Category: Finance

  • MIL-OSI: Xtract One Announces Fiscal 2024 Fourth Quarter Conference Call

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 15, 2024 (GLOBE NEWSWIRE) — Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”), a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, today announced that it will release fiscal 2024 fourth quarter results after the close of trading on October 24, 2024. Peter Evans, Xtract One CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will host a webcast and conference call at 10:00 a.m. Eastern Time the following day, October 25, 2024, to review the three months and twelve months ended July 31, 2024.

    The webcast and presentation will be accessible on the company’s website, and the telephone number for the conference call is 844-481-3016 (412-317-1881 for international callers). Management will provide an overview of the interim financial results along with management’s outlook for the business, followed by a question-and-answer period.

    About Xtract One Technologies
    Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The Company makes unobtrusive threat detection systems that enable venue building operators to prioritize and deliver improved patron experiences while providing unprecedented safety. Xtract One’s innovative AI-powered Gateway product enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic. Its AI-based Xtract One Vision allows venue and building operators to identify weapons and other threats inside and outside of facilities, and Xtract One Insights provides valuable intelligence for optimizing operations. For more information, visit http://www.xtractone.com or connect on Facebook, Twitter, and LinkedIn

    For further information, please contact:
    Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com
    Media Contact: Kristen Aikey, JMG Public Relations, 212-206-1645, kristen@jmgpr.com
    Investor Relations: Chris Witty, Darrow Associates, 646-438-9385, cwitty@darrowir.com

    The MIL Network

  • MIL-OSI: Beamr and Bridge Digital Inc. to Deliver “Forever Video” to Broadcasters and Video Streamers

    Source: GlobeNewswire (MIL-OSI)

    Bridge Digital Inc. to Distribute Beamr’s GPU-Based, High-Performance and Future-Proofed Video Service to News, Sports, and Entertainment Broadcasters and Streamers, along with Other Companies With Large Video Repositories

    Herzliya, Israel, Oct. 15, 2024 (GLOBE NEWSWIRE) — Beamr Imaging Ltd. (NASDAQ: BMR), a leader in video optimization and modernization technology and solutions, today announced a collaboration with Bridge Digital Inc., a proven video technology integrator.

    Beamr’s patented, GPU-based and award-winning technology – available through scalable cloud services – significantly reduces video files sizes and live streams by up to 50%, while maintaining the same quality as the original.

    Combined with Bridge Digital Inc.’s extensive expertise, Beamr and Bridge Digital Inc. will offer a specialized service for companies and organizations with large-scale video repositories, including news, sports, entertainment and user-generated content for delivery and distribution. Beamr and Bridge Digital Inc. will enable companies that rely on video for their daily operations or manage vast video libraries to achieve “Forever Video” – future-proofing their content to ensure long-term compatibility through efficient, automatic, and scalable processes, all while significantly reducing costs.

    Beamr’s high-efficiency, high-quality video service also enables upgrades to AV1 format (AOMedia Video 1) – ensuring long-term compatibility of the videos.

    “The collaboration with Bridge Digital Inc. leveraging their extensive expertise in media storage and video management, provides Beamr customers with a streamlined approach to fully benefit from our video pipelines”, said Beamr CEO, Sharon Carmel. He added: “In the expanding video world, companies face rising costs and complexity. Beamr GPU-based services process videos 10X faster at 1/10 the cost of software-based workflows, providing critical value to the broadcasting, streaming, IoT, and edge computing industries.”

    “Beamr adds significant value to the process we coined ‘Forever Video’”, said Bridge Digital Inc. CEO, Richie Murray. He elaborated that “Video modernization to AV1 or HEVC (High-Efficiency Video Codec) formats provides remarkable value to companies with large video repositories, ensuring they can be played in the decades to come, secured with high-quality, or transferred to new storage systems if needed”.

    Beamr Cloud optimization and modernization service is easily accessible to AWS (Amazon Web Services) and OCI (Oracle Cloud Infrastructure) customers, offering automatic, scalable and cost-efficient video pipelines that are AI ready.

    Bridge Digital Inc. is a US-based integrator of video technologies, specializing in improving video workflows. Over more than two decades, they have served dozens of video creators and owners in managing, monetizing, distributing and archiving video repositories effectively and efficiently.

    About Beamr

    Beamr (Nasdaq: BMR) is a world leader in content-adaptive video optimization and modernization. The company serves top media companies like Netflix and Paramount. Beamr’s inventive perceptual optimization technology (CABR) is backed by 53 patents and won the Emmy® award for Technology and Engineering. The innovative technology reduces video file size by up to 50% while guaranteeing quality.

    Beamr Cloud is a high-performance, GPU-based video optimization and modernization service designed for businesses and video professionals across diverse industries. It is conveniently available to Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI) customers. Beamr Cloud enables video modernization to advanced formats such as AV1 and HEVC, and is ready for video AI workflows. For more details, please visit http://www.beamr.com    

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements in this communication may include, among other things, statements about Beamr’s strategic and business plans, technology, relationships, objectives and expectations for its business, the impact of trends on and interest in its business, intellectual property or product and its future results, operations and financial performance and condition. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report filed with the SEC on March 4, 2024, and in subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of the date hereof, and the Company undertakes no duty to update such information except as required under applicable law.                                               

    Investor Contact:

    investorrelations@beamr.com

    The MIL Network

  • MIL-OSI Translation: 14/10/2024 The government adopted a draft act amending the Act on Agricultural Tax, the Act on Local Taxes and Fees and the Act on Stamp Duty

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    The government has adopted a draft act amending the Act on Agricultural Tax, the Act on Local Taxes and Fees and the Act on Stamp Duty14/10/2024

    The Council of Ministers has adopted the draft act submitted by the Minister of Finance amending the Act on Agricultural Tax, the Act on Local Taxes and Fees and the Act on Stamp Duty. The aim of the draft is primarily to ensure uniform principles for taxing garages in residential buildings and to introduce a comprehensive definition of a building and structure into the Act on Local Taxes and Fees. Key solutions Unification of the principles for taxing garages in residential buildings with property tax. All rooms intended for storing vehicles in residential buildings (not occupied for business activities) will be taxed as apartments. Clarified definitions of “building” and “structure” for the purposes of property tax. The lack of reference in the definitions of “building” and “structure” to construction law will ensure increased certainty of tax law, which will no longer be directly affected by changes in construction law. The draft contains a closed list of structures subject to taxation. At the same time, the catalogue of construction equipment subject to taxation has been narrowed down to only those that are directly related to a building or structure and necessary for their use in accordance with the e-designation. So-called small architectural objects will remain outside taxation. Extension until 31 March 2025 of the possibility of submitting a property tax return by entrepreneurs, to give them time to adapt to the proposed changes. Abolition of the application procedure for granting subject exemptions in the agricultural tax (e.g. for research institutes), which will be applied by operation of law – in order to eliminate unnecessary bureaucracy. Tightening the collection of the spa fee. Municipal councils have been granted the right to impose on collectors of the spa fee the obligation to keep records of persons who will be required to pay this fee, which will enable control over the reliable fulfillment of the obligation to collect this fee. Determination of the jurisdiction of the tax authority in the matter of the stamp duty on a power of attorney submitted in electronic form (for example in the e-Tax Office). The proposed regulations are to enter into force on 1 January 2025.

    MILES AXIS

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI: CECO Environmental Upsizes Credit Facility to $400 Million

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 15, 2024 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, has announced a significant upsize in the form of an amendment and restatement of its credit facility, increasing it to a $400 million senior secured revolving credit facility. This expansion from the existing $246 million aggregate capacity underscores CECO’s strategic commitment to strengthening its financial resources in pursuit of both organic and inorganic growth.

    The expanded credit facility comes with a five-year term and an option to increase the facility by $125 million. This move enables CECO with additional resources to efficiently fund potential opportunities and expand its footprint in global markets.

    Peter Johansson, CECO’s Chief Financial and Strategy Officer, emphasized the strategic importance of this expanded credit facility, noting, “This move not only provides us with greater financial agility but also reinforces our commitment to executing our growth plans effectively. With the backing of our committed financial partners, we are well-equipped to adapt to the evolving industry landscape and seize emerging opportunities.”

    Bank of America, N.A. is the Administrative Agent; BofA Securities, Inc. and TD Securities are the Joint Lead Arrangers, and The Toronto-Dominion Bank, New York Branch, Citibank, N.A., Fifth Third Bank, N.A. and JPMorgan Chase Bank, N.A. are Co-Syndication Agents. 

    ABOUT CECO ENVIRONMENTAL
    CECO Environmental is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets across the global through its key business segments: Engineered Systems and Industrial Process Solutions. Providing innovative technology and application expertise, CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. In regions around the world, CECO works to improve air quality, optimize the energy value chain, and provide customer solutions for applications including power generation, petrochemical processing, general industrial, refining, midstream oil and gas, electric vehicle production, poly silicon fabrication, battery recycling, beverage can, and water/wastewater treatment along with a wide range of other applications. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Dallas, Texas. For more information, please visit http://www.cecoenviro.com.

    Company Contact:
    Peter Johansson
    Chief Financial and Strategy Officer
    888-990-6670
    investor.relations@onececo.com

    Investor Relations Contact:
    Steven Hooser and Jean Marie Young
    Three Part Advisors, LLC
    214-872-2710
    investor.relations@onececo.com

    The MIL Network

  • MIL-OSI United Kingdom: Government pledges further action to strengthen patient safety

    Source: United Kingdom – Executive Government & Departments

    Patient safety at heart of government’s plans for healthcare reform as Health and Social Care Secretary orders action to improve regulator performance.

    Patient safety across health and social care is set to be bolstered as the government takes action to improve the effectiveness and efficiency of key patient safety organisations.  

    The move – aimed at ensuring the country has the best system in place to keep patients safe – comes as a major review of the CQC’s operational effectiveness is published in full.

    The report, led by Dr Penny Dash, Chair of the North West London Integrated Care Board, identifies significant internal failings at the regulator which are hampering its ability to identify poor performance at hospitals, care homes and GP practices.   
      
    Its interim conclusions, published in July, prompted the Health and Social Care Secretary to order immediate action to restore public confidence in the effectiveness of health and social care regulation.  

    The full report confirms significant failings at the CQC in regard to its operational effectiveness – including poor performance in relation to inspections and a lack of capacity and capability to deliver improvements.     

    The report provides seven specific recommendations for improvement, which the Secretary of State for Health and Social Care fully supports. This includes recommending that the CQC formally pauses the implementation of its assessments of Integrated Care Systems as it works to restore public confidence in health and care regulation. This will allow the CQC to focus on getting the basics right when assessing the organisations it regulates. 

    The Health and Social Care Secretary has now asked Dr Dash to conduct two further reviews moving her focus from operational effectiveness to patient safety and quality. The first review will examine the roles and remits of six key organisations and make recommendations on whether patient safety could be bolstered through a different approach. These are:    

    • Care Quality Commission (CQC) including the maternity programme (MNSI)    
    • National Guardian’s Office (NGO)       

    • Healthwatch England (HWE) and the Local Healthwatch (LHW) network.    

    • Health Services Safety Investigation Body       

    • Patient Safety Commissioner        

    • NHS Resolution (quality and safety functions only) 

    A further review will focus on quality and its governance. This will guide the government’s next steps as it continues its drive for positive cultural change across health and social care.   
      
    All findings will also inform the government’s 10-Year Health Plan to transform the NHS and social care and make them fit for the future.   

    Wes Streeting, Secretary of State for Health and Social Care, said:    

    Patient safety is the bedrock of a healthy NHS and social care system. That’s why we are taking steps to reform the CQC, to root out poor performance and ensure patients can have confidence in its ratings once again.  

    This government will never turn a blind eye to failure. An overly complex system of healthcare regulation and oversight is no good for patients or providers. We will overhaul the system to make it effective and efficient, to protect patient safety.

    The CQC has already taken its crucial first steps to rebuild its approach to regulation, including announcing Sir Julian Hartley, former Chief Executive of NHS Providers, will be appointed as its new chief executive.   

    Following the publication of Dr Dash’s interim report in July, the CQC Board also asked Professor Sir Mike Richards to conduct an internal review of the single assessment framework and its implementation. Sir Mike was Chief Inspector of Hospitals at CQC from 2013 to 2017. That review has also been published today (15 October) by the CQC.     

    However, Dr Dash’s full review makes clear that there is still much work to be done in the CQC and beyond to ensure that that the public can be confident in the quality and safety of the care they are receiving.   

    Commenting on her findings, Dr Penny Dash said: 

    This report reiterates the findings of my interim report while providing further detail and analysis of the CQC’s performance. It builds on insights and perspectives from patients and users, and a wide range of health and social care providers as well as senior leaders from the NHS and local authorities. 

    I am very grateful to the large number of staff within the CQC who have come forward to share their experiences of the last few years and to make recommendations for the future. They have shown exceptional patience and professionalism throughout this difficult period. 

    I am delighted that Sir Julian Hartley will be appointed as the CQC’s new Chief Executive – he is an outstanding leader, and I am confident he will restore the regulator’s ability to inspect and rate the safety and wider quality of health and social care services across England.

    Recent inquiries and reports, including the Infected Blood Inquiry, have highlighted how the patient safety space has developed in a way which means that multiple organisations are involved in related activities, leading to a complicated system without clear leadership.   

    Vic Rayner OBE, Chair of the Care Provider Alliance, said: 

    As both the Penny Dash Report and the review by Sir Mike Richards show, it is clear that urgent action is needed by the CQC to take on board the reality of how assessment and inspection is currently experienced by the tens of thousands of registered adult social care services across England.  

    What is also evident is that a step change is required in regulation going forwards, and care providers’ voices need to be heard in the coproduction of a regulatory framework that is fit for the future.

    Matthew Taylor, Chief Executive of the NHS Confederation said:  

    Our members recognise the importance of regulation in supporting patient safety and care improvement but for far too long CQC’s operating model has not been fit for purpose. Many of our members contributed to the review, and we welcome Dr Penny Dash’s findings, which aim to improve the regulatory model for health and care professionals.  

    Given the stark findings, we believe the decision to pause ICS inspections is the right one and we will continue to work with CQC colleagues to ensure the approach adds value for systems and the public.  

    We will review both Dr Dash’s and Professor Sir Mike Richards’ findings in detail. These, alongside the government’s response, will strengthen patient safety and drive necessary improvements. We also look forward to contributing to the two new reviews announced today.

    Findings of the Safety Landscape Review can be expected in the new year. Meanwhile, the Health and Social Care Secretary will continue to monitor the CQC’s progress and support Sir Julian Hartley on its road to reform.

    Updates to this page

    Published 15 October 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Attorney General’s 2024 Bingham Lecture on the rule of law

    Source: United Kingdom – Executive Government & Departments

    On 14 October 2024, the Attorney General Lord Hermer KC delivered the 2024 Bingham Lecture titled ‘The Rule of Law in an Age of Populism’.

    Opening remarks

    Thank you Helena for that introduction.  It is a particular privilege to be introduced by a friend who I admire and respect so much and by someone who has spent a lifetime promoting the rule of law and protecting human rights.      

    Thank you also to the Bingham Centre for inviting me to speak to you this evening.

    For nearly fifteen years, the Bingham Centre has been an essential voice for the advancement of rule of law values at home and abroad. Its work to promote a better understanding of the rule of law and to help build the capacity to give it practical effect, has never been more vital than it is today.

    It is a record of which Tom Bingham, in whose name I am honoured to give this lecture, would surely have been proud. It is wonderful to see so many of his family here tonight, Lady Bingham, Dame Kate, Kit and Mary.

    Lord Bingham’s judicial and non-judicial writing, his stature as one of the great postwar judges, has been an inspiration for generations of lawyers, myself very much included.  I had the privilege of appearing in front of Lord Bingham as a junior in a series of interesting cases before the House of Lords in which I was led by a promising young silk called Keir Starmer. 

    But like many in this audience I also felt a personal tie to Tom Bingham.  I applied for silk in 2009 and Lord Bingham was one of my referees but sadly my father, who was a lawyer, died shortly before my appointment.  My sense of loss at not being able to share the news with my dad was softened by the fact that before he died I was able to show him a letter that Lord Bingham had written to me.  The letter was filled with the warmth and support that many who knew Tom Bingham will recognise. Thus I will always feel a very personal debt of gratitude to him for the joy and pride that his letter gave to my dad.   

    It was in his cogent and elegant account of the rule of law that Tom Bingham encapsulated in his eight principles.  Such was the authority and clarity of his analysis that the principles are now a necessary reference point for any discussion (or indeed speech) on the subject.

    As Sir Jeffrey Jowell put it when he spoke at the launch of this Centre back in December 2010:

    Tear open the Bingham package of requirements for the rule of law and, as each of his ingredients falls away, we progressively observe the stark outlines of tyranny- at worst; or authoritarianism – at best.

    That remark has a particular resonance today. And what better illustration of the enduring contribution of that book could there be than the sight, earlier this year, of its Ukrainian translation being launched in Kyiv, on the frontline of the ongoing struggle for democratic, rules-based values.

    Introduction: setting the scene, and the challenge

    As that scene attests, we are living through uncertain and challenging times, with threats to the rule of law on a number of fronts.

    This evening, I would like to talk about the necessary response to these challenges, through restoration of our reputation as a country that upholds the rule of law at every turn and by embedding resilience to rebuff the populist challenge. 

    Restoration and resilience.  I’m going to begin by setting out the nature of the challenge as well as proffering some thoughts on the relationship between the rule of law, democracy and human rights.  I will then turn to three themes that I consider lie at the heart of the restoration and resilience project firstly, the rebuilding our reputation as a leader in the field of international law and the international rules based order; secondly, the strengthening of Parliament’s role in upholding the rule of law and thirdly the promotion of a rule of law culture.

    Our starting point is not a happy one.  Conflict currently affects more countries than at any time since the Second World War. As too many people around the world are driven from their homes by wars and instability, there is a sense of an international system that is unable to act. That is unable to prevent wars of aggression and to address desperate humanitarian need.

    As the Prime Minister said at the General Assembly in New York, those “institutions of peace” that the UK and others worked so hard to establish after the horrors of the Second World War are struggling. Those rules that we have all worked so hard to maintain are being undermined. And faith in international law, and the international rule of law, is being chiselled away in communities who are told, time and again, that the system is failing to deliver for them.

    The challenges we face are increasingly global – whether the development of AI, the threat of climate change, growing inequality, or increased migration – and we need a functioning global order, underpinned by a strong commitment to the rule of law, to even begin to tackle them.

    At home, too, we cannot afford to be complacent about the extent to which values that once were taken for granted have been undermined. A near decade of crisis and political instability has, at times, stretched the fabric of our constitution to its limit.  I don’t wish to make a party political speech, indeed I am determined to make the promotion of the rule of law a project we can all sign up to irrespective of our political allegiance. 

    At a time when there is a desperate need for cooperation and solutions, we are increasingly confronted by the divisive and disruptive force of populism. This is not a new phenomenon. But in recent years we have grown accustomed to diagnosing its symptoms, on both right and left.

    We face leaders who see politics as an exercise in division; who appeal to the ‘will of the people’ (as exclusively interpreted by them) as the only truly legitimate source of constitutional authority.

    Their rhetoric conjures images of a conspiracy of ‘elites’; an enemy that is hard to define, but invariably including the people and independent institutions who exercise the kind of checks and balances on executive power that are the essence of liberal democracy and the rule of law. Judges. Lawyers. A free press. NGOs. Parliament. The academy. An impartial and objective civil service.  Populists work to diminish their legitimacy or, at worst, actively remove them from the scene altogether.

    Allied to this, we have also seen how populism, in its most pernicious forms, works to demonise other groups, usually minorities – to discredit the legal frameworks and institutions that guarantee their rights, and dismantle, often through calculated misinformation, the political consensus that underpins them.

    The argument

    Times of crisis and challenge are fertile ground for this kind of politics. And they can create a receptive audience for the populists’ argument that the rule of law is somehow in tension with democratic values.

    It is this dynamic that I want to address in tonight’s speech – I want to argue that this is precisely the time for us to reaffirm that the rule of law – both domestically and internationally – is the necessary precursor to those democratic values, providing the foundations for political and economic flourishing.

    And I want to be clear that by the rule of law, I do not just mean rule by law; a purely procedural and formal conception that populists and authoritarians can themselves so often use as a cloak of legitimacy.

    One of Lord Bingham’s great contributions was to promote a more substantive conception of the rule of law, including the idea that the law must afford adequate protection of fundamental human rights. I too believe that human rights – both at the level of principle, and in practice through how they are enforced – are an essential element of the rule of law and a stable democratic culture. As well as recognising and protecting the dignity of all, they guarantee the essential rights and freedoms which underpin our system.

    Far from being at odds with democracy, as some populists would have us believe, the rule of law is the bedrock on which it rests. What good is democracy – indeed, can democracy exist – without the right to free and fair elections or freedom of speech, guaranteed by the right of access to the courts and an independent judiciary? And I would go further. Democracy, in my view, is inextricably related to the rule of law, properly understood. For what good is the rule of law without democracy, which confers essential legitimacy on the rules that govern the relationship between citizen and state?

    Lord Bingham’s conception of the rule of law also recognises that international law is the ‘Rule of Law’ writ large, and that States must comply with their international obligations, just as they must comply with domestic law. This, too, is crucial. International law is not simply some kind of optional add-on, with which States can pick or choose whether to comply. It is central to ensuring our prosperity and security, and that of all global citizens.  As will develop later, our reputation as a country that can trusted to comply with its international law obligations, and has a robust adherence to the rule of law, is essential to our ability to grow the economy, as grow it we shall.

    And maintaining our international reputation also enhances our ability to work with our partners to get things done in this time of global challenge. Rather than isolating ourselves from our closest allies, it means we can strengthen cooperation on issues like migration; whether that’s the Anti-Smuggling Action Plan, which the Home Secretary secured with G7 partners in Italy earlier this month; or closer working with international law enforcement partners to target smuggling gangs.

    To shore up the rule of law against the forces of populism, we must also emphasise its importance as an idea that unites, rather than divides us. The work to rebuild a political consensus around these values will not be easy. It must be proactive, cross-party and internationalist. It must be sensitive to any legitimate reasons why people have lost faith in the rule of law and its institutions. It will require patient, long-term thinking, hard work and consistent commitment to build the necessary coalitions, and to produce and implement detailed policy proposals.

    So, to meet these challenges it is my view that we need to take immediate steps to restore the UK’s reputation as a rule of law leader whilst at the same time also seek to build and secure the rule of law’s long term resilience in the face of threats known and unknown, domestic and international.

    Restoration and resilience.  Restoration and resilience.  In this speech, I want to talk about three themes that will guide this Government in this project.  As I outlined earlier, my first theme, is rebuilding the UK’s international rule of law leadership before turning next to the role of Parliament and then finally embedding a rule of law culture.

    Theme 1: rebuilding the UK’s international rule of law leadership

    The UK’s international rule of law leadership.

    Historically, the UK has been a leader in developing and promoting international law and the institutions on which its effectiveness depends. British lawyers and politicians have been at the forefront of drafting and negotiating the most important treaties that underpin our international legal system and building the institutional machinery that breathes life into those paper agreements.

    The UK will again demonstrate that leadership – so essential in today’s highly-connected, but highly fragmented, world – and sadly so absent in recent years.

    That starts by clearly, and without question, honouring our obligations under international law.

    Since taking office, this Government has already taken steps to uphold those obligations and demonstrate our deep commitment to international law. We have reached agreement with Mauritius to settle the historic sovereignty claims over BIOT/Chagos Archipelago in a manner that successfully marries our international law obligations with vital national security requirements; we have applied our IHL obligations by compliance with our arms licensing criteria – applying law not politics; we have made plain our commitment to our cornerstone international institutions not least the ICJ and ICC.

    And we will continue to abide by and unequivocally support the European Convention on Human Rights, including by complying with requests from the Court for interim measures. Walking, or threatening to walk away, would be a total abdication of our international law responsibilities and send out precisely the wrong message at a time when the rule of law is under threat in so many places.

    But we will go further than simply meeting our obligations under the Convention specifically and international law generally – that we will do so should go without saying. My point is that the UK will once again be a champion for international courts and institutions, taking positive steps to promote their importance and to rebuild the respect for them that the populists have sought to destroy.  As the Prime Minister has said, having discovered the Convention in a law library in Leeds some 40 years ago, the rights it sets out speak about the dignity of every human being, and are a source of inspiration from which we can all draw strength and value.

    After the First World War, the UK championed the establishment of a Permanent Court of International Justice. British Judges sitting in that Court and many subsequent international courts and tribunals have delivered judgments that have brought clarity to all areas of international law.

    I am therefore delighted that the UK National Group has announced its intention to nominate Professor Dapo Akande – who will be well known to many in this room – as the UK’s candidate for election to the International Court of Justice in 2026. I cannot think of a better representative for the UK’s expertise in international law and I am delighted to personally endorse Dapo’s campaign.

    And it is through international courts that we hope to finally see justice for Ukraine. I have dedicated my professional life to fighting for justice and accountability, and nowhere was the need for that more apparent than in my recent visit to Ukraine. I was profoundly struck by the stories I heard at Bucha’s cathedral and in Irpin.

    Despite the unimaginable suffering that the people of Ukraine have endured, they remain clear-eyed about the importance of the international rule of law and accountability. I – and the whole Government – remain steadfast in our support for Ukraine, on the battlefield and in the courtroom. This includes support for work towards establishing a Special Tribunal on the Crime of Aggression against Ukraine.

    But these systems, and the promise offered by international law, only work when we work in partnership with our friends and partners around the world.

    In many parts of the world, especially in the Global South, the international rules-based order and human rights are often seen as imperialist constructs, selectively invoked by western governments when it suits their interests. It is incumbent upon us to first, listen, to those who feel unheard. And secondly, to demonstrate – not just with warm words, but with concrete actions – that international law can deliver real benefits to all. And those actions must be consistent, we must show that we will hold ourselves to the highest standards.

    We will advocate for reform of the Security Council, to ensure that those with seats at the top table truly represent the global community. That means permanent representation from Africa, from Brazil, India, Japan and Germany.  And our approach to international development will show that we have learnt the lessons of history that, to be sustainable, the rule of law cannot be imposed on developing countries by former colonial rulers, but must be grown organically from within by working closely with local communities and institutions.

    And we will be unwavering in our commitment to tackling climate change, where we know that many of the worst effects are felt by those who have made the smallest contributions to this existential threat.

    Theme 2: defending and strengthening Parliament’s role in upholding the rule of law.

    My second theme is closer to home. A crucial part of restoring the rule of law, and building resilience in the face of future threats, involves thinking about the respective roles of our own institutions in upholding these fundamental values.

    This must start by recognising that upholding the rule of law cannot just be left to the courts. All branches of our constitution must see the rule of law, in its fullest sense, as a guiding force for their own actions.

    Speaking as a relatively new member of two of these branches, I hope my colleagues in this room will not mind if I offer some initial reflections on the role of Parliament in this regard; both in terms of its own functions, and the Government’s relationship to it.

    Parliamentary sovereignty is one of the fundamental features of our constitution and the ultimate legal authority of Parliament to make or unmake any law is crystal clear.  However, viewing the rule of law through this distorting lens of ultimate decision-making authority alone risks mistaking it for a purely formal, and thin, conception of ‘rule by law’. 

    As lawyers know, Parliament’s authority in our constitution is legal authority, an authority that requires that Parliament maintains in its legislation the ideals of the rule of law, of government under law, one of the contributions to the modern world of which we in the UK are justly proud.  And as I (following Lord Bingham) have explained, those ideals are much thicker and more substantive that the thin gruel of a formal conception of ‘rule by law’.

    We have seen in recent years where that disregard for our constitutional rule of law heritage can lead.  It is crucial that all institutional actors understand their role in a government under law. When Government invites Parliament to breach international law, or oust the jurisdiction of the courts, it not only undermines the rule of law, but also the mutual respect that historically has been one of the great strengths of our constitution.  It risks pitting one institution against another in ways that damage our reputation both inside and outside our borders as a law-abiding nation. 

    We must also work to counter the false choice, offered by some, between parliamentary democracy and fundamental rights. For almost a quarter of a century, the Human Rights Act has shown how it is possible, with imagination, to provide a legal framework for the protection of fundamental rights which can co-exist with parliamentary sovereignty. Indeed, the Act specifically preserves Parliament’s ultimate decision-making authority through its regime of non-binding Declarations of Incompatibility, defences, and section 19(1)(b) statements.

    And the enforcement of the Act otherwise by the courts, far from being at odds with democracy, is its vindication. Because it was our democratically elected Parliament that legislated for the Human Rights Act, and provided the mechanisms by which individual rights should be given meaningful effect in domestic law. It is testament to the framers of the Act that no Parliament elected since 1998 has chosen to fundamentally alter that position.

    It is also right to reflect on how Parliament can itself actively protect and enhance rule of law values. It does this through its scrutiny of legislation, most notably through the expertise of my colleagues in both Houses, but also through its Select Committee system. And it is incumbent on any government to ensure that those Committees are able to do their jobs effectively. I welcome the contribution that committees such as the Lords Constitution Committee, the Delegated Powers Committee and the Joint Committee on Human Rights make to the debate on human rights and the rule of law, and I look forward to working constructively with them in this Parliament.

    But there are aspects of Government’s relationship with Parliament that require more careful examination. Most pressingly, there is in my view a real need to consider the balance between primary and secondary legislation, which in recent years has weighed too heavily in favour of delegated powers.

    The twin challenges of Brexit and the Covid pandemic had the effect of concentrating immense power in the hands of the executive, through the conferral and exercise of broad delegated powers, including so-called Henry VIII powers. Some of this can be explained by the exceptional character, and unique demands, of both events. However, it would be a mistake to view this as an aberration. As the Delegated Powers and Regulatory Reform Committee have noted, Brexit and Covid did not mark the beginning of the shift in the balance between Parliament and the executive, so much as an acceleration and intensification of an existing trend.

    As technical as these issues may sound, they raise real questions about how we are governed. I said earlier that I see democracy as inextricably related to the rule of law. In our system of Parliamentary democracy, consent to be governed is expressed through the delegation, every four or five years, of powers by the governed to Parliament. It is the importance of this model of consent that explains in very large measure why I have been so concerned, on entering Government, to improve the standards we adhere to when we make policy and law – and specifically to ensure that the processes we adopt support the rule of law.

    Secondary legislation has an indispensable role to play in a modern, regulated society. There is no suggestion that the Government should not take or exercise delegated powers. However, excessive reliance on delegated powers, Henry VIII clauses, or skeleton legislation, upsets the proper balance between Parliament and the executive. This not only strikes at the rule of law values I have already outlined, but also at the cardinal principles of accessibility and legal certainty.

    In my view, the new Government offers an opportunity for a reset in the way that Government thinks about these issues. This means, in particular, a much sharper focus on whether taking delegated powers is justified in a given case, and more careful consideration of appropriate safeguards.

    Theme 3: promoting a rule of law culture, which builds public trust in the law and its institutions

    Finally, in my third theme I want to talk about culture and how we promote a rule of law culture which builds public trust in the law and its institutions – a vital task if the rule of law is to be made resilient enough to withstand the threats I have described in this age of populism.

    We begin this task from a difficult place. Too often, the starting point for debate is that law is part of the problem. At best, an abstraction that is disconnected from the realities of people’s lives. At worst, it can be held up by populists as a force that is somehow illegitimate. All of us who care about this subject – and particularly those of us in Government – need to work hard to counter these attitudes, and to foster a better understanding of the rightful place of law in a liberal democratic society.

    For Government, this means leading by example.  I hope you take some comfort in the fact that the importance of the rule of law and the constitutional balance is embedded in my DNA and that of a Prime Minister who not only rose to the top ranks of the Bar but served his country as DPP.  Vitally, it is also a principle deeply cherished and jealously protected by the Lord Chancellor who has overarching constitutional authority as the guardian of the rule of law not least to protect the independence of the judiciary.  Anyone who knows the Lord Chancellor and her determination to champion the rule of law will know that there will be no repeat of failures to defend attacks on the judiciary under her watch.   

    Of course, we will be judged by what we do, not what we may have done in the past let alone what we say now – and we will demonstrate our commitment to the rule of law in real and practical ways.  By way of example only, in the coming weeks I will issue an amended guidance for assessing legal risk across government that will seek to raise the standards for calibrating legality that the thousands of brilliant lawyers working in every part of government activity apply to deliver for the people of this country – I want them to feel empowered to give their full and frank advice to me and others in government and to stand up for the rule of law.

    But the challenge to rebuild a broad consensus around rule of law values, cannot be left merely to politicians.  It is a project that can only succeed if it is taken up by all of us, politicians, judges, lawyers, civil society, citizens. 

    We need to recognise that the populists have stolen a march – it is nearly always easier to deride and denigrate than it is to promote complex but vital principles.  We cannot stand by idly as rule of law principles and the human rights idea are undermined, sometimes without challenge, on television screens, the pages of newspapers and most effectively and invidiously of all, on social media.

    The challenge is to get out and explain the importance of the principles that we hold so dear – we have a fantastic story to tell and tell it we must. 

    We need to explain that the rule of law is not the preserve of arid constitutional theory.  We need to explain how it provides the stable and predictable environment in which people can plan their lives, do business and get ahead; in which businesses can invest, the economy can grow; people can resolve disputes fairly and peacefully, and express and enjoy their basic rights and freedoms. We must illustrate how systems that do not hold to these values can be arbitrary and capricious. And backsliding from Rule of Law values, once it begins, can take an unpredictable course.

    The story that we must tell is how the rule of law matters for growth, jobs and people’s livelihoods – how it impacts upon the pound in their pocket and on the type of future their children deserve to enjoy. Governments that undermine, or take a ‘pick and mix’ approach to these values, disincentivise investment. Today, we have hosted the Investment Summit with a clear message that Britain is open for business. Britain has many commercial advantages, but one of our greatest is the trust that businesses can have in our courts, and the confidence they can have in a stable and transparent business environment, underpinned by a strong rule of law.

    Education has a crucial role to play. We must take these messages to our schools and wider communities. I commend the work of civil society groups and charities such as Young Citizens and the Citizenship Foundation, and the Bingham Centre itself, who work with schools to promote a better understanding of the law and its importance in society. I believe it is right to think about whether even more can be done to strengthen the role of citizenship education as a means of promoting a better understanding of our constitution and, particularly, the importance of the rule of law.

    But we must also talk about these issues in a way that resonates with the public and in language that everyone understands. Because most people would instinctively recognise rule of law principles as values that are part of the very fabric of our society. Fair play. Justice. Rules that apply equally to all; not one rule for them, and another for the rest of us. And where disputes do arise – whether with a business, an employer, or a neighbour – an independent courts system which provides the means for their just resolution.

    And in the public realm, law is the great leveller that holds the powerful to account, and ensures that individual rights are respected. Those rights – human rights – are our rights, and belong to us all.  

    So it is we must proudly own the story of the European Convention on Human Rights, not least because in so doing we expose the wanton superficiality of many of its critics. We must explain how the values of the Convention are not foreign to us. They are universal. Closely connected rights are found deeply embedded in the heart of our own legal tradition. Echoes of habeas corpus, Magna Carta, and the Bill of Rights, can all be located in Articles 5 and 6 ECHR.  This country banned torture long before our continental cousins, never mind the promulgation of Article 3.  It is no coincidence that it was British lawyers, most notably the Conservative David Maxwell Fyfe, who helped to frame the European Convention after the Second World War, drawing of course inspiration from the Universal Declaration of Human Rights but also centuries of our own legal values.  It is simply legally fatuous and historically ignorant of armchair critics of the Convention to declare that its supporters somehow seek to undermine our traditions or should be dismissed as naive snowflakes. 

    To the contrary, the Convention was drafted by men and women who had witnessed the very worst that humans can do to each other, their views were forged not in a Tufton Street seminar but in the trenches and the battle grounds, in the prisoner of war camps and the historic prosecutions of the Nazi war criminals at Nuremberg.  The drafting and adoption took place not in a time of overindulgence but when societies were rebuilding from rubble and indeed this country was still under rationing.  They were hard-nosed men and women from a generation who had seen conflict and vowed ‘never again’.    The structures they helped to create, the values that underpin them, have served us well as a bulwark against totalitarianism, and a foundation for European peace. And they remain the best hope of protecting us from the threats we face today.

    For too long, populists have been able to frame the debate on human rights too narrowly, by reference to issues which, important as they are, can often feel disconnected from the everyday. We have to work to change this, not only by busting myths, but by showing how human rights positively touch so many aspects of wider society. The right to be treated equally. The right to express ourselves. The freedom to live in the way we choose, without undue interference from the state. These are the values we cherish and have chosen, collectively, to protect.

    So too must we work to combat disinformation and misinformation about law and lawyers. The disgraceful scenes of violent disorder over the summer, including threats against immigration law firms and advice centres, showed only too vividly that what is said online can have dangerous consequences in the real world.

    But the response to the riots also showed something more hopeful. People took to the streets not only to clean up and repair the damage, but to stand together against the forces of reaction and division. It is that spirit of decency and fairness that we must harness in our cause.   

    When I went to Liverpool I visited the library that had been burnt down in the riots and met a group of children who had been cowering under beds and in cupboards as the mobs went by at night but who the next morning got up and came to volunteer to rebuild.  I talked with them about the books that we were donating to the library (including Helena’s latest) which all concern how law and justice work for everyone – and we discussed the meaning and significance of the inscription that my office had placed inside each cover, taking the words of Dr Martin Luther King – that although the arc of humanity is long, it bends towards justice.

    Conclusion

    Restoration and resilience. These are the watchwords that will guide our defence of the rule of law in the face of populism. It is by renewing our commitment to rule of law values, as a Government and as a nation, at home and abroad, and patiently rebuilding the political consensus underpinning that commitment, that we will ensure that the rule of law is safe for future generations; so we may continue to work together towards achieving the Bingham Centre’s vision of ‘a world in which every society is governed by the Rule of Law in the interests of good government, peace at home and in the world at large’.

    Updates to this page

    Published 15 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Global: 9 million Mozambicans live below the poverty line – what’s wrong with the national budget and how to fix it

    Source: The Conversation – Africa – By Felix Mambo, Country Economist, London School of Economics and Political Science

    Mozambique ranks in the bottom 20 of the human development index. This measures a country’s progress based on key dimensions such as a long and healthy life and a decent standard of living. Nearly two-thirds of Mozambicans – 18.9 million people – live below the national poverty line of US$0.70-a-day.

    The country also struggles to finance public spending, consistently running state budget deficits . At the same time it also fails to spend all the money that’s been budgeted.

    Mozambique’s frequent budget deficits are no surprise. The country has a rapidly growing population, increasing needs of the poor populations, dilapidated infrastructure, and very limited revenue generation.

    In a recent study on budget credibility in Mozambique we explored how the government’s challenges in meeting its revenue and expenditure targets harm the overall economy. And we suggest solutions.

    Our study focused on public expenditures on the social sector. This included education, health, social protection and public works (which includes water and sanitation). All are vital for human capital generation and poverty reduction. The social sector accounts for 40% of budgeted expenditure. Education is the largest at about 20% of the overall pie.

    Our study introduces – and successfully tests – a simple method that can be easily applied by budget oversight entities. This includes the parliament budget oversight unit and the accounts court. It can also be applied by planning units within ministries, especially the ministry of finance. Finally, it can be used by civil society budget watchdogs, as it relies on public information.

    Adopting it will provide tools to improve budget management in turn leading to more credible budget execution.

    Assessing public financial management

    The Public Expenditure and Financial Accountability programme was initiated in 2001 by the European Commission, International Monetary Fund, World Bank, and the governments of France, Norway, Switzerland and the UK. The aim was is to improve fiscal outcomes. It has conducted 533 assessments in 155 countries, including 47 countries in sub-Saharan Africa. Ten assessments have been completed in Mozambique.

    The programme defines budget credibility as the extent to which the government’s budget is realistic and implemented as intended. A credible budget reassures a range of stakeholders on the predictability of public expenditure and services. This includes taxpayers, donors and lenders, the firms that supply the government, public workers and the recipients of public services.

    The credibility question

    To measure the credibility of the budget in Mozambique, we used publicly available state budget data. We looked at both planned spending and actual execution.

    In its previous assessments, the Public Expenditure and Financial Accountability programme had identified several weaknesses. These included deviations, sector-specific variability, revenue shortfalls and mid-year budget adjustments.

    However, these insights didn’t explore the origins of the underlying budget discrepancies. The assessments therefore didn’t allow for in-depth insights.

    In our study, we further analysed the credibility of the budget measured along expenditure types and the fiscal year.

    Our findings revealed consistent under-execution of budgeted expenditures. This was the case even in years with sufficient revenue. Significant disparities existed along sectors. For example, education and health showed relatively credible budgets compared to public works, social protection and overall non-social expenditures.

    A comparison between types of expenditure showed interesting patterns. An example is the investment expenditures in social sectors (such as schools, health facilities, water, and sanitation). These were primarily externally funded, showed higher volatility and lower credibility than current expenditures. Current expenditures include teachers’ payments and, more generally, overall salaries.

    We also found a strong indication of resource reallocation outside of regular budgetary rules. For example, we found a suggestion that resources initially allocated for investments were redirected to fund current expenditures.

    Finally, we found no strong evidence that mid-fiscal year budget adjustments improved reliability. This was in line with Public Expenditure and Financial Accountability reports.

    Causes and potential solutions

    The Government of Mozambique’s State Budget Account attributes budget inconsistencies to two main factors.

    On one hand, slower economic growth and inefficient tax collection lead to revenue shortfalls. On the other, there were expenditure overruns due to a range of developments. These included natural disasters, health shocks (such as COVID-19), inflation, exchange rate fluctuations and delays in donor disbursements. Administrative and logistical issues that delayed projects also played a role.

    The government has taken steps to mitigate these vulnerabilities. These include:

    • establishing a reserve fund under the new sovereign fund

    • increasing tax collection

    • it has initiated VAT reform. This was suggested by the IMF.

    These efforts are coupled with measures to address expenditure overruns. These include improving transparency and accountability in public budgets. They also include efforts to limit the overall public sector wage expenditure.

    Our study recommends additional strategies to boost budget credibility:

    Sectoral focus: enhance expenditure targeting in social sectors. This includes education, health, social protection and social work. And improve related budgeting processes

    Enhanced investment management: strengthen oversight mechanisms for externally financed projects. The aim would be to reduce fund diversion to unplanned purposes. And better alignment with long term development goals

    Budget adjustments reassessment: focus mid-fiscal-year budget adjustments on strategic reallocation rather than ad-hoc adjustments

    Improved monitoring: implement a system that enables the Ministry of Economy and Finance to identify areas for improvement, potential quick wins and best practices

    Budget credibility is crucial for Mozambique’s economic development and public trust. Effective budget management ensures transparency, predictability, and accountability. All are essential for sustainable growth.

    This is an modified version of a blog, Budget credibility in Mozambique – challenges and solutions, originally published by UNU-WIDER.

    An extended discussion of the topics covered in the blog, Understanding Mozambique’s budget credibility issues and solutions, was published by the International Growth Centre (IGC).

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. 9 million Mozambicans live below the poverty line – what’s wrong with the national budget and how to fix it – https://theconversation.com/9-million-mozambicans-live-below-the-poverty-line-whats-wrong-with-the-national-budget-and-how-to-fix-it-240027

    MIL OSI – Global Reports

  • MIL-OSI Africa: 9 million Mozambicans live below the poverty line – what’s wrong with the national budget and how to fix it

    Source: The Conversation – Africa – By Felix Mambo, Country Economist, London School of Economics and Political Science

    Mozambique ranks in the bottom 20 of the human development index. This measures a country’s progress based on key dimensions such as a long and healthy life and a decent standard of living. Nearly two-thirds of Mozambicans – 18.9 million people – live below the national poverty line of US$0.70-a-day.

    The country also struggles to finance public spending, consistently running state budget deficits . At the same time it also fails to spend all the money that’s been budgeted.

    Mozambique’s frequent budget deficits are no surprise. The country has a rapidly growing population, increasing needs of the poor populations, dilapidated infrastructure, and very limited revenue generation.

    In a recent study on budget credibility in Mozambique we explored how the government’s challenges in meeting its revenue and expenditure targets harm the overall economy. And we suggest solutions.

    Our study focused on public expenditures on the social sector. This included education, health, social protection and public works (which includes water and sanitation). All are vital for human capital generation and poverty reduction. The social sector accounts for 40% of budgeted expenditure. Education is the largest at about 20% of the overall pie.

    Our study introduces – and successfully tests – a simple method that can be easily applied by budget oversight entities. This includes the parliament budget oversight unit and the accounts court. It can also be applied by planning units within ministries, especially the ministry of finance. Finally, it can be used by civil society budget watchdogs, as it relies on public information.

    Adopting it will provide tools to improve budget management in turn leading to more credible budget execution.

    Assessing public financial management

    The Public Expenditure and Financial Accountability programme was initiated in 2001 by the European Commission, International Monetary Fund, World Bank, and the governments of France, Norway, Switzerland and the UK. The aim was is to improve fiscal outcomes. It has conducted 533 assessments in 155 countries, including 47 countries in sub-Saharan Africa. Ten assessments have been completed in Mozambique.

    The programme defines budget credibility as the extent to which the government’s budget is realistic and implemented as intended. A credible budget reassures a range of stakeholders on the predictability of public expenditure and services. This includes taxpayers, donors and lenders, the firms that supply the government, public workers and the recipients of public services.

    The credibility question

    To measure the credibility of the budget in Mozambique, we used publicly available state budget data. We looked at both planned spending and actual execution.

    In its previous assessments, the Public Expenditure and Financial Accountability programme had identified several weaknesses. These included deviations, sector-specific variability, revenue shortfalls and mid-year budget adjustments.

    However, these insights didn’t explore the origins of the underlying budget discrepancies. The assessments therefore didn’t allow for in-depth insights.

    In our study, we further analysed the credibility of the budget measured along expenditure types and the fiscal year.

    Our findings revealed consistent under-execution of budgeted expenditures. This was the case even in years with sufficient revenue. Significant disparities existed along sectors. For example, education and health showed relatively credible budgets compared to public works, social protection and overall non-social expenditures.

    A comparison between types of expenditure showed interesting patterns. An example is the investment expenditures in social sectors (such as schools, health facilities, water, and sanitation). These were primarily externally funded, showed higher volatility and lower credibility than current expenditures. Current expenditures include teachers’ payments and, more generally, overall salaries.

    We also found a strong indication of resource reallocation outside of regular budgetary rules. For example, we found a suggestion that resources initially allocated for investments were redirected to fund current expenditures.

    Finally, we found no strong evidence that mid-fiscal year budget adjustments improved reliability. This was in line with Public Expenditure and Financial Accountability reports.

    Causes and potential solutions

    The Government of Mozambique’s State Budget Account attributes budget inconsistencies to two main factors.

    On one hand, slower economic growth and inefficient tax collection lead to revenue shortfalls. On the other, there were expenditure overruns due to a range of developments. These included natural disasters, health shocks (such as COVID-19), inflation, exchange rate fluctuations and delays in donor disbursements. Administrative and logistical issues that delayed projects also played a role.

    The government has taken steps to mitigate these vulnerabilities. These include:

    • establishing a reserve fund under the new sovereign fund

    • increasing tax collection

    • it has initiated VAT reform. This was suggested by the IMF.

    These efforts are coupled with measures to address expenditure overruns. These include improving transparency and accountability in public budgets. They also include efforts to limit the overall public sector wage expenditure.

    Our study recommends additional strategies to boost budget credibility:

    Sectoral focus: enhance expenditure targeting in social sectors. This includes education, health, social protection and social work. And improve related budgeting processes

    Enhanced investment management: strengthen oversight mechanisms for externally financed projects. The aim would be to reduce fund diversion to unplanned purposes. And better alignment with long term development goals

    Budget adjustments reassessment: focus mid-fiscal-year budget adjustments on strategic reallocation rather than ad-hoc adjustments

    Improved monitoring: implement a system that enables the Ministry of Economy and Finance to identify areas for improvement, potential quick wins and best practices

    Budget credibility is crucial for Mozambique’s economic development and public trust. Effective budget management ensures transparency, predictability, and accountability. All are essential for sustainable growth.

    This is an modified version of a blog, Budget credibility in Mozambique – challenges and solutions, originally published by UNU-WIDER.

    An extended discussion of the topics covered in the blog, Understanding Mozambique’s budget credibility issues and solutions, was published by the International Growth Centre (IGC).

    – 9 million Mozambicans live below the poverty line – what’s wrong with the national budget and how to fix it
    https://theconversation.com/9-million-mozambicans-live-below-the-poverty-line-whats-wrong-with-the-national-budget-and-how-to-fix-it-240027

    MIL OSI Africa

  • MIL-OSI Africa: GITEX Editions makes its debut to redefine global power tech domination

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

    DUBAI, United Arab Emirates, October 15, 2024/APO Group/ —

    The all-new GITEX Editions got underway on the opening day of GITEX GLOBAL (www.GITEX.com) as discussions focused on accelerating the growth of global late-stage advanced tech companies.

    The latest addition to the packed schedule comes at a vital time where statistics (https://apo-opa.co/3Ab4gaZ) showed there were more than 1,000 unicorns around the world in 2023. This week’s showcase will help support the next development while bringing together 59 top global unicorns with a combined valuation of $400 billion. The impressive list to have gathered includes Axelera, DeepL Synthesis AI, and Insilico Medicine.

    In one of the sessions, the Founder and CEO of digital health unicorn Insilico Medicine, Dr. Alex Zhavoronkov joined Tamer Elhamy, Chief Partner Officer of Microsoft Middle East to discuss the importance of Merger and Acquisitions (M&A) and how AI companies are making their foundational models work smarter for enterprises.

    The audience heard that the Middle East region is leading the way with digitalisation with more than 300 deals related to M&A completed in the first half of 2024 with half of those led by the UAE.

    Scaling GCC business globally

    The staging of GITEX Editions aligns with Dubai’s ambition to be the home of 30 startup unicorns by 2030 as the emirate continues to transform itself from a regional to a global entrepreneurship hub and support its digital ambitions. Today, Dubai is embarking on its journey with 40% of MENA’s scaleups already based in the emirate (https://apo-opa.co/3Y7Y3EF).

    To help nurture the growth of tomorrow’s giants in the GCC region, Harrison Lung, Group Chief Strategy Officer of e& was joined by Tanuja Randery, Managing Director, Europe, Middle East and Africa of Amazon Web Services (AWS) in an insightful session that focused on the importance of collaboration.

    Harrison Lung explained the importance of joining hands to forge stronger alliances. He said: “For us, it’s more about a transformation towards a global technology company. In the areas of partnering, the idea is to develop a win-win proposition and solving the needs of customers.”

    With the region growing rapidly, Tanuja Randery said there is no better time than now for companies to enter the market and agrees collaboration is crucial. She said: “This region is so attractive in terms of the growth potential. I read a stat that showed that almost 70 per cent of businesses in the Middle East want to move most of their operations to the Cloud in two years’ time and this could unlock USD $733 billion of economic value by 2033. To make Cloud make accessible, we need partners and alliances.”

    Driving investments for startups

    Funding is a key pillar to drive growth – both in the long and short-term but can be often challenging. Steven Hoffman, Venture Investor, Author; and Chairman & CEO of Founders Space, gave key advice on how startups should adopt a vertical growth strategy for the future.

    He said: “There is a lot of money going into AI but most of that is going into a handful of companies which are dominating the market and this is impacting the growth of startups. As such, a lot of money is now going into vertical AI where the specialist area is only on one focus such as healthcare or hospitality and this is centred around this business model and adding AI on top of this.”

    In another session, Kai Zenner, Head of Office & Digital Policy Advisor of EU Parliament and Dr. Agostino Ghiglia, Board Member of the Italian Data Protection Authority took part in a broader discussion on the AI EU Act and its global implications for the next generation of AI-driven unicorns.  

    Taking place at Dubai World Trade Centre (DWTC) until 18 October, GITEX GLOBAL presents its biggest, most international edition in its 44th year, welcoming over 6,500 exhibitors, 1,800 startups, 1,200 investors alongside governments from more than 180 countries.

    GITEX GLOBAL is seamlessly connecting the world’s largest network of tech events. Today, major events such as GITEX EUROPE Berlin, GITEX ASIA Singapore, GITEX AFRICA Morocco, and GITEX NIGERIA are under its umbrella with all fostering collaboration and driving innovation to shape the tech landscape of tomorrow.

    MIL OSI Africa

  • MIL-OSI: Apollo Launches Evergreen Secondaries Products for Global Wealth Investors

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced the launch of Apollo S3 Private Markets Fund (“ASPM US”) and Apollo S3 Private Markets Lux (“ASPM Lux,” together with ASPM US, “ASPM”), products designed to provide investors with turnkey solutions to access diversified portfolios of multi-asset secondary investments across private markets. 

    ASPM US is available through a semi-liquid, perpetual 1940 Act tender offer fund and is part of Apollo’s suite of products accessible to accredited U.S. investors. ASPM Lux is part of the Apollo Private Markets SICAV umbrella, a Luxembourg-based platform offering a holistic set of Apollo’s alternative solutions to wealth investors in EMEA, Asia and Latin America. ASPM Lux is accessible in multiple currencies to address local investor needs.

    ASPM offers a differentiated approach to secondaries through a flexible mandate to invest across the capital stack, execute a variety of transaction types and aim to offer diversification across vintages and managers. These new offerings seek to build a balanced and diversified portfolio with attractive growth potential and long-term capital appreciation.

    Apollo’s Stephanie Drescher, Partner and Chief Client and Product Development Officer, said, “The launch of ASPM underscores Apollo’s commitment to providing access to institutional quality alternative offerings tailored to individuals and wealth investors. We continue to make progress as global investors increasingly seek more diversification than what has historically been provided through traditional portfolio construction.”

    Steve Lessar, Partner and Co-Head of Apollo’s Sponsor & Secondary Solutions (S3) business, added, “We believe these new offerings will provide distinct access points to private market secondaries, leveraging the collective strengths of the Apollo Private Markets ecosystem and the Apollo S3 team, which has sourced over $160 billion in these types of transactions in the past year. It is our view that secondaries can provide a combination of attractive attributes not commonly found in other private market strategies, and we’re pleased to make that available to investors.”

    Apollo’s Jason Singer, Partner and Global Lead for Product Development and Veronique Fournier, Managing Director and Head of EMEA Global Wealth said, “Apollo is an innovator in bringing institutional quality products to individual investors in tailored formats. As investors look to supplement public markets holdings and diversify their overall portfolios, we believe that Apollo’s Global Wealth platform provides solutions that prioritize the needs of the end investor globally.”

    Important Information

    This material is neither an offer to sell nor a solicitation to purchase any security. Investors should carefully consider the investment objectives, risks, tax information, charges and expenses of ASPM US. This information and other important details about ASPM US are contained in the prospectus, which can be obtained by visiting http://www.apollo.com/aspm. Please read the prospectus carefully before investing. Prospective investors should be aware that an investment in ASPM US entails substantial risks. Prior to investing, prospective investors should consult with their own tax and legal advisors.

    Forward-Looking Statements

    This press release may contain certain forward-looking statements. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. As a result, investors should not rely on such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our investment strategy; uncertainties relating to capital proceeds; and other risk factors as outlined in ASPM US’s prospectus, statement of additional information, annual report and semi-annual report filed with the U.S. Securities and Exchange Commission.

    This communication has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product or be relied upon for any other purpose. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of ASPM US or any securities or any sectors mentioned herein. Information contained herein has been obtained from sources deemed to be reliable, but not guaranteed.

    About Apollo
    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2024, Apollo had approximately $696 billion of assets under management. To learn more, please visit http://www.apollo.com.

    Apollo Contacts

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    (212) 822-0540
    IR@apollo.com

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    (212) 822-0491
    Communications@apollo.com  

    The MIL Network

  • MIL-OSI: Blackford Capital Expands Its Patio Consolidation Platform with the Acquisition of Empire Distributing

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., Oct. 15, 2024 (GLOBE NEWSWIRE) — Blackford Capital (“Blackford”), a leading lower middle market private equity firm, today announced the acquisition of Empire Distributing, an outdoor living and hearth distributor. This marks the latest add-on to the Patio Consolidation Platform (the “Platform”) and expands its operations to provide full product breadth with outdoor living and hearth items and achieve Blackford’s goal of creating an omnichannel platform to being a one-stop-shop for the backyard. The terms of the transaction are not being disclosed.

    Co-Founded in 1978 by Mike and Lois Rupp in Arcade, New York, Empire Distributing is a premier distributor of hearth and outdoor living products servicing more than 780 dealers across the Northeast and Midwest US. Empire Distributing’s hearth product offerings include fireplaces, stoves, gas logs, inserts; and its outdoor living items include fire pits, fire tables, BBQ grills, kitchen islands, outdoor heaters and fireplaces. With more than 75 product lines from over 100 industry-leading hearth and outdoor living manufacturers, and with nearly 200,000 square feet of office and warehouse space across three facilities, Empire Distributing brings extensive scaling capabilities and a dealer distribution channel to the Patio Consolidation Platform.

    Blackford’s vision has been to build an asset-light, multiproduct, omnichannel marketing Platform for the outdoor living market. To build it into a comprehensive one-stop-shop, Blackford acquired Starfire Direct and Artificial Turf Supply in 2022 and, subsequently, LTD Online in 2023. The acquisition of Empire Distributing is expected to dramatically increase the Platform’s size and add a new distribution channel as well as new geographies.

    “We are impressed by Empire Distributing’s strong sales talent and processes and are excited to welcome the company to the Patio Consolidation Platform,” said Martin Stein, Founder, and Managing Director of Blackford Capital. “With Empire we’re positioned to enhance our distribution channels, broaden our product offerings, capture synergy and build operational efficiencies. We believe the outdoor living segment of the residential homeowner market has strong growth potential, and this acquisition strengthens our ability to lead in that space.”

    Jeremy Rupp, President of family-and founder-owned Empire Distributing, is the son of the co-founders, and will continue to lead the company following the acquisition. Jeremy has 25 years of experience managing distribution and sales operations, and oversees warehouse management, logistical operations, purchasing/receiving and IT. His brother, Jason, will assume the role of New Business Development. The Rupps will remain employed at Empire Distributing through the acquisition and employees will retain their current positions as the company focuses on growth within the consolidation platform and in the broader hearth and outdoor living market.

    “We are delighted to join forces with Blackford and be part of Patio Consolidation Platform,” said Jeremy. “Partnering with their experienced management team will allow us to diversify our product lines and expand into new markets. We are excited to gain Blackford’s sourcing expertise and to partner with the existing Patio Platform companies.”

    Paramax served as the exclusive financial advisor to Empire Distributing on the transaction.

    Loeb & Loeb and Varnum LLP served as legal counsel for Blackford Capital. Mercantile Bank and Energy Impact Partners provided financing for the acquisition. Grant Thornton, Hilco Global and Plante Moran advised on financial and tax diligence.

    About Blackford Capital
    Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023, Blackford Capital was named to Inc’s list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit http://www.blackfordcapital.com.

    About Empire Distributing
    Empire Distributing began as a small regional hearth distributor in the 1980’s supplying a handful of independent hearth dealers with one appliance product line. From modest beginnings, our company has grown to be recognized in the Northeast as a premier distributor of both hearth and outdoor living products. Much has changed throughout our company’s 30-year history, but our dedication to providing customers with the best products and service remains constant. Our dedicated staff, humble beginnings, and desire for enriching our customers lives, drives our quest to remain a premier distributor in the hearth and outdoor living industries. To learn more about the company, visit https://www.empiredistributing.net.

    Media Contact: Jackson Lin Lambert
    (646) 717-4593
    jlin@lambert.com

    A photo accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/0a642076-38f3-42b9-9c79-7d2283658745

    The MIL Network

  • MIL-OSI: ZOOZ Power Ltd. to Present at the LD Micro Main Event XVII on Wednesday, October 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    Tel Aviv, Oct. 15, 2024 (GLOBE NEWSWIRE) — ZOOZ POWER Ltd. (NASDAQ and TASE: ZOOZ), the leading provider of Flywheel-based power boosting and power management solutions enabling ultra-fast multi ports EV charging, today announced that Erez Zimerman, Chief Executive Officer, will present at the LD Micro Main Event XVII in Los Angeles, on Wednesday, October 30, 2024, at 8:30am PT / 11:30am ET.

    Representatives of ZOOZ Power’s management will be available on site for one-on-one meetings. To schedule a meeting, please contact LD Micro or Miri Segal at msegal@ms-ir.com.

    A webcast of the presentation will be streamed live at the following link: https://me24.sequireevents.com/. A replay of the webcast will be available approximately 24 hours after the presentation ends.

    About ZOOZ Power

    ZOOZ Power is the leading provider of Flywheel-based power boosting and power management solutions enabling widespread deployment of ultra-fast multi ports charging infrastructure for electric vehicles (EV), while overcoming existing grid limitations.

    ZOOZ Power pioneers its unique Flywheel-based power boosting technology, enabling efficient utilization and power management of a power-limited grid at an EV charging site. Its Flywheel-based technology allows high-performance, reliable, and cost-effective ultra-fast charging infrastructure.

    ZOOZ Power’s sustainable, power-boosting solutions are built with longevity and the environment in mind, helping its customers and partners accelerate the deployment of fast-charging infrastructure, thus facilitating improved utilization rates, better efficiency, greater flexibility, and faster revenues and profitability growth. ZOOZ Power is publicly traded on NASDAQ and TASE under the ticker ZOOZ.

    For more information, please visit: http://www.zoozpower.com/

    About LD Micro

    LD Micro aims to be the most essential resource in the micro-cap world. Whether it is the Index, comprehensive data, or hosting the most significant events annually, LD’s sole mission is to serve as an invaluable asset for all those interested in finding the next generation of great companies. To learn more about LD Micro, visit http://www.ldmicro.com

    Investor Relations Contact:

    Miri Segal
    MS-IR LLC
    917-607-8654
    msegal@ms-ir.com

    Forward-Looking Statement

    This Press Release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations, and assumptions of ZOOZ Power. All statements other than statements of historical facts contained in this press release, including statements regarding ZOOZ Power, and any of ZOOZ Power’s strategy and future operations are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause ZOOZ Power’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and other risks and uncertainties are more fully discussed in the “Risk Factors” section of ZOOZ Power’s most recent Annual Report on Form 20-F as filed with the U.S. Securities and Exchange Commission (“SEC”) as well as other documents that may be subsequently filed by ZOOZ Power from time to time with the SEC. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include, but are not limited to, statements relating to the limited operating history and evolving business model that make it difficult for investors to evaluate ZOOZ Power’s business and future prospects, material weaknesses identified in ZOOZ Power’s internal control over financial reporting and the potential results of ZOOZ Power being unable to remediate these material weaknesses, or identify additional material weaknesses in the future or otherwise failure to maintain an effective system of internal control over financial reporting, ZOOZ Power’s management’s determination that substantial doubt exists about the continued existence of ZOOZ Power as a “going concern”, changes to fuel economy standards or changes to governments’ regulations and policies in relation to environment or the success of alternative fuels which may negatively impact the EVs market and thus the demand for ZOOZ Power’s products, delays in deployment of public ultra-fast charging infrastructure which may limit the need and urgency for ZOOZ Power’s products, the potential outcome of ZOOZ Power’s collaborations with third parties for installation of its Flywheel-based power boosting solution, and the effects of the evolving nature of the war situation in Israel, and the related evolving regional conflicts, may adversely affect ZOOZ Power’s operations. These forward-looking statements are only estimations, and ZOOZ Power may not actually achieve the plans, intentions or expectations disclosed in any forward-looking statements, so you should not place undue reliance on any forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements made in this Press Release. ZOOZ Power’s management has based these forward-looking statements largely on current expectations and projections about future events and trends that such persons believe may affect ZOOZ Power’s business, financial condition and operating results. Forward-looking statements contained in this Press Release are made as of the date hereof, and none of ZOOZ Power or any of its representatives or any other person undertakes any duty to update such information except as may be expressly required under applicable law.

    The MIL Network

  • MIL-OSI: Why Some Experts are Predicting Gold will Trade in Range of $2,800/oz to $3,200/oz in 2025

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Oct. 15, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Gold, often referred to as the “safe-haven asset,” has been a cornerstone of global finance for centuries. Its value has historically been influenced by a myriad of factors, including economic indicators, geopolitical events, and market sentiment. According to expert analysts in a report by Skilling.com, the gold price prediction for 2024 is expected to be positive, with prices potentially reaching $2,500 per ounce. This is driven by the Federal Reserve’s monetary policy, interest rates, and global demand for safe-haven assets. Some experts predict that gold will trade in the range of $2,800-$3,200 in 2025, reflecting expectations of a Federal Reserve rate cut. The report said: “In the long term, the gold price prediction is influenced by factors such as inflation, central bank policies, and global economic trends. Analysts predict that the price of gold could reach $6,800 an ounce by 2040, estimating a rate of return of 7.2% per year. The increasing demand for gold as a safe-haven asset and the potential for a global recession are also driving factors behind the positive gold price prediction. Gold prices have been on a steady rise since 2023, with many analysts predicting a continued upward trend in 2024. According to J.P. Morgan Research, gold prices are expected to climb to $2,500/oz by the end of 2024, driven by factors such as U.S. fiscal deficit concerns, central bank reserve diversification into gold, inflationary hedging, and a fraying geopolitical landscape. This prediction is in line with other analysts’ predictions, with some predicting even higher prices, such as AG Thorson’s target of $3,000.” Active mining companies in the markets this week include RUA GOLD Inc. (OTCQB: NZAUF) (TSX-V: RUA), Newmont Corporation (NYSE: NEM) (TSX: NGT), OceanaGold Corporation (OTCQX: OCANF) (TSX: OGC), New Found Gold Corp. (NYSE: NFGC) (TSX-V: NFG), GoldMining Inc. (NYSE American: GLDG) (TSX: GOLD).

    Skilling.com concluded: “The current market trends also suggest a bullish outlook for gold prices in 2024. The World Gold Council reported that central banks purchased 1,037 tonnes of gold in 2023, with 2024 starting strongly with net purchases of 290 tonnes in the first quarter. This increased demand from central banks, combined with the ongoing economic uncertainty, is likely to drive gold prices higher in 2024. However, it’s worth noting that there are also bearish risks to the gold price prediction, such as a scenario where the Fed turns more aggressive in ensuring inflation swiftly reaches its target. Nevertheless, many analysts believe that the structural drivers that have helped gold’s rally so far will remain a critical bullish driving force going forward, making it likely for gold prices to hit another all-time high in 2024.”

    RUA GOLD’s (TSXV:RUA) (OTCQB:NZAUF) Drill Program Intersects Near Surface Gold at The Reefton Project – RUA GOLD Inc. (WKN: A4010V) (“RUA GOLD” or the “Company”) is pleased to provide an update from the drilling campaign underway at the Reefton Project on the South Island of New Zealand. The Company commenced its near mine drill program on the Murray Creek targets in July. A second drill rig was introduced in September to test the Capleston vein system. These historic mines collectively produced ~700koz of gold at 25.2g/t within a radius of ~20 kilometers.

    Robert Eckford, CEO of RUA GOLD commented: “Our five years of meticulous surface exploration work over the Reefton project is paying dividends from the outset of this drill program. Both of the initial drill holes have confirmed we are in right area and are locating these lodes. The near surface intercepts on Capleston are encouraging and makes for compelling economic ounces, it supports our thesis that the surface veins are continuous past the old workings. Despite the initial drill hole at Murray Creek hitting old workings, it is extremely encouraging that we have identified the dip angle of the Victoria lode and we have even more confidence with the subsequent hole that is underway now, and results from this will be ready in the next few weeks.”

    Capleston – On the second drill rig, which was introduced to test the Capleston vein system, the Company targeted an undeveloped and near-surface vein at the southern end of the two kilometer long historic Capleston project, the highest-grade producer of the Reefton Goldfield historically. Near surface targets lend themselves to early development and are the closest to transportation and infrastructure, providing low-cost operational advantages.

    The first diamond drill hole, DD_REF_043, intersected a 12m zone of quartz-pyrite-arsenopyrite in the hanging wall, with a 1m quartz vein from 31m to 32m @ 3.86 g.t Au. A legacy drill hole intercepted the southern lode at 33m downhole, with 1m @ 24g/t Au followed by 1m @ 2.5g/t Au1. Mapping has recorded historical waste samples up to 32.0g/t Au in the vicinity, and a strong soil anomaly enveloping the vein (up to 410ppb Au).

    Murray Creek – RUA GOLD reports the completion of the first hole testing the down-dip extension of the Victoria lode, DD_VIC_041, which is being evaluated by the team. This intersected the targeted reef at 344m down hole and encountered historical underground workings over a 4m length. It then exited out to the footwall before drilling on for an additional 20m.

    This confirms that the lode extension is accurate and, with the precise location confirmed, a second hole is underway that is 50m deeper down dip from the initial drill hole. The Company anticipates an intersection into an un-mined portion of the reef at around 350m. Results from this testing will be available in the coming weeks. CONTINUED Read this full press release and more news for RUA GOLD at: https://www.financialnewsmedia.com/news-rua/

    Other recent developments in the mining industry of note include:

    Newmont Corporation (NYSE: NEM) (TSX: NGT) has recently announced it will sell its Akyem operation in the Republic of Ghana to Zijin Mining Group Co., Ltd. (“Zijin”) under a definitive agreement, for cash consideration of up to $1 billion. The sale is part of Newmont’s ongoing program to divest non-core assets as the Company makes a strategic shift to focus on its Tier 1 assets.

    Under the terms of the agreement, Newmont is expected to receive cash consideration of $900 million upon closing. A further $100 million is expected to be received upon the satisfaction of certain conditions. Proceeds from the transaction will support the Company’s capital allocation priorities, including strengthening the balance sheet and returning capital to shareholders.

    OceanaGold Corporation (OTCQX: OCANF) (TSX: OGC) recently reported that it will release its operational and financial results for the third quarter of 2024 after market close on Wednesday November 6th, 2024. The results will be made available on the Company’s website at http://www.oceanagold.com.

    Senior management will host a conference call / webcast to discuss the results on Thursday November 7th, 2024, at 10:00 am Eastern Time.

    Webcast and Conference Call Details:

    To register, please copy and paste the link into your browser: https://app.webinar.net/2wLnxVkYjlM
    Toll-free North America: +1-888-510-2154
    International: +1 437-900-0527

    New Found Gold Corp. (NYSE: NFGC) (TSX-V: NFG) recently announced the results of the first phase of channel samples from the Keats Trench and an update on the Iceberg Trench at the Queensway Project (“Queensway“), located on the Trans-Canada Highway 15km west of Gander, Newfoundland.

    Greg Matheson, COO of New Found, stated: “Our approach at the Keats Trench has been to systematically test across the entire exposed surface to accurately map the extent of gold mineralization and determine with more certainty the distribution and variability of the gold contained within the mineralized domain. This is the highest density of assay data at Keats obtained to date and we are extremely pleased to see the broad widths of high-grade mineralization carrying across the exposure which is largely in line with modelled mineralization from the drilling program. The assay grade data from the trench is another key component to building our geologic understanding of the mineralization and structural controls at Keats. Given some of the elevated high-grade gold encountered, with many individual samples exceeding 100 g/t and some above 1,000 g/t, the team is now completing a second phase of channel sampling. This Phase II program will include a more targeted assessment of the high-grade components of Keats and cross veins that were not well tested in the first phase.”

    GoldMining Inc. (NYSE American: GLDG) (TSX: GOLD) recently highlighted an updated Mineral Resource Estimate (“Whistler MRE”) that was announced by its publicly traded subsidiary, U.S. GoldMining Inc. (“U.S. GoldMining”) (NASDAQ: USGO) on October 7, 2024 for U.S. GoldMining’s Whistler Gold-Copper Project (the “Project”) located in Alaska, U.S.A.

    Alastair Still, Chief Executive Officer of GoldMining, commented: “Since the initial public offering of U.S. GoldMining in April 2023, we are extremely pleased by the progress of its exploration initiatives at the Whistler Project, which have resulted in strengthened confidence of the Whistler MRE by increasing the gold equivalent ounces in the indicated category by approximately 117% from prior estimates. The Project now contains 6.5 Moz AuEq in the indicated resource category and an additional 4.2 Moz AuEq in the inferred resource category. The successful 2023 drilling program and growth of the mineral resources at Whistler is an example of how our spin-out strategy continues to unlock value for GoldMining shareholders. We now hold over $175 million in cash and equities1 that help position us to advance strategic initiatives across our portfolio, which globally holds 12.5 million AuEq ounces of measured and indicated resources and 9.7 million AuEq ounces of inferred resources.”

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at http://www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #pressrelease #tickertaggingpressreleases

    Follow us on Facebook to receive the latest news updates: https://www.facebook.com/financialnewsmedia

    Follow us on Twitter for real time Market News: https://twitter.com/FNMgroup

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated forty nine hundred dollars for news coverage of the current press releases issued by RUA GOLD Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:

    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network

  • MIL-OSI: Sky Quarry Partners with Atlas Roofing Corp. to Explore Asphalt Shingle Recycling

    Source: GlobeNewswire (MIL-OSI)

    Exploratory Relationship Will Assess and Develop Mutually Beneficial Processes for the Recovery of Waste Asphalt Shingle Material and Oil

    WOODS CROSS, Utah, Oct. 15, 2024 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry” or the “Company”), an oil production, refining, and development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils, today announced it has entered into an exploratory relationship with Atlas Roofing Corporation (“Atlas”) to assess and develop mutually beneficial processes for asphalt shingle recycling.

    Atlas Roofing Corporation is an innovative, customer-oriented manufacturer of residential and commercial building materials. Atlas has grown from a single shingle-manufacturing plant into an industry leader with 33 facilities across North America. Atlas has partnerships with some of North America’s most respected companies, allowing Sky Quarry to provide new technologies to various markets.

    Under the partnership, Sky Quarry will collaborate with Atlas to explore the use of its closed loop recycling process and proprietary shingle extraction technology to recover both material and oil from Atlas’ waste shingles. In lab testing, Sky Quarry’s ECOSolv technology has demonstrated a material recovery rate of up to 95%, recycling of up to 99% of its solvent, and recovery of up to 99% of hydrocarbons.

    “As a leader in the building products industry, Atlas is an ideal partner to demonstrate our groundbreaking application capable of separating waste shingles into clean oil and other valuable materials,” said David Sealock, Chairman, CEO and Co-Founder of Sky Quarry. “Currently, there are no sustainably viable solutions for the disposal of waste asphalt shingles, and we believe this exploratory relationship will show how our sustainable business model can transform an environmental challenge into a profitable and sustainable prospect. We look forward to working with the team at Atlas to develop mutually beneficial processes for their waste shingles.”

    About Atlas Roofing Corporation

    From a single asphalt shingle manufacturing facility in 1982, Atlas has grown to 33 manufacturing facilities in North America providing worldwide product distribution. Today, products from the company’s four major divisions, Polyiso Roof & Wall Insulation, Shingles & Underlayments, Molded Products, and Web Technologies, are manufactured in state-of-the-art facilities and shipped from a network of manufacturing plants and distribution facilities in the United States, Canada, and Mexico. Atlas’ mission is to deliver leading products and solutions that enrich the lives of those they touch, by nurturing a culture of agility, teamwork, and accessibility that attracts the most talented people in their industries.

    Atlas Roofing Corporation is a wholly owned subsidiary of Hood Companies, Inc. Hood Companies is a privately owned, closely held holding company and is the parent to operating subsidiaries involved in the manufacture and distribution of forest and wood products, building and construction materials, and flexible and corrugated packaging products throughout North America. For more information, please visit atlas-arc.com.

    About Sky Quarry Inc.

    Sky Quarry Inc (NASDAQ: SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit http://www.skyquarry.com.

    Forward-Looking Statements

    This press release may include ”forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.

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

    Company Website
    https://investor.skyquarry.com/

    The MIL Network

  • MIL-OSI: Alto’s Magic Valley Facility Production Rate Consistently Achieving Full Capacity

    Source: GlobeNewswire (MIL-OSI)

    PEKIN, Ill., Oct. 15, 2024 (GLOBE NEWSWIRE) — Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols, renewable fuel and essential ingredients, provided updates on its Magic Valley facility in Idaho where it has installed Harvesting Technology’s patented system to capture its high protein and corn oil products.

    For October to date, the new equipment and system modifications to improve capacity at the Magic Valley facility are delivering the following metrics:

    • Average renewable fuel production rates at full production capacity while operating the high protein and corn oil technology systems;
    • Protein content at 50% or greater, with improved protein production yields of over three pounds per bushel, diversifying the facility’s product mix with a higher margin offering; and
    • Corn oil yields are improving and are expected to increase further as Alto continues aligning systems and operations.

    Alto Ingredients CEO Bryon McGregor said, “We are proud of our team’s hard work and tenacity in integrating the necessary design changes to achieve these production milestones. We expect our improved output to contribute to Magic Valley’s bottom line results. We have begun marketing our new high protein products and anticipate sales from associated products to ramp up in the fourth quarter of 2024.”

    About Alto Ingredients, Inc.
    Alto Ingredients, Inc. (NASDAQ: ALTO) is a leading producer and distributor of specialty alcohols, renewable fuel and essential ingredients. Leveraging the unique qualities of its facilities, the company serves customers in a wide range of consumer and commercial products in the Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels markets. For more information, please visit http://www.altoingredients.com.

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

    Statements and information contained in this communication that refer to or include Alto Ingredients’ estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Alto Ingredients’ current perspective of existing trends and information as of the date of the communication. Forward looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning renewable fuel production rates and potential increases in sales of, or product margins or profits deriving from, corn oil and high protein products at Alto Ingredients’ Magic Valley facility; and Alto Ingredients’ other plans, objectives, expectations and intentions. It is important to note that Alto Ingredients’ plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Alto Ingredients’ current expectations depending upon a number of factors affecting Alto Ingredients’ business and plans. These factors include, among others, Alto Ingredients’ ability to continue to achieve current renewable fuel production rates at its Magic Valley facility into the future and to achieve anticipated higher sales, margins and profits from its corn oil and high protein products at the Magic Valley facility in the fourth quarter of 2024; adverse economic and market conditions, including for renewable fuels, specialty alcohols and essential ingredients, including high protein and corn oil products; export conditions and international demand for the company’s products; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; adverse impacts of inflation and supply chain constraints. These factors also include, among others, the inherent uncertainty associated with financial and other projections and the operation of new large-scale capital projects; the anticipated size of the markets and continued demand for Alto Ingredients’ products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the alcohol production, marketing and distribution industries; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Alto Ingredients’ facilities, products and/or businesses; changes in laws, regulations and governmental policies; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Alto Ingredients’ filings with the Securities and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section contained in Alto Ingredients’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 8, 2024.

    Media and Company IR Contact:                 
    Michael Kramer, Alto Ingredients, Inc., 916-403-2755
    Investorrelations@altoingredients.com

    IR Agency Contact:
    Kirsten Chapman, LHA Investor Relations, 415-433-3777
    Investorrelations@altoingredients.com

    The MIL Network

  • MIL-OSI: Banzai Engages MZ Group to Lead Strategic Investor Relations and Shareholder Communications Program

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Oct. 15, 2024 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, has engaged international investor relations specialists MZ Group (MZ) to lead a comprehensive strategic investor relations and financial communications program across all key markets.

    MZ Group will work closely with Banzai’s management team to develop and implement a comprehensive capital markets strategy designed to increase the Company’s visibility throughout the investment community. The campaign will highlight that Banzai is consolidating mission-critical, sub-scale marketing technology (MarTech) products to build a data-driven platform of solutions that seamlessly integrate out of the box. The company’s award-winning products capitalize on economies of scale and complementary customer bases to maximize cross-selling opportunities and grow recurring revenue.

    MZ has developed a distinguished reputation as a premier resource for institutional investors, brokers, analysts, and private investors and maintains offices worldwide. Chris Tyson, Executive Vice President at MZ North America, along with Directors Larry Holub and Brooks Hamilton, will advise Banzai’s investor relations team in all facets of investor relations including, but not limited to, the coordination of roadshows and investment conferences across key cities and building brand awareness with financial and social media outlets.

    Chris Tyson commented: “The MarTech market continues to expand, with Banzai’s total available market expected to grow to $39.4 billion by 2026 at a CAGR of 11.8%, according to the Winterberry Group. At the same time, companies and marketers are struggling with the explosion of SaaS vendors. According to a Netskope Cloud Report, enterprises use an average of over 120 marketing tools for their daily operations, leading to disjointed customer experiences and messy data. Customer data specifically remains a challenge for marketers, with 70% of marketing analytics consumers agreeing that access to unified customer data is a major barrier to the success of marketing analytics as reported in a 2022 Gartner® Marketing Data and Analytics Survey. With AI continuing to eat away at marketing, companies need to deliver more growth with less resources, and solutions that integrate seamlessly. Banzai gives marketers the data, analytics, and integrated applications they need to win. With over 11,000 MarTech vendors, Banzai has established a clear acquisition strategy with well-defined evaluation and success criteria to capitalize on a major consolidation opportunity in the industry. Banzai’s M&A strategy, taken together with its recurring revenue model, high profit margins, and significant operating leverage combined with rapid growth, presents an exciting story to share with our network of institutional, family offices and retail investors.”

    Brooks Hamilton added: “Customers including Cisco, Sprinklr, Globe Life Insurance, and LoanDepot praise Banzai’s award-winning products for their user-friendly interfaces and powerful features that get content in front of target audiences. Its AI-driven Reach solution identifies ideal customer profiles (ICP) from a database of over 379 million verified contacts and deploys multi-channel outbound campaigns directly to them. Demio is the top webinar and virtual event platform for marketers, built with powerful engagement features designed to elevate audience interactions and transform webinars into interactive experiences. Building on this success, Banzai is developing and acquiring mission-critical MarTech solutions across three functions, to create a family of seamlessly integrated solutions for customers. Banzai’s acquisition evaluation playbook is focused on growth and profitability profile, and strategic cross-sale potential. Successful new integrations will provide customer retention, expansion, efficiency, and growth.”

    “Our ability to leverage deep analytics and insights to drive marketing decisions has led to the addition of 1,434 customers through August 2024,” said Joe Davy, CEO of Banzai. “This includes 981 new customers and 453 reactivating customers, highlighting our strong organic growth and customer loyalty. Customer adoption has been driven by improvements to both our Demio product and our customer acquisition efficiency. We currently serve nearly 3,000 customers, presenting a great opportunity for continued expansion of our customer base as we execute our planned acquisition strategy and seek new opportunities for inorganic expansion.

    “We have taken key steps very recently to improve our overall financial position having entered into restructuring agreements totaling $28.8 million in reduced and restructuring liabilities, with participation from company insiders. In tandem with the $5 million private placement that we recently closed, we are well positioned to execute on our growth initiatives. We look forward to working with the team at MZ Group to communicate our exciting product releases, business milestones and other announcements in the weeks and months ahead,” concluded Davy.

    For more information on Banzai, please visit http://www.banzai.io. To schedule a conference call with management, please email your request to BNZI@mzgroup.us or call Chris Tyson at 949-491-8235.

    About MZ

    MZ North America is the US division of MZ Group, a global leader in investor relations with over 250 employees, 800 clients across 12 different exchanges. For over 25 years, MZ has implemented award winning programs and developed a reputation for delivering tangible results for public and private companies via strategic communications, industry-leading investor outreach, public relations, a market intelligence desk, and a suite of technology solutions, spanning websites, conference call/webcasting, video production and XBRL/Edgar filing services. MZ maintains a global footprint with professionals located throughout every time zone in North America, as well as Taipei and São Paulo. For more information, please visit http://www.mzgroup.us.

    About Banzai

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

    Forward-Looking Statements

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

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

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

    The MIL Network

  • MIL-OSI: Expion360 to Present at the LD Micro Main Event XVII Conference on Tuesday October 29, 2024

    Source: GlobeNewswire (MIL-OSI)

    REDMOND, Ore., Oct. 15, 2024 (GLOBE NEWSWIRE) — Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”), an industry leader in lithium-ion battery power storage solutions, will attend the LD Micro Main Event XVII Conference being held at the Luxe Sunset Blvd Hotel in Los Angeles, CA October 29 – 30, 2024.

    Expion360 Chief Executive Officer Brian Schaffner will conduct in-person one-on-one meetings during the conference to discuss its new products and technologies initiatives, including its Home Energy Storage Solutions, and expanding partnerships with Recreational Vehicle OEMs. Mr. Schaffner will also host a presentation which can be viewed live and via replay at the webcast registration link below and will also be available on the Expion360 investor relations website at investors.expion360.com.

    LD Micro Main Event XVII
    Date: October 29 – 30, 2024
    Location: Luxe Sunset Blvd Hotel, Los Angeles, CA
    Presentation Time: Tuesday, October 29, 2024, at 3:00 pm PT/6:00 pm ET in Track 4
    Webcast Registration: https://me24.sequireevents.com/
    Speaker: CEO Brian Schaffner
    Format: In-person 1×1’s and Presentations
    Conference Website: Click here

    For more information on the LD Micro Main Event XVII Conference or to schedule a one-on-one meeting with Expion360 management, please contact your conference representative or you may also email your request to XPON@mzgroup.us or call Chris Tyson at (949) 491-8235.

    For more information about Expion360 and its range of products, please visit http://www.expion360.com.

    About Expion360

    Expion360 is an industry leader in premium lithium iron phosphate (LiFePO4) batteries and accessories for recreational vehicles and marine applications, with residential and industrial applications under development. On December 19, 2023, the Company announced its entrance into the home energy storage market with the introduction of two premium LiFePO4 battery storage systems that enable residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages.

    The Company’s lithium-ion batteries feature half the weight of standard lead-acid batteries while delivering three times the power and ten times the number of charging cycles. Expion360 batteries also feature better construction and reliability compared to other lithium-ion batteries on the market due to their superior design and quality materials. Specially reinforced, fiberglass-infused, premium ABS and solid mechanical connections help provide top performance and safety. With Expion360 batteries, adventurers can enjoy the most beautiful and remote places on Earth even longer.

    The Company is headquartered in Redmond, Oregon. Expion360 lithium-ion batteries are available today through more than 300 dealers, wholesalers, private-label customers, and OEMs across the country. To learn more about the Company, visit expion360.com.

    Forward-Looking Statements and Safe Harbor Notice

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release, including statements about our beliefs and expectations, are “forward-looking statements” and should be evaluated as such. Examples of such forward-looking statements include statements that use forward-looking words such as “projected,” “expect,” “possibility,” “believe,” “aim,” “goal,” “plan,” and “anticipate,” or similar expressions. Forward-looking statements included in this press release include, but are not limited to, statements relating to the Company’s beliefs about its customer base and market opportunity. Forward-looking statements are subject to and involve risks, uncertainties, and assumptions that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by such forward-looking statements.

    Company Contact:
    Brian Schaffner, CEO
    541-797-6714
    Email Contact

    External Investor Relations:
    Chris Tyson, Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    XPON@mzgroup.us
    http://www.mzgroup.us

    The MIL Network

  • MIL-OSI: ETC Announces Fiscal 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    SOUTHAMPTON, Pa., Oct. 15, 2024 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for the thirteen week period ended August 23, 2024 (the “2025 fiscal second quarter”) and the twenty-six week period ended August 23, 2024.

    Robert L. Laurent, Jr., ETC’s Chief Executive Officer and President stated, “We are pleased with the overall 56% increase in 2025 fiscal second quarter sales vs. prior year, as well our improvements in gross margin, operating margin and our $2.1 million increase in net income in the 2025 fiscal second quarter versus the prior year. We ended the 2025 fiscal second quarter with a backlog of $109 million. The large backlog positions us well moving forward.”

    2025 Fiscal Second Quarter Results of Operations

    Net Income (Loss)

    Net income was $1.7 million, or $0.09 earnings per diluted share, in the 2025 fiscal second quarter, compared to net loss of ($0.4) million during the 2024 fiscal second quarter, equating to ($0.04) earnings per diluted share. The $2.1 million variance is due primarily to increased sales and improved gross profit margin.

    Net Sales

    Net sales in the 2025 fiscal second quarter were $14.1 million, an increase of $5.1 million, or 56.2%, compared to 2024 fiscal second quarter net sales of $9.0 million. The increase in net sales was driven by a $4.3 million or 100.4% increase in ATS, a $0.4 million or 51.7% increase in ADMS and a $0.3 million or 10.5% increase in Sterilizer Systems net sales in 2025 fiscal second quarter compared to 2024 fiscal second quarter net sales.

    Gross Profit

    Gross profit for the 2025 fiscal second quarter of $4.2 million increased from $2.3 million in the 2024 fiscal second quarter, an increase of $1.9 million or 83.3%. Gross profit margin of 29.8% increased 4.4% in the 2025 fiscal second quarter compared to 25.4% in the 2024 fiscal second quarter. The increase in gross profit was due to higher net sales within the ATS, ADMS and Sterilizer Systems business units, along with an increased overhead absorption resulting from higher production levels.

    Operating Expenses

    Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2025 fiscal second quarter were $2.2 million, a decrease of $0.1 million, or 6.1%, compared to $2.4 million for the 2024 fiscal second quarter. Operating expenses decreased due primarily to lower research and development expense for the 2025 fiscal second quarter as compared to the 2024 fiscal second quarter. The increase in sales and gross profit margin along with the decrease in operating expenses resulted in an improvement in operating margin from (-0.8%) in the 2024 second fiscal quarter to 14.0% in the 2025 fiscal second quarter.

    2025 Fiscal First Half Results of Operations

    Net Income (Loss)

    Net income was $3.1 million, or $0.17 earnings per diluted share, in the 2025 fiscal first half, compared to net loss of ($1.5) million during the 2024 fiscal first half, equating to ($0.11) earnings per diluted share. The $4.6 million variance is attributable to an increase in sales and improved gross profit margin.

    Net Sales

    Net sales in the 2025 fiscal first half were $27.6 million, an increase of $10.9 million, or 65.3%, compared to 2024 fiscal first half net sales of $16.7 million. The increase in net sales is primarily attributable to a $7.7 million or 106.8% increase in ATS 2025 fiscal first half net sales and a $3.2 million or 54.1% increase in sterilizer systems net sales in the 2025 fiscal first half as compared to the 2024 fiscal first half.

    Gross Profit

    Gross profit for the 2025 fiscal first half was $8.7 million compared to $4.1 million in the 2024 fiscal first half, an increase of $4.6 million, or 111.5%. Gross profit margin of 31.6% increased 6.9% in the 2025 fiscal first half compared to 24.7% in the 2024 fiscal first half. The increase in gross profit was primarily due to an increase in net sales and gross profit margin within the ATS and Sterilizer Systems business units.

    Operating Expenses

    Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2025 fiscal first half were $5.2 million, an increase of $0.2 million, or 4.4%, compared to $5.0 million for the 2024 fiscal first half. The increase in operating expenses was primarily due to increased expense related to higher sales and personnel expense and general and administrative expense slightly offset by a decrease in research and development expense. The increase in sales and gross profit margin along with the decrease in operating expenses resulted in an improvement in operating margin from (-5.1%) in the 2024 fiscal first half to 12.8% in the 2025 fiscal first half.

    Interest Expense, Net

    Interest expense, net for the 2025 fiscal first half was $0.3 million compared to interest expense, net of $0.4 million for the 2024 fiscal first half, a favorable variance of $0.1 million. The favorable variance was primarily attributable to an increase in interest income included in the proceeds received related to the 2020 and 2021 Employee Retention Credits received in the 2025 first fiscal first half.

    Cash Flows from Operating, Investing, and Financing Activities

    During the 2025 fiscal first half, the Company used $2.1 million of cash from operating activities, due primarily from an increase in contract assets and reduction in accounts payable and contract liabilities, slightly offset by an increase in net income and a decrease in accounts receivable and prepaid expenses and other assets, as compared to using $5.9 million during the 2024 fiscal first half.

    Cash used for investing activities was $0.2 million during the 2025 and 2024 fiscal first half and primarily relates to funds used for capital expenditures on equipment and software development.

    The Company’s financing activities included borrowings of $1.6 million during the first half of fiscal 2025 under the Company’s credit facility as compared to borrowing $4.7 million of cash during the 2024 fiscal first half under the Company’s credit facilities.

    About ETC

    ETC was incorporated in 1969 in Pennsylvania. For over five decades, we have provided our customers with products, services, and support. Innovation, continuous technological improvement and enhancement, and product quality are core values that are critical to our success. We are a significant supplier and innovator in the following areas: (i) software driven products and services used to create and monitor the physiological effects of flight, including high performance jet tactical flight simulation, fixed and rotary wing upset prevention and recovery and spatial disorientation, and both suborbital and orbital commercial human spaceflight, collectively, Aircrew Training Systems (“ATS”); (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); (iv) Advanced Disaster Management Simulators (“ADMS”); (v) steam and gas (ethylene oxide) sterilizer systems (“Sterilizer Systems” or “Sterilizers”); and (vi) environmental testing and simulation systems (“ETSS”).

    We operate in two primary business segments, Aerospace Solutions (“Aerospace”) and Commercial/Industrial Systems (“CIS”). Aerospace encompasses the design, manufacture, and sale of: (i) ATS products; (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); and (iv) ADMS, as well as integrated logistics support (“ILS”) for customers who purchase these products or similar products manufactured by other parties. These products and services provide customers with an offering of comprehensive solutions for improved readiness and reduced operational costs. Sales of our Aerospace products are made principally to U.S. and foreign government agencies and to civil aviation organizations. CIS encompasses the design, manufacture, and sale of: (i) steam and gas (ethylene oxide) sterilizer systems; and (ii) ETSS; as well as parts and service support for customers who purchase these products or similar products manufactured by other parties. Sales of our CIS products are made principally to the healthcare, pharmaceutical, and automotive industries.

    ETC-PZL Aerospace Industries Sp. z o.o. (“ETC-PZL”), our 100%-owned subsidiary in Warsaw, Poland, is currently our only operating subsidiary. ETC-PZL manufactures certain simulators and provides software to support products manufactured domestically within our Aerospace segment.

    The majority of our net sales are generated from long-term contracts with U.S. and foreign government agencies (including foreign military sales (“FMS”) contracted through the U.S. Government) for the research, design, development, manufacture, integration, and sustainment of ATS products, including Chambers and the simulators manufactured and sold through ETC-PZL, collectively, ATS. The Company also enters into long-term contracts with domestic customers for the sale of sterilizers and ETSS. Net sales of ADMS are generally much shorter term in nature and vary between domestic and international customers. We generally provide our products and services under fixed-price contracts.

    ETC’s unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. ETC’s headquarters is located in Southampton, PA. For more information about ETC, visit http://www.etcusa.com/.

    ______________

    Forward-looking Statements

    This news release contains forward-looking statements, which are based on management’s expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, and these statements may include words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “future”, “predict”, “potential”, “intend”, or “continue”, and similar expressions. We base our forward-looking statements on our current expectations and projections about future events or future financial performance. Our forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ETC and its subsidiaries that may cause actual results to be materially different from any future results implied by these forward-looking statements. We caution you not to place undue reliance on these forward-looking statements.

    – Financial Tables Follow –

    Table A                
    Environmental Tectonics Corporation
    Summary Table of Results
    (in thousands, except per share information) 
    (unaudited) 
                       
        Thirteen weeks ended   Variance  
        August 23, 2024
        August 25, 2023
        ($)   (%)  
    Net sales $ 14,083     $ 9,016     $ 5,067     56.2    
    Cost of goods sold   9,886       6,726       3,160     47.0    
    Gross Profit   4,197       2,290       1,907     83.3    
      Gross profit margin %   29.8%       25.4%       4.4%     17.3%    
                       
    Operating expenses   2,219       2,364       (145 )   -6.1    
    Operating income (loss)   1,978       (74 )     2,052     2772.9    
      Operating margin %   14.0%       -0.8 %     14.8%     1799.0%    
                       
    Interest expense, net   233       228       5     2.2    
    Other expense, net   29       93       (64 )   -69.0    
    Income (loss) before income taxes   1,716       (395 )     2,111     534.4    
      Pre-tax margin %   12.2%       -4.4 %     16.6%     377.3%    
                       
    Income tax provision   20       40       (20 )   -50.0    
    Net income (loss)   1,696       (435 )     2,131     489.9    
    Preferred Stock dividends   (121 )     (121 )         0.0    
    Income (loss) attributable to common and                
    Participating shareholders $ 1,575     $ (556 )   $ 2,131     383.2    
                       
    Per share information:                
    Basic earnings (loss) per common and participating share:                
    Distributed earnings per share:                
    Common $     $     $        
    Preferred $ 0.02     $ 0.02     $     0.0    
    Undistributed earnings (loss) per share:                
    Common $ 0.10     $ (0.04 )   $ 0.14     350.0    
    Preferred $ 0.10     $ (0.04 )   $ 0.14     350.0    
    Earnings (loss) per diluted share $ 0.09     $ (0.04 )   $ 0.13     325.0    
                       
                       
    Total basic weighted average common and participating shares     15,569       15,569            
                       
    Total diluted weighted average shares   16,725       15,569            
    Table B                
    Environmental Tectonics Corporation 
    Summary Table of Results
    (in thousands, except per share information) 
    (unaudited) 
                       
        Twenty-six weeks ended   Variance  
        August 23, 2024   August 25, 2023
        ($)   (%)  
    Net sales $ 27,575     $ 16,683     $ 10,892     65.3    
    Cost of goods sold   18,851       12,559       6,292     50.1    
    Gross Profit   8,724       4,124       4,600     111.5    
      Gross profit margin %   31.6%       24.7%       6.9%     27.9%    
                       
    Operating expenses   5,194       4,973       221     4.4    
    Operating income (loss)   3,530       (849 )     4,379     515.8    
      Operating margin %   12.8%       -5.1 %     17.9%     351.0%    
                       
    Interest expense, net     349       426       (77 )   -18.1    
    Other expense, net   85       143       (58 )   -40.6    
    Income (loss) before income taxes   3,096       (1,418 )     4,514     318.3    
      Pre tax margin %   11.2%       -8.5 %     19.7%     231.8%    
                       
    Income tax provision   40       80       (40 )   -50.0    
    Net (loss) income   3,056       (1,498 )     4,554     304.0    
    Preferred Stock Dividends   (242 )     (242 )         0.0    
    Income (loss) attributable to common and                
    Participating shareholders $ 2,814     $ (1,740 )   $ 4,554     261.7    
                       
    Per share information:                
    Basic earnings (loss) per common and participating share:                
    Distributed earnings per share:                
    Common $     $            
    Preferred $ 0.04     $ 0.04     $     0.0    
    Undistributed (loss) per share:                
    Common $ 0.18     $ (0.11 )   $ 0.29     263.6    
    Preferred $ 0.18     $ (0.11 )   $ 0.29     263.6    
    Earnings (loss) per diluted share $ 0.17     $ (0.11 )   $ 0.28     254.5    
                       
    Total basic weighted average common and participating shares   15,569       15,569            
                       
    Total diluted weighted average shares   16,725       15,569            

    The MIL Network

  • MIL-OSI: CVR Energy to Release Third Quarter 2024 Earnings Results

    Source: GlobeNewswire (MIL-OSI)

    SUGAR LAND, Texas, Oct. 15, 2024 (GLOBE NEWSWIRE) — CVR Energy, Inc. (NYSE: CVI) plans to release its third quarter 2024 earnings results on Monday, Oct. 28, after the close of trading on the New York Stock Exchange. The Company also will host a teleconference call on Tuesday, Oct. 29, at 1 p.m. Eastern to discuss these results.

    This call, which will contain forward-looking information, will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at http://www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/fm39ca3r. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13749245.

    CVR Energy’s third quarter 2024 earnings news release will be distributed via GlobeNewswire and posted at http://www.CVREnergy.com.

    About CVR Energy, Inc.
    Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewables, petroleum refining and marketing businesses as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners, LP.

    For further information, please contact:

    Investor Relations:
    Richard Roberts
    CVR Energy, Inc.
    (281) 207-3205
    InvestorRelations@CVREnergy.com

    Media Relations:
    Brandee Stephens
    CVR Energy, Inc.
    (281) 207-3516
    MediaRelations@CVREnergy.com

    The MIL Network

  • MIL-OSI: Trio Provides Operational Update

    Source: GlobeNewswire (MIL-OSI)

    Company Details Plans to Increase Production

    Bakersfield, CA, Oct. 15, 2024 (GLOBE NEWSWIRE) — Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, today provided an operational update on each of its current oil and gas assets, by field. The update details the specific operational activities the Company is taking to increase daily oil and gas production.

    McCool Ranch Field

    • Production has been stable for a number of months averaging about 20 BOPD from the HH-1 and 35X wells collectively and we are actively continuing operations to increase oil production.
    • The Company is planning to acidize the HH-1 and 35X wells and anticipates a notable increase in oil production.
    • Planning is underway to return the 58X, HH-3 and HH-4 wells to production over the next several months.
    • Operations continue to prepare the field for cyclic-steam operations – when our current five oil wells were initially steamed in 2014-2015 oil production steadily increased over a nine month period from 30 BOPD to a peak of about 400 BOPD.

    Presidents Field, South Salinas Project

    • First oil sales from the HV-3A well occurred in August 2024. We believe production at HV-3A may be improved with acid treatments, by adding up to 625 feet of perforations across the proven oil-producing zones, and/or opening deeper behind-pipe oil zones that are currently below a bridge plug.
    • We expect workovers at HV-3A, whether acidizing, perforating and/or opening deeper zones, will result in notable increases in oil production.
    • Initially we expect to acidize (for borehole cleanup) the currently open 250 feet of perforations and anticipate production of at least 30 BOPD, (which was the average rate in the well’s first month of production), and potentially a much higher oil rate.

    Asphalt Ridge

    • The HSO 2-4 well is currently producing, utilizing a downhole heater, and the operator, Valkor LLC, expects that production may stabilize at approximately 40 BOPD.
    • Asphalt Ridge is known to be one of the largest tar-sand deposits in North America outside of Canada, and to have now established first-oil at this project is of utmost significance to the Company.
    • Downhole heater operations are expected to be operational shortly at the 8-4 well.
    • We expect at least one additional well at Asphalt Ridge by year’s end.
    • Valkor LLC projects that these 3 wells collectively will produce roughly 120-150 BOPD.

    “We are pleased to be able to provide these operational updates on our three oil and gas assets,” commented Robin Ross, CEO of Trio. “We have three good scalable projects today and one of my top priorities is developing what we control, and increasing production. The next few months should be exciting as we continue to demonstrate the potential of our company and grow our business.”

    About Trio Petroleum Corp

    Trio Petroleum Corp is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California, and Uintah County, Utah. In Monterey County, Trio owns a 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields in the South Salinas Project, and a 21.92% working interest in 800 acres in the McCool Ranch Field. In Uintah County, Trio owns a 2.25% working interest in 960 acres and options to acquire up to an additional 17.75% working interest in the 960 acres, and also an option to acquire 20% working interest in an adjacent 1,920 acres, and a right of first refusal to participate in an additional approximate 30,000 acres of the Asphalt Ridge Project at terms offered to other third parties.

    Cautionary Statement Regarding Forward-Looking Statements

    All statements in this press release of Trio Petroleum Corp (“Trio”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Trio’s control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors sections of the Trio reports filed with the Securities and Exchange Commission (SEC). Copies of such documents are available on the SEC’s website, http://www.sec.gov. Trio undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Investor Relations Contact:
    Redwood Empire Financial Communications
    Michael Bayes
    (404) 809 4172
    michael@redwoodefc.com

    The MIL Network

  • MIL-OSI: Plantro enters into Agreement with Blacksheep Fund Management

    Source: GlobeNewswire (MIL-OSI)

    ST. MICHAEL, Barbados, Oct. 15, 2024 (GLOBE NEWSWIRE) — Dye & Durham Limited (“Dye & Durham”) announced today that it had entered into a cooperation agreement (the “Cooperation Agreement”) with Blacksheep Fund Management Ltd. (together with its affiliates, “Blacksheep”) pursuant to which, among other things: (i) Blacksheep has the right to designate one individual (the “Investor Nominee”) who will be appointed to the Company’s board of directors (the “Board”), and (ii) the Company and Blacksheep have agreed to a construct whereby they will mutually identify a new independent director nominee for the Board (the “Independent Nominee”).

    In connection with the Cooperation Agreement, Plantro has entered into a letter agreement with Blacksheep pursuant to which, subject to certain conditions, Plantro has agreed to vote its common shares of Dye & Durham (the “Common Shares”) in favour of the Investor Nominee and the Independent Nominee, or their replacements, at any annual or special meetings of Dye & Durham’s shareholders up to, and including, the 2025 annual meeting.

    As of the date hereof, Plantro holds 10,861,110 Common Shares, representing approximately 16.2% of the issued and outstanding Common Shares. Plantro intends to review its investment in Dye & Durham on a continuing basis and may determine to buy additional common shares, or sell some or all of the common shares it holds, depending upon price, market conditions, availability of funds, evaluation of alternative investments and other factors it considers relevant from time to time.

    Dye & Durham’s address is 25 York Street, Suite 1100, Toronto, Ontario, M5J 2V5. Plantro’s address is Cidel Place, Lower Collymore Rock, St. Michael, Barbados 11000. To obtain a copy of the early warning report relating to Plantro’s agreement with Blacksheep, please contact Amanda J. Lashley at +1 246-430-5350.

    The MIL Network

  • MIL-OSI: NEWTON GOLF Company Expands its Global Presence with the Launch of Newton Motion Shafts in Japan

    Source: GlobeNewswire (MIL-OSI)

    Newton Motion shafts now available in 50 of Japan’s largest golf retailers and through GDO, the country’s leading e-commerce platform

    CAMARILLO, CA, Oct. 15, 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, announces the launch of its Newton Motion shafts in Japan.

    Now available in 50 of the largest retail golf stores across Japan, golfers and golf enthusiasts in Japan have access to the Company’s proprietary Newton Motion shaft design and construction, including the four essential technologies embedded in each shaft: Elongated Bend Profile; Kinetic Storage Construction; Newton Symmetry360 Design; and a Variable Bend Profile.

    In addition to this new, extensive retail presence, NEWTON GOLF has partnered with GDO, Japan’s largest e-commerce company for distribution of the Newton Motion shafts, ensuring that golfers can conveniently purchase the new shafts online.

    “Newton Motion has had considerable success with the U.S. tour pros, consumers, and professional fitters,” said Shige Okabe, Newton Golf’s Sales Representative for Japan. “Our initial testing with Japanese buyers and tour professionals confirmed that Newton Motion shafts surpass anything that exists in the Japanese market today. We are confident it will make an immediate impact there.”

    Japan is the second largest golf market in the world, behind the U.S. According to the 2021 World Golf Report, these two countries are responsible for about two-thirds of the world’s golf equipment market.

    The Newton Motion shafts have quickly gained traction among top players on the PGA TOUR Champions, including Doug Barron, who won his first major championship with the Newton Motion Shaft in his driver, John Daly, Clark Dennis, Chris DiMarco, Ken Duke, Fred Funk, Colin Montgomerie, Mark O’Meara, Tim Petrovic, and Duffy Waldorf, among others.

    The shafts are sold “ready to play” and include the shaft adapter and grip. The grip is a Lamkin Crossline 360, and there are adapter options to choose from that fit most driver heads.

    The Newton Motion shafts are manufactured in the Company’s St. Joseph, Missouri manufacturing facility.

    All Newton Motion shafts, including the newly introduced 6.5-DOT and 7-DOT shafts, can be seen and are available for purchase at https://newtonshafts.com.

    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 http://www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.

    Media Contact for NEWTON GOLF

    Beth Gast
    BG Public Relations
    beth.gast@bgpublicrelations.com

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

    The MIL Network

  • MIL-OSI Global: Color complexity in social media posts leads to more engagement, new research shows

    Source: The Conversation – USA – By Vamsi Kanuri, Associate Professor of Marketing, University of Notre Dame

    If you work in digital marketing, you don’t need to be told a picture’s worth a thousand words. More than half of content marketers say images are crucial for achieving their social media goals, and a staggering 70% of users prefer image-based posts over text, surveys have found.

    But which types of visuals work best? While anecdotal evidence abounds, systematic research on this topic is scarce.

    As a professor of business who knows the issues social media managers face while picking images for their posts – and who collected thousands of Facebook posts from two organizations in different industries – I saw an opportunity.

    Pigments and pixels

    Together with my colleagues Christian Hughes and Brady Hodges, I looked at what researchers call “color complexity.”

    Color complexity is similar to colorfulness, but it’s not quite the same: It’s measured as color variation across pixels in an image, and our brains process it subliminally. The more the brain has to decipher color variations across neighboring pixels, the harder it has to work.

    Fortunately, advanced computer vision technology makes it easier than ever to measure color complexity, and biometric eye-tracking makes it possible to see what images grab people’s attention in real time.

    We conducted four studies, looking at both real-world Facebook posts from two firms and experimental data using biometric eye-tracking. On the whole, we found that more complex images in social media posts tended to capture greater attention.

    However, there were some caveats.

    For instance, posts made later in the day and those with images that took up more screen space tended to benefit more from color complexity. This suggests that the timing and visual prominence of posts play a role in maximizing engagement.

    In addition, when images were paired with negative, feel-bad text, color complexity made less of a difference.

    We also found that pairing images with complex texts can actually strengthen the link between color complexity and user engagement. This surprising finding suggests that more intricate language might encourage people to pay more attention to the images.

    The complexities of color

    The importance of color in marketing, and its influence on everything from brand perception to purchase intentions, has long been well documented. Much less is known, however, about the role of color complexity in social media engagement. Our research is beginning to fill that gap.

    Overall, our findings underscore the importance of strategic image design in social media marketing. They suggest that a nuanced approach to image design, incorporating high color complexity where appropriate, can significantly enhance user engagement.

    For marketers and content creators, the implications are clear: Investing in the careful curation of social media images, especially those with high color complexity, can lead to better user engagement. Just be mindful of the timing and context, too.

    Vamsi Kanuri works for the University of Notre Dame.

    ref. Color complexity in social media posts leads to more engagement, new research shows – https://theconversation.com/color-complexity-in-social-media-posts-leads-to-more-engagement-new-research-shows-240980

    MIL OSI – Global Reports

  • MIL-OSI Africa: Alizz Islamic Bank Partners with the International Islamic Trade Finance Corporation to Support the Private sector in Oman

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

    MUSCAT, Oman, October 15, 2024/APO Group/ —

    Reinforcing its position as one of Oman’s most dynamic Islamic Wholesale Banking institutions, Alizz Islamic Bank has recently signed an agreement with the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org). This partnership is set to provide Shari’a compliant financing solutions, further enhancing the bank’s commitment to offering innovative and ethical financial services in alignment with Islamic principles. 

    The agreement was officially signed by Mr. Ali Al Mani, CEO of Alizz Islamic Bank and Eng. Hani Salem Sonbol, CEO of ITFC in the presence of a number of senior officials from both organisations. 

    Speaking about the agreement, Mr. Ali Al Mani, CEO of Alizz Islamic Bank said: “We are delighted to be the first bank in Oman to partner with the ITFC. Partnering with innovative and leading organisations in their respective fields is an important part of our strategy and we are proud to be pioneers in providing innovative trade financing solutions. Our customers are at the forefront of everything we do and aligning with strategic partners enables Alizz Islamic Bank to enhance our trade solutions and correspondent network which in turn can enable us to offer competitive working capital financing pricing.” 

    Commenting on the  agreement, Eng. Hani Salem Sonbol, CEO of ITFC , and Acting CEO of  ICD stated “We are pleased with our partnership and strategic relationship with Alizz Islamic Bank. This is our first collaboration in Oman and is poised to play a pivotal role in advancing Shari’ah compliant financial services in the country.  Through this agreement, we aim to strengthen the private sector role in the economy, particularly by enhancing access to finance for small and medium-sized enterprises (SMEs). Supporting SMEs is a core pillar of the ITFC mission, and we are confident that this partnership will help drive economic growth, create job opportunities, and foster sustainable development in Oman”. 

    MIL OSI Africa

  • MIL-OSI Europe: Hamburg Sustainability Platform – New alliances are needed to provide blended finance at scale (15 Oct. 2024)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    Public-private stakeholder coalition kicks-off joint work to scale up private SDG investment in emerging markets and developing economies: At the Hamburg Sustainability Conference, a coalition of private and public institutions announced to join forces to set up the Hamburg Sustainability Platform. This platform aims at scaling sustainable investments into emerging markets and developing economies through standardization.

    The Sustainable Development Goals (SDGs), as well as the climate and biodiversity goals, cannot be achieved with public funds alone. More private investment is urgently needed, especially in emerging markets and development economies. To close this financing gap, it must become easier for private investors to invest. Blended finance provides efficient mechanisms to address this challenge. This is the aim of an alliance of public and private stakeholders, the Hamburg Sustainability Platform (HSP), announced at the Hamburg Sustainability Conference.

    The German Ministry of Economic Cooperation and Development, (BMZ); the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO); Global Affairs Canada; the Danish Ministry of Foreign Affairs; Treasury of the Republic of South Africa; the Secretary of State in charge of International partnerships of France; the German Development Bank KfW; British International Investment (BII); as well as Allianz and Caisse de dépôt et placement du Québec (CDPQ) are partnering to jointly develop the Hamburg Sustainability Platform. The Organisation for Economic Co-operation and Development (OECD) acts as an advisory body to the platform.

    Sustainable investments in emerging markets and developing economies have so far been for the pioneers in the private sector: while promising investment opportunities exist, large institutional investors such as pension funds or insurance companies rarely invest at scale. This is because implementation takes a long time, as preparations can take several years and financial products are often very complex. To make it easier for private investors to invest at scale, it would be necessary to pool the funds of public donors and standardize financial vehicles.

    As a solution, the HSP aims at better combining public and private investments through standardized financial products as well as harmonized public strategies. The initiative thereby aims to enhance simplicity, replicability and efficiency, thus enabling considerable additional investment volume.

    Standardization is a key enabler of operational efficiency. By delivering simplicity, efficiency and speed, volume becomes possible. Standardization acts like a common language, combatting fragmentation and accelerating procedures. It could therefore be an important step to help scaling private investment. This is recognized and demanded by different institutions and initiatives such as the UN-convened Net-Zero Asset Owner Alliance (NZAOA), the OECD, as well as the B20 Finance & Infrastructure Working Group. Nevertheless, standardization is currently lacking in blended finance.

    The HSP was announced at the inaugural Hamburg Sustainability Conference, held on 7-8 October. Under the motto “together we co-create development”, the Hamburg Sustainability Conference challenges barriers to SDG implementation. It establishes a new global forum to speed up progress towards achieving the SDGs and deliver result-oriented solutions. The annual conference is a joint initiative of the United Nations (UNDP), the German Federal Ministry of Economic Cooperation and Development (BMZ), the Michael Otto Foundation and the City of Hamburg.

    On their motivations for the HSP, the founding members have said:

    Anneliese Dodds, Minister for Development and Minister for Women and Equalities, United Kingdom’s Foreign, Commonwealth & Development Office: “Meeting the Sustainable Development Goals will require trillions of dollars of additional public and private investment into emerging markets and developing economies. To get private capital moving quickly and at scale, investors need to be able to compare options and make decisions with confidence. That’s why the UK is pleased to support the Hamburg Sustainability Platform, which will focus on scaling up sustainable investment into the regions that need it most, by providing standardized investment products in a clear and simple format.”

    Jochen Flasbarth, State Secretary of the German Federal Ministry of Economic Cooperation and Development: ”The SDGs represent an unprecedented global consensus and as such, a joint mission of public and private stakeholders. We need to join forces to make this mission heard. Over the past years, numerous good examples of blended finance vehicles have been set up. It is now time to identify those success cases, standardize, and scale them. This is what the Hamburg Sustainability Platform stands for. It is a great example of how the German government enhances international partnerships and how development cooperation efficiently uses market mechanisms to co-create impact. “

    Thani Mohamed Soilihi, French Secretary of State for Francophonie and international partnerships: “We need to boost financing capacities if we collectively want to achieve United Nations Sustainable Development Goals (SDGs), and this requires far more private sector leveraging. This is a priority for France, that we are pursuing with 66 partners through the Paris Pact for People and Planet. In that perspective, the Hamburg Sustainability Platform plays an important role and we hope it will bolster current efforts to scale sustainable investments and deliver tangible results.”

    Lina Gandløse Hansen, State Secretary for Trade and Investments, Ministry of Foreign Affairs, Denmark: “We need to bridge the financing gap to deliver on the SDGs and the Paris agreement. The numbers tell a clear story: We are far off track. We need all hands on deck and the private sector must play a key role. We need to deliver scale and replicable models. The Hamburg Sustainability Platform can play an important role. Denmark is looking forward to bringing our strong focus on innovative financing to the table and explore synergies, not least with the work in the Investment Mobilization Collaboration Alliance (IMCA) which aims at mobilizing billions of USD in private capital in support of climate action.”

    Mmakgoshi Lekhethe, Head of Asset and Liability Management at the National Treasury of the Republic of South Africa: “We need impactful solutions and investments on a global scale. And for investments to be impactful, private and public sector need to work together. Development efforts can only be sustainable in the long run if we succeed in mobilizing private markets for our goals. The Hamburg Sustainability Platform can become a key lever on this mission.”

    Patricia Peña, Associate Assistant Deputy Minister, Global Affairs Canada: “Setting up the Hamburg Sustainability Platform involves learning from and working with existing solutions, ensuring what we put forward and how we work together adds value and avoids duplication. Recognising the need to cooperate more efficiently with other donors and private investors from an early stage, the Hamburg Sustainability Platform could become a key tool to enhance donor cooperation and address existing challenges in blended finance.”

    Claus Stickler, Global Co-Lead at Allianz Investment Management: “Speed and scalability are key success factors in achieving sustainable change globally, including for example accelerating the deployment of renewable energy in emerging markets. The Hamburg Sustainability Platform can help simplify the creation and management of blended finance vehicles, thereby increasing their investability. Let’s work together to create this important platform for real action.”

    Vito Dellerba, Managing Director, Sustainable Investing at CDPQ: “Templates and standardized frameworks for financial returns and impact – initiatives highlighted by the Hamburg Sustainability Platform – facilitate timely and knowledgeable decisions by providing streamlined and consistent information. In addition, it has the potential to boost market efficiency by enhancing risk management practices, lowering transaction costs and increasing liquidity.“

    OECD Deputy Secretary-General Mary Beth Goodman: “The OECD supports the Hamburg Sustainability Platform in an advisory role. Promoting innovative approaches to scaling up private capital mobilization in Emerging Market and Developing Economies is core to the work of the OECD. As a convener, we will be a partner in driving this initiative forward. Based on the OECD’s work in harmonising blended finance approaches, and with standardization featuring prominently in the current update of the Blended Finance Principles Guidance, the OECD can be a key contributor of this initiative.”

    Christiane Laibach, Member of the Executive Board of KfW: “We have all learnt valuable lessons from the past twenty years of blended finance and impact investment. But to reach scale, we need to join forces, agree on common models based on these lessons and roll them out in a predictable and standardized manner. This is the objective of the Hamburg Sustainability Platform.”

    Liz Lloyd, Chief Investment Officer at BII: “Unlocking private capital is critical to meet the twin challenges of development and the climate emergency. One important way to do that is through innovative blended finance, using concessional public finance to encourage private investment to achieve the SDGs. We are pleased to collaborate with others to reach a common approach to blended finance, to help mobilize private capital into sustainable investments at scale.“

    MIL OSI Europe News

  • MIL-OSI USA: Governor Murphy Announces Second Round of Medical Debt Elimination, Totaling $120 Million in Debt Abolished for 77,000 New Jerseyans

    Source: US State of New Jersey

    Nearly two months after effectuating the first round of medical debt abolishment through the State’s partnership with Undue Medical Debt, Governor Phil Murphy today announced that 77,000 eligible individuals and families across New Jersey are set to benefit from the elimination of an additional $120 million in medical debt. Governor Murphy sat down with Andrew Rose Gregory, who was a special guest at the 2024 State of the State Address, to discuss the announcement. Andrew and his wife, Casey, partnered with Undue and raised $1.1 million following her passing to help eliminate medical debt for others. The video is available here.

    By leveraging approximately $900,000 in American Rescue Plan funds, Undue has worked with the Atlantic Health System to identify and purchase qualifying, unpayable medical debts. Impacted residents may have all or some of their debts abolished as part of the Governor’s mission to make health care more affordable and accessible. Through the State’s partnership with Undue, $220 million in medical debt has been eliminated for 127,000 New Jersey residents so far.

    “Investing in affordable and accessible health care allows residents to prioritize their well-being without having to take on the significant burdens of medical debt, which has long served as a debilitating barrier to receiving the life-saving care and services they deserve,” said Governor Murphy. “That is why our Administration has taken action to both protect residents from accumulating debt and eliminate existing debt so that New Jerseyans can focus on what matters most: their health. Today’s announcement marks a monumental step forward and builds upon our efforts to create a health care system that relieves financial constraints and ensures quality, comprehensive care is within reach of every New Jerseyan.”

    “With Governor Murphy’s persistent focus on health care affordability and access for New Jerseyans, we are pleased to announce another round of medical debt abolishment for tens of thousands of residents and families,” said Shabnam Salih, Director of the Office of Health Care Affordability and Transparency. “Today’s announcement is lifting the burden of $120 million in debt off their shoulders, helping to bring some peace of mind and comfort next time they have to see a doctor or visit the hospital for care.”

    Earlier this year, the Governor signed the Louisa Carman Medical Debt Relief Act, which safeguards New Jersey families from accumulating medical debt, protects against predatory medical debt collectors, and prohibits the reporting of medical debt to credit reporting agencies. New Jersey is a leading state in consumer protection policies and supports for residents, being one of only five states in the nation that both prohibits medical debt reporting to credit agencies and has allocated funding to provide residents with direct medical debt relief.

    “We’re proud to partner with the state of New Jersey, Governor Murphy and Atlantic Health on this impactful medical debt abolishment that follows closely on the heels of the initial $100 million of medical debt already erased,” said Undue Medical Debt CEO and president Allison Sesso. “New Jersey is a great example of a state that’s erasing medical debts weighing down its most financially burdened residents while also taking legislative action to lessen the burden of medical debt overall.”

    “As Casey and I prepared for her to die in home hospice, we decided that after her death we would raise money to forgive others’ medical debt in her honor. We were keenly aware of how lucky we were that our finances hadn’t been demolished by America’s health care system during Casey’s long and arduous treatment. Casey’s corporate insurance through her work as a publisher at Penguin Random House had been our shield. But we had met so many other patients and families that were not so lucky as us, and had gone into debt or even denied care because of a lack of insurance,” said Andrew Gregory. “In the last weeks of her life, Casey and I often listened to the Stevie Wonder song Come Back as a Flower: I wish that I could come back as a flower / as a flower / to spread the sweetness of love. As news of Casey’s death, and her wish to forgive others’ medical debt, spread across the world after she died, her campaign raised $1.1 million, forgiving almost $45 million with at least $65 million more of un-payable medical debt still slated to be relieved. She is no longer with us but I still say to her, Casey, Casey, you have come back as a flower.”

    There is no application process for medical debt relief. Undue works with hospital systems across the country to purchase large, bundled portfolios of past-due medical debt belonging to those least able to pay for pennies on the dollar. Instead of trying to collect, Undue erases the debt.

    “When I received my letter [notifying] me that my medical expenses were covered, I felt so blessed and happy. I’m a single mom; I had to take a leave of absence so that I could have surgery and I have no way to pay my medical bills. I work so hard in this country, but it is really difficult to [pay] for my house and bills without any assistance. Thank you so much, Governor Phil Murphy,” said Brunilda from Newark, NJ, one of almost 50,000 New Jerseyans to have medical debt abolished this August.

    “Thank you for helping. I lost my job and then got terribly sick. I couldn’t afford medication, couldn’t afford to pay rent and my bills were coming in back-to-back. I’m trying to get my financial situation back together and this really does help me. Thank you,” said Angela from Dover, NJ, one of almost 50,000 New Jerseyans to have medical debt abolished this August.

    “Like many families throughout the United States, I worked a job for 25+ years that did not offer health benefits. I often had to make a strategic decision about whether my illness or injuries were worth visiting the hospitals or doctor for. Living off of minimum wage, taking care of my ailing mother, paying rent and other expenses — it was just impossible for me to pay my hospital bills. Even with expensive health insurance, high co-pays make it difficult for many American families to [afford care]. Thank you, Undue, for relieving me of this burden. For once, [I felt] great joy finally receiving some good news in the mail!” said Antoinette from Jackson, NJ, one of almost 50,000 New Jerseyans to have medical debt abolished this August.

    Those who qualify for medical debt relief are either four times or below the federal poverty level or have medical debts that equal 5% or more of their annual income. These are the only criteria for relief. For this round of debt abolishment, Undue worked with Atlantic Health System to identify unpaid medical debts that qualify for erasure. This is a one-time abolishment to help remove the financial and emotional burden of unpayable medical debts. Medical debt relief is source-based, depending on community-minded providers like hospitals who choose to engage. 

    Those benefiting from medical debt relief will receive an Undue branded letter in the mail beginning Thursday, October 17, 2024. Learn more about Undue here.

    MIL OSI USA News

  • MIL-OSI United Kingdom: Homes England invests in Schroders Capital’s Real Estate Impact Fund

    Source: United Kingdom – Executive Government & Departments

    Schroders Capital’s Real Estate Impact Fund (SCREIF) has received a £50 million investment from Homes England, the government’s housing and regeneration agency, underlining the key role this market-leading investment strategy has in addressing social inequality in the UK

    The investment was today confirmed as part of a package of key measures announced by the UK’s Ministry of Housing, Communities and Local Government (sponsor of Homes England) and HM Treasury, following a roundtable hosted by the Chief Secretary to the Treasury, as part of the UK Government’s programme of activities to support its high-profile International Investment Summit.

    The Summit has been focused on driving investment and growth across the UK, with up to 300 industry leaders attending alongside the UK Prime Minister Keir Starmer, Chancellor Rachel Reeves and Business and Trade Secretary Jonathan Reynolds.

    SCREIF is a real estate focused strategy with the dual aims of delivering a positive social and environmental impact in addition to securing appropriate risk adjusted returns for investors. Last month, the strategy became only the second real estate fund in the UK to receive approval from the Financial Conduct Authority to use the ‘Sustainability Impact’ label under SDR.

    With a residential-led approach, the fund is predominantly focused on addressing the UK’s housing crisis, specifically, the shortage of social and affordable accommodation and the regeneration of town centres. The fund aims to ensure that its investments are made in accessible and resilient locations, with access to green space, public transport, schools and GPs.

    The investment from Homes England will increase the ability of the fund to grow and invest more widely across the UK and secure further allocations from pension funds, insurers and foundations.

    Chris Santer, Schroders Impact Fund Manager, Schroders Capital’s Real Estate team, said:

    This investment by Homes England is a clear indication of the absolutely vital role this fund is looking to play in the UK by delivering real and tangible change. Our homes, and the built environment around us, impact our daily lives. We believe this allocation from the public sector will be catalytic in unlocking further institutional investments, boosting broader confidence and interest in this key sector meaning the fund can enable more communities to thrive across the UK.

    Peter Denton, Homes England Chief Executive, said:  

    This is a brilliant example of how public and private sector organisations can get behind a clear and common aim – namely supporting social justice and thriving communities. Our commitment aims to help spark deep and diverse market investment from a range of institutions. Fundamentally, this is about coming together to accelerate regeneration and the creation of affordable, high-quality homes within sustainable, thriving places that people, especially those in more deprived areas, want, need and deserve.

    For further information, please contact:

    Andy Pearce, Head of Media Relations +44 20 7658 2203 andy.pearce@Schroders.com
    Rachael Dowers, PR Manager +44 207 658 2086 rachael.dowers@schroders.com
    Justine Crestois, PR Executive +44 20 7658 5186 justine.crestois@schroders.com

    Note to Editors

    To view the latest press releases from Schroders visit: Media Centre | Schroders global

    Schroders Capital

    Schroders Capital provides investors with access to a broad range of private market investment opportunities, portfolio building blocks and customised private market strategies. Its team focuses on delivering best-in-class, risk-adjusted returns and executing investments through a combination of direct investment capabilities and broader solutions in all private market asset classes, through comingled funds and customised private market mandates.

    The team aims to achieve sustainable returns through a rigorous approach and in alignment with a culture characterised by performance, collaboration and integrity.  

    With $97.3 billion (£77.0 billion; €90.8 billion)* assets under management, Schroders Capital offers a diversified range of investment strategies, including real estate, private equity, secondaries, venture capital, infrastructure, securitised products and asset-based finance, private debt, insurance-linked securities and BlueOrchard (Impact Specialists). 

    *Assets under management as at 30 June 2024 (including non-fee earning dry powder and in-house cross holdings)

    Schroders plc

    Schroders is a global investment manager which provides active asset management, wealth management and investment solutions, with £773.7 billion (€912.6 billion; $978.1 billion) of assets under management at 30 June 2024. As a UK listed FTSE100 company, Schroders has a market capitalisation of circa £6 billion and over 6,000 employees across 38 locations. Established in 1804, Schroders remains true to its roots as a family-founded business. The Schroder family continues to be a significant shareholder, holding approximately 44% of the issued share capital.

    Schroders’ success can be attributed to its diversified business model, spanning different asset classes, client types and geographies. The company offers innovative products and solutions through four core business divisions: Public Markets, Solutions, Wealth Management, and Schroders Capital, which focuses on private markets, including private equity, renewable infrastructure investing, private debt & credit alternatives, and real estate.

    Schroders aims to provide excellent investment performance to clients through active management. This means directing capital towards resilient businesses with sustainable business models, consistently with the investment goals of its clients. Schroders serves a diverse client base that includes pension schemes, insurance companies, sovereign wealth funds, endowments, foundations, high net worth individuals, family offices, as well as end clients through partnerships with distributors, financial advisers, and online platforms.

    About Homes England

    Homes England is the government’s homes and regeneration agency.  It drives the creation of more high-quality homes and thriving places so that everyone has a place to live and thrive. The Agency’s team work in partnership with thousands of public and private bodies including local authorities, home builders, developers, affordable housing providers, commercial real estate companies and financial institutions to make this happen. For more information visit: Homes England – GOV.UK (www.gov.uk)

    Issued by Schroder Investment Management Limited. Registration No 1893220 England. Authorised and regulated by the Financial Conduct Authority.  For regular updates by e-mail please register online at http://www.schroders.com for our alerting service.

    Updates to this page

    Published 15 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Africa: GITEX GLOBAL 2024: Historic opening day marked by record international participation and capacity crowds at key events

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

    DUBAI, United Arab Emirates, October 15, 2024/APO Group/ —

    • Entire international tech ecosystem descended on Dubai to mark the start of GITEX GLOBAL 2024 (www.GITEX.com)  – the world’s largest and best-rated tech event
    • Innovative showcases and GITEX Editions & European Innovation Council pavilion launches also star on “Tech Investor Day”
    • “AI Super Tuesday” next up at GITEX GLOBAL 2024

    International audiences enjoyed a memorable first day at GITEX GLOBAL 2024 (http://apo-opa.co/4h8HyRu) on Monday as the world’s largest and best-rated tech event kicked off in sensational fashion – setting the stage for an unforgettable week of breakthrough tech showcases.

    Taking place at Dubai World Trade Centre (DWTC) from 14-18 October, GITEX GLOBAL presents a record-breaking edition in its 44th year. It welcomes over 6,500 exhibitors, 1,800 startups, 1,200 investors alongside governments from more than 180 countries – the highest-ever international participation at GITEX GLOBAL – comprising enterprises, experts, investors, startups, academia, researchers, and the entire global tech ecosystem.

    Eagerly awaited exhibitions and events take centre stage

    Across a capacity-crowd venue, international audiences became acquainted with a wide variety of incredible innovations on Day 1 of GITEX GLOBAL 2024. UAE technology group G42 presented its Intelligence Grid immersive experience, enabling visitors to discover how AI can power every aspect of future life as a ‘super utility’. Lenovo showcased its new range of hardware and cloud solution equipped with transformative AI capabilities of the future, while e& showcased some the world’s most mindblowing protypes in all of tech. One of the highlights was the XPeng AeroHT eVTOL Flying Car – enabling audiences to discover how such innovations represent a historic opportunity to revolutionise aviation and personal transportation.

    With five incredible themes across five unmissable days this year, “Tech Investment Day” was first up with World Future Economy Digital Leaders Summit (http://apo-opa.co/4dLQ9qC) amongst the many shows that drew huge crowds and received widespread audience acclaim.

    In a special briefing, His Excellency (H.E.) Abdullah Bin Touq Al Marri, Cabinet Member & UAE Minister of Economy, addressed attendees during ‘Rise of the New Economy: AI & Emerging Industries’. This session delved into the UAE’s strategic initiatives fostering innovation, enhancing competitiveness, and positioning the country as a global leader in the new economy.

    With the UAE’s non-oil sector accounting for 74% of national gross domestic product (GDP) in 2024, H.E. Al Marri reaffirmed the Ministry of Economy’s ambitious plans for the years ahead, insisting: “We are in the business of breaking records. We’ve already achieved a non-oil sector that accounts for 74% of GDP – this record has never happened before in our country’s history. The UAE’s environment and ecosystem attracts people from around the globe – and the target now is to reach 80% by 2030 and become an R&D hub for the world.”

    With several leadership sessions held throughout the Monday schedule, H.E. Faisal Al Bannai, Advisor to the UAE President & Secretary General of the Advanced Technology Research Council (ATRC), shared key insights and perspectives during ‘AI Leadership: Steering Societal Transformation’. AI socio-economic implications were discussed alongside global AI leadership, models, governance, and regulation.

    Elsewhere on a historic opening day to celebrate GITEX GLOBAL’s record-extending 44th edition, new industry-defining programmes were also launched – including GITEX Editions, an exclusive platform for late-stage advanced tech companies and a premier hub for unicorns, soonicorns and rhinos.

    GITEX Editions connects 59 top global unicorns and was attended by H.E. Omar Sultan Al Olama, UAE Minister of State for AI, Digital Economy & Remote Work Applications, also addressed attendees between another applauded leadership session – ‘The UAE As The Sandbox For Pragmatic Ai Regulation And Policy Development’.

    The year’s most impactful discussions surrounding AI’s future in society and industry were also attending by high numbers of visitors. While discussing the most transformative AI case studies across government, enterprise, and startups, the need to balance AI’s potential with creativity and human intuition was examined in various sessions, including ‘Regulating Tech: The Intersection of Tech, Crime and Law’.

    Didier Jacobs, Head of ICT & Chief AI Officer at Europol, stressed that heightened collaboration and cooperation are needed to overcome challenges and solve international crime, adding: “Cybercrime knows no borders. There are many technologies that can be misused for hacking, extortion, sabotage, illegal transactions, and so on. What’s needed are solutions – a blend of increased human collaboration and technology deployment is essential.”

    As this week marks the largest-ever European participation at GITEX GLOBAL with 38 European countries exhibiting alongside 1,000-plus SMEs and 450-plus startups, the European Innovation Council pavilion was officially launched to commemorate the milestone.

    With debuting exhibitors from countries including Austria, Portugal, Latvia, Serbia, Bosnia & Herzegovina, and Switzerland in attendance, Trixie LohMirmand, Executive Vice President of DWTC, the organiser of GITEX GLOBAL, opened the brand-new site. This casts a unique spotlight on Europe’s AI, tech, and innovation advancements alongside the cross-continental collaboration efforts currently taking shape across the continent.

    What next at GITEX GLOBAL 2024?

    GITEX GLOBAL 2024 continues Tuesday as “Super AI Tuesday” showcases how AI is transforming business strategies, revolutionising industries, and creating new growth opportunities across the globe. Up until Friday (October 18), attendees can also explore the latest tech sector services and solutions being rolled out across Central Asia, Southeast Asia, Latin America, and the Middle East.

    GITEX GLOBAL is seamlessly connecting with world’s largest network of tech events with its stellar list including GITEX EUROPE Berlin, GITEX ASIA Singapore, GITEX AFRICA Morocco, and GITEX NIGERIA. These events are fostering collaboration and driving innovation to shape the tech landscape of tomorrow.

    More information on GITEX GLOBAL and to purchase passes, please visit http://www.GITEX.com

    MIL OSI Africa

  • MIL-OSI: Trupanion, Inc. Announces Third Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Oct. 15, 2024 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leader in medical insurance for cats and dogs, announced today it will report financial results for its 2024 third quarter after the market closes on Wednesday, October 30, 2024. The company will host a conference call that day beginning shortly after 1:30 p.m. PT / 4:30 p.m. ET.

    A live webcast (including a slide presentation) discussing results, guidance and management observations will be available on Trupanion’s Investor Relations site under Investor Events at http://investors.trupanion.com and will be archived online for 3 months upon completion of the conference call.

    Participants can access the conference call by dialing 1-877-300-8521 (United States) or 1-412-317-6026 (International). A telephonic replay of the call will also be available after the completion of the call, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and entering the replay pin number: 10192561.

    About Trupanion:

    Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, Europe, Puerto Rico and Australia with over 1,000,000 pets enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). For more information, please visit trupanion.com.

    Contact: 

    Laura Bainbridge, Senior Vice President, Corporate Communications
    Gil Melchior, Director, Investor Relations
    Investor.Relations@trupanion.com

    The MIL Network

  • MIL-OSI: Cipher Mining Announces the Signing of Option Agreements to Acquire 1.5 GW of Data Center Sites in West and North Texas

    Source: GlobeNewswire (MIL-OSI)

    Three sites featuring targeted capacity of 500MW each

    Signed option to lease or purchase a total of 580 acres of land, with two sites located in North Texas and one site located in West Texas

    Suitable for both HPC and bitcoin mining data centers

    NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced it has signed option agreements to acquire the recently announced three sites in West and North Texas from Juvo Energy.

    The three sites are adjacent to transmission assets and in the final stages of approval for interconnection with 500 MW targeted capacity per site. Cipher will be able to exercise the option in the next 24 months to acquire the sites, including 580 acres of land to be either leased or purchased. The ultimate purchase price to exercise the options for the sites will be determined by the number of megawatts actually approved for interconnection. The three sites all have the necessary characteristics for development of HPC data centers or bitcoin mining operations.

    “We have seen increasing demand from hyperscalers for large sites that can be energized within the next three years. By getting involved earlier in the development timeline and process, we can source valuable sites that most of our competitors cannot, spend less for premium sites and improve long-term visibility for our supply chain management and construction functions. These new sites give us tremendous optionality on the expansion of our HPC hosting business,” said Tyler Page, Cipher’s CEO.

    With the addition of these new sites, Cipher’s active portfolio and development pipeline will total 2.5 GW across 10 sites.

    About Cipher

    Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers. Cipher is dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure. Together with its diversely talented team and strategic partnerships, Cipher aims to be a market leader in bitcoin mining growth and innovation. To learn more about Cipher, please visit https://www.ciphermining.com/.

    About Juvo

    Juvo Energy is a power infrastructure company focused on development of “powered land” sites across the country. Juvo has a growing, active portfolio of over 6 GW. To learn more about Juvo, please visit: https://www.juvo-energy.com

    Forward Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations regarding our future results of operations and financial position, business strategy, timing and likelihood of success, potential expansion of and additional bitcoin mining data centers, expectations regarding the operations of mining centers, and management plans and objectives, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024, and in Cipher’s subsequent filings with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contacts:
    Investor Contact:
    Josh Kane
    Head of Investor Relations at Cipher Mining
    josh.kane@ciphermining.com

    Media Contact:
    Ryan Dicovitsky / Kendal Till
    Dukas Linden Public Relations
    CipherMining@DLPR.com

    The MIL Network