quarterly sector accounts published by the ECB provide more detailed financial accounts data on OFIs, which constitute the second largest financial sector in the euro area after monetary financial institutions (MFIs).[1] OFIs mainly provide financing to NFCs and to a lesser extent to households and other sectors. They also channel funds to and from the rest of the world.

    This new release provides counterpart sector data, such as loans granted by the OFI subsectors to NFCs (Chart 1). The release also includes new data on euro area NFC financing conduits which are captive financial institutions that raise funds by issuing debt securities to be used by their parent corporation.[2]

    Chart 1

    Loans to NFCs by financial subsector

    (outstanding amounts at the of end of the second quarter of 2024, as percentages of financial sector loans to NFCs)

    Source: ECB.

    * Loans from NFC financing conduits to NFCs are estimated based on the financing conduits’ issuance of debt securities.

    Total euro area economy

    Euro area net saving increased to €795 billion (6.7% of euro area net disposable income) in the four quarters to the second quarter of 2024, compared with €787 billion in the four quarters to the previous quarter. Euro area net non-financial investment decreased to €440 billion (3.7% of net disposable income), mainly due to decreased investment by NFCs (Chart 2 and Table 1 in the Annex).

    Euro area net lending to the rest of the world increased to €388 billion (from €336 billion previously) reflecting the increased net saving and decreased net non-financial investment. Household net lending increased to €549 billion (4.6% of net disposable income) from €501 billion. Net lending of NFCs (€233 billion, 2.0% of net disposable income) and that of financial corporations (€124 billion, 1.0% of net disposable income) were broadly unchanged. Government net borrowing stood broadly unchanged at €517 billion, contributing negatively (-4.3% of net disposable income) to euro area net lending.

    Chart 2

    Euro area saving, investment and net lending to the rest of the world

    (EUR billions, four-quarter sums)

    Sources: ECB and Eurostat.

    * Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

    Data for euro area saving, investment and net lending to the rest of the world (Chart 2)

    Households

    Household financial investment increased at a higher annual rate of 2.3% in the second quarter of 2024 (after 2.0% in the previous quarter). Among its components, investment in currency and deposits (2.3%, after 1.6%) and investment in shares and other equity (0.8%, after 0.4%) grew at higher rates due to investment fund shares, while investment in debt securities increased at a lower rate (27.9%, after 38.5%).

    Households continued to directly buy, in net terms, mainly debt securities issued by general government and MFIs. Households were overall net sellers of listed shares, selling predominantly listed shares of non-financial corporations, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents) and MFIs (Table 1 below and Table 2.2 in the Annex).

    The household debt-to-income ratio[3] decreased to 83.4% in the second quarter of 2024 from 87.8% in the second quarter of 2023. The household debt-to-GDP ratio declined, to 52.2% in the second quarter of 2024 from 54.4% in the second quarter of 2023 (Chart 3).

    Table 1

    Financial investment and financing of households, main items

    (annual growth rates)

    Financial transactions

    2023 Q2

    2023 Q3

    2023 Q4

    2024 Q1

    2024 Q2

    Financial investment*

    2.0

    1.8

    1.9

    2.0

    2.3

    Currency and deposits

    1.3

    0.3

    0.8

    1.6

    2.3

    Debt securities

    48.6

    56.9

    54.3

    38.5

    27.9

    Shares and other equity**

    1.3

    1.1

    0.4

    0.4

    0.8

    Life insurance

    -0.2

    -0.7

    -0.6

    -0.2

    0.0

    Pension schemes

    2.4

    2.4

    2.2

    2.3

    2.3

    Financing***

    2.4

    1.6

    0.9

    1.1

    1.4

    Loans

    1.8

    1.0

    0.5

    0.6

    0.6

    Source: ECB.

    * Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

    ** Includes investment fund shares.

    *** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

    Data for financial investment and financing of households (Table 1)

    Chart 3

    Debt ratios of households and NFCs

    (percentages of GDP)

    Sources: ECB and Eurostat.

    * Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
    ** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
    *** Outstanding amount of loan liabilities.

    Data for debt ratios of households and NFCs (Chart 3)

    Non-financial corporations

    Financial transactions

    2023 Q2

    2023 Q3

    2023 Q4

    2024 Q1

    2024 Q2

    Financing*

    1.7

    1.2

    0.8

    0.8

    1.0

    Debt securities

    0.7

    1.5

    1.3

    1.9

    2.9

    Loans

    3.8

    1.9

    1.7

    1.4

    1.3

    Shares and other equity

    -0.0

    0.4

    0.3

    0.4

    0.8

    Trade credits and advances

    5.2

    2.2

    1.2

    0.6

    1.8

    Financial investment**

    2.9

    2.4

    1.8

    1.9

    2.1

    Currency and deposits

    -0.6

    -1.2

    -1.2

    0.5

    2.9

    Debt securities

    23.3

    27.9

    23.0

    10.6

    7.8

    Loans

    5.9

    5.2

    5.1

    4.4

    4.5

    Shares and other equity

    1.2

    1.2

    1.0

    1.4

    1.3

    MIL OSI Economics –

    January 25, 2025

  • MIL-OSI Economics: Frank Elderson: Transcript of video recording for Finance and Biodiversity Day of 16th United Nations Conference on Biological Diversity (COP16)

    Source: European Central Bank

    Contribution by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the European Central Bank (ECB), 16th meeting of the Conference of the Parties to the Convention on Biological Diversity – Finance and Biodiversity Day

    Cali, 28 October 2024

    The global economy and finance need nature to survive. Analysis by the ECB shows that the economy depends critically on nature: 72% of non-financial businesses in the euro area – around 4.2 million individual companies – would experience significant problems as a result of ecosystem degradation. These businesses rely on ecosystem services like fertile soils, timber and clean water. And 75% of bank loans are tied to these businesses. So, if they run into trouble, the banks that finance them will too. This interdependence underscores why the ECB made nature one of the focus areas of its climate and nature plan for 2024 and 2025. It is also why we push banks under our supervision to manage all material nature-related risks.

    The ECB does not stand alone in recognising this threat. The value of nature for the economy is acknowledged by the global Network of Central Banks and Supervisors for Greening the Financial System, which has 141 members worldwide. Additionally, a recent stocktake by the Financial Stability Board showed that a growing number of policy authorities around the world are considering the potential implications of nature-related risks for financial stability.

    In recognition of the vital importance of nature for the economy, international fora must ensure that nature considerations are fully integrated into regulation and supervision, alongside ongoing efforts to account for climate-related considerations. This starts with identifying exposures and vulnerabilities to nature-related risks.

    While central banks and supervisors are not nature policymakers, we must take nature into account to fulfil our mandate of price stability and safe and sound banks. Otherwise, we risk failing to deliver on our mandate.

    My message on this Finance and Biodiversity Day is clear: if you destroy nature, you destroy the economy. The right conditions must be established for nature – and consequently the economy – to thrive. The economy needs nature to survive. Financial stability needs nature to survive. To deliver on our mandate, we need nature to survive. And the survival of nature requires financing. Therefore, your success here in Cali is vitally important.

    Thank you. Buena suerte.

    MIL OSI Economics –

    January 25, 2025

  • MIL-OSI United Kingdom: New UK-EU Competition Cooperation Agreement

    Source: United Kingdom – Executive Government & Departments

    UK Government and the European Union have formally concluded technical negotiations on the UK-EU Competition Cooperation Agreement. 

    • Negotiations conclude to support international cooperation on competition 

    • Will allow for closer cooperation between CMA and EU’s competition authorities 

    • New agreement will supplement UK-EU Trade and Cooperation Agreement (TCA) 

    The UK Government and the European Union have formally concluded technical negotiations on the UK-EU Competition Cooperation Agreement. 

    This agreement is aimed at improving cooperation between the UK’s and EU’s competition authorities, allowing for greater dialogue between the Competition and Markets Authority in the UK and

    European Commission and the National Competition Authorities of the EU Member States. The agreement will ensure more effective enforcement of global competition laws, helping to support businesses both in the UK and EU as well as protecting consumers.

    This is expected to help when it comes to work on similar or parallel cases going forwards – for example cooperating and sharing information on investigations into companies for unfair competition practices which cross borders between the UK and EU Members States. This agreement is one example of where we can strengthen UK- EU cooperation for mutual benefit.

    Announcement complements the Prime Minister’s call at the International Investment Summit for UK regulators to support the Government’s growth mission.

    The UK and EU have negotiated the agreement with a view to signature in the coming year. Parliament will have the opportunity to consider the agreement in detail once the text is published for scrutiny.

    Business & Trade Secretary Jonathan Reynolds said: 

    This forthcoming agreement recognises the importance of our continued cooperation between UK and EU competition authorities. This milestone underscores our shared recognition of the importance of international cooperation in an increasingly globalised economy.

    When competition law is enforced well across global markets, it helps to ensure businesses and consumers are protected while supporting economic growth, which is why this agreement is so important.

    Sarah Cardell, CEO of the Competition and Markets Authority, said: 

    We welcome this cooperation agreement, which will allow us to work even more closely with EU competition authorities on shared cases and common competition issues – without unnecessary barriers. 

    Effective competition has a key role to play in driving economic growth so, with many companies now operating globally, it’s important that competition authorities can cooperate more freely with each other to get the best outcomes for fair-playing businesses and consumers.

    The UK Government is committed to promoting open and fair competition globally to ensure the best opportunities for UK businesses and consumers, which is why the agreement will help support those global aims via close international cooperation. 

    These types of agreements help to establish how competition authorities work with their overseas counterparts by providing a framework on how to work together.

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    Published 29 October 2024

    MIL OSI United Kingdom –

    January 25, 2025

  • MIL-OSI United Kingdom: Virgin Media O2 and Jangala help Coventry people connect

    Source: City of Coventry

    Virgin Media O2 has helped thousands of people affected by data poverty get online with free WiFi through its partnership with technology charity, Jangala.

    Virgin Media O2 and Jangala have reached a milestone of providing more than 1,000 internet-enabling ‘Get Boxes’ to charities and local authorities across the UK. The organisations are committed to rolling out 5,000 Get Boxes by April 2025.

    A Get Box is a book size device which can be plugged in to provide an instant and secure WiFi network, powered by free O2 mobile data, ensuring that those in need can stay connected.

    The O2 mobile data is provided by the National Databank, founded by Virgin Media O2 and charity, Good Things Foundation, which is like a foodbank but provides free O2 data, texts and calls to those who need it.

    It forms part of Virgin Media O2’s sustainability strategy, the Better Connections Plan, and the company’s goal to connect one million digitally excluded people through free and affordable connectivity and services.

    Free, fast and secure WiFi

    Get Boxes are helping low-income families and people who would otherwise be disconnected get online via free fast and reliable WiFi.  Those already benefiting include people who are unemployed, the elderly, those who are living in temporary accommodation and refuges.

    It means they can access essential services, such as applying for work, booking medical appointments, or building their skills via online training courses, and is helping them stay connected to loved ones.

    The devices, which can connect up to 20 people at time, have been distributed by local authorities, including Coventry City Council, and the Royal Borough of Kensington and Chelsea, as well as charities such as digital inclusion charity, AbilityNet, and Roundabout, a youth housing charity providing shelter, support and life skills to young people aged 16-25 who are homeless or at risk of homelessness.

    Coventry City Council has received hundreds of Get Boxes to help vulnerable residents living in temporary accommodation get online.

    The council has partnered with organisations such as Valley House and the Salvation Army, and distributed the devices to places such as hostels and houses across the city.

    Cllr Richard Brown, Cabinet Member for Strategic Finance and Resources at Coventry City Council, said:

    “All aspects of our lives are increasingly heading online. Employment opportunities, public services and everyday tasks rely on the Internet more than ever.  That’s why we are working so hard to reduce the digital divide in our city.

    “Having such supportive, committed partners like Virgin Media O2 and Jangala has been essential to the continued success of that work.

    “These Get Boxes are really fantastic pieces of kit and the feedback we’re getting from residents is excellent.”

    Grace*, who has been using a Get Box to get online, said:

    “I was very happy. Like this, I can speak more with my family. I have not seen them for one year. I cried with happiness when I got the box.”

    Nicola Green, Chief Communications and Corporate Affairs Officer at Virgin Media O2, said:

    “Virgin Media O2 is proud to be leading the way in helping those in need to get online.

    “Our partnership with Jangala is providing a lifeline to thousands of people who otherwise would be disconnected, giving them access to the online world so they can do everything from booking medical appointments to accessing digital skills training, or simply staying in touch with loved ones.

    “It builds on the measures Virgin Media O2 is taking to tackle data poverty. Whether it’s free O2 data from the National Databank, rehoming devices and data with people who need them via Community Calling, or offering reduced broadband and mobile plans for people receiving benefits, we’re committed to helping people in need stay connected.”

    Rich Thanki, Managing Director at Jangala, said:

    “Jangala is very proud to be partnering with Virgin Media O2 to help connect thousands of people across the UK who have faced digital exclusion, helping people access important services, communication with family and friends and all that Internet access brings.

    “Our low-cost and open source Get Box, designed at the outset of the Covid lockdown, and our work with Virgin Media O2, the National Databank, local councils and groups across the UK, is a great demonstration of the power of collaborative tech for good”

    Organisations can apply for Get Boxes by visiting Jangala’s website.

    Virgin Media O2 also supports Jangala’s global Emergency Response programme, where the company provides funding and O2 data for Jangala’s award-winning Big Boxes. Big Boxes are deployed during global humanitarian crises, enabling disaster response teams and communities to access WiFi.

    On top of this, Virgin Media O2 has also rehomed 20,000 smartphones with people who need them as part of its Community Calling initiative with environmental charity, Hubbub.

    *Name has been changed.

    MIL OSI United Kingdom –

    January 25, 2025

  • MIL-OSI Asia-Pac: CE to attend Shanghai expo

    Source: Hong Kong Information Services

    Chief Executive John Lee will lead a Hong Kong Special Administrative Region Government delegation to visit Shanghai on November 4 and attend the seventh China International Import Expo (CIIE).
       
    Apart from attending the opening ceremony of the CIIE and the Hongqiao International Economic Forum, Mr Lee plans to tour the booths of Hong Kong enterprises at the Hong Kong exhibition area on November 5.
     
    The Hong Kong SAR Government and the Hong Kong Trade Development Council will hold the 2024 Hong Kong Investment Promotion Conference – Shanghai Forum during the CIIE.
     
    Mr Lee and Financial Secretary Paul Chan, who is scheduled to join the delegation for the trip, will deliver speeches at the conference to promote Hong Kong’s advantages and its role as a connecting platform under the national dual circulation strategy to Mainland and overseas enterprises.
     
    “The CIIE is an important economic diplomatic event held after the victorious conclusion of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, providing vast business opportunities for Hong Kong enterprises to tap into the domestic market,” Mr Lee said.
     
    “Hong Kong has always actively participated in and supported the CIIE. In addition to senior government officials attending, over 300 Hong Kong enterprises are taking part in the exposition this year, jointly promoting Hong Kong’s advantages and development opportunities in different areas and telling Hong Kong’s good stories,” he added.
     
    The Chief Executive will also meet leaders of Shanghai during the visit and exchange views with Hong Kong people and representatives of Hong Kong enterprises there.
          
    Mr Lee plans to return to Hong Kong on November 6. During his absence, Chief Secretary Chan Kwok-ki will be Acting Chief Executive.

    MIL OSI Asia Pacific News –

    January 25, 2025

  • MIL-OSI Russia: The capital has provided four sites for the construction of public and business complexes in the Kommunarka district

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Since the beginning of 2024, the city has allocated four land plots for the implementation of large-scale investment projects (MaIP) in the Kommunarka district of the Novomoskovsky administrative district. It is planned to build public and business complexes on them. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “Large-scale investment projects allow us to attract developers to develop urban infrastructure and create jobs. Since the beginning of 2024, the city has provided 5.4 hectares of land in the Kommunarka district of the Novomoskovsky administrative district for the construction of four multifunctional complexes. The total area of the facilities will exceed 340 thousand square meters,” said Vladimir Efimov.

    The complexes may include office real estate, bank branches, cafes, restaurants, shops and other facilities. They will be built within five years – this is the term for which the land lease agreements have been concluded.

    “An administrative and business center is being formed on the territory of Kommunarka. For the construction of multifunctional complexes with a total area of about 300 thousand square meters, the city has provided investors with three plots of land with an area of 3.7 hectares. Another 1.7 hectares of land have been allocated near the Kornilovskaya metro station under construction, where a business center with an area of almost 44 thousand square meters will appear,” said the Minister of the Moscow Government, head of the capital’s Department of City Property

    Maxim Gaman.

    The plots are provided for the implementation of large-scale investment projects. Investors and developers receive land for the construction of facilities without holding tenders. MAIP are significant projects for the city, aimed at the infrastructural development of the capital’s territories and an increase in the number of jobs.

    Previously on the implementation of large-scale investment projects told Sergei Sobyanin. According to him, since the beginning of the year, the largest number of land plots have been allocated in the territory of TiNAO – 18.

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.mos.ru/nevs/item/145888073/

    MIL OSI Russia News –

    January 25, 2025

  • MIL-OSI Russia: Moscow’s electrical equipment manufacturers increased production by 11 percent

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Moscow manufacturers of electrical equipment continue to demonstrate high rates of growth in production volumes. From January to August 2024, enterprises in the industry increased production by 11 percent. This was reported by the Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov.

    “Today, Moscow’s electrical engineering industry is represented by more than 130 enterprises – these are both large players with a long history and young companies. The industry employs 17 thousand people. On behalf of Sergei Sobyanin, the city offers manufacturers more than 20 support tools that allow them to expand their production base, create high-tech products and increase production volumes. In the first eight months of 2024, Moscow saw an 11 percent increase in electrical equipment production compared to the same period in 2023. Companies shipped goods worth almost 124 billion rubles to customers,” said Maxim Liksutov.

    From January to August 2024, the production of electric motors, generators, transformers and distribution devices, as well as control and measuring equipment, increased by 14 percent, and household appliances by 10 percent. In particular, Moscow industrialists manufactured over 513 thousand chandeliers, about 103 thousand signaling devices and equipment for ensuring the safety of transport infrastructure, and over 67 thousand DC electric motors.

    “The positive growth trend indicates that Moscow manufacturers are actively developing new markets and confidently meeting the needs of citizens and businesses for quality products. From January to August 2024, industrialists shipped cable products worth 28.7 billion rubles, generators, transformers, switchgear and control and measuring equipment – almost 67 billion rubles,” said the Minister of the Moscow Government, Head of the Department of Investment and Industrial Policy

    Anatoly Garbuzov.

    Today, industrialists have all the tools to find a site for production with the support of the city, open it in a short time, attract additional investment, purchase the necessary equipment and enter export markets.

    For example, the company “SAGA Technologies” is actively developing the electric vehicle industry. Today, the plant produces 11 models of charging stations, which are supplied to 11 regions of the country. In the first eight months of this year, the company has produced more than 300 pieces of such high-tech products, which are used for both personal and commercial use.

    This year, the company received the status of a resident of the special economic zone (SEZ) “Technopolis Moscow”, which will allow it to enjoy tax preferences. Thus, companies with a special status are exempt from paying property, land and transport taxes for 10 years, and the profit tax rate for them is only two percent instead of 20.

    The capital manufacturer of lighting equipment “Varton” daily produces up to 10 thousand products of any type of lighting: indoor, outdoor, landscape, architectural, street and highway. Products are developed in the company’s own design bureau, including for individual customer needs.

    Moscow is the largest industrial and scientific-engineering center of Russia. There are more than 4.5 thousand industrial enterprises in the capital, employing over 750 thousand people. Every year, 150 new technology companies open in the city and dozens of investment projects are implemented, which provide it with additional jobs.

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.mos.ru/nevs/item/145853073/

    MIL OSI Russia News –

    January 25, 2025

  • MIL-OSI USA: EPA Announces Over $132M for Water Infrastructure in Pennsylvania

    Source: US Environment Protection Agency

    October 24, 2024

    PHILADELPHIA – Today, the U.S. Environmental Protection Agency (EPA) announced $3.6 billion in new funding under the Biden-Harris Administration’s Bipartisan Infrastructure Law (BIL) to upgrade water infrastructure and keep communities safe. Combined with $2.6 billion announced earlier this month, this $6.2 billion in investments for Fiscal Year 2025 will help communities across the country upgrade water infrastructure that is essential to safely managing wastewater, protecting local freshwater resources, and delivering safe drinking water to homes, schools, and businesses.

    The BIL funds will flow through the Clean Water and Drinking Water State Revolving Funds (SRF), a long-standing federal-state water investment partnership. This multibillion-dollar investment will fund state-run, low-interest loan programs that address key challenges in financing water infrastructure.

    Today’s announcement includes allotments to Pennsylvania of more than $98.5 million for Clean Water General Supplemental funds, over $8.5 million for Clean Water Emerging Contaminant funds, and over $25.2 million under the Drinking Water Emerging Contaminant Fund.

    This funding is part of a five-year, $50 billion investment in water infrastructure through the BIL – the largest investment in water infrastructure in American history. To ensure investments reach communities that need them the most, the BIL mandates that a majority of the funding announced today must be provided to disadvantaged communities in the form of grants or loans that do not have to be repaid.  

    “Water keeps us healthy, sustains vibrant communities and dynamic ecosystems, and supports economic opportunity. When our water infrastructure fails, it threatens people’s health, peace of mind, and the environment,” said EPA Administrator Michael S. Regan. “With the Bipartisan Infrastructure Law’s historic investment in water, EPA is working with states and local partners to upgrade infrastructure and address local challenges—from lead in drinking water, to PFAS, to water main breaks, to sewer overflows and climate resilience. Together, we are creating good-paying jobs while ensuring that all people can rely on clean and safe water.” 

    “The Mid-Atlantic Region is home to some of the oldest water infrastructure in the country, which is why these once-in-a-generation investments are especially significant here,” said EPA Mid-Atlantic Regional Administrator Adam Ortiz. “The Biden-Harris Administration continues to put public health and the environment at the center of its agenda and the American people continue to benefit from leaders making safe water a priority.” 

    “Every Pennsylvanian has a constitutional right to clean air and pure water, and my Administration is driving out hundreds of millions of state and federal dollars to our local communities to support that goal and ensure families have safe, clean water when they turn on the faucet,” said Governor Josh Shapiro (PA). “Thanks to key investments from the Biden-Harris Administration, we’ve already helped replace over 30,000 lead service lines and created hundreds of good-paying union jobs across the Commonwealth – and this new investment will supercharge that work. Working together, across party lines and all levels of government, we’re continuing to get stuff done and deliver results for the good people of Pennsylvania.” 

    “I’m pleased to see another $132 million in federal funding coming to Pennsylvania through the Biden-Harris administration’s Infrastructure Investment and Jobs Act that I was proud to vote for!” said U.S. Rep. Dwight Evans (PA-03). 

    “Access to clean, safe drinking water is fundamental to the health and well-being of our community. Thanks to the Infrastructure Investment and Jobs Act, Pennsylvania is receiving over $132 million, ensuring that our homes, businesses, and schools will have access to reliable, safe water for many years to come,” said U.S. Rep. Chrissy Houlahan (PA-06). “Specifically, this investment will help modernize wastewater treatment facilities, improve stormwater management, and improve access to clean drinking water for the people of PA-06 and our Commonwealth.” 

    “All Americans deserve access to safe and clean drinking water. I was proud to help pass the Bipartisan Infrastructure Law last Congress, and I am grateful for the impact this landmark legislation has already made in our community,” said U.S. Rep. Susan Wild (PA-07). “I’ll continue working to secure federal investments to keep the Greater Lehigh Valley healthy and improve our aging infrastructure.” 

    “This $132 million in federal funding coming to PA to upgrade our water infrastructure is a huge win for the people of PA-12, ensuring that families, schools, and businesses have access to safe, clean drinking water,” said U.S. Rep. Summer Lee (PA-12). “It’s about protecting our communities and our local environment by addressing the aging systems that so many of our neighbors rely on every single day. Safe and clean water is a fundamental right, and it’s our responsibility to ensure that every family—no matter their zip code or income level—has access to it.” 

    Background  

    The EPA is changing the odds for communities that have faced barriers to planning and accessing federal funding through its Water Technical Assistance program, which helps disadvantaged communities identify water challenges, develop infrastructure upgrade plans, and apply for funding. Communities seeking Water Technical Assistance can request support by completing the WaterTA request form. These efforts also advance the Biden-Harris Administration’s Justice40 Initiative, which sets the goal that 40% of the overall benefits of certain Federal investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution. 

    The SRF programs have been the foundation of water infrastructure investments for more than thirty years, providing low-cost financing for local projects across America. The programs are critically important programs for investing in the nation’s water infrastructure. They are designed to generate significant and sustainable water quality and public health benefits across the country. Their impact is amplified by the growth inherent in a revolving loan structure, in which payments of principal and interest on loans become available to address future needs. 

    To read stories about how unprecedented investments in water from the BIL are transforming communities across the country, visit the EPA’s Investing in America’s Water Infrastructure Storymap. To read more about additional projects, see the EPA’s recently released Quarterly Report on Bipartisan Infrastructure Law Funded Clean Water and Drinking Water SRF projects. 

    For more information, including the state-by-state allocation of 2025 funding and a breakdown of the EPA SRF funding available under the BIL, please visit the Clean Water SRF website and Drinking Water SRF website. Additionally, the SRF Public Portal allows users to access data from both the Drinking Water and Clean Water SRF programs through interactive reports, dashboards, and maps. 

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI USA: Biden-Harris Administration Announces $21 Million for Water Infrastructure in Nevada Through Investing in America Agenda

    Source: US Environment Protection Agency

    October 24, 2024

    SAN FRANCISCO – Today, the U.S. Environmental Protection Agency (EPA) announced $3.6 billion in new funding under the Biden-Harris Administration’s Bipartisan Infrastructure Law to upgrade water infrastructure and keep communities safe. Combined with $2.6 billion announced earlier this month, this $6.2 billion in investments for Fiscal Year 2025 will help communities across the country upgrade water infrastructure that is essential to safely managing wastewater, protecting local freshwater resources, and delivering safe drinking water to homes, schools, and businesses.     

    These Bipartisan Infrastructure Law funds will flow through the Clean Water and Drinking Water State Revolving Funds (CWSRF and DWSRF), a long-standing federal-state water investment partnership. This multibillion-dollar investment will fund state-run, low-interest loan programs to address key challenges in financing water infrastructure.  Today’s announcement includes allotments for the Bipartisan Infrastructure Law Clean Water General Supplemental funds for Nevada ($12,216,000), Clean Water Emerging Contaminants funds ($1,054,000), and $7,921,000 under the Drinking Water Emerging Contaminants Fund.

    This funding is part of a five-year, $50 billion investment in water infrastructure through the Bipartisan Infrastructure Law – the largest investment in water infrastructure in American history. To ensure investments reach communities that need them the most, the Bipartisan Infrastructure Law mandates that most of the funding announced today must be provided to disadvantaged communities through grants or loans that do not have to be repaid.

    “Access to clean drinking water and dependable wastewater infrastructure is fundamental to the quality of life for all people in Nevada and for all Americans,” said EPA Pacific Southwest Regional Administrator Martha Guzman. “This investment, through unprecedented funding from the Biden-Harris Administration, will be instrumental in upgrading water infrastructure and supporting local jobs, economic resiliency, and long-term sustainability for communities throughout the Pacific Southwest.”

    EPA is changing the odds for communities that have faced barriers to planning and accessing federal funding through its Water Technical Assistance program, which helps disadvantaged communities identify water challenges, develop infrastructure upgrade plans, and apply for funding. Communities seeking Water Technical Assistance can request support by completing the WaterTA request form. These efforts also advance the Biden-Harris Administration’s Justice40 Initiative, which sets the goal that 40% of the overall benefits of certain Federal investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution.
    To read stories about how unprecedented investments in water from the Bipartisan Infrastructure Law are transforming communities across the country, visit EPA’s Investing in America’s Water Infrastructure Storymap. To read more about additional projects, see EPA’s recently released Quarterly Report on Bipartisan Infrastructure Law Funded Clean Water and Drinking Water SRF projects.

    For more information, including the state-by-state allocation of 2025 funding and a breakdown of EPA SRF funding available under the Bipartisan Infrastructure Law, please visit the Clean Water State Revolving Fund website and Drinking Water State Revolving Fund website. Additionally, the SRF Public Portal allows users to access data from the Drinking Water and Clean Water SRF programs through interactive reports, dashboards, and maps.

    The State Revolving Fund (SRF) programs have been the foundation of water infrastructure investments for over 30 years, providing low-cost financing for local projects across America. SRF programs are critically important for investing in the nation’s water infrastructure. They are designed to generate significant, sustainable water quality and public health benefits nationwide. Their impact is amplified by the growth inherent in a revolving loan structure, in which principal and interest payments on loans become available to address future needs.

    Learn more about EPA’s Pacific Southwest Region on our Instagram, Facebook, X, and website.

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI USA: Acting Deputy Administrator Michele Sumilas During the World Bank Annual Meetings

    Source: USAID

    The below is attributable to Deputy Spokesperson Shejal Pulivarti:‎

    From October 23 through 25, Acting Deputy Administrator Michele Sumilas participated in various engagements during the World Bank Annual Meetings. Throughout the week, she engaged USAID’s partners on shared priorities, including boosting food security and climate action, as well as collaborating on humanitarian assistance.

    On Wednesday, Acting Deputy Administrator Sumilas represented USAID at a signing ceremony, where Secretary of the Treasury Janet L. Yellen and Ukrainian Minister of Finance Sergii Marchenko marked the intention of the United States to join G7 efforts to make lending available to Ukraine, and provide a $20 billion U.S. loan to Ukraine that will be repaid by proceeds derived from Russia’s frozen assets. 

    Acting Deputy Administrator Sumilas then participated in a roundtable hosted by the Coalition on Disaster Resilient Infrastructure (CDRI), which featured Ministers from Angola, Bhutan, Chad, Comoros, India, Nigeria, and Madagascar. The roundtable provided an opportunity for participants to discuss how the Coalition can be responsive to infrastructure needs in Africa. 

    On Thursday, Acting Deputy Administrator Sumilas met with Denmark’s State Secretary for Development Policy Lotte Machon to discuss cooperation on food security, climate action, advancing democracy, and joint efforts on humanitarian assistance in Gaza and Ukraine. 

    The Acting Deputy Administrator also participated in a fireside chat, along with Norway’s Minister of International Development Anne Beathe Tvinnereim and Investisseurs & Partenaires (I&P’s) Jean-Michel Severino, Chair of the Supervisory Board, at the Financing for Agricultural Small-and-Medium Enterprises in Africa (FASA) Fund Launch, hosted by the Embassy of Norway. USAID and Norway announced that the United Kingdom and Republic of Korea have joined USAID as partners in the FASA Fund, which will help unlock additional commercial capital. In addition, Norway and USAID announced that Investisseurs and Partenaires (I&P) – a pioneering impact investment group dedicated to financing and supporting African entrepreneurs while strengthening entrepreneurial ecosystems across the African continent – was competitively selected as the FASA fund manager. 

    On Friday, Acting Deputy Administrator Sumilas met with the United Kingdom’s Second Permanent Under-Secretary Nick Dyer to discuss U.S.-UK shared priorities. She also met Brazil’s Ambassador to the United States Maria Luiza Viotti to discuss key development priorities of Brazil’s G20 presidency, including the Global Alliance Against Hunger and Poverty to include recognition of Brazil’s support for their role in Multi-National Security Support Missions in Haiti, and continued efforts to aid Venezuelan migrants and refugees in Brazil. 

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI: Šiaulių Bankas invitation to Q3 2024 Financial Results webinar

    Source: GlobeNewswire (MIL-OSI)

    Šiaulių Bankas (SAB1L) invites shareholders, investors, analysts and other stakeholders to join its Investors Webinar for Q3 2024 Financial Results and highlights scheduled on 31 October, 2024 at 8:30 am (EET). The presentation will be held online in English.

    The webinar will be hosted by Vytautas Sinius, CEO, Tomas Varenbergas, Head of Investment Management Division and Tautvydas Mėdžius, Strategy Partner, who will discuss the bank’s financial results for the third quarter of 2024, recent developments, and will take questions from participants.

    Please send your questions in advance to investors@sb.lt   

    How to join the webinar?

    To join the webinar, please register via following link https://sb.zoomtv.lt. After successful registration You will be provided with the webinar link. The webinar will be recorded and available online for everyone at Šiaulių Bankas website www.sb.lt/en/investors 

    Additional information:
    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Anchor Peabody Signals Growth, Expansion with Slate of New Hires

    Source: GlobeNewswire (MIL-OSI)

    DELRAY BEACH, Fla., Oct. 28, 2024 (GLOBE NEWSWIRE) — Anchor Peabody, a leading investment banking firm for the building products and services industry, has expanded its team of senior executives and banking professionals as part of its ongoing strategy to build the leading M&A advisory team in the building, construction and home services industries.

    Chobun Hieblinger has joined Anchor Peabody as Managing Director. Mr. Hieblinger has over 17 years of financial advisory and investment banking experience, the bulk of which is in building products, including roles with the Lehman Brothers (now Barclays Investment Bank) and RBC Capital Markets. Most recently, Mr. Hieblinger was Managing Director and Head of Building Products at B. Riley Securities in Los Angeles.

    “After two years of slower demand due to higher interest rate and post-COVID dynamics, the building industry is poised for strong growth, driven by favorable demographic trends, aging housing stock, and years of under-building,” said Hieblinger. “With deep relationships, particularly in the tile and stone space, I look forward to helping owners and operators capitalize on this very positive M&A dynamic.”

    Greg Hicks has joined Anchor Peabody as Business Development Director. Mr. Hicks has nearly 20 years of investment banking, principal investing, and corporate development experience, having focused primarily on building products and general industrials. He began his professional career with Lincoln International in Chicago, with stints in Frankfurt and London.  Following Lincoln, he helped found Desco Capital, a private equity / family office. Mr. Hicks then ran Alesco Holdings, an outsourced business development firm, and most recently led M&A for W.W. Williams, one of the nation’s largest industrial distribution, repair and service companies.

    “I’m excited to align myself with Anchor Peabody, where secular tailwinds are expected to produce a robust M&A environment in the home services space for the foreseeable future. I look forward to providing thought-leadership and advice tailored to the HVAC, plumbing and electrical market and its participants,” said Hicks. “The HVAC, plumbing, and electrical M&A market is normalizing after a surge in 2021-2022, with deal volumes returning to more sustainable levels.  Private equity and strategic buyers remain active, with a focus on service-based businesses with recurring revenue streams.”

    About Anchor Peabody
    Anchor Peabody is an investment banking firm comprised of former owners, operators and investors in the building products and services industry. The firm combines over 100 years of capital and mergers & acquisition experience with a modern approach to banking to align with client objectives and eliminate banker burnout from the industry model. For more information, visit www.anchorpeabody.com.

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Bitfarms Appoints Rachel Silverstein as U.S. General Counsel

    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. 28, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global leader in vertically integrated Bitcoin data center operations, today announced that it has appointed Rachel Silverstein as U.S. General Counsel, a newly created role, effective November 1, 2024.

    Ms. Silverstein has been a practicing attorney for over 16 years and is one of the most experienced Bitcoin mining-focused attorneys in the U.S., having served as lead counsel on well over a gigawatt worth of Bitcoin mining transactions across multiple states and countries. She is the co-founder of Firm 21m, a law firm dedicated to representing primarily Bitcoin miners, energy companies, investors and data center builders in all manner of commercial transactions, mergers and acquisitions, strategic financings, energy supply agreements and hosting agreements. Prior to founding the firm, Ms. Silverstein held the positions of General Counsel at CleanSpark, Inc. from 2020 to 2023, and Corporate Counsel at Zappos, among others. She earned a bachelor’s degree from The George Washington University and a juris doctorate degree from William S. Boyd School of Law, University of Nevada-Las Vegas.

    “We continue to strengthen the Bitfarms team and are thrilled to have a thought leader like Rachel join our team,” stated Ben Gagnon, Chief Executive Officer. “Internalizing this function will drive improved operating efficiencies, further enhance our corporate governance and reduce legal expenses. Rachel’s extensive expertise and proven track record with Bitcoin miners and data center builders will be invaluable as we continue to scale in the U.S. We look forward to her contributions as we continue to execute on our strategic initiatives and create further shareholder value.”

    Ms. Silverstein stated, “Ben and the management team at Bitfarms are passionate, thoughtful and innovative leaders, and I am honored and excited to join the Company during such a pivotal time of growth. The Company has a compelling strategic vision, and I intend to leverage my industry acumen, deal-closing experience and operations-centric focus to execute on that vision with clarity, diligence and efficiency.”

    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 projected growth and expansion, and other statements regarding future plans and objectives of Bitfarms, improved operating efficiencies, financial performance and cost savings in general, and other statements regarding future growth, plans and objectives of the Company 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; 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 (the “SEC”) 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.com

    Media Contact:

    Québec: Tact
    Louis-Martin Leclerc
    +1 418-693-2425
    lmleclerc@tactconseil.ca

    The MIL Network –

    January 25, 2025

  • MIL-OSI: International Petroleum Corporation Announces Results of Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 111,400 IPC common shares (ISIN: CA46016U1084) during the period of October 21 to 25, 2024 under IPC’s normal course issuer bid / share repurchase program (NCIB).

    IPC’s NCIB, announced on December 1, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

    During the period of October 21 to 25, 2024, IPC repurchased a total of 87,500 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.

    For more information regarding transactions under the NCIB in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of October 21 to 25, 2024, see the following link to Nasdaq Stockholm’s website:

    www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares

    A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of October 21 to 25, 2024 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation is available with this press release on IPC’s website: www.international-petroleum.com/news-and-media/press-releases.

    During the same period, IPC purchased a total of 23,900 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of IPC.

    All common shares repurchased by IPC under the NCIB will be cancelled. As at October 25, 2024, the total number of issued and outstanding IPC common shares is 120,751,038 with voting rights and IPC holds 484,000 common shares in treasury.

    Since December 5, 2023 up to and including October 25, 2024, a total of 7,957,782 IPC common shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 8,342,119 IPC common shares may be repurchased over the period of twelve months commencing December 5, 2023 and ending December 4, 2024, or until such earlier date as the NCIB is completed or terminated by IPC.

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

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		  

    Or

    		 Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15

    This information is information that International Petroleum Corporation is required to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the contact persons set out above, at 12:15 CET on October 28, 2024.

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

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements with respect to: the ability and willingness of IPC to continue the NCIB, including the number of common shares to be acquired and cancelled and the timing of such purchases and cancellations; and the return of value to IPC’s shareholders as a result of any common share repurchases.

    The forward-looking statements are based on certain key expectations and assumptions made by IPC, including expectations and assumptions concerning: prevailing commodity prices and currency exchange rates; applicable royalty rates and tax laws; interest rates; future well production rates and reserve and contingent resource volumes; operating costs; our ability to maintain our existing credit ratings; our ability to achieve our performance targets; the timing of receipt of regulatory approvals; the performance of existing wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions and that we will be able to implement our standards, controls, procedures and policies in respect of any acquisitions and realize the expected synergies on the anticipated timeline or at all; the benefits of acquisitions; the state of the economy and the exploration and production business in the jurisdictions in which IPC operates and globally; the availability and cost of financing, labour and services; our intention to complete share repurchases under our normal course issuer bid program, including the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; and the ability to market crude oil, natural gas and natural gas liquids successfully.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in IPC’s annual information form for the year ended December 31, 2023 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein), in the management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2024 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Attachment

    • IPC PR Buyback results period of October 21 to 25 2024 28-10-24

    The MIL Network –

    January 25, 2025

  • MIL-OSI Africa: Afreximbank Announces Investment Conference in Kisumu, Kenya to Strengthen Sub-Sovereign Participation in Intra-African Trade

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

    CAIRO, Egypt, October 28, 2024/APO Group/ —

    In a bid to strengthen the role of Africa’s sub-sovereign governments in driving intra-African trade and investment, and the successful implementation of the African Continental Free Trade Area (AfCFTA), African Export-Import Bank (Afreximbank) (www.Afreximbank.com), in collaboration with the County Government of Kisumu and the United Cities and Local Governments of Africa (UCLG Africa) is organising  the fourth edition of the African Sub-Sovereign Governments Network (AfSNET) Conference.

    The Conference will take place in Kisumu City, Kenya, from 25 to 27 November, under the theme ‘Leveraging the AfCFTA for Sustainable Trade and Investment: A Development Pathway for African Sub-Sovereigns.’ A key feature of the event will be an exhibition aimed at promoting trade at a local level, to be preceded by an investment promotion training on the first day.

    One of the key objectives of the conference is to foster greater collaboration in promoting trade, development and investment initiatives among African sub-sovereigns, aligned with AfCFTA’s goals.

    Mrs. Kanayo Awani, Executive Vice President Intra African Trade and Export Development, Afreximbank who will be speaking at the Investment Conference noted:

    “Afreximbank partnered with the Forum of Regions of Africa (FORAF), an organ of the UCLG Africa under the AfSNET initiative to ensure its products and interventions for trade and investment promotion are accessible both at the local and sub-sovereign level. This resulted in the announcement of US$ 2 billion in financing to tackle the pressing financing challenges faced by sub-sovereigns and businesses.”

    Mrs. Awani explained that Afreximbank will be leveraging the successes of the third AfSNET Investment Conference held during the Intra Africa Trade Fair (IATF2023) in

    Cairo, Egypt offering sub-sovereign governments the opportunity to showcase investment projects to potential investors and financiers, further strengthening the Bank’s commitment to facilitating impactful investments across the continent.

    While inviting delegates to participate in the forum, Kisumu County Governor H.E. Prof. Peter Anyang’ Nyong’o said:

    “Africa’s economic renaissance is hinged on unbridling the developmental capacity of local governments and increasing decentralization. Despite the gains made in decentralization in recent decades, African local governments still have low administrative and fiscal capacity to realize the much-needed local economic development. AfSNET, an innovative tool of the Afreximbank, therefore comes in handy to bridge that gap and allow sub sovereigns to accelerate and improve the quality of economic growth in Africa. Its vision aligns with the aspirations of the African Sub Sovereigns umbrella organisation UCLG Africa to support  decentralised governments access and participation in continental and international financial markets while also supporting the development of their fiscal capacities. As the Governor of Kisumu, it gives me great pleasure to warmly invite all the delegates to come and interact and share in the social and cultural passion of Kisumu and to experience our boundless economic opportunities.”

    Mr. Jean Pierre Elong Mbassi, Secretary General, United Cities and Local Governments of Africa while outlining UCLG’s mandate remarked:

    “Among the mandates of UCLG Africa is to assist its members to attract investments in sub-national and local governments so as to improve the living conditions of the populations, economic activities and businesses established within their territories. UCLG Africa supports its members in adopting local economic development policies and strategies that investment plans derive from, and that gives impetus to public and private business development.”

     The fourth AfSNET conference will provide Kisumu County Government and the Lake Victoria region economic block an opportunity to present their development strategies and projects for consideration to investors attending the Conference.

    The inaugural AfSNET conference, held in Durban, South Africa, on the margins of the second Intra-African Trade Fair (IATF2021) in 2021, attracted more than 80 delegates while the second, organised in collaboration with the Nigeria Governors’ Forum in Abuja in September 2022, drew more than 150 delegates.

    The third conference, co-hosted with UCLG Africa in November 2023 on the sidelines IATF2023 in Cairo, had more than 250 participants and resulted in deals valued at more than USD$1.5 billion being signed.

    AfSNET was established by Afreximbank as a platform for promoting intra-African trade and investment, educational and cultural exchanges and the fostering of effective engagement among sub-sovereigns in Africa’s development and prosperity in the context of the AfCFTA.

    MIL OSI Africa –

    January 25, 2025

  • MIL-OSI: Purpose Investments Inc. Announces Final October 2024 Distribution Rate for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Purpose Investments Inc. announced today the final October 2024 distribution rates for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund.

    Due to the recent interest rate cut by the Bank of Canada, the distribution levels for our Canadian cash funds have been proportionately reduced to align with this adjustment.

    The following table reflects the final distribution amounts for the month of October. Ex-distribution date is October 29, 2024.

    Open-End Fund Ticker
    Symbol    		 Final distribution
    per unit    		 Record Date Payable Date Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $ 0.4473 10/29/2024 11/04/2024 Monthly
    Purpose Cash Management Fund – ETF Units MNY $ 0.3914 10/29/2024 11/04/2024 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $ 0.1822 10/29/2024 11/04/2024 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $ 0.4275 10/29/2024 11/04/2024 Monthly


    About Purpose Investments Inc.
    Purpose Investments Inc. is an asset management company with more than $21 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Territorial Bancorp Inc. Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • The Company’s tier one leverage and risk-based capital ratios were 11.57% and 29.07%, respectively, and the Company is considered to be “well-capitalized” at September 30, 2024.
    • Ratio of non-performing assets to total assets of 0.11% at September 30, 2024.

    HONOLULU, Oct. 28, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (the Company), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, reported a net loss of $1,318,000, or $0.15 per diluted share, for the three months ended September 30, 2024.

    The Board of Directors approved a dividend of $0.01 per share. The dividend is expected to be paid on November 22, 2024, to stockholders of record as of November 8, 2024.

    Hope Bancorp, Inc. Merger Agreement

    As previously announced in a joint news release issued April 29, 2024, Hope Bancorp, Inc. (NASDAQ: HOPE) (Hope Bancorp) and the Company signed a definitive merger agreement. Under the terms of the merger agreement, Company stockholders will receive a fixed exchange ratio of 0.8048 share of Hope Bancorp common stock in exchange for each share of Company common stock they own, in a 100% stock-for-stock transaction valued at approximately $78.60 million, based on the closing price of Hope Bancorp’s common stock on April 26, 2024. The transaction is intended to qualify as a tax-free reorganization for Territorial stockholders.

    Upon completion of the transaction, Hope Bancorp intends to maintain the Territorial franchise in Hawaii and preserve the 100-plus year legacy of the Territorial Savings Bank brand name, culture and commitment to the local communities. The branches will continue to do business under the Territorial Savings Bank brand, as a trade name of Bank of Hope.

    The transaction is subject to regulatory approvals, the approval of Territorial stockholders, and the satisfaction of other customary closing conditions.

    Interest Income

    Net interest income decreased by $2.55 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Total interest income was $18.31 million for the three months ended September 30, 2024, compared to $17.38 million for the three months ended September 30, 2023. The $929,000 increase in total interest income was primarily due to an $850,000 increase in interest earned on other investments and a $343,000 increase in interest earned on loans. The increase in interest income on other investments is primarily due to a $58.03 million increase in the average cash balance with the Federal Reserve Bank of San Francisco (FRB) and a 30 basis point increase in the average interest rate paid on cash balances. The $343,000 increase in interest income on loans resulted from a 15 basis point increase in the average loan yield, partially offset by a $14.74 million decrease in the average loan balance. The increases in interest income on other investments and loans during the quarter were partially offset by a $264,000 decrease in interest on investment securities, which occurred because of a $41.07 million decrease in the average securities balance.

    Interest Expense

    As a result of prolonged increases in short-term interest rates, total interest expense increased by $3.48 million for the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Interest expense on deposits increased by $3.06 million for the three months ended September 30, 2024, primarily due to an increase in interest expense on certificates of deposit (CD) and savings accounts. Interest expense on CDs rose by $2.01 million for the three months ended September 30, 2024, due to a 66 basis point increase in the average cost of CDs and a $107.30 million increase in the average CD balance. The increase in the average cost of CDs and savings accounts occurred as interest rates were raised in response to the increases in market interest rates over that period. Interest expense on savings accounts rose by $1.06 million for the three months ended September 30, 2024, due to a 65 basis point increase in the average cost of savings accounts which was partially offset by a $82.46 million decrease in the average savings account balance. The increase in the average balance of CDs and the decrease in the average balance of savings accounts occurred as customers transferred balances from lower rate savings accounts to higher rate CDs. Interest expense on FRB borrowings rose by $600,000 for the three months ended September 30, 2024, as the Company obtained a $50.00 million advance from the FRB in the fourth quarter of 2023. FRB advances were obtained in 2023 to enhance the Company’s liquidity and to fund deposit withdrawals.

    Noninterest Expense

    Noninterest expense increased by $333,000 for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to a $398,000 increase in general and administrative expenses. General and administrative expenses included $324,000 of merger-related legal and consulting expenses and the write off of $135,000 of currency destroyed in the Lahaina wildfire. Federal Deposit Insurance Corporation (FDIC) premium expense rose by $146,000 for the quarter because of an increase in the FDIC insurance premium rates. The increase in other general and administrative expenses and FDIC premiums was offset by a $277,000 decrease in salaries and employee benefits during the quarter. The decrease in salaries and employee benefits occurred primarily because of decreases in compensation expense, supplemental executive retirement plan benefits, Employee Stock Ownership Plan (ESOP) expenses, health insurance and payroll taxes. The decrease in compensation expenses, payroll taxes and health insurance expenses is primarily due to a decrease in the number of employees. The decrease in ESOP expenses is primarily due to a decline in the Company’s share price which is used to calculate the accrual. The decrease in these compensation and employee benefit expenses was partially offset by a decrease in deferred salary expense for originating new loans as fewer loans were originated during the three months ended September 30, 2024, compared to the three months ended September 30, 2023.

    Income Taxes

    Income tax benefit for the three months ended September 30, 2024 was $611,000 with an effective tax rate of (31.67)% compared to income tax expense of $335,000 with an effective tax rate of 27.57% for the three months ended September 30, 2023. The decrease in income tax expense was primarily due to a $3.14 million decrease in income before income taxes during the quarter.

    Balance Sheet

    Total assets were $2.20 billion at September 30, 2024 and $2.24 billion at December 31, 2023. Investment securities, including available for sale securities, decreased by $31.63 million to $674.27 million at September 30, 2024 from $705.90 million at December 31, 2023. The decrease in investment securities occurred because of principal repayments on mortgage-backed securities. Loans receivable decreased by $20.86 million to $1.29 billion at September 30, 2024 from $1.31 billion at December 31, 2023. The decrease in loans receivable occurred as loan repayments and sales exceeded new loan originations. Cash and cash equivalents increased by $16.47 million to $143.13 million at September 30, 2024 from $126.66 million at December 31, 2023 due to increases in deposits and principal repayments on mortgage-backed securities and on loans receivable.

    Deposits increased by $33.68 million from $1.64 billion at December 31, 2023 to $1.67 billion at September 30, 2024. The increase in deposits is primarily due to deposits from state and local governments. The increase in deposits was used with principal repayments on mortgage-backed securities and loans receivable to pay off $65.00 million of maturing Federal Home Loan Bank (FHLB) advances during the quarter. FHLB advances decreased by $65.00 million to $177.00 million at September 30, 2024 from $242.00 million at December 31, 2023.

    Asset Quality

    Credit quality continues to be extremely important as the Bank adheres to its strict underwriting standards. The Company had no delinquent mortgage loans 90 days or more past due at September 30, 2024, compared to $227,000 at December 31, 2023. Non-performing assets totaled $2.34 million at September 30, 2024, compared to $2.26 million at December 31, 2023. The ratio of non-performing assets to total assets was 0.11% at September 30, 2024, compared to 0.10% at December 31, 2023. The allowance for credit losses was $5.06 million at September 30, 2024, compared to $5.12 million at December 31, 2023, representing 0.39% of total loans for both periods. The ratio of the allowance for credit losses to non-performing loans was 216.12% at September 30, 2024, compared to 226.59% at December 31, 2023.

    About Us

    Territorial Bancorp Inc., headquartered in Honolulu, Hawaii, 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 Hawaii. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaii and has 28 branch offices in the state of Hawaii. For additional information, please visit the Company’s website at: https://www.tsbhawaii.bank.

    Additional Information and Where to Find it

    In connection with the proposed merger, Hope Bancorp, Inc. filed with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 on June 21, 2024, which included a Proxy Statement of Territorial Bancorp Inc. that also constitutes a prospectus of Hope Bancorp, Inc. Territorial Bancorp stockholders are encouraged to read the Registration Statement and the Proxy Statement/Prospectus regarding the merger and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information about the proposed merger. Territorial Bancorp stockholders are able to obtain a free copy of the Proxy Statement/Prospectus, as well as other filings containing information about Hope Bancorp and Territorial Bancorp at the SEC’s Internet site (www.sec.gov).

    Forward-looking statements

    This earnings release contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “will,” “may” and words of similar meaning. These forward-looking statements include, but are not limited to:

    • statements of our goals, intentions and expectations;
    • statements regarding our business plans, prospects, growth and operating strategies;
    • statements regarding the asset quality of our loan and investment portfolios; and
    • estimates of our risks and future costs and benefits.

    These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this earnings release.

    The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

    • factors related to the proposed transaction with Hope Bancorp, including the receipt of regulatory and stockholder approvals, and other customary closing conditions;
    • general economic conditions, either internationally, nationally or in our market areas, that are worse than expected;
    • competition among depository and other financial institutions;
    • inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments;
    • adverse changes in the securities markets;
    • changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
    • changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;
    • our ability to enter new markets successfully and capitalize on growth opportunities;
    • our ability to successfully integrate acquired entities, if any;
    • changes in consumer demand, spending, borrowing and savings habits;
    • changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board;
    • changes in our organization, compensation and benefit plans;
    • the timing and amount of revenues that we may recognize;
    • the value and marketability of collateral underlying our loan portfolios;
    • our ability to retain key employees;
    • cyberattacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems;
    • technological change that may be more difficult or expensive than expected;
    • the ability of third-party providers to perform their obligations to us;
    • the ability of the U.S. Government to manage federal debt limits;
    • the quality and composition of our investment portfolio;
    • the effect of any pandemic disease, natural disaster, war, act of terrorism, accident or similar action or event;
    • changes in market and other conditions that would affect our ability to repurchase our common stock; and
    • changes in our financial condition or results of operations that reduce capital available to pay dividends.

    Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

    Contact:
    Walter Ida
    (808) 946-1400

       
    Territorial Bancorp Inc. and Subsidiaries  
    Consolidated Statements of Operations (Unaudited)  
    (Dollars in thousands, except per share data)  
                 
        Three Months Ended   Nine Months Ended  
        September 30,   September 30,  
        2024   2023   2024    2023   
    Interest income:                      
    Loans   $ 12,229     $ 11,886   $ 36,540   $ 35,037    
    Investment securities     4,183       4,447     12,753     13,512    
    Other investments     1,901       1,051     5,104     2,848    
    Total interest income     18,313       17,384     54,397     51,397    
                           
    Interest expense:                      
    Deposits     8,469       5,408     22,658     13,261    
    Advances from the Federal Home Loan Bank     1,714       1,896     5,330     4,782    
    Advances from the Federal Reserve Bank     600       —     1,789     —    
    Securities sold under agreements to repurchase     46       46     137     137    
    Total interest expense     10,829       7,350     29,914     18,180    
                           
    Net interest income     7,484       10,034     24,483     33,217    
    Provision (reversal of provision) for credit losses     29       (259 )   22     (147 )  
                           
    Net interest income after provision (reversal of provision) for credit losses     7,455       10,293     24,461     33,364    
                           
    Noninterest income:                      
    Service and other fees     273       298     885     1,022    
    Income on bank-owned life insurance     255       218     750     628    
    Net gain on sale of loans     19       —     19     10    
    Other     69       73     215     208    
    Total noninterest income     616       589     1,869     1,868    
                           
    Noninterest expense:                      
    Salaries and employee benefits     4,899       5,176     14,606     15,723    
    Occupancy     1,813       1,819     5,319     5,201    
    Equipment     1,335       1,263     3,987     3,878    
    Federal deposit insurance premiums     392       246     1,281     737    
    Other general and administrative expenses     1,561       1,163     4,851     3,251    
    Total noninterest expense     10,000       9,667     30,044     28,790    
                           
    (Loss) Income before income taxes     (1,929 )     1,215     (3,714 )   6,442    
    Income tax (benefit) expense     (611 )     335     (1,139 )   1,749    
    Net (loss) income   $ (1,318 )   $ 880   $ (2,575 ) $ 4,693    
                           
    Basic (loss) earnings per share   $ (0.15 )   $ 0.10   $ (0.30 ) $ 0.54    
    Diluted (loss) earnings per share   $ (0.15 )   $ 0.10   $ (0.30 ) $ 0.53    
    Cash dividends declared per common share   $ 0.01     $ 0.23   $ 0.07   $ 0.69    
    Basic weighted-average shares outstanding     8,618,155       8,577,632     8,604,082     8,656,915    
    Diluted weighted-average shares outstanding     8,618,155       8,610,289     8,604,082     8,705,784    
                           
     
    Territorial Bancorp Inc. and Subsidiaries
    Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands, except per share data)
                 
        September 30,   December 31,
        2024   2023
    ASSETS            
    Cash and cash equivalents   $ 143,128     $ 126,659  
    Investment securities available for sale, at fair value     19,920       20,171  
    Investment securities held to maturity, at amortized cost (fair value of $552,222 and $568,128 at September 30, 2024 and December 31, 2023, respectively)     654,349       685,728  
    Loans receivable     1,287,688       1,308,552  
    Allowance for credit losses     (5,055 )     (5,121 )
    Loans receivable, net of allowance for credit losses     1,282,633       1,303,431  
    Federal Home Loan Bank stock, at cost     9,307       12,192  
    Federal Reserve Bank stock, at cost     3,187       3,180  
    Accrued interest receivable     6,056       6,105  
    Premises and equipment, net     7,257       7,185  
    Right-of-use asset, net     11,613       12,371  
    Bank-owned life insurance     49,388       48,638  
    Income taxes receivable     1,832       344  
    Deferred income tax assets, net     2,465       2,457  
    Prepaid expenses and other assets     7,297       8,211  
    Total assets   $ 2,198,432     $ 2,236,672  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Liabilities:            
    Deposits   $ 1,670,281     $ 1,636,604  
    Advances from the Federal Home Loan Bank     177,000       242,000  
    Advances from the Federal Reserve Bank     50,000       50,000  
    Securities sold under agreements to repurchase     10,000       10,000  
    Accounts payable and accrued expenses     22,176       23,334  
    Lease liability     17,090       17,297  
    Advance payments by borrowers for taxes and insurance     3,148       6,351  
    Total liabilities     1,949,695       1,985,586  
                 
    Stockholders’ Equity:            
    Preferred stock, $0.01 par value; authorized 50,000,000 shares, no shares issued or outstanding     —       —  
    Common stock, $0.01 par value; authorized 100,000,000 shares; issued and outstanding            
    8,832,210 and 8,826,613 shares at September 30, 2024 and December 31, 2023, respectively     88       88  
    Additional paid-in capital     48,163       48,022  
    Unearned ESOP shares     (2,079 )     (2,447 )
    Retained earnings     208,504       211,644  
    Accumulated other comprehensive loss     (5,939 )     (6,221 )
    Total stockholders’ equity     248,737       251,086  
    Total liabilities and stockholders’ equity   $ 2,198,432     $ 2,236,672  
                 
     
      Territorial Bancorp Inc. and Subsidiaries    
      Selected Financial Data (Unaudited)    
                                 
                                 
                                 
                    Three Months Ended        
                    September 30,        
                      2024       2023          
                                 
      Performance Ratios (annualized):                    
        Return on average assets         (0.24% )     0.16%          
        Return on average equity         (2.09% )     1.39%          
        Net interest margin on average interest earning assets   1.42%       1.90%          
        Efficiency ratio (1)           123.46%       91.00%          
                                 
                    At   At        
                    September   December        
                      30, 2024       31, 2023          
                                 
      Selected Balance Sheet Data:                    
        Book value per share (2)       $ 28.16     $ 28.45          
        Stockholders’ equity to total assets       11.31%       11.23%          
                                 
                                 
      Asset Quality                        
      (Dollars in thousands):                      
        Delinquent loans 90 days past due and not accruing $ 0     $ 227          
        Non-performing assets (3)       $ 2,339     $ 2,260          
        Allowance for credit losses       $ 5,055     $ 5,121          
        Non-performing assets to total assets       0.11%       0.10%          
        Allowance for credit losses to total loans       0.39%       0.39%          
        Allowance for credit losses to non-performing assets   216.12%       226.59%          
                                 
                                 
      Note:                        
                                 
      (1) Efficiency ratio is equal to noninterest expense divided by the sum of net interest income and noninterest income                         
      (2)  Book value per share is equal to stockholders’ equity divided by number of shares issued and outstanding                         
      (3)  Non-performing assets consist of non-accrual loans and real estate owned. Amounts are net of charge-offs                         
                                 

    The MIL Network –

    January 25, 2025

  • MIL-OSI NGOs: Global law firm’s flawed human rights assessment of Saudi Arabia’s World Cup 2034 bid raises ‘deep concern’

    Source: Amnesty International –

    AS&H Clifford Chance’s assessment contains no substantive discussion of Saudi’s extensive and relevant abuses

    11 human rights groups, football supporters and worker organisations join forces to voice deep concern

    ‘FIFA must insist on a proper assessment and meaningful human rights strategy or its flagship tournament will be tarnished by severe human rights violations’ – Steve Cockburn

    A flawed human rights assessment of Saudi Arabia’s FIFA 2034 World Cup bid by AS&H Clifford Chance – part of the global partnership of London-based law firm Clifford Chance – leaves the global firm at risk of being linked to abuses which result from the tournament, 11 organisations said today.

    AS&H Clifford Chance, which is based in Riyadh and sits within Clifford Chance’s integrated global partnership, produced an “independent human rights context assessment” that was published by FIFA and has helped pave the way for Saudi Arabia to be confirmed on 11 December as the 2034 hosts, as is widely expected to happen.

    The assessment contains no substantive discussion of extensive and relevant abuses in Saudi Arabia documented by multiple human rights organisations and UN bodies. It formed the basis of Saudi Arabia’s human rights strategy for the tournament, which Amnesty International described as a “whitewash”.

    The 11 organisations – which include a Saudi Arabian diaspora organisation, Gulf human rights groups, and labour organisations, as well as Football Supporters Europe, Amnesty and Human Rights Watch – wrote to Clifford Chance’s Global Managing Partner setting out in detail all of their concerns with the statement, and invited the authors to publish an updated report. The firm, which says that it works in partnership with “some of the world’s leading NGOs and civil society organisations”, said in response last week that it would be “inappropriate” to offer any further comment on the report and shared a link to publicly available company policies.

    Dire human rights record

    Saudi Arabia’s already dire human rights record has deteriorated under the de facto rule of Crown Prince Mohammed bin Salman, who has presided over a soaring number of mass executions, torture, enforced disappearance, severe restrictions on free expression, repression of women’s rights under the male guardianship system, LGBTI+ discrimination, and the killing of hundreds of migrants at the  Saudi Arabia-Yemen border. The country’s abusive Kafala (labour sponsorship) system, as well as the prohibition on trade unions and lack of enforcement of labour laws continues to lead to the widespread exploitation of migrant workers.

    The organisations have warned Clifford Chance that, through the production of its human rights assessment by AS&H Clifford Chance, there is a risk that the firm could be linked to potential adverse human rights impacts resulting from a Saudi Arabia-hosted tournament.

    In their memorandum to Clifford Chance the organisations set out and requested comment on three overarching concerns about the assessment. Taken together, these fatally undermine the report’s claim to provide an independent assessment of the human rights context in Saudi Arabia, relevant to the hosting and staging of the 2034 World Cup.

    • AS&H Clifford Chance agreed to a decision by FIFA and the Saudi Arabian Football Federation to effectively exclude analysis of Saudi Arabia’s record on multiple critical human rights such as freedom of expression, LGBTI+ discrimination, the prohibition of trade unions, or forced evictions – either because Saudi Arabia has not ratified the relevant treaties or because the Saudi Arabian Football Federation did not accept them as “applying”. Any assessment that does not recognise these as relevant human rights risks for a World Cup in Saudi Arabia cannot be considered credible.
    •  The assessment made highly selective use of the findings of UN bodies on Saudi Arabia, leaving out damaging judgements. For example, it fails to reference one UN body’s concern at receiving reports that “torture and other ill-treatment are commonly practised in prisons”, or another which notes that “women and girls who are victims of sexual abuse risk facing criminal proceedings if they press charges”. It does not mention that Saudi Arabia is currently facing a labour complaint at the UN brought by Building and Woodworkers International, an international trade union. No reports by UN Special Rapporteurs are included meaning, for example, there is no reference to the imposition of the death penalty in relation to the Crown Prince’s flagship giga-project NEOM, or the murder of Saudi Arabian journalist Jamal Khashoggi.
    • There is no evidence that AS&H Clifford Chance consulted external experts, such as people who might be affected by human rights abuses linked to the tournament, Saudi Arabian human rights experts or organisations, international human rights organisations, or trade unions. No work by such groups is referenced. The report, for example, ignores Amnesty’s 2024 91-page report ‘Playing a Dangerous Game? Human Rights Risks Linked to the 2030 and 2034 FIFA World Cups’.

    Amnesty has written to FIFA asking it to confirm on what basis the organisation agreed with the Saudi Arabian Football Federation to limit the scope of the rights assessment conducted by AS&H Clifford Chance. As of 25 October, FIFA had not responded.

    James Lynch, FairSquare co-director, said: 

    “It has been clear for more than a year now that FIFA is determined to remove all potential obstacles to make sure it can hand Saudi Arabia’s Crown Prince Mohammed bin Salman the 2034 World Cup. By producing a shockingly poor report, AS&H Clifford Chance, part of one of the world’s largest law firms that makes much of its human rights expertise, has helped to remove a key final stumbling block.”

    Julia Legner, Executive Director of ALQST for Human Rights, a Saudi Arabian diaspora organisation, said:

    “AS&H Clifford Chance had the chance to write a credible assessment of risks that are relevant to the 2034 World Cup. Instead, they have produced an artificially limited, misleading and overly positive perspective, that serves only to whitewash the reality of abuse and discrimination faced by Saudi Arabia’s citizens and residents.”

    Steve Cockburn, Amnesty International’s Head of Labour Rights and Sport, said:

    “The severe risks of hosting the 2034 World Cup in Saudi Arabia are clear and well-known – without huge reforms, critics will be arrested, women and LGBTI+ people will face discrimination, and workers will be exploited on a massive scale. It is incredible that AS&H Clifford Chance omitted such glaring risks from its assessment and scandalous that FIFA paved the way for them to do so. FIFA must now insist on a proper assessment and meaningful human rights strategy or its flagship tournament will inevitably be tarnished by severe human rights violations.”

    Martha Waithira, Equidem investigator, said:

    “As a former domestic worker in Saudi Arabia from Kenya, I know that women like me are often treated like slaves. Women especially face sexual and other gender abuse. I’m in regular contact with workers in horrific situations in Saudi Arabia. Now, the hundreds of thousands of people expected to arrive in Saudi Arabia to build stadiums and clean hotels ahead of the World Cup are at great risk of severe exploitation and even death. How can these realities have escaped AS&H Clifford Chance’s attention?”

    Stated commitments to human rights

    The ‘Independent Context Assessment Prepared for the Saudi Arabian Football Federation in relation to the FIFA World Cup 2034’ can be found on FIFA’s website. FIFA’s Human Rights Policy, adopted in 2017, outlines its responsibility to identify and address adverse human rights impacts of its operations, including taking adequate measures to prevent and mitigate human rights abuses.

    Clifford Chance is one of the world’s largest law firms. It has made multiple commitments concerning its human rights responsibilities, including in its company code. The firm states on its global website that its client base in Saudi Arabia, delivered “through AS&H Clifford Chance” includes “key Saudi Ministries and government-owned entities as well as a wide range of government owned, privately and publicly held Saudi and international businesses, listed companies and financial institutions.” These Saudi clients include the Public Investment Fund. AS&H Clifford Chance is a joint venture between Clifford Chance and AS&H that has been registered in Saudi Arabia since 2023. It is integrated within Clifford Chance’s global firm, “follows [the global firm’s] processes and practices”, and employs a number of Clifford Chance partners, including a “Senior Clifford Chance partner”. The Independent Context Assessment refers readers to the global Clifford Chance website.

    Full list of signatories:

    FairSquare

    ALQST for Human Rights

    Amnesty International

    The Army of Survivors

    Building and Woodworkers International

    Equidem

    Football Supporters Europe

    Gulf Centre for Human Rights

    Human Rights Watch

    Middle East Democracy Center

    Migrant-Rights.org

    MIL OSI NGO –

    January 25, 2025

  • MIL-OSI USA: Nutritional Sciences Ph.D. Candidate Earns NSCA Funding to Study Collagen Peptides

    Source: US State of Connecticut

    Nick Kuhlman is a doctoral student in nutritional sciences. (Sean Flynn/UConn Photo)

    If you’ve looked at social media or a supplement aisle in the past year, chances are you’ve seen pastel-colored tubs of collagen peptides. This popular supplement is often marketed as supporting joint and bone health (among other things, like skin elasticity and digestion).

    But do these claims actually hold up? That’s what Nick Kuhlman, a nutritional sciences Ph.D. candidate, is investigating in his dissertation.

    Kuhlman recently received funding to support his work from the National Strength and Conditioning Association (NSCA) Foundation, one of the nation’s premiere providers of support to athletics- and kinesiology-related research.

    Prior to pursuing research, Kuhlman worked as a strength and conditioning coach for several universities, including West Texas A&M University and the University of South Alabama (where he became the director of athletic performance).

    “The NSCA is the gold standard organization and certification for strength and conditioning coaches, at both the professional and collegiate level,” Kuhlman says. “I was involved with that organization as a coach for many years. But they also have a foundation which is at the cutting edge in terms of research for strength and conditioning, and athletic development. As I transitioned to academia, I took advantage of the opportunity to apply for this award.”

    Kuhlman’s double-blind, placebo-controlled study will examine the effects of collagen peptide supplements (using a popular commercial brand) on bone metabolism, tendon health, and biomarkers of inflammation and recovery for female distance runners. This population is doubly at risk for early-onset osteoporosis, and other bone stress injuries such as stress fractures, due to their high-impact sport and nutritional challenges.

    Through analyzing bone density scans as well as biomarkers in the bloodstream, the study will investigate whether regular supplementation of collagen peptides helps prevent bone loss.

    Investigating Collagen’s Health Claims

    Collagen is one of the latest additions to the pantheon of popular over-the-counter supplements with compelling health claims. Since supplement marketing is largely unregulated in the United States, companies have broad leeway in their advertising.

    In the case of collagen, though, there is compelling evidence that some of the health claims may actually hold up. Kuhlman mentions existing research on the supplement’s benefits for bone density among post-menopausal women. But, he says, “There’s not a whole lot of evidence in the athletic population.”

    The findings of this study will help runners and other athletes assess whether they may benefit from adding collagen peptides to their supplement routines.

    “Either way, whether we find some significant effects or not, I think it’s valuable,” Kuhlman says. “If we have a null finding, we can say, ‘OK, despite what you may see in these advertisements, it’s not really bearing out in the literature.’ On the flip side, if we find bone health does improve, we can help contextualize those health claims.”

    Sifting through nutritional claims as a consumer can be challenging, especially since many supplements come with high price tags. How can you be sure you’re spending your money on something that will actually improve your health?

    “It’s tough even for me, and for someone who’s not plugged in to the science world, I can see it being really, really challenging,” Kuhlman says, adding that individual variability can introduce even more confusion – some people may experience positive effects from a given supplement, while others may report a neutral or negative effect from the exact same product.

    That’s why he’s eager to provide new data that can help consumers make informed decisions.

    “I’m interested in actionable interventions that people can implement in their daily lives,” he says.

    Supporting the Health of Athletic Populations

    For Kuhlman, this research at the intersection of nutrition and exercise science is simply the latest step in a career devoted to nurturing athletic health. Earning his doctorate, he says, has been an exercise in understanding the scientific side of the applied work he did as a coach and trainer.

    “Getting my Ph.D. was something I wanted to do for a while,” he says. “I love research. I love the process of asking a question and applying the scientific method to uncover a little bit more of the likely truth of whatever problem you’re trying to solve.”

    Throughout his doctoral studies, Kuhlman has published numerous articles on sports nutrition and performance, particularly among college athletes, and has presented his research at five conferences.

    After receiving his degree, he hopes to remain in the research world, exploring more questions that athletes and athletic people navigate every day. His research seeks to help people understand how nutrition and exercise can benefit everyone – not just those looking to maximize their athletic potential.

    “I’m a big believer in the fact that nutrition and exercise can modulate health in so many ways,” he says. “It’s not just about ‘peak performance’ — it’s really about health. Health underpins all of this.”

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI: Condor’s Workover Results Continue to Exceed Pre-Job Expectations

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 28, 2024 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a Canadian based energy transition company, is pleased to provide an operational update for its eight gas field production enhancement project in Uzbekistan.

    Two recently worked-over wells have returned to service and are providing 441 boepd of incremental production, after a combined 20 meters of previously unperforated reservoir pay was accessed. Prior to the workovers, the first well wasn’t producing and is now flowing 410 boepd based on a 24 hour production test. Although the second well is still recovering workover fluids, its incremental flow rate is already 31 boepd or a 65% increase, also based on a 24 hour test. As disclosed earlier this month, three prior workovers added a cumulative 330 boepd of incremental production.

    A second rig that was planned for delivery in early November has already begun workover activities on a well that is targeting up to 25 meters of previously unperforated reservoir. With over 100 wells in the eight fields, there is a large inventory of both producing and shut-in wells available for evaluation, recompletion and optimization opportunities to profitably grow production.

    The extensive geological evaluations performed, coupled with recent workover results, suggest that material untapped hydrocarbon potential exists within the carbonate formations of the Company’s 279 km2 license area. These carbonate platforms contain thick reservoir sections interbedded with laterally extensive evaporite layers, creating ideal conditions for hydrocarbon trapping. The reservoirs are analogous to carbonate formations in Canada’s Western Canada Sedimentary Basin (“WCSB”), such as the Charlie Lake and Midale, which continue to be successfully monetized. By leveraging this geological similarity, the Company is maturing the potential of horizontal and multi-lateral drilling, a proven method in Canada to enhance deliverability and maximize recovery from these reservoirs.

    Don Streu, President and CEO of Condor, commented: “We continue to be very pleased with the early results of our workover program and are excited to have a second service rig operating. The multiple successes of world-class developments in the WCSB showcases how carbonate reservoirs can deliver impressive production rates and recoveries. The geological characteristics in Uzbekistan – thick reservoirs interbedded with evaporites – are strikingly similar to those found in Western Canada, where decades of production have been economically sustained. By employing advanced horizontal and stacked drilling techniques, we could achieve even higher deliverability and maximize recovery from our Jurassic carbonate reservoirs, mirroring the positive Canadian analogue outcomes.”

    ABOUT CONDOR ENERGIES INC

    Condor Energies Inc is a TSX-listed energy transition company that is uniquely positioned on the doorstep of European and Asian markets with three distinct first-mover initiatives: increasing natural gas and condensate production from its existing fields in Uzbekistan; an ongoing project to construct and operate Central Asia’s first LNG facility in Kazakhstan; and a separate initiative to develop and produce lithium brine in Kazakhstan. Condor has already built a strong foundation for reserves, production and cashflow growth while also striving to minimize its environmental footprint.

    FORWARD-LOOKING STATEMENTS

    Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “anticipate”, “appear”, “believe”, “intend”, “expect”, “plan”, “estimate”, “budget”, “outlook”, “scheduled”, “may”, “will”, “should”, “could”, “would”, “in the process of” or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to perforate up to 25 meters of previously unperforated reservoir; the timing and ability for material untapped hydrocarbon potential to exist within the carbonate formations of the Company’s license area; the timing and ability for carbonate platforms to contain thick reservoir sections interbedded with laterally extensive evaporite layers to create ideal conditions for hydrocarbon trapping; the timing and ability for the Company’s reservoirs to be analogous to carbonate formations in Canada’s Western Canada Sedimentary Basin; the timing and ability to mature the potential of horizontal and multi-lateral drilling to maximize recovery; the timing and ability to employ advanced horizontal and stacked drilling techniques; the timing and ability to drill new wells and the ability of the drilled wells to become producing wells; projections and timing with respect to production; the timing and ability to obtain future funding on favorable terms, if at all; the timing and ability to increase production by executing the planned drilling and workover programs; and the timing and ability to obtain various approvals and conduct the Company’s planned development activities.

    ABBREVIATIONS

    The following is a summary of abbreviations used in this news release:

    boe Barrels of oil equivalent*
    boepd Barrels of oil equivalent per day
    km2 Square kilometers
    Mscf  Thousand standard cubic feet of gas
       

    * Barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mscf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mscf to 1 barrel, utilizing a conversion ratio at 6 Mscf to 1 barrel may be misleading as an indication of value, particularly if used in isolation.

    The TSX does not accept responsibility for the adequacy or accuracy of this news release.

    For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Primech AI, a Subsidiary of Primech Holdings, Launches AI-Powered Automated Toilet Cleaning Robot, Hytron

    Source: GlobeNewswire (MIL-OSI)

                                                                                       

    Hytron Enhances Hygiene Standards at Temasek Polytechnic, Marks a Monumental Leap in Cleaning Technology

    SINGAPORE, Oct. 28, 2024 (GLOBE NEWSWIRE) — Primech AI Pte. Ltd., a subsidiary of Primech Holdings Limited (Nasdaq: PMEC), announces the launch of Hytron, a cutting-edge AI-powered automated toilet cleaning robot, now operational and enhancing hygiene standards at Temasek Polytechnic. This innovative technology introduces unprecedented levels of cleaning efficiency, setting new benchmarks in the industry.

    (Primech AI’s COO, Charles Ng, and CTO, Richard Zhang, proudly commemorate the successful deployment of the Hytron robot at Temasek Polytechnic. Image: Primech AI)

    Hytron is engineered to address the high demands for cleanliness in high-traffic areas such as offices, malls, and hospitals. Equipped with advanced AI, Hytron autonomously navigates and cleans toilet fixtures with a precision down to less than one millimeter, surpassing conventional cleaning methods. Its ability to navigate in three-dimensional spaces and perform touch-based cleaning allows it to remove stubborn stains effectively, ensuring a thorough and consistent clean every time.

    The technical superiority of Hytron lies in its integration of force-sensitive sensors and 3D recognition technologies, enabling it to adapt and respond to the nuances of different cleaning environments. This level of precision and adaptability sets Hytron apart from competitors, highlighting its unique position in the market.

    “The launch of Hytron at Temasek Polytechnic has already shown fantastic results, with significant improvements in restroom cleanliness and overall hygiene,” said Charles Ng, Vice President of Innovation and Technology at Primech Holdings and Co-Founder COO of Primech AI. “Hytron not only elevates the standard of cleanliness but also enhances the operational efficiency for facilities managers, offering a scalable solution that meets the growing global demands for hygiene.”

    The market potential for restroom-cleaning robots like Hytron is vast. With the global commercial cleaning products market projected to reach USD 121.29 billion by 2023, according to data from market research and consulting firm Grand View Research, growing at a CAGR of 7.91% from 2024 to 2030, the introduction of automated solutions like Hytron is timely. This growth is driven by increasing hygiene awareness and the need for more efficient cleaning solutions in public and private spaces worldwide.

    Primech AI, in collaboration with Temasek Polytechnic, plans to expand this cleaning initiative by introducing more robots to clean more toilets on campus, modernizing, streamlining, and humanizing toilet cleaning processes. Hytron’s successful deployment marks the beginning of its potential expansion into other cleaning applications, reinforcing Primech AI’s position as a leader in the field of robotic cleaning solutions. This technology not only promises to revolutionize the way cleaning tasks are approached but also offers substantial cost savings and health benefits, making it a game-changer in the cleaning industry.

    Additional images of Hytron in operation can be found at https://primech.ai/

    See Hytron in action at https://www.youtube.com/watch?v=HBFBTs5vRjs

    (Hytron being deployed at Temasek Polytechnic, autonomously executing a restroom cleaning cycle, leveraging advanced AI algorithms for precise positioning and optimal task completion.Image:Primech AI)

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

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

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

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

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

    The MIL Network –

    January 25, 2025

  • MIL-OSI: CareCloud Pays Off Credit Line, Signs an Updated Credit Facility Agreement

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., Oct. 28, 2024 (GLOBE NEWSWIRE) — — CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced that it has fully paid down its credit facility line with Silicon Valley Bank (“SVB”), achieving a key 2024 objective. Additionally, CareCloud requested and secured a reduction in its borrowing fees and lowered its overall revolving credit facility limit.

    “We are thrilled to have reached this important strategic milestone,” said Norm Roth, Interim CFO and Corporate Controller of CareCloud. “We started 2024 with a $10 million outstanding balance and a clear goal to significantly increase our free cash flow, allowing us to fully pay down this debt. We are pleased to have accomplished this ahead of schedule, achieving a zero balance at the end of the third quarter.”

    “Along with eliminating the credit facility balance — which had been incurring interest expense since the beginning of the year — we sought and achieved a reduction in the available amount of our credit line. This reduction will lower the annual anniversary and unused revolving line facility fees. These savings amount to approximately $140,000 on an annual basis. Moreover, these cost reductions are a small part of a larger plan to accelerate free cashflow and revitalize our business model as we continue to strategically drive efficiencies across the organization,” said Roth.

    Pursuant to the Company’s Ninth Loan Modification Agreement, dated October 25, 2024, with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (the “Agreement”), the Company continues to maintain an unused, but available, credit facility line of $10 million. The information contained in this press release is a summary of certain relevant portions of the Agreement and Form 8-K, which are filed with Securities and Exchange Commission.

    About CareCloud

    CareCloud brings disciplined innovation to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could”, “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. We do not have an ongoing obligation to update shareholders regarding future proxy or vote trends, even if they are materially different from those experienced to date. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company and Investor Contact:
    Stephen Snyder
    President
    CareCloud, Inc.
    ir@carecloud.com

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Baker Hughes Awarded Contracts to Supply Petrobras with Flexible Pipe Systems, Associated Services across Several Fields

    Source: GlobeNewswire (MIL-OSI)

    • Company to support projects in Brazil’s pre-salt fields, reinforcing position as a leading provider of flexible pipe for deepwater and high CO2projects
    • Local manufacturing boost Brazilian economy, strengthen energy supply chain

    HOUSTON and LONDON, Oct. 28, 2024 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, announced Monday significant contracts with Petrobras to provide 77 km of flexible pipe systems to be deployed in Brazil’s pre-salt fields. The agreement was signed Oct. 15, 2024, following an open tender.

    The multi-year project includes risers and flowlines for hydrocarbon production and associated gas and water injection with support for equipment storage, maintenance and installation. Delivery is scheduled to begin in mid-2026, and the equipment will be utilized across Petrobras’ Búzios, Libra, Berbigão, Sururu and Sépia fields.

    These systems will also address the critical issue of stress-induced corrosion cracking from CO2 (SCC-CO2), which can affect flexible pipes in pre-salt fields with high concentrations of the gas. Baker Hughes’ flexible pipes have proven effective at mitigating this issue, which can arise as gas is reinjected into wells to reduce flaring and enhance oil recovery. Petrobras has committed to limiting CO2 emissions to the atmosphere in their operations, and CO2 storage is an important tool for producing lower-carbon barrels.

    “Brazil’s Santos Basin contains incredible potential to help power Latin America into the future,” said Amerino Gatti, executive vice president, Oilfield Services & Equipment at Baker Hughes. “Operating in deep waters with high CO2 concentrations presents unique challenges. Baker Hughes’ combination of industry-leading subsea technology and engineering, expertise in offshore operations, and extensive experience in the region will assist Petrobras to unlock and develop this potential, delivering these vital resources safely and efficiently.”

    Baker Hughes has been deeply involved in the development of Brazil’s offshore oil and gas fields for decades, and its localization strategy contributes to the nation’s economy while strengthening its energy supply chain. The company’s plant in Niteroi, Brazil, where these systems will be manufactured, is a major supplier of flexible pipe systems for the industry and employs hundreds of people in the state of Rio de Janeiro.

    The company has announced several agreements with Petrobras throughout 2024, including additional contracts for 69.1 km of flexible pipe systems and associated services in the third quarter. Other awards have included integrated well construction services in the Buzios field and integrated solutions for workover and plug and abandonment services across Petrobras’ pre-salt and post-salt fields.

    About Baker Hughes
    Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Media Relations

    Brian Reynolds
    +1 346-315-6663
    brian.reynolds@bakerhughes.com

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    The MIL Network –

    January 25, 2025

  • MIL-OSI: FlexShopper Announces a Purchase Option for 91% of its Outstanding Series 2 Preferred Stock at a 50+% Discount to Liquidation Preference

    Source: GlobeNewswire (MIL-OSI)

    BOCA RATON, Fla., Oct. 28, 2024 (GLOBE NEWSWIRE) — FlexShopper, Inc. (Nasdaq: FPAY), (“the Company”), a leading online lease-to-own retailer and payment solutions provider, today announced that it has entered into a purchase option agreement with the majority holder of the Company’s Series 2 Preferred Stock (the “Preferred Stock”), in which FlexShopper has the option to redeem 91% of FlexShopper’s Preferred Stock at a 50+% discount to the second quarter of 2024 liquidation preference of approximately $43 million. The discount is based upon the date of repayment and the option to purchase lasts for a one-year period. In addition, further payments to the seller of the Preferred Stock may be required based upon the purchase price in a change of control in the next 12 months or patent settlement announcements in the next 24 months.

    “We are excited to pursue options to redeem over 90% of our outstanding Series 2 Preferred Stock at a significant discount to its liquidation preference. We believe this opportunity will enhance shareholder value by improving our cost of capital, simplifying our capital structure and transferring $23 million of equity value to our common shareholders, representing approximately $1 per share. In addition, the redemption of our Series 2 Preferred Stock at a 50%+ discount will be highly accretive to earnings and will contribute approximately $4 million to annual operating income,” said Russ Heiser, CEO of FlexShopper.

    Expected Benefits of the Redemption of FlexShopper’s Series 2 Preferred Stock owned by PIMCO:

    Highly Accretive to Earnings. The Company expects to save approximately $4 million in annual payment-in-kind (PIK) dividends. As a result, FlexShopper expects the repurchase transaction to be highly accretive to net income to common and Preferred Series 1 shareholders once completed.

    Material Discount in Liquidation Preference Price: As part of the agreement, FlexShopper has the option to repurchase its Series 2 Preferred Stock at a 50+% discount to its liquidation preference. The current liquidation preference, as of the end of the second quarter of 2024, is valued at approximately $43 million, with an option to purchase at approximately $20 million.

    Increase in Common Equity Value: By redeeming 91% of the Preferred Stock, the approximately $23 million of savings would benefit common shareholders. The savings are equivalent to ~$1 per share in value, based on the Company’s share count at June 30, 2024.

    Illustrative Non-GAAP Changes in FlexShopper’s Enterprise Value and Stock Price Based on 91% Redemption of FlexShopper’s Series 2 Preferred Stock

        Actual
    Valuation at
    June 30,
    2024    		     Pro-forma
    Valuation at
    June 30,
    2024    		     Expected
    change ($)    		     Expected
    change (%)    		  
    Common Equity   $ 30,057,074 (1)   $ 52,917,027 (7)   $ 22,859,953       76 %
    Net Debt   $ 132,086,383 (2)   $ 132,086,383 (2)     –       –  
    Series 1 Preferred Stock   $ 288,296 (3)   $ 288,296 (3)     –       –  
    Series 2 Preferred Stock   $ 47,301,212 (4)   $ 24,441,259 (8)   $ (22,859,953 )     (48 )%
    Total Enterprise Value   $ 209,732,965 (5)   $ 209,732,965 (5)     –       –  
    Share Price   $ 1.28 (6)   $ 2.25 (9)   $ 0.97       76 %

      

    (1) Common Shares Equivalent(1.1) times Actual Share Price at June 30, 2024.
       
    (1.1) Common shares outstanding at June 30, 2024 plus common shares increased using the Treasury Stock Method upon exercise of warrants, stock options and performance share units at June 30, 2024.
       
    (2) Short- and long-term loans minus cash at June 30, 2024.
       
    (3) Common shares upon conversion of Series 1 Preferred Stock at June 30, 2024 times Actual Share Price at June 30, 2024.
       
    (4) Series 2 Preferred Stock at liquidation preference at June 30, 2024 which includes the balance sheet amount and accrued dividends.
       
    (5) Actual Valuation at June 30, 2024 of Common Equity plus Actual Valuation at June 30, 2024 of Net Debt plus Actual Valuation at June 30, 2024 of Series 1 Preferred Stock plus Actual Valuation at June 30, 2024 of Series 2 Preferred Stock.
       
    (6) Share Price of Common Stock at June 30, 2024.
       
    (7) Actual Valuation at June 30, 2024 of Total Enterprise Value minus Pro-forma Valuation at June 30, 2024 of Series 2 Preferred Stock, minus Pro-forma Valuation at June 30, 2024 of Series 1 Preferred Stock, minus Pro-forma Valuation at June 30, 2024 of Net Debt.
       
    (8) Series 2 Preferred Stock, after the redemption of the Series 2 Preferred Stock owned by the majority holder, at liquidation preference at June 30, 2024 plus the current purchase price per the purchase option
       
    (9) Pro-forma Valuation at June 30, 2024 of Common Equity divided by Common Shares Equivalent (as defined in 1.1)


    About FlexShopper

    FlexShopper, Inc. is a leading national financial technology company that offers innovative payment options to consumers. FlexShopper provides a variety of flexible funding options for underserved consumers through its direct-to-consumer online marketplace at Flexshopper.com and in partnership with merchants both online and at brick-and-mortar locations. FlexShopper’s solutions are crafted to meet the needs of a wide range of consumer segments through lease-to-own and lending products.

    Forward-Looking Statements

    All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” or other comparable terms. Examples of forward-looking statements include, among others, statements we make regarding expectations of the redemption of over 90% of the Company’s outstanding Series 2 Preferred Stock, the expectation that the redemption of our Series 2 Preferred Stock would be highly accretive to earnings or would improve our company’s share price, lease originations, the expansion of our lease-to-own program; expectations concerning our partnerships with retail partners; investments in, and the success of, our underwriting technology and risk analytics platform; our ability to collect payments due from customers; expected future operating results and expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including, among others, the following: our ability to obtain adequate financing to fund our business operations in the future; the failure to successfully manage and grow our FlexShopper.com e-commerce platform; our ability to maintain compliance with financial covenants under our credit agreement; our dependence on the success of our third-party retail partners and our continued relationships with them; our compliance with various federal, state and local laws and regulations, including those related to consumer protection; the failure to protect the integrity and security of customer and employee information; and the other risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. The forward-looking statements made in this release speak only as of the date of this release, and FlexShopper assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

    Contacts

    For FlexShopper:
    Investor Relations
    ir@flexshopper.com

    Investor and Media Contact:
    Andrew Berger, Managing Director
    SM Berger & Company, Inc.
    Tel: (216) 464-6400
    andrew@smberger.com

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Newly Published Research Shows 14-Day Monitoring Detected Almost Three Times More Nonsustained Ventricular Tachycardia Than Standard 48-Hour Monitoring in Patients with Hypertrophic Cardiomyopathy

    Source: GlobeNewswire (MIL-OSI)

    • Hypertrophic cardiomyopathy (HCM) is a genetic heart condition affecting about 1 in 500 people and is one of the leading causes of sudden cardiac death (SCD) in people under 35, including among athletes.1
    • NSVT (nonsustained ventricular tachycardia), a known marker for increased risk of SCD in HCM, was detected in nearly 50% of HCM patients in the study undergoing long-term continuous ambulatory ECG monitoring of up to 14 days with a Zio®XT LTCM ECG patch device; 63% of NSVT episodes detected only after 48 hours, suggesting that Holter monitoring would miss the majority of episodes.
    • NSVT episodes clinically judged to be higher risk were identified in 24% of the study population and were detected more frequently during 14-day monitoring (3-fold greater diagnostic yield vs 48 hours).

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health company focused on creating trusted solutions that detect, predict, and prevent disease, today announced that the results of the Extended Ambulatory ECG Monitoring Enhances Identification of Higher-Risk Ventricular Tachyarrhythmias in Patients with Hypertrophic Cardiomyopathy (EXAMINE-HCM) study have been published in Heart Rhythm Journal. The findings were also presented at the Heart Rhythm Society’s annual meeting in 2023, and most recently, at the International HCM Summit 8 in Boston, MA (October 25-28, 2024).

    The newly published research highlights the value of 14-day long-term, uninterrupted2 continuous monitoring (LTCM), using a Zio® XT patch ECG device, for detecting nonsustained ventricular tachycardia (NSVT), a known marker for sudden cardiac death (SCD) in patients with hypertrophic cardiomyopathy (HCM). The findings support more informed decisions about care pathways and interventions, particularly by capturing arrhythmias that would go undetected by standard 48-hour monitoring, such as with a conventional Holter device monitoring period. Prior research has demonstrated that NSVT episodes occurring with higher heart rate, longer duration, and greater frequency are associated with increased risk of SCD3 and practice guidelines place greater emphasis on these episodes (8 consecutive beats, >200 bpm, 2 runs in consecutive 2-day period) in clinical decision-making regarding use of primary prevention implantable cardioverter-defibrillator (ICD).4 These NSVT episodes clinically judged to be higher risk were detected in only 8% of the study population through 48 hours, but in 24% of patients through 14-days.       

    “The EXAMINE-HCM study provides important new insights into how we manage patients with hypertrophic cardiomyopathy identified with ventricular arrhythmias,” said Martin S. Maron, MD, study lead investigator, HCM expert, and Medical Director, Hypertrophic Cardiomyopathy Center, Lahey Hospital and Medical Center. “By extending the monitoring period beyond the traditional 48 hours, we have been able to detect nonsustained ventricular tachycardia episodes that may have otherwise gone undetected with traditional shorter monitoring periods, which may offer the potential to inform more tailored clinical decision-making to help prevent sudden cardiac death in this high-risk population.”

    Overall, the study authors concluded that traditional 48-hour short-term cardiac monitoring is significantly less effective compared to extended 14-day continuous monitoring for both NSVT and NVST detection with features judged to be high risk in patients with HCM. These data support the need for additional clinical studies to evaluate the significance of longer-term monitoring for NSVT detection and relationship to future risk for sudden death in HCM.

    Key findings from the Extended Ambulatory ECG Monitoring Enhances Identification of Higher-Risk Ventricular Tachyarrhythmias in Patients with Hypertrophic Cardiomyopathy study:

    • 48% of study patients (n=114) with HCM experienced NSVT episodes, and high-risk NSVT was detected in 24% (n=56) of study patients during the 14-day monitoring period.
    • 63% of NSVT episodes (n=72) were detected during a 3 to 14-day continuous monitoring period, compared to 37% (n=42) of NSVT episodes detected during the standard 48-hour Holter monitoring period. This resulted in a 2.7-fold higher diagnostic yield for detecting NSVT during the 14-day extended monitoring period compared to the initial 48 hours (48% vs. 18%; p<0.001).
    • 64% of NSVT episodes clinically judged to be higher risk (n=36); 8 consecutive beats, >200 bpm, 2 runs in consecutive 2-day period)) were detected during a 3 to 14-day continuous monitoring period, compared to 36% (n=20) of high-risk NSVT episodes detected during the standard 48-hour Holter monitoring period. Therefore, the diagnostic yield of high-risk NSVT was 3.0-fold greater over the entire 2 weeks of monitoring vs. only the first 48 hours (24% vs. 8%; p<0.001).
    • 17% of patient profiles were re-classified with respect to risk of sudden cardiac death (n=40) based on their extended 14-day continuous monitoring period. The number of patients at high-risk for SCD increased 2.3-fold (95% CI: 1.2, 4.3) vs. 48-hour monitoring, with 18 (8%) of study patients reclassified from low- or intermediate-risk to high-risk for SCD. In addition, 22 (9%) of patients were reclassified from low to intermediate risk.

    Importance of Detecting NSVT in HCM Patients

    HCM is a genetic condition that affects approximately 1 in 500 people and one of the leading causes of sudden cardiac death (SCD), especially in individuals under 35, including among athletes. HCM is caused by mutations in genes controlling the production of heart muscle proteins, resulting in thickening of the left ventricle wall. These changes can impair the heart’s ability to pump blood efficiently and disrupt its electrical signaling. Nonsustained ventricular tachycardia (NSVT) is a well-recognized marker for SCD risk in patients with HCM.

    Standard Holter monitoring captures only up to 48 hours of data, potentially missing episodes of NSVT that can occur later. This study shows that extended monitoring can detect NSVT that would otherwise go unnoticed, providing clinicians with clinical actionable information needed to make timely interventions such as implantable cardioverter-defibrillators (ICDs).

    The findings underscore the importance of long-term continuous monitoring (LTCM) for patients with HCM. By detecting NSVT that would otherwise go undetected, clinicians are better equipped to assess sudden cardiac death (SCD) risk and recommend interventions like ICD placement.

    This study highlights the value of extended monitoring as an important tool for risk stratification in HCM patients, complementing current American Heart Association/American College of Cardiology guidelines, which recommend monitoring every 1 to 2 years but do not yet specify the optimal duration for detecting arrhythmias.

    “There is an abundance of clinical evidence demonstrating that uninterrupted, continuous, patch-based monitoring with the Zio® long-term continuous monitoring service leads to increased diagnostic yield of Afib, atrial arrhythmias, ventricular arrhythmias, more accurate ectopic burden estimation, and lower rates of retesting,”5 said Mintu Turakhia, MD, iRhythm’s Chief Medical and Scientific Officer and EVP, Product Innovation. “This study adds to the evidence by showing how ascertainment of NSVT could be missed during risk stratification, in this case specifically for hypertrophic cardiomyopathy, depending on the diagnostic test being used.”

    About the Study

    The EXAMINE-HCM study was a single-center, prospective study focused on patients with hypertrophic cardiomyopathy (HCM), a common genetic heart disease and a leading cause of sudden cardiac death (SCD) in young adults. The study aimed to evaluate the prevalence and clinical profile of nonsustained ventricular tachycardia (NSVT), a key marker for SCD risk, using extended continuous ambulatory ECG monitoring. The primary goal was to assess the benefit of long-term monitoring compared to traditional 48-hour Holter monitoring, with a focus on NSVT episodes of longer duration, greater frequency, and occurring with a higher heart rate, which have been associated greater risk of SCD.

    The study enrolled 236 consecutive adult patients diagnosed with HCM (mean age 49 ± 12 years; 72% male), none of whom had prior implantable cardioverter-defibrillators (ICDs) or permanent pacemakers. These patients were being evaluated for SCD risk stratification. Participants wore the Zio® XT long-term continuous (LTCM) patch ECG device (iRhythm Technologies, Inc.), a long-term continuous monitoring ECG patch device, for 14 days. The Zio patch recorded ECG data continuously, offering an extended wear time compared to traditional 48-hour Holter monitors. After the 14-day monitoring period, patients returned the device for data analysis, which was performed using artificial intelligence (AI)-powered algorithms and validated by certified cardiographic technicians.

    NSVT was defined as more than 3 consecutive ventricular beats at a rate of ≥120 beats per minute (bpm) lasting for less than 30 seconds and terminating spontaneously. High-risk NSVT episodes were defined as those with one or more of the following: ≥8 consecutive beats, a rate of >200 bpm, or ≥2 runs within a 48-hour period, all of which are associated with a higher risk of SCD.

    The study’s primary objective was to compare the prevalence, burden, speed, and length of NSVT episodes detected during the initial 48-hour period (standard Holter monitoring) versus the full 14-day extended monitoring period.

    Key outcomes included the detection of NSVT with features judged to be higher risk and its potential impact on SCD risk stratification. The European Society of Cardiology (ESC) SCD risk score was calculated based on both the 48-hour and full 14-day data, and patients were stratified into low, intermediate, and high-risk SCD categories over a 5-year period.

    This project was supported by an investigator-initiated grant from iRhythm Technologies, Inc. Results presented are scientific data and not product or marketing claims.

    Zio XT is indicated for use on patients who may be asymptomatic or who may suffer from transient symptoms such as palpitations, shortness of breath, dizziness, light-headedness, pre-syncope, syncope, fatigue or anxiety.

    To learn more about the study, visit Heart Rhythm. To learn more about the value of the Zio LTCM service, which has been demonstrated in over 100 original scientific research manuscripts6, visit iRhythmTech.com..

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all. To learn more about iRhythm, including its portfolio of Zio products and services, please visit irhythmtech.com.

    Media Contact:
    Kassandra Perry
    irhythm@highwirepr.com

    Investor Relations Contact:
    Stephanie Zhadkevich
    investors@irhythmtech.com

    1“Hypertrophic Cardiomyopathy (HCM).” Www.Heart.Org, American Heart Association, Aug. 2024, www.heart.org/en/health-topics/cardiomyopathy/what-is-cardiomyopathy-in-adults/hypertrophic-cardiomyopathy.

    2“Uninterrupted” refers to uninterrupted ECG recording.

    3Wang W, Lian Z, Rowin EJ, Maron BJ, Maron MS, Link MS. Prognostic implications of nonsustained ventricular tachycardia in high-risk patients with hypertrophic cardiomyopathy. Circ Arrhythm Electrophysiol. 2017;10.

    4Ommen et al. 2024 AHA/ACC/AMSSM/HRS/PACES/SCMR Guideline for the Management of Hypertrophic Cardiomyopathy: A Report of the American Heart Association/American College of Cardiology Joint Committee on Clinical Practice Guidelines. Circulation. 2024 Jun 4;149(23):e1239-e1311.

    5Reynolds et al. Comparative effectiveness and healthcare utilization for ambulatory cardiac monitoring strategies in Medicare beneficiaries. Am Heart J. 2024;269:25–34. Accessed January 2, 2024. https://doi.org/10.1016/j.ahj.2023.12.002

    6Data on file. iRhythm Technologies, 2023: https://www.irhythmtech.com/providers/evidence/list-of-clinical-articles

    The MIL Network –

    January 25, 2025

  • MIL-OSI: NEWTON GOLF Company Provides Preliminary Financial Results for Third Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    CAMARILLO, CA, Oct. 28, 2024 (GLOBE NEWSWIRE) — NEWTON GOLF Company (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, reports preliminary financial results for the third quarter of 2024 (three months ended September 30, 2024) ahead of its quarterly filing.

    Financial Highlights for Third Quarter 2024

    • Revenue of $1,150,000 – $1,250,000 in 3Q24, an increase of 1,163% at the midpoint of the range over $95,000 in 3Q23 and a sequential increase of 48% at the midpoint of the range over $813,000 in 2Q24.
    • Gross margin of 63-67% in 3Q24 was driven by increased volume in manufacturing and compares to 41% in 3Q23.
    • Announced a complete rebranding of the Company.
    • Launched the new Gravity Premium putter line with the introduction of five models.
    • Expanded the Company’s global presence with the launch of the Newton Motion shafts in Japan in 50 of its largest golf retail locations.
    • Closed on $732,000 of underwritten public offering of shares of common stock.
    • Increased the number of professionals using the Newton Motion Shafts on the PGA TOUR Champions to 34, generating greater exposure.
    • Executed successful digital campaigns.
    • Introduced the new advanced performance shafts for higher swing speeds.

    NEWTON GOLF Company Executive Chairman Greg Campbell commented, “Our third quarter was marked by continued momentum in the sales of our Newton Motion replacement driver shafts and the first full quarter of revenue from our fairway woods replacement shafts. The continued traction we are seeing from professional golfers, highlighted by 34 Champions TOUR players now using the Newton Motion shafts, gives us confidence that our technology-forward approach to design is the proper cornerstone of our product development strategy. Additionally, a recent launch of our putter line that now carries the NEWTON GOLF Gravity brand can potentially add to our growth trajectory.”

    This press release contains preliminary estimated financial results for the quarter ended September 30, 2024, and may change as a result of management’s continued review. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release and has been prepared by Company management. This preliminary financial and operational information should not be viewed as a substitute for full financial statements and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial and operational information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

    About NEWTON GOLF: A Sacks Parente Company

    NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.

    In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.

    The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.

    For more information, please visit the Company’s website at www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.

    Investor Contact for NEWTON GOLF
    CORE IR
    516-222-2560
    investors@sacksparente.com

    The MIL Network –

    January 25, 2025
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