Category: GlobeNewswire

MIL-OSI: QuantaSing Announces Unaudited Financial Results for the Third Quarter of Fiscal Year 2025

Source: GlobeNewswire (MIL-OSI)

BEIJING, June 06, 2025 (GLOBE NEWSWIRE) — QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading lifestyle solution provider, today announced its unaudited financial results for the third quarter of the fiscal year ending June 30, 2025 (the “third quarter of FY 2025”, which refers to the quarter from January 1, 2025 to March 31, 2025).

Business and Financial Highlights for the Third Quarter of FY 2025

Revenues for the third quarter of FY 2025 were RMB570.7 million (US$78.6 million), representing a decrease of 21.5% from the second quarter of the fiscal year ending June 30, 2025 (the “second quarter of FY 2025”) and a decrease of 39.6% from the third quarter of the fiscal year ended June 30, 2024 (the “third quarter of FY 2024”).
Gross billings of individual online learning services¹ for the third quarter of FY 2025 were RMB515.6 million (US$71.0 million), representing a decrease of 5.6% from the second quarter of FY 2025 and a decrease of 47.5% from the third quarter of FY 2024.
Net income for the third quarter of FY 2025 was RMB41.1 million (US$5.7 million), representing a decrease of 67.5% from the second quarter of FY 2025 and an increase of 181.2% from the third quarter of FY 2024.
Adjusted net income² for the third quarter of FY 2025 was RMB37.8 million (US$5.2 million), representing a decrease of 71.3% from the second quarter of FY 2025 and an increase of 18.5% from the third quarter of FY 2024.
Total registered users increased by 19.9% to approximately 145.0 million as of March 31, 2025, from 121.0 million as of March 31, 2024.
Paying learners was approximately 0.3 million in the third quarter of FY 2025.

Company Highlight for the Third Quarter of FY 2025

Completed acquisition of 61% equity interest in Shenzhen Yiqi Culture Co., Ltd. (“Letsvan”) on March 31, 2025 for a total cash consideration of RMB235.0 million through a multi-step transaction. Results of operations of Letsvan were included in consolidated financials of the Company beginning April 1, 2025. The acquired assets and liabilities of Letsvan are included at fair value in the Company’s consolidated balance sheet as of March 31, 2025.

Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, “Our third quarter results reflect our strategic pivot toward product-driven business models that create long-term value. The acquisition of Letsvan marks a significant milestone in our expansion into the pop toys market, a sector with strong growth potential that perfectly aligns with our brand-first philosophy. The early success of our WAKUKU IP, including the recent Fox and Rabbit collection launch, validates our approach of pairing strong product development capabilities with efficient go-to-market strategies. As we integrate Letsvan’s operations, we’re applying our test-and-scale methodology to build a global presence in this resilient market segment. We aim to create businesses where brand strength and product excellence drive sustainable growth, rather than simply pursuing traffic-driven metrics.”

Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, “Our financial performance this quarter underscores our commitment to disciplined capital allocation during this transformation phase. While revenue moderated to RMB570.7 million as we shifted resources away from traffic-driven businesses, we’ve maintained strong cash generation across our businesses. Our ROI-focused assessment methodology has allowed us to exit underperforming areas while preserving resources for high-potential opportunities. With our healthy cash position, we have the flexibility to support both our existing operations and our strategic initiatives in the pop toys space. Though we anticipate some near-term profitability fluctuations as we optimize our business mix, our financial foundation remains robust as we execute this strategic evolution.”

Financial Results for the Third Quarter of FY 2025

Revenues

Revenues were RMB570.7 million (US$78.6 million) in the third quarter of FY 2025, compared to RMB945.6 million in the third quarter of FY 2024. The change reflects the Company’s deliberate shift from traffic-driven growth to high-quality growth.

Revenues from individual online learning services decreased by 43.6% year over year to RMB467.2 million (US$64.4 million) in the third quarter of FY 2025, from RMB828.1 million in the third quarter of FY 2024. This decrease was primarily due to a decrease of RMB268.3 million (US$37.0 million) in revenues from skills upgrading courses, a decline of RMB74.1 million (US$10.2 million) in revenues from financial literacy courses and a decline of RMB18.5 million (US$2.5 million) in revenues from recreation and leisure courses.
Revenues from enterprise services were RMB48.1 million (US$6.6 million) in the third quarter of FY 2025, compared to RMB65.1 million in the third quarter of FY 2024, representing a year-over-year change of 26.1%. The decline was primarily driven by reduced marketing services to enterprise customers.
Revenues from consumer business³ were RMB48.7 million (US$6.7 million) in the third quarter of FY 2025, compared to RMB49.4 million in the third quarter of FY 2024. The slight change was primarily attributable to the decline in baijiu revenue, partially offset by the modest increase in wellness products revenue.
Revenues from others³ were RMB6.7 million (US$0.9 million) in the third quarter of FY 2025, compared to RMB3.0 million in the third quarter of FY 2024, primarily due to revenue from the Company’s newly initiated business.

Cost of revenues

Cost of revenues was RMB96.6 million (US$13.3 million) in the third quarter of FY 2025, compared to RMB145.8 million in the third quarter of FY 2024, representing a 33.8% decrease. The decrease was primarily due to reduced labor outsourcing costs of RMB22.1 million (US$3.1 million), decreased procurement costs of RMB9.6 million (US$1.3 million) and lower staff costs of RMB5.1 million (US$0.7 million).

Sales and marketing expenses

Sales and marketing expenses were RMB395.2 million (US$54.5 million) in the third quarter of FY 2025, compared to RMB729.6 million in the third quarter of FY 2024, representing a decrease of 45.8%. The decrease was mainly due to a reduction in marketing and promotion expenses of RMB265.1 million (US$36.5 million), labor outsourcing costs of RMB46.4 million (US$6.4 million), and staff costs of RMB7.9 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB2.1 million (US$0.3 million).

Research and development expenses

Research and development expenses were RMB20.9 million (US$2.9 million) in the third quarter of FY 2025, compared to RMB38.8 million in the third quarter of FY 2024, representing a decrease of 46.2%. The decrease was primarily due to lower staff costs of RMB16.0 million (US$2.2 million).

General and administrative expenses

General and administrative expenses were RMB25.0 million (US$3.5 million) in the third quarter of FY 2025, compared to RMB36.4 million in the third quarter of FY 2024, representing a decrease of 31.2%. The decrease was primarily due to lower staff costs of RMB8.0 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB5.5 million (US$0.8 million).

Remeasurement gain of previously held equity interests in connection with step acquisitions

Remeasurement gain of previously held equity interests in connection with step acquisitions were RMB8.1 million (US$1.1 million) in the third quarter of FY 2025, reflecting the fair value adjustment of initial investments in Letsvan before obtaining control. Details of the acquisition can be found in the Recent Developments section of this report.

Others, net

Others, net were RMB15.4 million (US$2.1 million) in the third quarter of FY 2025, compared to RMB7.7 million in the third quarter of FY 2024, primarily driven by the increased fair value gains in one of the Company’s long-term investments.

Net income and adjusted net income

Net income was RMB41.1 million (US$5.7 million) in the third quarter of FY 2025, compared to RMB14.6 million in the third quarter of FY 2024. Adjusted net income was RMB37.8 million (US$5.2 million) in the third quarter of FY 2025, compared to RMB31.9 million in the third quarter of FY 2024.

Earnings per share and adjusted earnings per share⁴

Basic and diluted net income per share were both RMB0.25 (US$0.03) in the third quarter of FY 2025, compared to basic and diluted net income per share of RMB0.09 in the third quarter of FY 2024. Basic and diluted adjusted net income per share were RMB0.23 (US$0.03), in the third quarter of FY 2025, compared to RMB0.19 in the third quarter of FY 2024.

Balance Sheet

As of March 31, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,134.9 million (US$156.4 million), compared with RMB1,026.3 million as of June 30, 2024.

Recent Developments

Investments in Letsvan

On March 24, 2025, the Company announced that it entered into definitive agreements to invest in Shenzhen Yiqi Culture Co., Ltd., a PRC-based company specializing in IP incubation, copyright commercialization, and the promotion and sales of pop toys. The transaction marks the Company’s strategic entry into the pop toys market and broader consumer goods sector. Upon the completion of the investments in March 2025, Letsvan became a controlled subsidiary of the Company.

Letsvan currently operates a number of established IPs, including “WAKUKU”, “ZIYULI”, “FUNII”, “FIILA” and “PIDOL”, with distribution channels spanning both online and offline platforms across China and Southeast Asian markets. Letsvan’s current growth strategy encompasses three key areas: strengthening collaborations with major retail partners to enhance IP influence and expand sales, developing self-operated retail locations including a recently opened pop-up store at Chaoyang Joy City in Beijing, and building comprehensive online brand and sales capabilities.

International expansion initiatives are underway. Letsvan has already established its footprints in certain Southeast Asian markets and has been exploring opportunities in other overseas markets including the United States. With respect to IPs, Letsvan continues to strengthen internal product incubation and operational capabilities, partner with third-party artists, and collaborate with established IPs to diversify its product portfolio.

Recent product launches include the “WAKUKU Fox and Bunny Trick or Treat”, which commenced offline distribution on May 17, 2025, followed by online channel availability on May 20, 2025. The Beijing Chaoyang Joy City pop-up store launch has generated favorable user response and increased product visibility in the market.

2024 Share Repurchase Program

On June 11, 2024, the Company announced that the Board had approved a share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a 12-month period beginning on June 11, 2024 and ending on June 10, 2025 (the “2024 Share Repurchase Program”). As of March 31, 2025, a total of 1.7 million ADSs had been repurchased for an aggregate consideration of US$3.6 million under the 2024 Share Repurchase Program.

2025 Share Repurchase Program

On June 6, 2025, the Company announced that the Board had approved a new share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a purchase period beginning from June 11, 2025 and ending on June 30, 2026 (the “2025 Share Repurchase Program”). Repurchases under the 2025 Share Repurchase Program may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means. The repurchases will be subject to all applicable rules and regulations, including Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, as well as the Company’s insider trading policy. The number of ADSs repurchased and the timing of repurchases will also depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors. The Board will review the 2025 Share Repurchase Program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company plans to fund the repurchases from its existing cash balance.

Conference Call Information

The Company’s management team will hold an earnings conference call at 07:00 A.M. Eastern Time on Friday, June 6, 2025 (07:00 P.M. Beijing Time on the same day) to discuss the financial results.

Listeners may access the call by dialing the following numbers:

International:		1-412-902-4272
United States Toll Free:		1-888-346-8982
Mainland China Toll Free:		4001-201203
Hong Kong Toll Free:		800-905945
Conference ID:		QuantaSing Group Limited

The replay will be accessible through June 13, 2025 by dialing the following numbers:

International:		1-412-317-0088
United States Toll Free:		1-877-344-7529
Replay Access Code:		3611954

A live and archived webcast of the conference call will be available at the Company’s investor relations website at https://ir.quantasing.com.

Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, the Company uses gross billings of individual online learning services, adjusted net income and basic and diluted adjusted net income per share as its non-GAAP financial measures. Gross billings of individual online learning services for a specific period represents revenues of the Company’s individual online learning services net of the changes in deferred revenues in such period, further adjusted by value-added tax in such period. Adjusted net income represents net income excluding share-based compensation expenses and remeasurement gain of previously held equity interests inconnection with step acquisitions. Basic and diluted adjusted net income per share represents adjusted net income attributable to QuantaSing Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net income per share, basic and diluted. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for revenue, net income, net income per share, basic and diluted or other consolidated statements of operations data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on these non-GAAP financial measures, please see the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this release.

Exchange Rate Information

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

Safe Harbor Statements

This announcement contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1955. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding QuantaSing’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new users and learners and to increase the spending and revenues generated from users and learners; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; the expected growth, trends and competition in the markets that the Company operates in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to the Company’s business and industry, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC, including, without limitation, the final prospectus related to the IPO filed with the SEC dated January 24, 2023. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

About QuantaSing Group Limited

QuantaSing is a leading lifestyle solution provider that offers engaging, affordable and accessible online and offline services, as well as consumer products in selected areas that address senior users’ wellness aspirations. QuantaSing has expanded into the pop toys sector and continues to strategically diversify its portfolio by capturing opportunities in promising consumer sectors while maintaining financial discipline.

For more information, please visit: https://ir.quantasing.com.

Contact

Investor Relations
Leah Guo
QuantaSing Group Limited
Email: ir@quantasing.com
Tel: +86 (10) 6493-7857

Robin Yang, Partner
ICR, LLC
Email: QuantaSing.IR@icrinc.com
Phone: +1 (212) 537-0429

_________________________________
¹ Gross billings of individual online learning services is a non-GAAP financial measure. For a reconciliation of revenues of individual online learning services to gross billings of individual online learning services, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
² Adjusted net income is a non-GAAP financial measure. For a reconciliation of net income to adjusted net income, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
³ Effective from the fourth quarter of FY 2024, the Company has introduced “Revenues from Consumer Business” as a separate line item. This revenue was previously included in “Revenues from Others”. The historical revenues presentation has been conformed to the current presentation.
⁴ Basic and diluted adjusted net income per share are non-GAAP financial measures. For a reconciliation of basic and diluted net income per share to basic and diluted adjusted net income per share, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.

QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data)

	As of
	June 30, 2024	March 31, 2025	March 31, 2025
	RMB	RMB	US$

ASSETS
Current assets:
Cash and cash equivalents	779,931	985,677	135,830
Restricted cash	160	675	93
Short-term investments	246,195	148,532	20,468
Accounts receivable, net	16,676	37,392	5,153
Amounts due from related parties	4,488	489	67
Inventory, net	6,345	28,120	3,875
Prepayments and other current assets	275,549	173,582	23,920
Total current assets	1,329,344	1,374,467	189,406

Non-current assets:
Property and equipment, net	6,569	11,571	1,595
Long-term investments	9,010	44,428	6,122
Intangible assets, net	–	68,973	9,505
Operating lease right-of-use assets	58,889	29,479	4,062
Deferred tax assets	847	914	126
Goodwill	–	187,598	25,852
Other non-current assets	21,360	5,177	713
Total non-current assets	96,675	348,140	47,975
TOTAL ASSETS	1,426,019	1,722,607	237,381

LIABILITIES
Current liabilities:
Short-term Borrowings	–	14,500	1,998
Accounts payables	62,066	55,219	7,609
Accrued expenses and other current liabilities	190,508	186,084	25,643
Income tax payable	20,399	53,565	7,381
Contract liabilities, current portion	385,227	310,189	42,745
Advance from customers	162,257	148,332	20,441
Operating lease liabilities, current portion	49,099	30,837	4,249
Total current liabilities	869,556	798,726	110,066

Non-current liabilities:
Contract liabilities, non-current portion	11,365	33,495	4,616
Operating lease liabilities, non-current portion	16,989	3,123	430
Deferred tax liabilities	11,625	42,269	5,825
Total non-current liabilities	39,979	78,887	10,871
TOTAL LIABILITIES	909,535	877,613	120,937

QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS- continued (Amounts in thousands, except for share and per share data)

	As of
	June 30, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$

MEZZANINE EQUITY
Non-controlling interests with liquidation preferences	–		40,999		5,650

SHAREHOLDERS’ EQUITY
Class A ordinary shares	81		81		11
Class B ordinary shares	34		34		5
Treasury stock	(109,257	)	(41,898	)	(5,774	)
Additional paid-in capital	1,192,474		1,069,620		147,398
Accumulated other comprehensive income	17,313		18,491		2,548
Accumulative deficit	(584,161	)	(335,573	)	(46,243	)
TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ EQUITY	516,484		710,755		97,945
Non-controlling interests	–		93,240		12,849
TOTAL SHAREHOLDERS’ EQUITY	516,484		803,995		110,794
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY	1,426,019		1,722,607		237,381

QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in thousands, except for shares and per share data)

	For the Three Months Ended March 31,						For the Nine Months Ended March 31,
	2024		2025		2025		2024		2025		2025
	RMB		RMB		US$		RMB		RMB		US$

Revenues	945,570		570,706		78,645		2,795,248		2,107,757		290,457
Cost of revenues	(145,848	)	(96,556	)	(13,306	)	(409,058	)	(353,516	)	(48,716	)

Gross Profit	799,722		474,150		65,339		2,386,190		1,754,241		241,741

Operating expenses:
Sales and marketing expenses	(729,620	)	(395,175	)	(54,457	)	(2,006,884	)	(1,317,206	)	(181,516	)
Research and development expenses	(38,840	)	(20,891	)	(2,879	)	(123,655	)	(77,325	)	(10,656	)
General and administrative expenses	(36,390	)	(25,049	)	(3,452	)	(114,211	)	(86,194	)	(11,878	)
Total operating expenses	(804,850	)	(441,115	)	(60,788	)	(2,244,750	)	(1,480,725	)	(204,050	)

(Loss)/Income from operations	(5,128	)	33,035		4,551		141,440		273,516		37,691

Other income:
Interest income	2,513		880		121		8,369		4,040		557
Remeasurement gain of previously held equity interests in connection with step acquisitions	–		8,109		1,117		–		8,109		1,117
Others, net	7,685		15,400		2,122		22,163		31,418		4,330

Income before income tax	5,070		57,424		7,911		171,972		317,083		43,695
Income tax benefit/(expense)	9,560		(16,280	)	(2,243	)	16,948		(68,495	)	(9,439	)

Net income	14,630		41,144		5,668		188,920		248,588		34,256
Net loss attributable to noncontrolling interests	–		1		–		–		1		–
Net income attributable to QuantaSing Group Limited	14,630		41,145		5,668		188,920		248,589		34,256

Other comprehensive income/(loss)
Foreign currency translation adjustments, net of nil tax	423		(289	)	(40	)	(4,954	)	1,178		162
Total other comprehensive income/(loss)	423		(289	)	(40	)	(4,954	)	1,178		162

Total comprehensive income	15,053		40,855		5,628		183,966		249,766		34,418
Total comprehensive loss attributable to noncontrolling interests	–		1		–		–		1		–
Comprehensive income attributable to QuantaSing Group Limited	15,053		40,856		5,628		183,966		249,767		34,418

Net income per ordinary share
– Basic	0.09		0.25		0.03		1.14		1.55		0.21
– Diluted	0.09		0.25		0.03		1.10		1.52		0.21
Weighted average number of ordinary shares used in computing net income per share
– Basic	164,753,256		162,791,862		162,791,862		166,399,349		160,479,027		160,479,027
– Diluted	170,890,581		165,216,173		165,216,173		171,089,530		163,949,787		163,949,787
Share-based compensation expenses included in
Cost of revenues	(2,878	)	(1,431	)	(197	)	(9,945	)	(5,214	)	(719	)
Sales and marketing expenses	(2,779	)	(642	)	(88	)	8,678		(1,540	)	(212	)
Research and development expenses	(3,599	)	(167	)	(23	)	(10,611	)	(2,474	)	(341	)
General and administrative expenses	(8,039	)	(2,571	)	(354	)	(28,961	)	(8,073	)	(1,112	)

QUANTASING GROUP LIMITED
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands, except for shares and per share data)

The following table below sets forth a reconciliation of revenues to gross billings for the periods indicated:

	For the Three Months Ended March 31,						For the Nine Months Ended March 31,
	2024		2025		2025		2024		2025		2025
	RMB		RMB		US$		RMB		RMB		US$

Revenues of individual online learning services:	828,127		467,247		64,388		2,457,588		1,777,552		244,953
Add: value-added tax	52,986		27,919		3,847		147,665		101,969		14,052
Add: ending deferred revenues⁽¹⁾	744,320		461,026		63,531		744,320		461,026		63,531
Less: beginning deferred revenues⁽¹⁾	(643,929	)	(440,632	)	(60,721	)	(661,360	)	(565,030	)	(77,863	)

Gross billings of individual online learning services	981,504		515,560		71,045		2,688,213		1,775,517		244,673

(1) Deferred revenues include contract liabilities, advance from customers, and refund liability of individual online learning services included in “accrued expenses and other current liabilities”.

QUANTASING GROUP LIMITED
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS – continued
(Amounts in thousands, except for shares and per share data)

The following table below sets forth a reconciliation of net income to adjusted net income and basic and diluted net income per share to basic and diluted adjusted net income per share for the periods indicated:

	For the Three Months Ended March 31,					For Nine Months Ended March 31,
	2024	2025		2025		2024		2025		2025
	RMB	RMB		US$		RMB		RMB		US$

Net income	14,630	41,144		5,668		188,920		248,588		34,256
Add: Share-based compensation expenses	17,295	4,811		662		40,839		17,301		2,384
Less: Remeasurement gain of previously held equity interests in connection with step acquisitions	–	(8,109	)	(1,117	)	–		(8,109	)	(1,117	)

Adjusted net income	31,925	37,846		5,213		229,759		257,780		35,523
Attributable to noncontrolling interests	–	1		–		–		1		–
Adjusted net income attributable to QuantaSing Group Limited	31,925	37,847		5,213		229,759		257,781		35,523

Weighted average number of ordinary shares used in computing net income per share
– Basic	164,753,256	162,791,862		162,791,862		166,399,349		160,479,027		160,479,027
– Diluted	170,890,581	165,216,173		165,216,173		171,089,530		163,949,787		163,949,787
Weighted average number of ordinary shares used in computing adjusted net income per share
– Basic	164,753,256	162,791,862		162,791,862		166,399,349		160,479,027		160,479,027
– Diluted	170,890,581	165,216,173		165,216,173		171,089,530		163,949,787		163,949,787

Net income per ordinary share
– Basic	0.09	0.25		0.03		1.14	1.55			0.21
– Diluted	0.09	0.25		0.03		1.10	1.52			0.21
Non-GAAP adjustments to net income per ordinary share
– Basic	0.10	(0.02	)	0.00		0.24	0.06			0.01
– Diluted	0.10	(0.02	)	0.00		0.24	0.05			0.01
Adjusted net income per ordinary share
– Basic	0.19	0.23		0.03		1.38	1.61			0.22
– Diluted	0.19	0.23		0.03		1.34	1.57			0.22

The MIL Network –

June 6, 2025

MIL-OSI: Updated financial Calendar for 2025
Source: GlobeNewswire (MIL-OSI)

Company announcement no. 21

In continuation of Nykredit takeover of Spar Nord Bank (company announcement no. 15/2025) the Bank’s financial calendar for 2025 is updated.

Spar Nord Bank now expects to announce the financial statements on the following dates:

Date Event

14th August 2025 Semi-Annual Report

30th October 2025 Quarterly Report – Q3

Rune Brandt Børglum
CFO

Attachment
- Nr. 21 – Updated financial Calendar for 2025 – UK
The MIL Network –
June 6, 2025

MIL-OSI: Form 8.3 – Empiric Student Property Plc

Source: GlobeNewswire (MIL-OSI)

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	Jupiter Fund Management Plc
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of Offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Empiric Student Property plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held: For an opening position disclosure, state the latest practicable date prior to the disclosure	5th June 2025
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	Yes Unite Group plc

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	5p ordinary
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	32,659,757	4.91%
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	32,659,757	4.91%

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:	None
Details, including nature of the rights concerned and relevant percentages:	None

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
N/A

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
NONE

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
NONE

(ii) Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
NONE

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
None

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

NONE

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

NONE

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

Date of disclosure:	6^thJune 2025
Contact name:	Claire Rodway
Telephone number:	0203 817 1441

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

The MIL Network –

June 6, 2025

MIL-OSI: Bitget Wallet and Tether Discuss Stablecoin Adoption and Real-World Payments at Solana Summit 2025

Source: GlobeNewswire (MIL-OSI)

SAN SALVADOR, El Salvador, June 06, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the non-custodial crypto wallet with over 80 million users, took center stage at Solana Summit 2025, joining a panel on “Programmable Capital: The Future of Paying, Financing, and Spending Onchain” alongside speakers from Tether, Venta, and Ripe. The discussion explored how wallets, stablecoins, and DeFi infrastructure are transforming payments, credit, and financial access across global markets.

Xavier Ow Yeong, Business Development Lead at Bitget Wallet Pay team, shared how the wallet is building infrastructure to make crypto spending as intuitive as fiat. He pointed to Bitget Wallet’s multi-pronged approach: supporting QR code payments with Solana Pay and national QR standards; expanding crypto card options in Asia and Europe; and enabling direct in-app purchases of hotel stays, gaming credits, and gift cards through thousands of merchant integrations — all within its full self-custodial wallet.

“The future of crypto payments lies in familiarity and simplicity,” said Xavier. “By embedding stablecoins into everyday behaviors like QR scanning and card tapping, we eliminate barriers and unlock true utility for users — especially in mobile-first markets. When users can scan, tap, and spend without worrying about gas fees or chains, stablecoins begin to look like a real alternative to cash. And wallets are becoming the next primary interface for onboarding users into Web3 — not just for holding tokens, but for everyday financial activity.” Bitget Wallet also shared updates on its Scan to Pay roadmap, including its recent integration of Solana Pay for instant USDC payments and its upcoming support for national QR systems in Southeast Asia and Latin America, aimed at enabling seamless crypto-to-fiat spending across millions of merchants.

The panel explored broader infrastructure trends enabling this shift, including the role of stablecoin adoption in cross-border finance and how decentralized credit models can serve digitally native businesses. Bitget Wallet emphasized that the wallet interface is central to making programmable capital usable. The team is focused on minimizing transaction friction through features like gas abstraction, real-time bridging, and integrated payment gateways. Beyond spending, the wallet is positioning itself as a commerce hub — where users can earn rewards, access credit tools, and interact with onchain services across networks.

Find out more on Bitget Wallet’s official channels.

About Bitget Wallet
Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple and secure for everyone. With over 80 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, DApp exploration, and payment solutions. Supporting 130+ blockchains and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets. Its vision is Crypto for Everyone — to make crypto simpler, safer, and part of everyday life for a billion people.

For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook

For media inquiries, contact media.web3@bitget.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac3f8b2f-9ddb-45bf-b701-0241688a37bc

The MIL Network –

June 6, 2025
MIL-OSI: Tredu.com Launches Global Platform to Revolutionize Trading Education

Source: GlobeNewswire (MIL-OSI)

NEW DELHI, INDIA, June 06, 2025 (GLOBE NEWSWIRE) — Tredu.com announces the launch of a new global platform designed to transform trading education by connecting traders of all skill levels with verified educators from around the world. Built to bridge the gap between theory and real-market experience, Tredu.com aims to make high-quality trading education more accessible, reliable, and inclusive than ever before.

Addressing a Fragmented Market

In recent years, trading has seen unprecedented growth across all demographics. Yet, access to trustworthy, structured education remains inconsistent. Many aspiring traders struggle to distinguish between legitimate educational opportunities and low-value or even misleading content.

Tredu.com directly addresses this challenge. Through a curated marketplace, the platform enables users to discover, compare, and book trading educators across a wide spectrum of asset classes, including forex, crypto, stocks, commodities, and indices.

Traders today are overwhelmed by noise and misinformation, our platform was created to give learners a single, reliable destination where they can connect with real professionals offering real insights; not hype.

A Platform Built for Traders, by Educators

Tredu.com’s structure is designed with flexibility in mind. Traders can search for educators by language, specialization, experience level, or even trading style. The platform also supports both live one-on-one sessions and structured courses, depending on user preference.

Educators, on the other hand, gain access to an international audience of active learners. Each educator’s profile includes verified credentials, student reviews, and a transparent pricing model. Instructors can list offerings across multiple formats, from single masterclasses to long-term mentorship programs.

Quality Assurance and Transparency at the Core

Every educator on Tredu.com goes through a strict onboarding process that includes verification of qualifications and trading history. The platform also enforces rigorous quality controls, including periodic audits, feedback loops, and performance tracking.

Our goal is not just to connect traders and educators. It’s to elevate the standard of trading education worldwide. We believe that transparency, accountability, and quality assurance should be built into the system.

Global Reach, Local Impact

Today, educators and traders in more than 30 countries actively use the platform. With built-in multilingual support and payment systems that work smoothly across borders, Tredu makes it easy for users on nearly every continent, from Europe to Asia, Africa to the Americas, to connect without friction.

As more individuals turn to trading as a means of building financial autonomy, the need for reliable education has never been greater. Tredu.com steps into this space with a clear mission: to support a new generation of informed, skilled traders who can make confident decisions in the markets.

Tools That Support Real Growth

To make the learning journey more effective, Tredu.com equips users with a suite of practical tools. From real-time performance tracking to built-in video conferencing and smart analytics, these features help both educators and learners stay aligned and measure results over time. The focus is on progress that can be seen, tracked, and applied in real-market situations.

In upcoming development phases, Tredu.com plans to roll out certification pathways and partner with brokerages and financial institutions to offer verified learning tracks tied to real-world opportunities.

Industry Response

Early feedback from both independent educators and trading communities has been overwhelmingly positive. Many see Tredu.com as a needed evolution in a space where education has lagged behind innovation.

“Finding a mentor used to mean luck or years of networking,” said one beta tester from Madrid. “Now it’s as simple as opening an account and browsing a verified list of experts. This is a game-changer for anyone serious about trading.”

About Tredu.com

Tredu.com is a global marketplace for trading education, designed to connect learners with verified trading professionals worldwide. The platform supports personalized and course-based learning across all major financial instruments, combining transparency, flexibility, and high standards. Tredu.com operates with the mission of making credible, practical trading education accessible to all.

Media Contact

Brand: Tredu.com

Contact: Tredu PR Team

Email: marketing@tredu.com

Website: https://www.tredu.com

The MIL Network –

June 6, 2025
MIL-OSI: Kenyan government has revealed plans to adopt the Danish F2 platform
Source: GlobeNewswire (MIL-OSI)

Press Release no. 03/2025

Kenyan government has revealed plans to adopt the Danish F2 platform

Copenhagen, June 6, 2025

cBrain (NASDAQ: CBRAIN) is pleased to share that the Kenyan Ministry of Information, Communications, and the Digital Economy has revealed plans to roll out the F2 digital platform across all government departments, thereby transitioning into paperless working environments.

The plans were shared with Kenyan media by Cabinet Secretary William Kabogo on June 4, following a high-level meeting with the Danish Ambassador to Kenya, Stephan Schønemann. The project is being implemented with support from the Danish government, and cBrain is proud to contribute its technology to this strategic collaboration.

According to the Cabinet Secretary, the new digital platform will be fundamental in reinforcing transparency and accountability in the Kenyan public service. “To ensure efficient service delivery, the government requires clear processes and decision-making that can be traced, transparent, accountable, and timely. This is fundamental to ensure every action is fully auditable,” he told the media.

This comes two months after the Cabinet Secretary told the media that the Ministry was piloting a paperless system, aiming to eliminate bureaucracies that slow down service delivery.

F2 is a commercial off-the-shelf (COTS) digital platform designed specifically for government use, developed in close collaboration with the Danish government. F2 serves as the digital backbone for Denmark’s central administration and is actively used by the Danish ministries and more than 75 Danish government organizations.

Internationally, the F2 COTS for government platform has been deployed by government authorities across five continents. Purpose-built to support public sector workflows, compliance, and documentation needs, F2 enables fast, scalable, and legally compliant digital operations across the public sector.

Best regards

Per Tejs Knudsen, CEO

Inquiries regarding this Press Release may be directed to

Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

Attachment
- Press Release no 2025-03 (Kenyan government has revealed plans to adopt F2)
The MIL Network –
June 6, 2025
MIL-OSI: Suspension i afdeling under Investeringsforeningen Carnegie Wealth Management

Source: GlobeNewswire (MIL-OSI)

Grundet lokale børslukkedage i de underliggende markeder vil følgende afdeling i Investeringsforeningen Carnegie Wealth Management være suspenderet i dag fredag den 6. juni 2025.

Afdeling LEI-kode ISIN-kode OMX Shortname

Nordiske Aktier 549300822ZTGB1F0PU21 DK0061136058 CMINOA

Eventuelle henvendelser vedrørende denne meddelelse kan rettes til undertegnede på telefon 3814 6600.

Med venlig hilsen
Invest Administration A/S

Niels Erik Eberhard
Direktør

The MIL Network –

June 6, 2025
MIL-OSI: BW Energy: Fixed Income Investor Meetings

Source: GlobeNewswire (MIL-OSI)

Fixed Income Investor Meetings

06 June 2025

BW Energy has engaged Pareto Securities as Global Coordinator together with Arctic Securities as Joint Bookrunners to arrange a series of fixed income investor meetings. Fearnley Securities and Sparebank1 Markets are acting as Co-Managers. Subject to inter alia market conditions and acceptable terms, a new senior unsecured bond issue of USD 300 million with a tenor of five years may follow. The purpose of the bond issue is for general corporate purposes. Holders of BWE01 bonds will be offered to roll-over their bonds into the new contemplated bond issue.

BW Group (76.5% shareholder and primary insider through Mr. Andreas Sohmen-Pao) has the intention to subscribe and be allocated USD 100 million in the new bond including roll-over of USD 38.5 million of their existing BWE01 bonds. CEO Carl Arnet will also subscribe and be allocated USD 2.5 million in the new bond including roll-over of USD 2 million of his existing BWE01 bonds.

For further information, please contact:
Brice Morlot, CFO BW Energy
+33.7.81.11.41.16
ir@bwenergy.no

About BW Energy:

BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025.

This information is considered inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Regine Andersen, 06 June 2025

The MIL Network –

June 6, 2025
MIL-OSI: Dassault Systèmes: Doubling EPS by 2029, 3D UNIV+RSES creating new growth opportunities
Source: GlobeNewswire (MIL-OSI)

Press Release
VELIZY-VILLACOUBLAY — June 6, 2025

Dassault Systèmes: Doubling EPS by 2029,
3D UNIV+RSES creating new growth opportunities

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) hosts its 2025 Capital Markets Day at its headquarters in Vélizy-Villacoublay, France, today, June 6, 2025. The event, dedicated to financial analysts and investors, features a series of presentations by the Company’s executive management. It highlights how 3D UNIV+RSES mark a fundamental shift, providing the next generation of virtual-plus-real (V+R) environment. This unlocks the full potential for clients to leverage Gen AI, creating new possibilities and reaching meaningful productivity gains while protecting their IP. Dassault Systèmes elevates the value creation with 3D UNIV+RSES and demonstrates the reasons to believe across Industrial innovation, Mainstream and Life Sciences.

Together, these drivers form a coherent and powerful roadmap, positioning the Company to fully capitalize on significant mid to long-term opportunities. Dassault Systèmes updates its mid-term financial ambition to double non-IFRS diluted EPS by 2029. This allows the adoption of 3D UNIV+RSES to deliver its full potential.

Commencing at 12:45 PM London time / 7:45 AM New York time / 1:45 PM Paris time, the event will be webcast live and recorded. Both the live sessions and replays can be accessed via Dassault Systèmes’ investor website: https://investor.3ds.com/. The on-demand webcast of the event will be available from June 9, 2025.

Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

“At today’s Capital Markets Day, we unveil the most strategic evolution in Dassault Systèmes’ history. AI for industry becomes our compass, while our next-generation value proposition – 3D UNIV+RSES – defines the next growth cycle of our company.

We are entering a new era: the Generative Economy, where value creation lies at the intersection of the Virtual and the Real – V+R. It is in this hybrid space that tomorrow takes shape and our mission is to empower our customers to imagine, to create and to operate in this hybrid world.

From life-saving therapies to next-generation mobility and resilient, sustainable infrastructure, 3D UNIV+RSES are not just transforming how industry functions – it is redefining what is possible. We are delivering the virtual twin of everything for everyone, infused with trusted AI, to reinvent products, enterprises and business models through the convergence of the Virtual and the Real.
Our 3DEXPERIENCE platform now becomes the engine of the Generative Economy, enabling creation, management and amplification of knowledge, know-how and intellectual property – the new currency of progress.

With 3D UNIV+RSES, we are not simply envisioning the future of industry – we are building it, unlocking new performances, new possibilities and magic experiences. A future where AI is not artificial but augmented, scientific, trustable and deeply human.”

Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

[diluted EPS (‘EPS’) on a non-IFRS basis]

“We are building a company for the long term – one that delivers durable, high-quality growth powered by a loyal and expanding client base. Our ambition is clear: to double our earnings per share, and to keep doing so.

The 3DEXPERIENCE platform is a strategic advantage. In the era of AI, it accelerates knowledge creation, unifies collaboration through a single source of truth, and unleashes the full potential of human talent. With the launch of 3D UNIV+RSES, we are unlocking a new phase of cloud adoption and customer engagement.

As a result, we are extending our financial horizon to double EPS by 2029. This shift reflects three key factors: a gradual acceleration in top-line growth, the scale-up of 3D UNIV+RSES, and continued strategic capital allocation, including targeted M&A.

Every move we make is guided by a single principle: creating long-term, sustainable value for our clients, our shareholders and our people, contributing to our EPS and cash generation. We are aligned and positioned to capture the full value of this opportunity.”

Investor Relations Events
- Second Quarter 2025 Earnings Release: July 24, 2025
- Third Quarter 2025 Earnings Release: October 23, 2025
- Fourth Quarter 2025 Earnings Release: February 11, 2026
- First Quarter 2026 Earnings Release: April 23, 2026
Forward-looking Information

Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.
The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.
In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

“In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:
- the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
- the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
- continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
- uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
- the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.
The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

Non-IFRS Financial Information

Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

FOR MORE INFORMATION

Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

ABOUT DASSAULT SYSTÈMES
Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.
With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
For more information, visit www.3ds.com

Dassault Systèmes Investor Relations Team                        FTI Consulting
Beatrix Martinez: +33 1 61 62 40 73                                Arnaud de Cheffontaines: +33 1 47 03 69
                                                                Jamie Ricketts : +44 20 3727 1600
investors@3ds.com

Dassault Systèmes Press Contacts
Corporate / France        Arnaud MALHERBE
arnaud.malherbe@3ds.com
+33 (0)1 61 62 87 73

© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

Attachment
- Dassault Systèmes: Doubling EPS by 2029, 3D UNIV+RSES creating new growth opportunities
The MIL Network –
June 6, 2025
MIL-OSI: TGS Commences Ultra-High Resolution 3D Seismic Survey for Green Volt Wind Development

Source: GlobeNewswire (MIL-OSI)

London, United Kingdom (06 June 2025) – TGS, a leading global provider of energy data and intelligence has commenced a geophysical survey for the pioneering Green Volt floating offshore wind farm. Mobilization initiated in Aberdeen last week and the work scheduled throughout June will include an ultra-high resolution 3D (UHR3D) seismic survey used to deliver detailed subsurface data for the floating wind farm’s site characterization.

The Green Volt project is a joint venture between leading offshore wind developers Flotation Energy and Vårgrønn. As Europe’s first commercial-scale floating windfarm at 560 MW, the project is a catalyst for developing a highly specialized UK floating wind supply chain.

Utilizing integrated Multibeam Echo Sounder, Side Scan Sonar, Sub-bottom Profiler and Magnetometer sensors, the advanced survey will enhance geological understanding and provide critical insights for the project’s site planning and risk assessments.

Spanning the full lifecycle from acquisition planning to imaging and interpretation, this campaign for Green Volt will support employment opportunities across the UK, where TGS maintains a significant presence. TGS has 3 offices in the UK with over 200 employees. Offshore survey crews, geophysicists and onshore geoscientists will be engaged throughout the project, ensuring the delivery of high-quality processed data and interpretations.

UHR3D data will provide detailed understanding of the subsurface conditions, revealing potential risks and challenges that are not always accurately captured through traditional 2D data interpolation. The enhanced data collection will help the Green Volt project team identify geological hazards and structural complexities, contributing to improved site assessment and risk mitigation strategies. This, in turn, will form a reliable foundation for the project’s ongoing planning and execution. By leveraging the latest acquisition configurations, TGS will enhance efficiency and improve target resolutions to meet the highest industry standards.

Commenting on the start of this survey, TGS EVP New Energy Solutions, Will Ashby, said:

“This represents a key milestone for TGS to utilize our expertise, technology and resources to support the development of the first commercial floating offshore wind farm, Green Volt. This simultaneous acquisition of all sensors and the application of our cutting-edge processing techniques is reinforcing our commitment to delivering industry-leader data solutions. UHR3D will be a key aspect to developing floating wind farms.”

Matt Green, Project Director for Green Volt said:

“Green Volt is pleased to be working alongside TGS on these important geophysical site surveys, which will not only advance our project but will also further develop our understanding of how the UKCS subsea offshore landscape can support deeper, larger windfarms as we continue to develop our industry. Accurate data is vital component in our learning and will help strengthen the UK’s floating wind supply chain. This contract supports local jobs and innovation, helping to build a world-leading offshore wind sector right here in the UK.”

About TGS
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

For media inquiries, contact:

Bård Stenberg
IR & Business Intelligence
investor@tgs.com

About Green Volt
Green Volt is set to become Europe’s first commercial scale floating offshore wind farm, located approximately 80 kilometres off the northeast coast of Scotland.

Jointly developed by Flotation Energy and Vårgrønn, the project will feature up to 35 floating wind turbines with a total capacity of 560 megawatts. Once operational, Green Volt will provide clean power to the UK grid and facilitate the electrification of participating oil and gas platforms.

Developed under Crown Estate Scotland’s Innovation and Targeted Oil and Gas (INTOG) leasing round, Green Volt aims to reduce carbon emissions by one million tonnes per year, significantly contributing to the UK’s and Scotland’s net-zero targets. The project has secured all necessary planning approvals and, in September 2024, was awarded a Contract for Difference (CfD) by the UK Government.

The MIL Network –

June 6, 2025
MIL-OSI: Defiance Launches PLTZ: The First 2X Short ETF for Palantir Technologies Inc.

Source: GlobeNewswire (MIL-OSI)

MIAMI, June 06, 2025 (GLOBE NEWSWIRE) — Defiance ETFs announces the launch of the Defiance Daily Target 2X Short PLTR ETF (Ticker: PLTZ), the first 2X short single-stock ETF designed to provide amplified daily inverse exposure to Palantir Technologies Inc. (NASDAQ: PLTR).

Founded in 2003 to support U.S. intelligence operations, Palantir Technologies Inc. now provides software solutions for complex data environments across the public and private sectors.

PLTZ seeks daily investment results, before fees and expenses, that correspond to -2 times (-200%) the daily percentage change of Palantir’s common stock price. The Fund offers active traders a tactical tool to express bearish views on Palantir’s short-term movements—without the need for margin accounts or complex derivatives.

For more information, visit DefianceETFs.com.

The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund pursues a daily inverse leveraged investment objective, which means that the Fund is riskier than alternatives that do not use leverage or short strategies because the Fund magnifies the inverse performance of the Underlying Security. The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-2X) investment results, understand the risks associated with the use of leverage and short exposure, and are willing to monitor their portfolios frequently. For periods longer than a single day, the Fund will lose money if the Underlying Security’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Security’s performance decreases over a period longer than a single day. An investor could lose the full principal value of their investment within a single day.

An investment in PLTZ is not an investment in Palantir Technologies Inc.

About Defiance ETFs

Founded in 2018, Defiance is at the forefront of ETF innovation. Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

IMPORTANT DISCLOSURES

Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read the prospectus and / or summary prospectus carefully before investing. Hard copies can be requested by calling 833.333.9383.

Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk.

There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

Total return represents changes to the NAV and accounts for distributions from the fund.

PLTR Risks: The Fund invests in swap contracts and options that are based on the share price of PLTR. This subjects the Fund to certain of the same risks as if it owned shares of PLTR even though it does not.

Indirect Investment Risk. PLTR is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares.

PLTR Good Performance Risk. PLTR may meet or exceed its publicly announced expectations or guidelines regarding its business, which could potentially lead to a rise in the share price of the Underlying Security. PLTR regularly provides guidance concerning its anticipated financial and business performance, including sales and production projections, future revenues, gross margins, profitability, and cash flows.

Industry Recognition and Analyst Coverage Risk. Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance PLTR’s reputation and credibility among investors.

Risks from Industry Growth and PLTR’s Business Success. PLTR develops software platforms designed to integrate data, enhance decision-making, and support operations for both commercial enterprises and government agencies, including the defense and intelligence sectors. PLTR has the potential for significant growth driven by increasing demand for advanced data analytics, artificial intelligence, and national security-related software solutions.

Additional Risks:

Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from -200% of the Underlying Security’s performance, before the Fund’s management fee and other expenses.

Derivatives Risk. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risks related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation, and legal restrictions.

Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund.

Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed-income securities owned by the Fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Diversification does not ensure a profit nor protect against loss in a declining market. Brokerage Commissions may be charged on trades.

Distributed by Foreside Fund Services, LLC

Contact Information
David Hanono
info@defianceetfs.com
833.333.9383

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae189e62-5356-4e99-9ffc-a65332d40416

The MIL Network –

June 6, 2025
MIL-OSI: MediCoin Launches Worldwide — A New Era for On-Chain Medical Claims

Source: GlobeNewswire (MIL-OSI)

MIAMI, June 05, 2025 (GLOBE NEWSWIRE) — The moment the crypto and healthcare communities have been waiting for is here! MediCoin officially launches worldwide, ushering in a new era of blockchain-powered access to legal claims tied to medical expenses. $MEDI is now live at $0.10. The future of healthcare and legal claims starts now.

What Is MediCoin?
MediCoin is a utility token built on the Base blockchain that empowers users to purchase and invest in legal claims involving healthcare costs where another party is legally responsible.
These include (among others):
Personal injury claims
Medical malpractice cases
Defective medical device cases
Pharmaceutical cases

All claims are carefully vetted and tokenized on the MediCoin platform, providing buyers with exclusive access to high-potential legal assets that have traditionally been available only to law firms or institutional investors. The platform operates exclusively with the MediCoin token ($MEDI).

Why MediCoin Matters
Legal claims related to medical expenses often result in substantial settlements. By bridging cryptocurrency with real-world legal finance, MediCoin brings much-needed transparency, accessibility, and investment opportunities to an outdated system — while simultaneously helping claimants secure funds more efficiently.

How to Buy MediCoin
MediCoin is now live globally at a public token price of $0.10. Here’s how to get started:
Set up MetaMask and switch to the Base Network
Fund your wallet with ETH (Coinbase withdrawal recommended)
Visit MediCoin.com and connect your wallet
Purchase $MEDI tokens at MediCoin.com/Buy and join the movement
For support and FAQs, visit MediCoin.com/FAQ.

“We’re excited to build the future of healthcare on-chain,” said the MediCoin Team. “Today marks the beginning of a new chapter where blockchain technology unlocks access to legal claims tied to medical expenses and creates investment opportunities for the global crypto community.”

Join MediCoin today and be part of the revolution transforming healthcare and legal claims recovery.

Follow MediCoin
Stay up to date and join the conversation:
X (Twitter): @MediCoinX
Instagram: @MediCoinX
Website: www.MediCoin.com

For more info: Support@MediCoin.com

The MIL Network –

June 6, 2025
MIL-OSI: Portman Ridge Announces Change of Date to the Special Meeting of Stockholders to Allow Additional Time for Stockholders to Vote “FOR” the Share Issuance Proposal

Source: GlobeNewswire (MIL-OSI)

Stockholders of PTMN Who Have Voted Thus Far Have Expressed Strong Support for the Proposed Merger

Both Leading Independent Proxy Advisors, Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), Have Recommended PTMN Stockholders Vote “FOR” the Share Issuance Proposal

NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN”) announced today that its Special Meeting of Stockholders (the “PTMN Special Meeting”) will take place on June 20, 2025, rather than June 6, 2025, to provide stockholders with additional time to cast their vote to approve the share issuance proposal in connection with the proposed merger of Logan Ridge Finance Corporation (NASDAQ: LRFC) (“Logan Ridge” or “LRFC”) with and into PTMN (the “Share Issuance Proposal”).

Stockholders of PTMN can attend the meeting and cast their votes by following the instructions outlined in the amended joint proxy statement. Alternatively, stockholders can also access the virtual meeting and vote by going to the following website: http://www.virtualshareholdermeeting.com/PTMN2025SM, or by calling 1-833-218-3911 and providing the control number which is listed in the proxy card received. The Board of Directors of PTMN unanimously recommends that stockholders vote “FOR” the proposals related to the proposed merger.

Furthermore, leading independent proxy advisory firms, ISS and Glass Lewis, have both recommended that PTMN stockholders vote “FOR” the proposed merger.

The record date for determining stockholders entitled to vote at the reconvened Special Meeting remains the close of business on May 6, 2025. Stockholders as of the record date are eligible to vote, even if they have subsequently sold their shares. Stockholders who have already voted do not need to take any further action. Proxies previously submitted will be voted at the reconvened meetings unless properly revoked.

The Board of Directors of PTMN respectfully requests stockholders vote their proxies as soon as possible. Voting promptly will help ensure that the Special Meeting can proceed without further delays.

Stockholders can access the joint proxy statement and prospectus by clicking HERE. Stockholders who have questions about the meeting date, joint proxy statement or about voting their shares should contact PTMN’s proxy solicitor, Broadridge, at 1-833-218-3911.

About Portman Ridge Finance Corporation

PTMN is a publicly traded, externally managed investment company that has elected to be regulated as a business development company (a “BDC”) under the 1940 Act. PTMN’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest. PTMN’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

About Logan Ridge Finance Corporation

LRFC is a BDC that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.

Cautionary Statement Regarding Forward-Looking Statements

Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the merger on the expected timeline, or at all; (ii) the expected synergies and savings associated with the merger; (iii) the ability to realize the anticipated benefits of the merger, including the expected elimination of certain expenses and costs due to the merger; (iv) the percentage of PTMN shareholders and LRFC shareholders voting in favor of the applicable Proposal (as defined below) submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived; (vii) risks related to diverting management’s attention from ongoing business operations; (viii) the combined company’s plans, expectations, objectives and intentions, as a result of the merger; (ix) any potential termination of the merger agreement; (x) the future operating results and net investment income projections of PTMN, LRFC or, following the closing of the merger, the combined company; (xi) the ability of Sierra Crest to implement its future plans with respect to the combined company; (xii) the ability of Sierra Crest and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of PTMN, LRFC or, following the closing of the merger, the combined company, and the prospects of their portfolio companies; (xiv) the impact of the investments that PTMN, LRFC or, following the closing of the merger, the combined company expect to make; (xv) the ability of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that PTMN, LRFC or, following the closing of the merger, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of PTMN, LRFC or, following the closing of the merger, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company; (xix) the risk that stockholder litigation in connection with the merger may result in significant costs of defense and liability; and (xx) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities). PTMN and LRFC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

No Offer or Solicitation

This communication is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

Additional Information and Where to Find It

This communication relates to the proposed merger of PTMN and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Joint Proxy Statement”) and has mailed the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

Participants in the Solicitation

PTMN, its directors, certain of its executive officers and certain employees and officers of Sierra Crest and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of PTMN is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2025. LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the PTMN and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

Contacts:
Portman Ridge Finance Corporation
650 Madison Avenue, 3rd floor
New York, NY 10022

Brandon Satoren
Chief Financial Officer
Brandon.Satoren@bcpartners.com
(212) 891-2880

The Equity Group Inc.
Lena Cati
lcati@equityny.com
(212) 836-9611

Val Ferraro
vferraro@equityny.com
(212) 836-9633

The MIL Network –

June 6, 2025
MIL-OSI: Logan Ridge Announces Change of Date to the Special Meeting of Stockholders to Allow Additional Time for Stockholders to Vote “FOR” the Merger Proposal

Source: GlobeNewswire (MIL-OSI)

Stockholders of LRFC Who Have Voted Thus Far Have Expressed Strong Support for the Proposed Merger

Both Leading Independent Proxy Advisors, Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), Have Recommended LRFC Stockholders Vote “FOR” the Merger Proposal

NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) — Logan Ridge Finance Corporation (NASDAQ: LRFC) (“Logan Ridge” or “LRFC”) announced today that its Special Meeting of Stockholders (the “LRFC Special Meeting”) will take place on June 20, 2025, rather than June 6, 2025, to provide stockholders with additional time to cast their vote to approve the proposed merger of LRFC with and into Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN”) (the “Merger Proposal”).

Stockholders of LRFC can attend the meeting and cast their votes by following the instructions outlined in the amended joint proxy statement. Alternatively, stockholders can also access the virtual meeting and vote by going to the following website: http://www.virtualshareholdermeeting.com/LRFC2025SM, or by calling 1-833-218-3962 and providing the control number which is listed in the proxy card received. The Board of Directors of LRFC unanimously recommends that stockholders vote “FOR” the proposed merger.

Furthermore, leading independent proxy advisory firms, ISS and Glass Lewis, have both recommended that LRFC stockholders vote “FOR” the proposed merger.

The record date for determining stockholders entitled to vote at the reconvened Special Meetings remains the close of business on May 6, 2025. Stockholders as of the record date are eligible to vote, even if they have subsequently sold their shares. Stockholders who have already voted do not need to take any further action. Proxies previously submitted will be voted at the reconvened meetings unless properly revoked.

The Board of Directors of LRFC respectfully requests stockholders vote their proxies as soon as possible. Voting promptly will help ensure that the Special Meeting can proceed without further delays.

Stockholders can access the joint proxy statement and prospectus by clicking HERE. Stockholders who have questions about the meeting date, joint proxy statement or about voting their shares should contact LRFC’s proxy solicitor, Broadridge, at 1-833-218-3962.

About Logan Ridge Finance Corporation

LRFC is a business development company (a “BDC”) that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.

About Portman Ridge Finance Corporation

PTMN is a publicly traded, externally managed investment company that has elected to be regulated as a BDC under the 1940 Act. PTMN’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest. PTMN’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

Cautionary Statement Regarding Forward-Looking Statements

Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the merger on the expected timeline, or at all; (ii) the expected synergies and savings associated with the merger; (iii) the ability to realize the anticipated benefits of the merger, including the expected elimination of certain expenses and costs due to the merger; (iv) the percentage of PTMN shareholders and LRFC shareholders voting in favor of the applicable Proposal (as defined below) submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived; (vii) risks related to diverting management’s attention from ongoing business operations; (viii) the combined company’s plans, expectations, objectives and intentions, as a result of the merger; (ix) any potential termination of the merger agreement; (x) the future operating results and net investment income projections of PTMN, LRFC or, following the closing of the merger, the combined company; (xi) the ability of Sierra Crest to implement its future plans with respect to the combined company; (xii) the ability of Sierra Crest and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of PTMN, LRFC or, following the closing of the merger, the combined company, and the prospects of their portfolio companies; (xiv) the impact of the investments that PTMN, LRFC or, following the closing of the merger, the combined company expect to make; (xv) the ability of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that PTMN, LRFC or, following the closing of the merger, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of PTMN, LRFC or, following the closing of the merger, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company; (xix) the risk that stockholder litigation in connection with the merger may result in significant costs of defense and liability; and (xx) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities). PTMN and LRFC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

No Offer or Solicitation

This communication is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

Additional Information and Where to Find It

This communication relates to the proposed merger of PTMN and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Joint Proxy Statement”) and has mailed the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

Participants in the Solicitation

PTMN, its directors, certain of its executive officers and certain employees and officers of Sierra Crest and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of PTMN is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2025. LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the PTMN and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

Contacts:
Logan Ridge Finance Corporation
650 Madison Avenue, 3rd floor
New York, NY 10022

Brandon Satoren
Chief Financial Officer
Brandon.Satoren@bcpartners.com
(212) 891-2880

The Equity Group Inc.
Lena Cati
lcati@equityny.com
(212) 836-9611

Val Ferraro
vferraro@equityny.com
(212) 836-9633

The MIL Network –

June 6, 2025
MIL-OSI: Altus Group’s Benchmark Manager Wins 2025 Realcomm Digie Award

Source: GlobeNewswire (MIL-OSI)

TORONTO, June 05, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (“Altus” or “the Company”) (TSX: AIF), a leading provider of commercial real estate (“CRE”) intelligence, is pleased to share that its newly released Benchmark Manager add-on on ARGUS Intelligence has been awarded the 2025 Realcomm Digie Award for Best Tech Innovation in CRE.

Presented at the Realcomm | IBcon 2025 conference in Savannah, GA, the award celebrates groundbreaking technology that is advancing the CRE industry. Benchmark Manager is the Company’s latest add-on capability on ARGUS Intelligence – Altus’ new flagship platform for modeling, monitoring and managing CRE asset and portfolio performance.

With the ARGUS Intelligence Benchmark Manager add-on, investors now have access to a performance management solution that integrates cashflow modeling, scenario analysis, and market benchmarks. This augments performance attribution analysis to a new level. It helps investors evaluate the strengths and weaknesses of their assets and portfolios. The increased intelligence drives higher quality and more timely decisions.

“We’re honoured to receive this recognition from Realcomm,” said Jorge Blanco, Altus’ Chief Strategy Officer, who attended the conference as a featured panelist. “ARGUS Intelligence’s Benchmark Manager represents a major leap forward in how performance data is used in CRE and directly responds to client feedback. Market comparisons are only as good as the veracity and currency of its underlying data. Those are the two pillars of this new capability. It is driven by one of the most comprehensive datasets in the industry. The award recognizes our ongoing commitment to persistent innovation.”

Now in its 26th year, the Realcomm Digie Awards recognize visionary companies, projects, and leaders that are transforming the real estate landscape through the application of technology, automation, and innovation.

For more information about Benchmark Manager and ARGUS Intelligence, visit altusgroup.com.

About Altus Group

Altus connects data, analytics, applications and expertise to deliver the intelligence necessary to drive optimal CRE performance. The industry’s top leaders rely on our market-leading solutions and expertise to power performance and mitigate risk. Our global team of ~2,000 experts are making a lasting impact on an industry undergoing unprecedented change – helping shape the cities where we live, work, and build thriving communities. For more information about Altus (TSX: AIF) please visit www.altusgroup.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Elizabeth Lambe
Director, Global Communications, Altus Group
+1-416-641-9787
elizabeth.lambe@altusgroup.com

The MIL Network –

June 6, 2025
MIL-OSI: Hanmi Bank Hosts Grand Opening Celebration of New Branch in Duluth, Georgia

Source: GlobeNewswire (MIL-OSI)

DULUTH, Ga., June 05, 2025 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (Nasdaq: HAFC) (“Hanmi”), the holding company for Hanmi Bank, today welcomed local officials and community members to its grand opening celebration for its newest branch in Duluth, Georgia. Honored guests included Georgia State Representative Long Tran (Dist. 80), and Gwinnett County Commissioner Kirkland Carden. They were joined by several Hanmi Bank executives, including Bonnie Lee, President and CEO, Anthony Kim, Chief Banking Officer, and Cindy Yum, who serves as Branch Manager for the new Duluth location.

The Duluth branch is Hanmi’s first full-service branch in Georgia, located at 2330 Pleasant Hill Road, Suite 100 – less than 30 miles from Atlanta. Georgia continues to be a key hub for Korean business investment and expansion. In fiscal year 2023, Korean companies announced over $10 billion in new investments and the creation of more than 12,600 jobs across the state, according to the Office of the Governor. Total trade between Georgia and Korea reached $17.5 billion last year, underscoring the strength of this dynamic economic partnership.

“Our expansion in Georgia is an important step in our growth plans, and we’re excited to be a part of this community,” said Bonnie Lee, President and Chief Executive Officer of Hanmi Financial Corporation. “Duluth is a vibrant and diverse city that values business opportunity and community strength. We look forward to supporting local businesses and individuals, and contributing to the continued economic vitality of this region through our relationship-based banking model.”

Hanmi Bank Duluth Branch offers a comprehensive range of personal and business banking services, including checking and savings accounts, commercial lending, SBA loans, and specialized financial solutions. Bank hours are Monday to Friday, 9:00 AM to 5:00 PM.

About Hanmi Financial Corporation
Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 32 full-service branches, five loan production offices and three loan centers in California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

Contact
Kelly McAndrew
Financial Profiles, Inc.
310-622-8239
kmcandrew@finprofiles.com

Source: Hanmi Bank

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1979e6ea-5852-40ca-a7fe-5713ce755da3

The MIL Network –

June 6, 2025
MIL-OSI: Patriot National Bancorp Announces Completion of $10M Registered Direct Offering

Source: GlobeNewswire (MIL-OSI)

STAMFORD, Conn., June 05, 2025 (GLOBE NEWSWIRE) — Patriot National Bancorp, Inc. (NASDAQ: PNBK) (the “Company”), the parent company of Patriot Bank, N.A., today announced that it has successfully completed a registered direct offering of 8,524,160 shares of its common stock at a purchase price of $1.25 per share, raising gross proceeds of $10,655,200.

The registered direct offering follows the Company’s March 20, 2025 private placement that raised over $50 million in gross proceeds from a diverse group of accredited investors.

Steven Sugarman, President of Patriot National Bancorp, stated, “We are pleased by the continued strong investor interest in Patriot Bank. The success of this offering further strengthens the Bank’s capital base and enhances our ability to execute on our strategic objectives. With a significantly reinforced balance sheet, we are well-positioned to serve our clients and communities with greater resilience and flexibility. We appreciate the confidence our investors have placed in our team and our mission.”

The shares of common stock described above were offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-287283), which was declared effective by the Securities and Exchange Commission (the “SEC”) on May 22, 2025. A prospectus supplement describing the terms of the registered direct offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov.

Performance Trust Capital Partners, LLC served as capital markets adviser to the Company. Blank Rome LLP and Robinson & Cole LLP served as counsel for the Company.

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

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company’s plans, objectives, goals, strategies, business plans, future events or performance. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will” or other similar words and expressions are intended to identify these forward-looking statements. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding its business, plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Many possible events or factors could affect the Company’s future financial results and performance and could cause its actual results, performance or achievements to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others: (i) the dilution to be caused by the Company’s issuance of additional shares of its capital stock in connection with the offering, (ii) general competitive, economic, political and market conditions, or (iii) other factors that may affect future results of the Company.

Given these factors, you should not place undue reliance on these forward-looking statements. All information set forth in this press release is as of the date of this press release. The Company undertakes no duty or obligation to update any forward-looking statements contained in this press release, whether as a result of new information, future events or changes in its expectations or otherwise, except as may be required by applicable law.

Learn more about Patriot National Bancorp, Inc. at www.bankpatriot.com

Media Inquiries:
Kirsten Hoekman
khoekman@bankpatriot.com
(203) 252-5905

The MIL Network –

June 6, 2025
MIL-OSI: Orrstown Bank Promotes Zachary Khuri to Chief Revenue Officer and Joshua Hocker to Market President for the Central Pennsylvania Region

Source: GlobeNewswire (MIL-OSI)

HARRISBURG, Pa., June 05, 2025 (GLOBE NEWSWIRE) — Orrstown Bank, a wholly owned subsidiary of Orrstown Financial Services, Inc. (NASDAQ: ORRF), is pleased to announce the promotion of Zachary Khuri to Chief Revenue Officer and Joshua Hocker to Market President for the Central Pennsylvania Region, effective immediately.

Zachary Khuri, who most recently served as Market President for Orrstown Bank’s Central Pennsylvania Region, brings more than 20 years of banking experience to his new role. Since joining Orrstown Bank in 2019, Khuri has played a pivotal role in expanding the Bank’s market share and strengthening relationships throughout the region. As Chief Revenue Officer, he will lead the Bank’s revenue-generating lines of business across its entire footprint. Khuri holds a bachelor’s degree in Finance from Shippensburg University, an MBA from Penn State Harrisburg, and is a graduate of the Duke University Fuqua School of Business Executive Leadership Program.

“Zack’s strategic mindset, deep understanding of our markets, and proven leadership make him the ideal person to help guide Orrstown Bank’s continued growth,” said Thomas R. Quinn, Jr., President and CEO of Orrstown Bank. “He embodies our culture of collaboration and client focus, and we are thrilled to welcome him to this role.”

In conjunction with Khuri’s promotion, Joshua Hocker has been named Market President for the Central Pennsylvania Region, succeeding Khuri in the role. Hocker, who most recently served as Director of Middle Market Lending for Orrstown Bank, brings a strong track record of commercial banking success and deep knowledge of the Central Pennsylvania market to his new position. Mr. Hocker holds a bachelor’s degree in Business Administration from West Virginia University and an MBA from Penn State University.

“Josh has consistently demonstrated an ability to build strong client relationships and deliver meaningful results,” said Adam L. Metz, Chief Operating Officer at Orrstown Bank. “His leadership will ensure we continue delivering exceptional value to our clients and communities across the Central Pennsylvania Region.”

About Orrstown

With $5.4 billion in assets, Orrstown Financial Services, Inc. (the “Company”) and its wholly owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Adams, Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes counties in Pennsylvania, Maryland, Delaware, Virginia and West Virginia within a 75-mile radius of the Company’s executive and administrative offices as well as the District of Columbia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on the NASDAQ Global Select Market under the symbol “ORRF.” For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company’s management with respect to, among other things, future events and the Company’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue. For media inquiries or further information, please contact:

John Moss
SVP, Director of Marketing and Client Experience, Orrstown Bank
717-747-1520
jmoss@orrstown.com

The MIL Network –

June 6, 2025
MIL-OSI: Hawthorn Bancshares Announces New Common Stock Repurchase Program

Source: GlobeNewswire (MIL-OSI)

JEFFERSON CITY, Mo., June 05, 2025 (GLOBE NEWSWIRE) — Hawthorn Bancshares, Inc. (NASDAQ: HWBK), (the “Company”), the bank holding company for Hawthorn Bank, announced that its Board of Directors approved a new common stock repurchase program authorizing the repurchase of up to $10.0 million in market value of the Company’s common stock. The new common stock repurchase program replaces the Company’s prior common stock repurchase program.

Management was given discretion to determine the number and pricing of the shares to be purchased, as well as, the timing of any such purchases. The timing and total amount of stock repurchases will depend upon market and other conditions and may be made from time to time in open market purchases or privately negotiated transactions. The program has no termination date, may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of common stock.

The repurchased shares will be held in treasury and may be used by the Company for general corporate purposes, including stock-based employee benefit plans and stock dividends. It is expected that the stock repurchases will be funded by cash generated through cash on hand, operations and other sources. At June 3, 2025, the Company had 6,946,656 common shares outstanding.

About Hawthorn Bancshares, Inc.

Hawthorn Bancshares, Inc., a financial-bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank, which has served families and businesses for more than 150 years. Hawthorn Bank has multiple locations, including in the greater Kansas City metropolitan area, Jefferson City, Columbia, Springfield, and Clinton.

Contact:

Hawthorn Bancshares, Inc.
Brent M. Giles
Chief Executive Officer
TEL: 573.761.6100
www.HawthornBancshares.com

Statements made in this press release that suggest Hawthorn Bancshares’ or management’s intentions, hopes, beliefs, expectations, or predictions of the future include “forward-looking statements” within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in such forward-looking statements is contained from time to time in the company’s quarterly and annual reports filed with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this communication, and the Company disclaims any obligation to update any forward-looking statement or to publicly announce the results of any revisions to any of the forward-looking statements included herein, except as required by law.

The MIL Network –

June 6, 2025

MIL-OSI: Crypto Casino Trends 2025: Winna Prioritizes Speed and Privacy Over Flashy Bonuses

Source: GlobeNewswire (MIL-OSI)

Las Vegas, NV, June 05, 2025 (GLOBE NEWSWIRE) — Among several new entrants, Winna reflects a growing trend in crypto gambling: fast crypto payouts, privacy-centric onboarding, and a focus on esports betting. Its instant withdrawal time and privacy-first approach have earned it top rankings as the best crypto casino for players seeking speed and discretion.

Winna’s streamlined interface, blockchain-native architecture, and smart bonus structures position it not just as an alternative—but as a frontrunner in the race for the best crypto casino experience.

Platform Overview: Winna – A Crypto Casino for Modern Gamblers

Winna is a lean, high-performance gambling platform tailored for cryptocurrency users. From its clean UI to its turbo-fast transactions, everything is built to match the expectations of today’s crypto-native players.

Platform Highlights:

Launch: 2024
License: Tobique Gaming License
Game Library: 2,000+ titles (slots, tables, live games, esports, sportsbook)
Crypto Accepted: BTC, ETH, DOGE, USDT, SOL, BNB, TRX, LTC, USDC
Average Withdrawal Time: <10 minutes
Verification: No KYC for crypto users

As a top-rated crypto casino, Winna competes directly with longer-established platforms by excelling in three areas: speed, privacy, and personalized rewards.

Why Winna Is the Crypto Casino for Privacy and Payout Speed

Online forums, Telegram groups, and gambling review sites consistently highlight why Winna is emerging as one of the best crypto casinos on the market:

Verified Fast Withdrawals:
Crypto users report consistent sub-10-minute withdrawal speeds. Bitcoin withdrawals often complete in under 12 minutes, placing Winna among the fastest-paying crypto casinos today.
No-KYC Simplicity:
Players register with just an email—no documents, no verification delay. This level of anonymity is rare, even among so-called best crypto casino options.
Game Quality and Focus:
Rather than padding its numbers with low-tier games, Winna offers over 2,000 high-quality titles. Feedback from early users helped shape its game portfolio, emphasizing high-RTP slots and competitive esports betting—features core to any best crypto casino rating.
Crypto-Friendly Promotions:
Bonuses are structured with crypto players in mind. Instead of convoluted fiat-like wagering requirements, Winna’s promos reward play activity, not paperwork.
24/7 Support:
A core expectation of a best bitcoin casino is round-the-clock assistance. Winna meets this standard with live chat, email, and Telegram support in multiple languages.
Enterprise-Grade Security:
With 2FA, SSL, cold wallet crypto storage, and provably fair games, Winna meets all the requirements for being a trusted and secure crypto casino.

Bonuses That Set Winna Apart from Other Crypto Casinos

Where many platforms offer flashy but hollow promotions, Winna focuses on value-driven bonus structures that reward real players:

Welcome Package:
New players receive a 60% rakeback deal and a deposit bonus. This combination makes it one of the best bonus packages among crypto casinos.
Daily/Weekly Tournaments:
Compete for share in $25,000 prize pools, win free spins, and participate in rotating slot events—standard perks among top crypto casinos.
Real Cashback:
Automatic cashback on net losses increases retention and offers consistent value—a key feature of the best crypto gambling sites.
Esports-Focused Offers:
Esports fans get unique bet insurance and odds boosts, positioning Winna as not just the best bitcoin casino, but one of the few built with esports bettors in mind.
Loyalty VIP Club:
Earn faster payouts, exclusive tournaments, and tiered bonuses. The VIP program is a major draw for high-volume players across Reddit crypto casino communities.

Game Library: Why Winna Delivers One of the Best Crypto Casino Experiences

Winna may not have the biggest library, but it’s carefully built for maximum entertainment value, ensuring every title contributes to a high-quality crypto gambling experience.

Top-Tier Slots:
Sweet Bonanza, Gates of Olympus, and dozens of bonus-buy, high-RTP options make Winna’s selection one of the most player-friendly in the best crypto casino category.
Live Dealer Games:
Blackjack, roulette, and live game shows hosted by real dealers 24/7—streamed in HD and optimized for mobile.
Table Games:
Multi-version blackjack, poker, and roulette variants allow both casual and expert players to thrive.
Crypto Sportsbook & Esports Betting:
Bet on esports tournaments and real-world sports events with competitive odds and real-time stats. These features elevate Winna into the elite tier of crypto casinos with integrated sportsbooks.
Instant Win and Crash Games:
Perfect for quick-session players who prefer high-volatility, fast-paced experiences.

Crypto Support and Security: Foundation of the Winna Crypto Casino

Accepted Coins:

Bitcoin (BTC)
Ethereum (ETH)
Tether (USDT)
Binance Coin
Solana (SOL)
Dogecoin (DOGE)
Litecoin (LTC)
Tron (TRX)
USDC (USDC)

Fiat-to-Crypto Integration (coming soon):

Visa
Apple Pay
Mastercard
Google Pay

Security Systems:

SSL encryption on all data
Cold wallet storage of crypto funds
Two-factor authentication
Fairness-verified RNG and provably fair systems
GDPR-compliant data privacy protocols

Together, these systems reinforce Winna’s role as one of the safest crypto casinos in 2025.

Pros and Cons: Why Winna is Among the Best Crypto Casinos

Pros	Cons
5-minute average crypto withdrawals	Fiat payment features still in development
No KYC needed for crypto play	Smaller game count than legacy platforms
Excellent esports and sportsbook features
High-value welcome bonus & rakeback
Secure, anonymous crypto transactions
24/7 multilingual customer support

Winna’s mobile-optimized site delivers full access to the platform on any device—iOS or Android. Players can launch slots, watch live dealer games, and place real-time sports bets without losing functionality or speed.

Responsible Gambling Measures

As expected from any best crypto casino, Winna offers built-in player protection tools:

Daily/monthly deposit caps
Session time reminders
Temporary and permanent self-exclusion
“Cool off” features for short-term breaks
Integration with problem gambling helplines and support networks

FAQ – Quick Answers for Players Choosing Winna

Is Winna the best crypto casino for 2025?
Yes. Its speed, privacy, bonuses, and security place it among the absolute top crypto gambling sites this year.

Are withdrawals really under 10 minutes?
Yes. Most crypto withdrawals are processed within 6–8 minutes.

Do I need to verify my identity?
No. Crypto users can register and play completely anonymously.

Can I play on my phone?
Yes. The platform is fully mobile-optimized for browser play.

Does Winna support fiat deposits?
Not yet, but on-platform crypto purchases using Visa/Mastercard are in development.

What makes Winna different from other top crypto casinos?
It prioritizes privacy, esports integration, player-focused rewards, and speed—without bloated extras or delays.

Final Thoughts: Why Winna Is the Best Crypto Casino for Real Players

Winna isn’t just another crypto casino—it’s a purpose-built ecosystem designed for speed, fairness, and real player value. Its withdrawal speed, no-KYC onboarding, competitive esports betting, and rakeback structure all align with what today’s crypto users want.
Unlike platforms that rely heavily on marketing spin, Winna delivers consistent, measurable value where it matters most. While Jackbit was once considered a strong option, its recent wave of negative press, delayed payouts, and inconsistent bonus policies have significantly tarnished its reputation. Many experienced players now consider it unreliable and no longer representative of the crypto-first gambling model.

If you’re looking for the best crypto casino for 2025, Winna is not just a contender—it’s already the choice for thousands of informed players.

Disclaimer:

Gambling entails risks and should be approached with caution. Users must be of legal gambling age in their jurisdiction. This article is for informational and promotional purposes only and does not constitute financial advice.

Always gamble responsibly and within your means. The publisher, affiliates, and authors are not liable for losses arising from use of this content. Brand names and trademarks belong to their respective owners.

The MIL Network –

June 6, 2025

MIL-OSI: Xtract One Announces Third Quarter Fiscal 2025 Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, June 05, 2025 (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 fiscal third quarter results for the three months ended April 30, 2025. All information is in Canadian dollars unless otherwise indicated.

Third Quarter Highlights

Quarterly revenue of $3.5 million for the three months ended April 30, 2025 versus $4.7 million in the prior-year period.
Gross margin of 57% for the third quarter of fiscal 2025 versus 58% in the prior-year period.
Total contract value of new bookings¹ was $4.6 million for the three months ending April 30, 2025 as compared to $9.5 million for the same period last year.
Contractual backlog was $15.4 million at the end of the third quarter as compared to $13.8 million in the prior-year period, excluding an additional $21.1 million of agreements pending installation1 versus approximately $12.8 million at the end of the third quarter of fiscal 2024.
Subsequent to the quarter, the Company announced that its new innovative security platform, Xtract One Gateway, has been certified in Canada and the U.S and is on track to start shipping in July, with a current aggregate order value of approximately $6.7 million across five different customers. The Company has completed numerous demonstrations and trials across the education, healthcare and manufacturing and distribution markets.

“While revenue was lower than anticipated for the quarter due to some delayed deployments, we remain on track for a solid year of performance and continue to have a growing backlog that strengthens our outlook for the future,” stated Peter Evans, Chief Executive Officer of Xtract One. “As recently announced, our Xtract One Gateway will start shipping this July, and we already have $6.7 million of orders in hand. While increasing our expectations for the quarters to come, recent investments in inventory and product rollout reduced our cash level during the period, which was expected. At the same time, we’ve announced several exciting developments including new wins with the Colorado Rockies and an international entertainment giant which, along with other awards, position us well for the year ahead. We remain upbeat about the fourth quarter and look to end fiscal 2025 on a high note.”

Financial Results for the Three Month Period Ended April 30, 2025

Consolidated revenue was $3.5 million for the three months ended April 30, 2025 as compared to $4.7 million for the same period last year, reflecting timing of order deployments. Gross profit was $2.0 million, or a gross profit margin of 57%, in the fiscal 2025 third quarter versus $2.7 million, or a gross profit margin of 58%, in the prior-year period.

Comprehensive loss was $3.3 million for the three month period ended April 30, 2025 as compared to $2.7 million for the same period in fiscal 2024, reflecting a reduced gross profit offset by lower overall operating costs.

This press release should be read in conjunction with the Company’s Unaudited Condensed Consolidated Interim Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s Management’s Discussion and Analysis for the three and nine month periods ended April 30, 2025 and 2024, which can be found on the Company’s website and under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Conference Call Details

Xtract One will host a conference call to discuss its results tomorrow, June 6, 2025 at 10:00 am EST. Peter Evans, Xtract One CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will provide an overview of the interim financial results along with management’s outlook for the business, followed by a question-and-answer period.

The webcast and presentation will be accessible on the company’s website. The webcast can be accessed here and the telephone number for the conference call is 844-481-3016 (412-317-1881 for international callers).

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 weapons and threat detection systems that are designed to assist facility operators in prioritizing- and delivering improved “Walk-right-In” experiences while enhancing safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, Twitter, and LinkedIn.

About Threat Detection and Security Solutions

Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.

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

¹Supplementary Financial Measures:

The Company utilizes specific supplementary financial measures in this earnings release to allow for a better evaluation of the operating performance of the Company’s business and facilitates meaningful comparison of results in the current period with those in prior periods and future periods. Supplementary financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to measures presented by other companies. Supplementary financial measures presented in this earnings release include ‘Agreements pending installation’ and ‘Total contract value of new bookings.’ Agreements pending installation reflects total value of signed contracts awarded to the Company that has not been installed at the customer site. ‘Total contract value of new bookings’ is comprised of all new contracts signed and awarded to the Company, regardless of the performance obligations outstanding as of the end of the reporting period. Total contract value is the aggregate value of sales commitments from customers as at the end of the reporting period without consideration of the Company’s completion of the associated performance obligations outlined in each contract.

CAUTIONARY DISCLAIMER STATEMENT:

This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”, “believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.

Unaudited Interim Statements of Loss and Comprehensive Loss for the Three and Nine Months Ended April 30, 2025 and 2024

The following table is extracted from the Company’s unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Statements of Loss and Comprehensive loss for the three and nine months ended April 30, 2025 and 2024:

		Three months ended April 30,							Nine months ended April 30,
			2025			2024				2025			2024

Revenue		$	3,466,433		$	4,683,639			$	10,506,459		$	10,720,050

Cost of revenue			1,489,181			1,977,223				3,811,031			4,145,551

Gross profit		$	1,977,252		$	2,706,416			$	6,695,428		$	6,574,499

Operating expenses
	Selling and marketing	$	1,563,446		$	1,259,445			$	4,451,180		$	4,066,829
	General and administration		1,854,764			1,936,552				5,367,644			5,277,387
	Research and development		1,638,988			2,182,756				5,078,617			5,967,553
	Loss on inventory write-down		26,868			4,167				308,297			111,180
	Loss on retirement of assets		2,029			40,538				23,704			40,538
Total operating expenses		$	5,086,095		$	5,423,458			$	15,229,442		$	15,463,487

Loss before the undernoted			(3,108,843	)		(2,717,042	)			(8,534,014	)		(8,888,988	)

Other income
	Interest and other income		28,606			44,704				170,196			197,287

Net loss for the period		$	(3,080,237	)	$	(2,672,338		)	$	(8,363,818	)	$	(8,691,701		)

Other comprehensive income (loss) for the period
	Currency translation differences for foreign operations		(197,348	)		–				348,771			–

Comprehensive loss for the period		$	(3,277,585	)	$	(2,672,338		)	$	(8,015,047	)	$	(8,691,701		)

Weighted average number of shares			218,426,987			200,110,734				218,415,199			198,924,490

Basic and diluted loss per share		$	(0.02	)	$	(0.01	)		$	(0.04	)	$	(0.04	)

Unaudited Interim Statements of Financial Position as of April 30, 2025 and July 31, 2024

The following table is extracted from the Company’s unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Company’s financial position as of April 30, 2025 and July 31, 2024:

		April 30, 2025			July 31, 2024
Assets
Current assets
	Cash and cash equivalents (Note 15)	$	1,921,103		$	8,628,521
	Receivables (Note 4)		1,301,903			3,862,199
	Prepaid expenses and deposits		2,423,043			949,012
	Current portion of deferred cost of revenue (Note 6)		397,649			371,309
	Inventory (Note 5)		3,463,467			3,688,246

			9,507,165			17,499,287

Property and equipment (Note 7)			2,326,031			2,135,956
Intangible assets (Note 8)			4,730,705			4,465,755
Non-current portion of deferred cost of revenue (Note 6)			280,467			496,868
Right of use assets (Note 9)			928,941			344,304

Total assets		$	17,773,309		$	24,942,170

Liabilities
Current liabilities
	Accounts payable and accrued liabilities	$	1,771,976		$	3,991,292
	Current portion of deferred revenue (Note 10)		5,247,967			3,443,524
	Current portion of lease liability (Note 9)		156,797			190,400

			7,176,740			7,625,216
Non-Current liabilities
	Non-current portion of deferred revenue (Note 10)		2,841,068			3,155,579
	Non-current portion of lease liability (Note 9)		923,972			190,526

		$	10,941,780		$	10,971,321

Shareholders’ equity
	Share capital (Note 13)	$	144,398,090		$	144,372,452
	Contributed surplus		17,014,039			16,163,950
	Accumulated deficit		(154,929,371	)		(146,565,553	)
	Accumulated other comprehensive income		348,771			–

		$	6,831,529		$	13,970,849

Total liabilities and shareholders’ equity		$	17,773,309		$	24,942,170

Unaudited Interim Statements of Cash Flows for the Nine Months Ended April 30, 2025 and 2024

The following table is extracted from the Company’s unaudited condensed consolidated interim financial statements and presented in Canadian dollars to demonstrate the Company’s cash flows for the nine month periods ended April 30, 2025 and 2024:

			Nine months ended April 30,
				2025			2024
Cash flow used in operating activities
	Loss for the period		$	(8,363,818	)	$	(8,691,701	)
	Adjustment for:
		Share-based compensation (Notes 13, 14)		858,758			668,555
		Depreciation (Notes 7, 9, 12)		1,084,022			938,567
		Amortization (Notes 8, 12)		637,279			604,425
		Finance cost (Notes 9)		34,020			17,839
		Loss on retirement of assets		23,704			40,538
		Loss on inventory (Note 5)		308,297			111,180

				(5,417,738	)		(6,310,597	)
	Changes in non-cash working capital
		Receivables		2,610,436			(3,266,008	)
		Prepaid expenses and deposits		(1,469,555	)		334,746
		Inventory		(793,081	)		(3,664,444	)
		Deferred cost of revenue (Note 6)		190,061			172,754
		Accounts payable and accrued liabilities		(2,232,051	)		942,696
		Deferred revenue		1,540,851			5,357,879

	Cash used in operating activities			(5,571,077	)		(6,432,974	)

Cash flow used in investing activities
	Purchase of property, plant and equipment (Note 7)			(185,045	)		–
	Internally developed intangible assets (Note 8)			(729,730	)		–
	Proceeds from disposal of property, plant and equipment			1,000			–
	Acquisition of right of use asset (Note 9)			(5,028	)		–

	Cash used in investing activities			(918,803	)		–

Cash flow used in financing activities
	Proceeds on issue of share capital			16,970			8,131,985
	Lease payments (Note 9)			(214,358	)		(286,066	)

	Cash (used) received in financing activities			(197,388	)		7,845,919

	Effect of exchange rate changes on cash and cash equivalents			(20,150	)		–

Net (decrease) increase in cash and cash equivalents for the period			$	(6,707,418	)	$	1,412,945

Cash and cash equivalents beginning of the period				8,628,521			8,327,449

Cash and cash equivalents end of the period			$	1,921,103		$	9,740,394

The MIL Network –

June 6, 2025

MIL-OSI: Kyivstar Group Reports First Quarter 2025 Financial Results in Conjunction with its Nasdaq Listing Process

Source: GlobeNewswire (MIL-OSI)

Total operating revenue reaches USD 255 million or UAH 10.6 billion, up 37.1% year-on-year in USD and 49.6% in local currency terms
Profit for the period amounts to USD 44 million, up 22.2% year-on-year in USD and 33.7% in local currency terms, with a profit margin of 17.3%
Adjusted EBITDA¹ reaches USD 140 million, up 50.5% year-on-year in USD and 64.6% in local currency terms, with an adjusted EBITDA margin¹ of 54.9%
Completes acquisition of Uklon, Ukraine’s leading ride-hailing business, and increases stake in Ukraine’s leading digital health platform Helsi, subsequent to quarter-end

KYIV, Ukraine, June 05, 2025 (GLOBE NEWSWIRE) — Kyivstar Group, Ukraine’s leading digital operator (“Kyivstar Group” or “the Company”) and a subsidiary of VEON Ltd. (Nasdaq: VEON) (“VEON Group” or “VEON”), today announced its unaudited financial and operating results for the first quarter ended March 31, 2025.

	1Q25	1Q24	YoY		1Q25	1Q24	YoY
	USD mln or %				UAH bln or %
Total operating revenue	255	186	37.1	%	10.6	7.1	49.6	%
Profit for the period	44	36	22.2	%	1.8	1.4	33.7	%
Adj. EBITDA¹	140	93	50.5	%	5.8	3.6	64.6	%
_{Average UAH/USD exchange rates: 1Q25: 41.7563 UAH/USD; 1Q24: 38.1727 UAH/USD} _{End-of period UAH/USD exchange rates as of March 31, 2025: 41.4787 UAH/USD; as of March 31, 2024: 39.2214 UAH/USD} _{¹For more information, see section titled “Presentation of Non-IFRS Financial Measures” at the end of this press release, including the reconciliations of non-IFRS measures to IFRS measures.}

“Kyivstar Group continues to deliver exceptional value to our customers and stakeholders, leveraging our market-leading network and innovative digital services to drive growth,” said Oleksandr Komarov, CEO of Kyivstar Group. “Our first quarter results reflect the strength of our digital operator strategy, delivering robust financial growth. In parallel, we continue to invest in strategic opportunities that drive Ukraine’s digital future, such as the acquisition of Uklon and increasing our stake in Helsi. We are excited to complement this operational performance with the continued progress towards our plans to list Kyivstar Group on the Nasdaq Stock Market.”

First Quarter 2025 Financial and Operational Highlights

Robust Revenue Growth: Total operating revenue for 1Q25 was USD 255 million, up 37.1% year-on-year in USD and 49.6% year-on-year in local currency terms. This result includes the impact of the customer appreciation program undertaken by the Company in the first quarter of 2024 following a cyber security incident at the end of 2023, which lowered revenue in the first quarter of 2024 by an estimated USD 46 million (UAH 1.7 billion) in value. Excluding the impact of the customer appreciation program, local currency revenue growth was 20.1% year-on-year in 1Q25.
Strong Profitability: Adjusted EBITDA for 1Q25 was USD 140 million, up 50.5% year-on-year. This represents an adjusted EBITDA margin of 54.9% in 1Q25. In local currency terms, 1Q25 adjusted EBITDA growth was 64.6% year-on-year, and adjusted EBITDA margin was 54.9%, driven by revenue growth and a decrease in operating costs. Excluding the impact of the customer appreciation program, local currency adjusted EBITDA growth was 10.2% year-on-year in 1Q25.
Multiplay Customers Supporting Growth: The Multiplay customer base, which are customers who use at least one digital application in addition to 4G data and voice connectivity, was up by 40.7% year-on-year to 6.1 million customers, and represented 29.5% of one-month-active mobile customersⁱ reflecting increased adoption of digital products.
Digital Services Users: Total digital monthly active users across Kyivstar Group’s digital applications MyKyivstar, Kyivstar TV and Helsi reached 10.3 million in 1Q25, up 32.9% from 7.7 million a year earlier.

Strategic Milestones:

Announced business combination agreement with Cohen Circle Acquisition Corp. I (Nasdaq: CCIR) (“Cohen Circle”), beginning the process for Kyivstar Group to be the only pure-play Ukrainian investment opportunity on U.S. stock markets.
Completed the acquisition of Uklon, a leading Ukrainian ride-hailing and delivery platform, for approximately USD 155.2 million in April 2025. Uklon operates in 28 cities across Ukraine and facilitated more than 100 million rides and 3 million deliveries in 2024, and also provides ride-hailing services in Uzbekistan.
Increased ownership stake in Helsi, Ukraine’s largest digital platform, from 69.99% to 97.99% in May 2025. Helsi is a digital data management platform supporting the provision of healthcare services and improving patients’ access to healthcare with over 9.4 million appointments booked in the year ended December 31, 2024.

The results announcement is made concurrently with Kyivstar Group and VEON Holdings B.V.’s filing of a registration statement on Form F-4 (File No. 333-287802) in conjunction with Kyivstar’s anticipated listing on the Nasdaq Stock Market LLC (“Nasdaq”) following the anticipated completion of a business combination with Cohen Circle that was previously announced on March 18, 2025.

With the announcement of its 1Q2025 results, Kyivstar Group also updated the investor presentation available to its potential investors. A copy of the investor presentation will be available on a Current Report on Form 8-K to be filed by Cohen Circle with the SEC and available at www.sec.gov.

Additional Information and Where to Find It

Kyivstar Group Ltd. and VEON Holdings B.V. have filed on June 5, 2025 a registration statement on Form F-4 (File No. 333-287802) (as may be amended from time to time, the “Registration Statement) as co-registrants that includes a preliminary proxy statement/prospectus of Cohen Circle and a preliminary prospectus of Kyivstar Group. When available, Cohen Circle will mail a definitive proxy statement/prospectus relating to the business combination and other relevant documents to its shareholders. This communication does not contain all the information that should be considered concerning the business combination and is not intended to provide the basis for any investment decision or any other decision in respect of the business combination. VEON, Cohen Circle and Kyivstar Group may also file other documents regarding the business combination with the SEC. Cohen Circle’s shareholders and other interested persons are advised to read, when available, the Registration Statement, the proxy statement/prospectus and other documents filed in connection with the business combination, as these materials will contain important information. Investors and shareholders will be able to obtain free copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed or will be filed with the SEC by Cohen Circle through the website maintained by the SEC website at www.sec.gov or by directing a written request to: Cohen Circle Acquisition Corp. I, 2929 Arch Street, Suite 1703, Philadelphia, PA 19104.

About Kyivstar Group

Kyivstar Group operates Ukraine’s leading digital operator, serving more than 23 million mobile customers and over 1.1 million home internet fixed line customers as of December 31, 2024. Kyivstar Group and its subsidiaries provide services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. VEON, together with Kyivstar Group, intends to invest USD 1 billion in Ukraine during 2023-2027, through social investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar Group and its subsidiaries have been operating in Ukraine for more than 27 years. For more information, visit: www.kyivstar.ua.

About VEON

VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on Nasdaq. For more information, visit: https://www.veon.com.

About Cohen Circle

Cohen Circle Acquisition Corp. I is a special purpose acquisition company sponsored by investment firm Cohen Circle, LLC and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more technology and/or financial services businesses. Cohen Circle’s units, Class A ordinary shares and warrants are listed on Nasdaq under the symbols “CCIRU,” “CCIR” and “CCIRW,” respectively.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the transactions mentioned herein or the proposed business combination with Cohen Circle. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

Cohen Circle, Kyivstar Group, certain shareholders of Cohen Circle, VEON and certain of Cohen Circle’s, Kyivstar Group’s and VEON’s respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from the shareholders of Cohen Circle with respect to the proposed business combination. A list of the names of such persons and information regarding their interests in the proposed business combination is set forth in the Registration Statement. Free copies of these documents may be obtained from the sources indicated above.

Financial Information Presented

Kyivstar Group’s results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards (“IFRS”) and have not been externally reviewed and/or audited. The financial information included in this document is preliminary and is based on a number of assumptions that are subject to inherent uncertainties and subject to change. The financial information presented herein is based on internal management accounts, is the responsibility of management and is subject to financial closing procedures which have not yet been completed and has not been audited, reviewed or verified. Certain amounts and percentages that appear in this document have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, may not be an exact arithmetic aggregation of the figures that precede or follow them. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the current period or any future period.

Forward-Looking Statements

This press release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “plan,” “project,” “should,” “strategy,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to, among other things, the timing of the closing of the proposed business combination and the listing of Kyivstar Group’s common shares and warrants on Nasdaq, the expected investment opportunity in Kyivstar Group following the closing of the business combination, including the expectation that Kyivstar Group will be the only pure-play Ukrainian investment opportunity and the growth potential of Kyivstar Group. These statements are based on VEON, Cohen Circle and Kyivstar Group management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Kyivstar Group’s, VEON’s or Cohen Circle’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 in this press release, including, but not limited to, the inability to complete the business combination due to the failure to obtain the necessary shareholder approvals or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the decision by the SEC to deem effective the Registration Statement; the ability to meet the Nasdaq listing standards upon closing of the business combination and admission of Kyivstar Group for trading on Nasdaq; changes in applicable laws or regulations; the escalation or de-escalation of war between Russia and Ukraine; the successful integration of Uklon; continued growth in digital services; and other risks and uncertainties set forth in the section entitled “Risk Factors” included in the Registration Statement filed by Kyivstar Group with the SEC on June 5, 2025 and in any other subsequent filings with the SEC by Kyivstar Group or Cohen Circle. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON, Kyivstar Group and Cohen Circle cannot predict with accuracy and some of which neither VEON, Kyivstar Group nor Cohen Circle might not even anticipate. The forward-looking statements contained in this press release speak only as of the date of this release. VEON, Kyivstar Group and Cohen Circle do not undertake to publicly update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, except as required by U.S. federal securities laws.

Presentation of Non-IFRS Financial Measures and Performance Metrics

In addition to the results provided in accordance with IFRS throughout this press release, Kyivstar Group has provided the non-IFRS financial measures Adjusted EBITDA and Adjusted EBITDA Margin (the “Non-IFRS Financial Measures”), as well as key performance indicators mobile ARPU, multiplay customers and total digital MAU.

Kyivstar Group defines Adjusted EBITDA as earnings before interest, tax, depreciation, amortization, impairment, gain/loss on disposals of non-current assets, net foreign exchange gain and other non-operating gains/losses, net. Kyivstar Group defines Adjusted EBITDA Margin as Adjusted EBITDA divided by total operating revenues. Kyivstar Group uses the Non-IFRS Financial Measures in addition to its results determined in accordance with IFRS in order to evaluate its financial and operating performance, to generate future operating plans and make strategic decisions. Kyivstar Group believes that the Non-IFRS Financial Measures may be helpful to investors because they provide additional tools for investors to use in evaluating its ongoing operating results and trends and in comparing its financial results with other companies operating in similar industries because they provide consistency and comparability with past financial performance. The Non-IFRS Financial Measures are not intended to replace, and should not be considered superior to, the presentation of the Kyivstar Group financial results in accordance with IFRS. The Non-IFRS Financial Measures may not be comparable to other similarly entitled measures computed by other companies.

The following table presents reconciliations of Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable IFRS financial performance measures, which are profit for the period and profit margin, respectively:

	Three months ended March 31, 2025	Three months ended March 31, 2024
(USD in millions)
*Profit for the period*	44		36
Income taxes	14		9
*Profit before tax*	58		45
Depreciation	31		31
Amortization	13		12
Impairment, net	2		1
Finance costs	21		21
Finance income	(7)		(8)
Other non-operating gain/(loss), net	1		(1)
Net foreign exchange (loss)/gain	21		(8)
*Adjusted EBITDA*	*140*		93
*Profit margin*	17%		19%
*Adjusted EBITDA Margin*	55%		50%

Key Performance Indicators

Mobile ARPU measures the monthly average revenue per mobile user. Kyivstar Group calculates mobile ARPU by dividing its mobile service revenue (excluding guest roaming and wholesale interconnection revenue) during the relevant period by the average number of its mobile customers during the period and dividing by the number of months in that period. Mobile service revenue used to calculate mobile ARPU excludes guest roaming and wholesale interconnection revenue, as this revenue is not generated by Kyivstar Group’s customers but are proceeds received by other operators for the services received by its subscribers.

Multiplay customers are doubleplay 4G customers who also used one or more of Kyivstar Group’s digital products at any time during the one month prior to such measurement date.

Total digital MAU is a gross total cumulative MAU of applications offered. Under this metric, a single individual who is active in more than one application is counted as a separate MAU under each such application, such that the total digital MAUs may include individuals being counted more than once.

Contact Information

Kyivstar Group

Media and Investor Contact:
Kyivstar@icrinc.com

VEON Media Contact
Email: pr@veon.com

ⁱ Multiplay as a % of total active Kyivstar one-month subscriber base in March 2025 (unique active subscribers over one-month period)

The MIL Network –

June 6, 2025

MIL-OSI: Kyivstar Group Reaches Nasdaq Listing Milestone with Public Filing of Registration Statement on Form F-4

Source: GlobeNewswire (MIL-OSI)

KYIV, Ukraine, June 05, 2025 (GLOBE NEWSWIRE) — Kyivstar Group Ltd., Ukraine’s leading digital operator (“Kyivstar Group” or “the Company”) and a subsidiary of VEON Ltd. (Nasdaq: VEON) (“VEON Group” or “VEON”), today announced the public filing of its Registration Statement on Form F-4 (the “Registration Statement”) with the Securities and Exchange Commission (“SEC”).

This filing represents a milestone in Kyivstar Group’s plans to be listed on the Nasdaq Stock Market LLC (“Nasdaq”) following the anticipated completion of a business combination with Cohen Circle Acquisition Corp. I (Nasdaq: CCIR) (“Cohen Circle”) that was announced on March 18, 2025.

Today, as we announce the public filing of our Registration Statement, we are excited to complement our operational performance with the continued progress towards our plans to list Kyivstar Group on the Nasdaq Stock Market,” said Oleksandr Komarov, CEO of Kyivstar Group. “We are excited to be a company that not only delivers exceptional value to our customers, but also represents a compelling investment opportunity for U.S. and global investors interested in Ukraine’s growth and resilience.”

The closing of the business combination is expected to occur during the third quarter of 2025 and is subject to the approval of Cohen Circle’s shareholders and other customary closing conditions.

Additional Information and Where to Find It

Kyivstar Group Ltd. and VEON Holdings B.V. have filed on June 5, 2025 a registration statement on Form F-4 (File No. 333-287802) (as may be amended from time to time, the “Registration Statement”) as co-registrants that includes a preliminary proxy statement/prospectus of Cohen Circle and a preliminary prospectus of Kyivstar Group. When available, Cohen Circle will mail a definitive proxy statement/prospectus relating to the business combination and other relevant documents to its shareholders. This communication does not contain all the information that should be considered concerning the business combination and is not intended to provide the basis for any investment decision or any other decision in respect of the business combination. VEON, Cohen Circle and Kyivstar Group may also file other documents regarding the business combination with the SEC. Cohen Circle’s shareholders and other interested persons are advised to read, when available, the Registration Statement, the proxy statement/prospectus and other documents filed in connection with the business combination, as these materials will contain important information. Investors and shareholders will be able to obtain free copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed or will be filed with the SEC by Cohen Circle through the website maintained by the SEC website at www.sec.gov or by directing a written request to: Cohen Circle Acquisition Corp. I, 2929 Arch Street, Suite 1703, Philadelphia, PA 19104.

About Kyivstar Group

Kyivstar Group operates Ukraine’s leading provider of mobile communication, serving more than 23 million mobile customers and over 1.1 million home internet fixed line customers as of December 31, 2024. Kyivstar Group and its subsidiaries provide services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. VEON, together with Kyivstar Group, intends to invest USD 1 billion in Ukraine by 2027, through social investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar Group and its subsidiaries have been operating in Ukraine for more than 27 years. For more information, visit: www.kyivstar.ua

About VEON

VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on Nasdaq. For more information, visit: https://www.veon.com.

About Cohen Circle

Cohen Circle Acquisition Corp. I is a special purpose acquisition company sponsored by investment firm Cohen Circle, LLC and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more technology and/or financial services businesses. Cohen Circle’s units, Class A ordinary shares and warrants are listed on Nasdaq under the symbols “CCIRU,” “CCIR” and “CCIRW,” respectively.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the transactions mentioned herein or the proposed business combination with Cohen Circle. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

Cohen Circle, Kyivstar Group, certain shareholders of Cohen Circle, VEON and certain of Cohen Circle’s, Kyivstar Group’s and VEON’s respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from the shareholders of Cohen Circle with respect to the proposed business combination. A list of the names of such persons and information regarding their interests in the proposed business combination is set forth in the Registration Statement. Free copies of these documents may be obtained from the sources indicated above.

Forward-Looking Statements

This press release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “plan,” “project,” “should,” “strategy,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to, among other things, the timing of the closing of the proposed business combination and the listing of Kyivstar Group’s common shares and warrants on Nasdaq, the expected investment opportunity in Kyivstar Group following the closing of the business combination, including the expectation that Kyivstar Group will be the only pure-play Ukrainian investment opportunity and the growth potential of Kyivstar Group. These statements are based on VEON, Cohen Circle and Kyivstar Group management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Kyivstar Group’s, VEON’s or Cohen Circle’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 in this press release, including, but not limited to, the inability to complete the business combination due to the failure to obtain the necessary shareholder approvals or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the decision by the SEC to deem effective the Registration Statement; the ability to meet the Nasdaq listing standards upon closing of the business combination and admission of Kyivstar Group for trading on Nasdaq; changes in applicable laws or regulations; the escalation or de-escalation of war between Russia and Ukraine; the successful integration of Uklon; continued growth in digital services; and other risks and uncertainties set forth in the section entitled “Risk Factors” included in the Registration Statement filed by Kyivstar Group with the SEC on June 5, 2025 and in any other subsequent filings with the SEC by Kyivstar Group or Cohen Circle. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON, Kyivstar Group and Cohen Circle cannot predict with accuracy and some of which neither VEON, Kyivstar Group nor Cohen Circle might not even anticipate. The forward-looking statements contained in this press release speak only as of the date of this release. VEON, Kyivstar Group and Cohen Circle do not undertake to publicly update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, except as required by U.S. federal securities laws.

Contact Information

Kyivstar Group

Media and Investor Contact:
Kyivstar@icrinc.com

VEON

Media Contact:
Email: pr@veon.com

The MIL Network –

June 6, 2025
MIL-OSI: BULGOLD Announces Non-Brokered Private Placement for Gross Proceeds of Up to $1 Million

Source: GlobeNewswire (MIL-OSI)

Not for distribution to United States newswire services or for dissemination in the United States

TORONTO, June 05, 2025 (GLOBE NEWSWIRE) — BULGOLD Inc. (TSXV: ZLTO) (the “Company” or “BULGOLD”) is pleased to announce a non-brokered private placement (the “Offering”) for gross proceeds of up to $1,000,000 from the sale of common shares of the Company (each, a “Share”) at a price of $0.05 per Share (the “Issue Price”).

The Company has agreed to pay a finder’s fee to arm’s length parties for services rendered in respect of the Offering. The finder’s fee will consist of a cash fee equal to 7.0% of the gross proceeds from the sale of Shares sold to third parties sourced by the finders, and finder’s warrants equal in number to 7.0% of the Shares sold to third parties sourced by the finders (the “Finder’s Warrant”). Each Finder’s Warrant will entitle the holder to acquire one additional common share of the Company at an exercise price of $0.07 until the date which is 18 months from the closing date of the Offering.

The Company intends to use the proceeds raised from the Offering for exploration as well as for general corporate purposes. The Offering is scheduled to close on or about June 30, 2025 and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange. The Shares will have a hold period ending on the day that is four months and one day following the closing date.

The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About BULGOLD Inc.

BULGOLD is a gold exploration company focused on the exploration and development of mineral exploration projects in Central and Eastern Europe. The Company controls 100% of three quality quartz-adularia epithermal gold projects located in the Bulgarian and Slovak portions of the Western Tethyan Belt: the Lutila Gold Project, the Kostilkovo Gold Project and the Kutel Gold Project. Management of the Company believes that its assets show potential for high-grade, good-metallurgy, low-sulfidation epithermal gold mineralisation.

On March 31, 2025, BULGOLD’s issued and outstanding shares were 27,597,928 of which approximately 40.3% were held by Founders, Directors and Management. Additional information about the Company is available on BULGOLD’s website (www.BULGOLD.com) and on SEDAR+ (www.sedarplus.ca).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and include statements relating to the use of proceeds of the Offering and the timing for closing of the Offering. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including the inherent uncertainty of mineral exploration; risks related to title to mineral properties; and credit, market, currency, operational, commodity, geopolitical, liquidity and funding risks generally, including changes in economic conditions, interest rates or tax rates and general market and economic conditions. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this press release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this press release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements and information contained in this press release are expressly qualified by this cautionary statement.

For further information, please contact:

BULGOLD Inc.
Sean Hasson, President and Chief Executive Officer
Telephone: +359 887 560 545
Email: sean.hasson@BULGOLD.com
Website: www.BULGOLD.com

The MIL Network –

June 6, 2025
MIL-OSI: Navient holds 2025 annual shareholder meeting, appoints Edward Bramson as board chair

Source: GlobeNewswire (MIL-OSI)

HERNDON, Va., June 05, 2025 (GLOBE NEWSWIRE) — Navient (Nasdaq: NAVI) today held its 2025 Annual Meeting of Shareholders. Shareholders voted in accordance with the recommendations of the company’s board of directors to approve three proposals, including the election of seven nominees to the board.

Linda Mills did not stand for reelection at the 2025 annual meeting. Ms. Mills joined the Navient board of directors in 2014 and served as chair since 2019.

“Linda’s leadership and service on the board since Navient’s inception are greatly appreciated,” said Dave Yowan, president and CEO of Navient. “Her valuable perspectives have been integral to Navient’s continued success.”

Also today, Edward Bramson was elected chair of the board of directors. The current directors are Edward Bramson, Frederick Arnold, Anna Escobedo Cabral, Larry Klane, Michael Lawson, Jane Thompson, and David Yowan.

Mr. Bramson is a partner in Sherborne Investors, a turnaround investment firm. He joined Navient’s board in 2022 and became vice chair in 2024. Mr. Bramson has also served as chairman or chief executive officer of several other publicly traded companies in a range of commercial and financial sectors.

Final voting results are available on a Form 8-K filed with the SEC at SEC.gov and on Navient.com/investors.

About Navient
Navient (Nasdaq: NAVI) provides technology-enabled education finance solutions that help millions of people achieve success. Learn more at navient.com.

Contact:
Media: Cate Fitzgerald, 317-806-8775, catherine.fitzgerald@navient.com
Investors: Jen Earyes, 703-984-6801, jen.earyes@navient.com

The MIL Network –

June 6, 2025

MIL-OSI: Firm Capital Property Trust Announces Results of Annual Meeting of Unitholders

Source: GlobeNewswire (MIL-OSI)

TORONTO, June 05, 2025 (GLOBE NEWSWIRE) — Firm Capital Property Trust (“FCPT” or the “Trust“), (TSX: FCD.UN) is pleased to announce the voting results for its Annual and Special Meeting of unitholders (“Unitholders”) of Trust Units (“Units”) of the Trust held on June 5, 2025 (the “Meeting”).

All the matters put forward before Unitholders for consideration and approval as set out in the Trust’s management information circular dated April 23, 2025 (the “Circular“) were approved by the requisite majority of votes cast at the Meeting. In particular, Unitholders approved the election of all trustee nominees, the approval of MNP LLP as the Trust’s auditors, approving for a period of three years, all unallocated options, rights and other entitlements issuable pursuant to the Trust’s option plan and approving for a period of three years, all unallocated entitlements issuable pursuant to the Trust’s incentive arrangements, all as described in the Circular. The results of the votes on the board of trustees of the Trust is as follows:

Nominee	Votes “For”	% Votes “For”	Votes “Withheld”	% of Votes “Withheld”
Geoffrey Bledin	9,172,015	99.4%	55,306	0.6%
Eli Dadouch	7,857,717	85.2%	1,369,604	14.8%
Stanley Goldfarb	9,120,792	98.8%	106,529	1.2%
Jonathan Mair	7,835,944	84.9%	1,391,377	15.1%
Robert McKee	7,835,844	84.9%	1,391,477	15.1%
Sandy Poklar	7,810,534	84.6%	1,416,787	15.4%
Lawrence Shulman	9,149,407	99.2%	77,914	0.8%
Howard Smuschkowitz	9,151,255	99.2%	76,066	0.8%
Manfred Walt	9,150,997	99.2%	76,324	0.8%
Victoria Granovski	7,812,809	84.7%	1,414,512	15.3%
Jeffrey Goldfarb	9,150,557	99.2%	77,264	0.8%

9,340,241 Units were represented by Unitholders in person or by proxy at the Meeting, representing approximately 25.3% of the total issued and outstanding Units at the record date for the Meeting. Full details of the voting results will be posted under the Trust’s profile on www.sedarplus.ca.

ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : FCD.UN)

Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders. The Trust’s plan is to own as well as to co-own a diversified property portfolio of multi-residential, flex industrial, and net lease convenience retail. In addition to stand alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust sources, syndicates and property and asset manages investments on behalf of the Trust.

FORWARD LOOKING INFORMATION

This press release contains contain forward-looking statements within the meaning of applicable securities laws including, among others, statements associated with the opportunities that may be available to the Trust and statements regarding the business of the Trust. In some cases, forward-looking statements can be identified by the use of words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the Trust. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. These statements are not guarantees and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in the Trust’s Annual Information Form for the year ended December 31, 2024 under “Risks and Uncertainties” (a copy of which can be obtained at www.sedarplus.ca). Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Additional information about the Trust is available at www.firmcapital.com or www.sedarplus.ca.

For further information, please contact:

Robert McKee	Sandy Poklar
President & Chief Executive Officer	Chief Financial Officer
(416) 635-0221	(416) 635-0221

For Investor Relations information, please contact:

Victoria Moayedi
Director, Investor Relations
(416) 635-0221

The MIL Network –

June 6, 2025

MIL-OSI: IDT Corporation Reports Third Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Gross Profit +15% Year-over-Year to $112 MM; Record Gross Profit Margin of 37.1%
Income from Operations +133% to $27 MM; Adjusted EBITDA +57% to $32 MM
GAAP EPS Increased to $0.86 from $0.22; Non-GAAP EPS Increased to $0.90 from $0.38

NEWARK, NJ, June 05, 2025 (GLOBE NEWSWIRE) — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications solutions, today reported results for its third quarter fiscal year 2025, the three months ended April 30, 2025.

THIRD QUARTER HIGHLIGHTS

(Throughout this release, unless otherwise noted, results for the third quarter of fiscal year 2025 (3Q25) are compared to the third quarter of fiscal year 2024 (3Q24). All earnings per share (EPS) and other ‘per share’ results are per diluted share.)

●

Key Businesses / Segments

○

NRS

■

Recurring revenue: +23% to $29.4 million;

■

Income from operations: +29% to $6.2 million;

■

Adjusted EBITDA: +29% to $7.2 million;

■

‘Rule of 40’ score: 49;

○

BOSS Money / Fintech segment

■

BOSS Money transactions: +27% to 6.0 million;

■

BOSS Money revenue: +25% to $34.4 million;

■

Fintech segment gross profit: +31% to $22.6 million;

■

Fintech segment income from operations: +$4.9 million, to $4.3 million;

■

Fintech segment Adjusted EBITDA: +$4.8 million, to $5.0 million;

○

net2phone

■

Subscription revenue: +7% to $21.5 million (+11% on a constant currency basis);

■

Income from operations: +188% to $1.4 million;

■

Adjusted EBITDA: +50% to $3.2 million;

○

Traditional Communications

■

Gross profit: +5% to $43.4 million;

■

Income from operations: +39% to $17.3 million;

■

Adjusted EBITDA: +30% to $19.3 million;

●

IDT Consolidated

○

Revenue: +1% to $302.0 million;

○

Gross profit (GP) / margin: GP +15% to $112.0 million; GP margin +470 bps to 37.1%;

○

Income from operations: +133% to $26.6 million;

○

GAAP EPS: Increased to $0.86 from $0.22;

○

Non-GAAP EPS: Increased to $0.90 from $0.38;

○

Adjusted EBITDA: +57% to $32.2 million;

○

CapEx: +14% to $5.4 million.

REMARKS BY SHMUEL JONAS, CEO

IDT’s third quarter was solid, with strong year-over-year gains, while slightly softer than our second quarter in part because of expected seasonal factors. Year-over-year revenue growth, and continued expansion of each of our business segments’ bottom-line results, drove a 133% year-over-year increase in consolidated income from operations, a 57% increase in consolidated Adjusted EBITDA, and a 290% increase in EPS.

At NRS, recurring revenue increased 23% year-over-year, powered by a 37% revenue increase from NRS’ largest vertical, Merchant Services, and a 33% increase in SaaS Fees, which more than offset a 12% decrease in Advertising & Data revenue. Income from operations and Adjusted EBITDA were both up by 29% year-over-year, and the business has generated a record $32 million in Adjusted EBITDA over the past twelve months.

Looking ahead, we continue to focus on developing new offerings that leverage the NRS platform to enable retailers to compete more effectively with large retail chains. For instance, independent neighborhood retailers have not yet meaningfully benefitted from the consumer shift to online ordering and delivery. We are working to change that by integrating our network with online ordering and delivery platforms, enabling retailers on the NRS network to provide hyper-fast local delivery of sundries and prepared foods. The 100 or so retailers we have signed up so far are already receiving, in aggregate, over 2000 delivery orders a week.

BOSS Money, our remittance platform, increased transactions by 27% and revenue by 25%. The growth rates have been impacted by the deliberate shift we made last summer to prioritize gross profit per transaction in our retail channel rather than market share, and by a recent shift in customer preferences toward larger send amounts per remittance through fewer transactions. The Fintech segment, which includes BOSS Money and early stage fintech initiatives, generated over $5 million in Adjusted EBITDA – compared to $244 thousand in the year ago quarter. Looking ahead, Boss Money is working on initiatives to drive sustained long-term growth and innovations that reduce cross border friction and increase profitability.

net2phone continued its steady progress with balanced growth in the U.S., Brazil, and Mexico. The team has done a great job growing its business while holding the line on overhead. net2phone’s Adjusted EBITDA margin reached 15% in 3Q25. net2phone began to offer its AI Agents this quarter and customers are already seeing the benefits, including enhanced efficiency. Even as we deploy AI Agents refined for specific market verticals, we are preparing to launch another AI-powered service which internally we refer to as ‘Coach.’ We think that it will be very successful.

In our Traditional Communications segment, income from operations and Adjusted EBITDA both jumped by over 30% year-over-year to $17.3 million and $19.3 million, respectively, underscoring that this segment continues to be a long-term cash generator.

I want to wrap up by thanking the millions of customers who put some of their hard-earned wages to work through our BOSS offerings, and the business customers around the world who rely on us to enhance their businesses and communications. Our ability to provide these services depends on the dedication of our employees who have been executing and innovating on so many fronts, and on our stockholders who entrust us with their capital. I am grateful for your continued patronage and support.

(This release discloses certain Non-GAAP financial measures (Adjusted EBITDA, Non-GAAP EPS and NRS ‘Rule of 40’) as well as certain Key Performance Metrics (net2phone subscription revenue, netphone constant currency subscription revenue growth rate, net2phone operating margin, net2phone Adjusted EBITDA margin, NRS Monthly Average Recurring Revenue, and BOSS Money transactions and digital send volume). Please see the explanations of those measures and metrics, the reasons for their inclusion and reconciliations at the end of this release.)

3Q25 RESULTS BY SEGMENT

National Retail Solutions (NRS)

National Retail Solutions (NRS)
(Terminals and accounts at end of period. $ in millions, except for average revenue per terminal)

	3Q25			2Q25			3Q24			3Q25-3Q24 (% Δ)
Terminals and payment processing accounts
Active POS terminals		35,600			34,800			30,300			+17.6	%
Payment processing accounts		25,500			23,900			19,500			+31.1	%

Recurring revenue
Merchant Services & Other	$	19.7		$	18.1		$	14.4			+37.3	%
Advertising & Data	$	5.9		$	10.0		$	6.7			(12.3		)%
SaaS Fees	$	3.9		$	3.5		$	2.9			+32.8		%
Total recurring revenue	$	29.4		$	31.6		$	24.0			+22.9	%
POS terminal sales	$	1.7		$	1.3		$	1.8			(2.9		)%
Total revenue	$	31.1		$	33.0		$	25.7			+21.1	%

Monthly average recurring revenue per terminal	$	279		$	310		$	271			+3.0		%

Gross profit	$	28.4		$	30.3		$	22.1			+28.4		%
Gross profit margin		91.3	%		91.8	%		86.1	%		+520		bps
Technology & development	$	2.3		$	2.2		$	1.7			+32.5		%
SG&A	$	20.0		$	19.0		$	15.7			+27.8		%
Income from operations	$	6.2		$	9.1		$	4.8			+29.3		%
Adjusted EBITDA	$	7.2		$	10.1		$	5.6			+28.6		%
CapEx	$	1.9		$	0.9		$	0.9			+115.2		%

NRS Take-Aways / Updates:

●

NRS added approximately 900 net active terminals and approximately 1,600 net payment processing accounts during 3Q25. As mentioned in the prior quarter’s earnings release, net active terminal additions for 3Q25 included churn of approximately 300 terminals operating in seasonal stores.

●

The 37% year-over-year increase in Merchant Services & Other revenue was driven by the increase in payment processing accounts, and by higher merchant services revenue per account, reflecting in part the ongoing, gradual migration of customer payment preference from cash to credit and debit cards.

●

NRS Advertising & Data revenue declined 12.3% year-over-year due to NRS’ decision to slow sales to one large programmatic partner in order to limit potential bad debt risk exposure. NRS’ direct channel advertising sales, as well as sales to other programmatic partners, remained robust.

●

NRS has begun rolling out the first of several planned integrations of its POS platform with leading online ordering and delivery services. The first integration, with DoorDash, went live this quarter.

Fintech

Fintech
(Transactions and $s in millions, except for average revenue per transaction)

	3Q25			2Q25			3Q24			3Q25-3Q24 (% Δ, $)
BOSS Money transactions		6.0			5.7			4.7				+27.0	%

Fintech Revenue
BOSS Money	$	34.4		$	33.5		$	27.6				+24.7	%
Other	$	4.2		$	3.3		$	3.9				+7.0	%
Total Revenue	$	38.6		$	36.8		$	31.5				+22.5	%

Gross profit	$	22.6		$	21.7		$	17.3				+30.6	%
Gross profit margin		58.5	%		58.9	%		54.9	%			+360	bps
Technology & development	$	2.2		$	2.3		$	2.5				(11.9	)%
SG&A	$	16.0		$	16.3		$	15.3				+5.2	%
Income (loss) from operations	$	4.3		$	3.1		$	(0.6	)		+$	4.9
Adjusted EBITDA	$	5.0		$	3.9		$	0.2			+$	4.8
CapEx	$	0.8		$	0.8		$	1.0				(19.8	)%

Fintech Take-Aways:

●	The 27% increase in BOSS Money transactions comprised a 32% year-over-year increase in digital channel transactions and an 8% increase in retail channel transactions.

●	BOSS Money revenue increased 25% year-over-year driven by a 31% increase in digital channel revenue.

●

Digital channel send volume, or the amount of principal transferred by BOSS Money customers using the BOSS Money and BOSS Revolution apps, grew 40% year-over-year as customers increased their amount sent per transaction while reducing the frequency of transactions. BOSS Money is testing strategies to optimize pricing given this recent dynamic.

●	The robust increases in the Fintech segment’s income from operations and Adjusted EBITDA were driven primarily by BOSS Money revenue and gross margin growth, coupled with improved operating leverage as BOSS Money continues to scale.

net2phone

net2phone
(Seats in thousands at end of period. $ in millions)

	3Q25			2Q25			3Q24			3Q25-3Q24 (% Δ)
Seats		415			410			384			+7.9	%

Revenue
Subscription revenue	$	21.5		$	21.0		$	20.0			+7.4	%
Other revenue	$	0.5		$	0.5		$	0.6			(25.9	)%
Total Revenue	$	22.0		$	21.5		$	20.7			+6.4	%

Gross profit	$	17.5		$	17.0		$	16.4			+6.9	%
Gross profit margin		79.6	%		79.2	%		79.2	%		+40	bps
Technology & development	$	2.9		$	2.8		$	2.8			+4.8	%
SG&A	$	13.0		$	13.0		$	13.0			(0.3	)%
Income from operations	$	1.4		$	1.1		$	0.5			+188	%
Adjusted EBITDA	$	3.2		$	2.9		$	2.1			+50.2	%
CapEx	$	1.4		$	1.8		$	1.6			(12.5	)%

net2phone Take-Aways:

●

The 8% year over year increase in total seats served was powered by continued expansion in key markets led by the U.S., Brazil, and Mexico. CCaaS seats served, which generate significantly higher revenue and margin per seat, increased by 9% year-over year.

●

Subscription revenue increased by 7% year-over-year. The increase was tempered by the FX impact of a strengthened U.S. dollar versus local currencies in Latin America. On a constant currency basis, subscription revenue increased by 11% year over year, significantly higher than its rate of seat growth, as net2phone focuses on increasing ARPU.

●

Income from operations increased 188% and Adjusted EBITDA increased 50% year-over-year, as operating margin increased to 6% from 2%, and Adjusted EBITDA margin increased to 15% from 10% in 3Q24.

●

In 3Q25, net2phone began to deploy AI Agents, scalable virtual assistants providing exceptional customer experiences across sales, support, and administrative tasks. AI Agents have the potential to become significant revenue growth drivers in the coming quarters.

●

net2phone is also preparing to launch an AI-powered offering that analyzes interactions to deliver real-time insights and personalized coaching for optimized performance.

Traditional Communications

Traditional Communications
($ in millions)

	3Q25			2Q25			3Q24			3Q25-3Q24 (% Δ)
Revenue
IDT Digital Payments	$	102.6		$	101.6		$	101.6			+1.0	%
BOSS Revolution	$	51.7		$	53.3		$	63.2			(18.1	)%
IDT Global	$	50.0		$	51.3		$	50.1			(0.0	)%
Other	$	5.9		$	5.8		$	6.9			(14.9	)%
Total Revenue	$	210.2		$	212.0		$	221.7			(5.2	)%

Gross profit	$	43.4		$	43.1		$	41.2			+5.3	%
Gross profit margin		20.7	%		20.3	%		18.6	%		+210	bps
Technology & development	$	5.4		$	5.4		$	5.6			(4.3	)%
SG&A	$	20.5		$	19.4		$	22.7			(9.5	)%
Income from operations	$	17.3		$	18.1		$	12.5			39.2	%
Adjusted EBITDA	$	19.3		$	20.2		$	14.9			30.1	%
CapEx	$	1.3		$	1.2		$	1.2			+5.6	%

Traditional Communications Take-Aways:

●	Even as revenue decreased continuing an expected trend, gross profit increased year over year and sequentially.

●	Income from operations and Adjusted EBITDA benefitted from the growth in gross profit and the reduction in SG&A expense.

OTHER FINANCIAL RESULTS

Consolidated results for all periods presented include corporate overhead. In 3Q25, Corporate G&A expense increased to $2.7 million from $2.3 million in 3Q24.

As of April 30, 2025, IDT held $223.8 million in cash, cash equivalents, debt securities, and current equity investments. Also at April 30, 2025, current assets totaled $498.3 million and current liabilities totaled $287.2 million. The Company had no outstanding debt at the quarter end.

Net cash provided by operating activities was $75.7 million in 3Q25 compared to $9.5 million in 3Q24. Exclusive of changes in customer funds deposits at IDT’s Fintech segment, net cash provided by operating activities was $66.1 million in 3Q25 compared to $8.2 million in 3Q24. The large, year-over-year increase in cash reflects, for the most part, the timing of disbursement prefunding payments made by IDT to cover anticipated BOSS Money weekly remittance activity.

Capital expenditures increased to $5.4 million in 3Q25 from $4.7 million in 3Q24.

DIVIDEND

The Board of Directors of IDT Corporation has approved payment of a quarterly dividend of $0.06 on IDT’s Class A and Class B Common stock. Payment will be made on June 18, 2025 to stockholders of record at the close of business on June 9^th.

IDT EARNINGS ANNOUNCEMENT INFORMATION

This release is available for download in the “Investors & Media” section of the IDT Corporation website (https://www.idt.net/investors-and-media) and has been filed on a current report (Form 8-K) with the SEC.

IDT will host an earnings conference call beginning at 5:00 PM Eastern today with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the U.S.) or 1-973-528-0011 (international) and provide the following access code: 491722.

A replay of the conference call will be available approximately three hours after the call concludes through June 19, 2025. To access the call replay, dial 1-877-481-4010 (toll-free from the U.S.) or 1-919-882-2331 (international) and provide this replay passcode: 52353. The replay will also be accessible via streaming audio at the IDT investor relations website.

ABOUT IDT CORPORATION

IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.

CONTACT

IDT Corporation Investor Relations
Bill Ulrey
william.ulrey@idt.net
973-438-3838

IDT CORPORATION

CONSOLIDATED BALANCE SHEETS

	April 30, 2025			July 31, 2024
	(Unaudited)
	(in thousands, except per share data)
Assets
Current assets:
Cash and cash equivalents	$	199,948		$	164,557
Restricted cash and cash equivalents		123,129			90,899
Debt securities		18,683			23,438
Equity investments		5,187			5,009
Trade accounts receivable, net of allowance for credit losses of $8,416 at April 30, 2025 and $6,352 at July 31, 2024		43,084			42,215
Settlement assets, net of reserve of $1,869 at April 30, 2025 and $1,866 at July 31, 2024		25,160			22,186
Disbursement prefunding		43,381			30,736
Prepaid expenses		13,837			17,558
Other current assets		25,865			25,927
Total current assets		498,274			422,525
Property, plant, and equipment, net		38,980			38,652
Goodwill		26,454			26,288
Other intangibles, net		5,372			6,285
Equity investments		6,904			6,518
Operating lease right-of-use assets		2,013			3,273
Deferred income tax assets, net		16,106			35,008
Other assets		6,805			11,546
Total assets	$	600,908		$	550,095

Liabilities, redeemable noncontrolling interest, and equity
Current liabilities:
Trade accounts payable	$	17,250		$	24,773
Accrued expenses		91,408			103,176
Deferred revenue		27,513			30,364
Customer funds deposits		121,765			91,893
Settlement liabilities		14,105			12,764
Other current liabilities		15,121			16,374
Total current liabilities		287,162			279,344
Operating lease liabilities		1,213			1,533
Other liabilities		1,682			2,662
Total liabilities		290,057			283,539
Commitments and contingencies
Redeemable noncontrolling interest		11,357			10,901
Equity:
IDT Corporation stockholders’ equity:
Preferred stock, $.01 par value; authorized shares—10,000; no shares issued		—			—
Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at April 30, 2025 and July 31, 2024		33			33
Class B common stock, $.01 par value; authorized shares—200,000; 28,528 and 28,177 shares issued and 23,656 and 23,684 shares outstanding at April 30, 2025 and July 31, 2024, respectively		285			282
Additional paid-in capital		307,757			303,510
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 4,872 and 4,493 shares of Class B common stock at April 30, 2025 and July 31, 2024, respectively		(143,853	)		(126,080	)
Accumulated other comprehensive loss		(19,812	)		(18,142	)
Retained earnings		141,753			86,580
Total IDT Corporation stockholders’ equity		286,163			246,183
Noncontrolling interests		13,331			9,472
Total equity		299,494			255,655
Total liabilities, redeemable noncontrolling interest, and equity	$	600,908		$	550,095

IDT CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	Three Months Ended April 30,						Nine Months Ended April 30,
	2025			2024			2025			2024
	(in thousands, except per share data)

Revenues	$	301,985		$	299,643		$	914,901		$	896,946
Direct cost of revenues		190,023			202,599			583,201			608,982
Gross profit		111,962			97,044			331,700			287,964
Operating expenses:
Selling, general and administrative (i)		72,267			68,962			214,039			200,685
Technology and development (i)		12,744			12,640			38,115			37,975
Severance		190			779			600			1,648
Other operating expense, net		175			3,231			403			3,041
Total operating expenses		85,376			85,612			253,157			243,349
Income from operations		26,586			11,432			78,543			44,615
Interest income, net		1,566			1,162			4,347			3,201
Other income (expense), net		2,608			(3,273	)		2,533			(6,326	)
Income before income taxes		30,760			9,321			85,423			41,490
Provision for income taxes		(7,798	)		(2,979	)		(21,766	)		(10,918	)
Net income		22,962			6,342			63,657			30,572
Net income attributable to noncontrolling interests		(1,270	)		(791	)		(4,448	)		(2,937	)
Net income attributable to IDT Corporation	$	21,692		$	5,551		$	59,209		$	27,635
Earnings per share attributable to IDT Corporation common stockholders:
Basic	$	0.86		$	0.22		$	2.35		$	1.10
Diluted	$	0.86		$	0.22		$	2.34		$	1.09
Weighted-average number of shares used in calculation of earnings per share:
Basic		25,165			25,345			25,177			25,233
Diluted		25,249			25,516			25,312			25,380

(i) Stock-based compensation included in total operating expenses	$	946		$	2,118		$	2,720		$	5,375

IDT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended April 30,
	2025			2024
	(in thousands)
Operating activities
Net income	$	63,657		$	30,572
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		15,702			15,256
Deferred income taxes		18,902			8,830
Provision for credit losses, doubtful accounts receivable, and reserve for settlement assets		4,465			3,010
Stock-based compensation		2,720			5,375
Other		1,735			4,065
Change in assets and liabilities:
Trade accounts receivable		(4,649	)		(9,000	)
Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets		(8,932	)		6,797
Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities		(19,486	)		(10,467	)
Customer funds deposits		25,327			1,243
Deferred revenue		(3,382	)		(2,903	)
Net cash provided by operating activities		96,059			52,778
Investing activities
Capital expenditures		(15,507	)		(13,621	)
Purchase of convertible preferred stock in equity method investment		(926	)		(1,513	)
Purchases of debt securities and equity investments		(29,083	)		(27,593	)
Proceeds from maturities and sales of debt securities and redemptions of equity investments		35,005			41,527
Net cash used in investing activities		(10,511	)		(1,200	)
Financing activities
Dividends paid		(4,036	)		(1,269	)
Distributions to noncontrolling interests		(100	)		(62	)
Proceeds from borrowings under revolving credit facility		24,551			32,864
Repayment of borrowings under revolving credit facility.		(24,551	)		(32,864	)
Purchase of restricted shares of net2phone common stock		—			(3,558	)
Proceeds from exercise of stock options		—			172
Repurchases of Class B common stock		(17,773	)		(7,207	)
Net cash used in financing activities		(21,909	)		(11,924	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents		3,982			(5,632	)
Net increase in cash, cash equivalents, and restricted cash and cash equivalents		67,621			34,022
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period		255,456			198,823
Cash, cash equivalents, and restricted cash and cash equivalents at end of period	$	323,077		$	232,845

Supplemental schedule of non-cash financing activities
Shares of the Company’s Class B common stock issued to executive officers for bonus payments	$	1,824		$	1,495
Value of the Company’s Class B common stock exchanged for National Retail Solutions shares	$	442		$	6,254
Shares of the Company’s Class B common stock issued for business acquisition	$	—		$	100

Reconciliation of Non-GAAP Financial Measures for the Third Quarter Fiscal 2025 and 2024

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT also disclosed (a) Adjusted EBITDA for 3Q25, 2Q25, and 3Q24, (b) non-GAAP earnings per diluted share (Non-GAAP EPS) for 3Q25 and 3Q24, and (c) NRS’ and Fintech segment’s ‘Rule of 40’ score for 3Q25. These are non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. The following explains these terms and their respective reconciliations to the most directly comparable GAAP measures.

Generally, a non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

IDT’s measure of Non-GAAP EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares. IDT’s measure of non-GAAP net income starts with net income attributable to IDT in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expenses, and deducts other operating gains. These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2025 and fiscal 2024 periods.

Management believes that IDT’s Adjusted EBITDA and Non-GAAP EPS are measures which provide useful information to both management and investors by excluding certain expenses and non-routine gains and losses that may not be indicative of IDT’s or the relevant segment’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA and Non-GAAP EPS to evaluate operating performance in relation to IDT’s competitors. Disclosure of these financial measures may be useful to investors in evaluating performance and allow for greater transparency of the underlying supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting.

Management refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated level to facilitate internal and external comparisons to the segments’ and IDT’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or capitalized in prior periods. IDT’s Adjusted EBITDA, which is exclusive of depreciation and amortization, is a useful indicator of its current performance.

Severance expense is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Severance expense is reflective of decisions made by management in each period regarding the aspects of IDT’s and its segments’ businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT’s core and continuing operations.

Other operating expense, net, which is a component of income (loss) from operations, is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Other operating expense, net in 3Q25, 2Q25, and 3Q24 primarily includes legal fees related to Straight Path Communications Inc.’s stockholders’ class action and equipment write-offs. From time-to-time, IDT may have gains or incur costs related to non-routine legal, tax, and other matters, however, these various items generally do not occur each quarter. IDT believes the gain and losses from these non-routine matters are not components of IDT’s or the relevant segment’s core operating results.

Stock-based compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded from IDT’s calculation of Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results per share of IDT’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important part of employees’ compensation that impacts their performance.

Adjusted EBITDA and Non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income (loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT’s measurements of Adjusted EBITDA and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

The ‘Rule of 40’ score is a metric used to evaluate the performance of SaaS providers. It postulates that a SaaS provider’s revenue growth rate plus its EBITDA margin should equal or exceed 40 percent. The ‘Rule of 40’ is typically used to assess a company’s balance between growth and profitability. A total of over 40 is thought to indicate a healthy combination of expansion and financial stability, making it a useful tool for management and investors to gauge the potential for long-term success and make informed decisions about resource allocation and business strategy.

NRS’ ‘Rule of 40’ score is computed by adding (a) the growth rate of NRS’ recurring revenue for the relevant period compared to the corresponding year ago period to (b) NRS’ Adjusted EBITDA margin for the twelve month period through the end of the current period. NRS’ recurring revenue is calculated by subtracting NRS’ revenue from POS terminal sales from its total GAAP revenue. Adjusted EBITDA is a non-GAAP measure as discussed above. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by GAAP revenue for the relevant period.

Following are reconciliations of Adjusted EBITDA and Non-GAAP EPS to the most directly comparable GAAP measure, which are, (a) for Adjusted EBITDA, (i) income (loss) from operations for IDT’s reportable segments and (ii) net income for IDT on a consolidated basis, and (b) for Non-GAAP EPS, diluted earnings per share. Also following is NRS’ ‘Rule of 40’ score computation including the reconciliation of NRS’ Adjusted EBITDA to the most directly comparable GAAP measure, NRS’ income from operations.

IDT Corporation
Reconciliation of Net Income to Adjusted EBITDA
(unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

	Total IDT Corporation			Traditional Communica-tions		net2phone		NRS		Fintech		Corporate
Three Months Ended April 30, 2025 (3Q25)
Net income attributable to IDT Corporation	$	21.7
Adjustments:
Net income attributable to noncontrolling interests		1.3
Net income		23.0
Provision for income taxes		7.8
Income before income taxes		30.8
Interest income, net		(1.6	)
Other income, net		(2.6	)
Income (loss) from operations		26.6		$	17.3	$	1.4	$	6.2	$	4.3	$	(2.6	)
Depreciation and amortization		5.2			1.9		1.6		1.0		0.7		–
Other operating expense, net		0.2			–		0.2		–		–		–
Severance expense		0.2			0.2		–		–		–		–
Adjusted EBITDA	$	32.2		$	19.3	$	3.2	$	7.2	$	5.0	$	(2.6	)

	Total IDT Corporation			Traditional Communica-tions		net2phone		NRS		Fintech		Corporate
Three Months Ended January 31, 2025 (2Q25)
Net income attributable to IDT Corporation	$	20.3
Adjustments:
Net income attributable to noncontrolling interests		1.9
Net income		22.2
Provision for income taxes		7.7
Income before income taxes		29.9
Interest income, net		(1.4	)
Other income, net		(0.2	)
Income (loss) from operations		28.3		$	18.1	$	1.1	$	9.1	$	3.1	$	(3.1	)
Depreciation and amortization		5.2			1.9		1.6		1.0		0.8		–
Other operating expense, net		0.2			–		0.2		–		–		–
Severance expense		0.2			0.2		–		–		–		–
Adjusted EBITDA	$	34.0		$	20.2	$	2.9	$	10.1	$	3.9	$	(3.1	)

IDT Corporation
Reconciliation of Net Income to Adjusted EBITDA
(unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

	Total IDT Corporation			Traditional Communica-tions		net2phone		NRS		Fintech			Corporate
Three Months Ended April 30, 2024 (3Q24)
Net income attributable to IDT Corporation	$	5.6
Adjustments:
Net income attributable to noncontrolling interests		0.8
Net income		6.3
Provision for income taxes		3.0
Income before income taxes		9.3
Interest income, net		(1.2	)
Other expense, net		3.3
Income (loss) from operations		11.4		$	12.5	$	0.5	$	4.8	$	(0.6	)	$	(5.7	)
Depreciation and amortization		5.1			2.0		1.6		0.8		0.7			–
Severance expense		0.8			0.4		0.1		–		–			0.3
Other operating expense, net		3.2			–		–		–		0.1			3.2
Adjusted EBITDA	$	20.6		$	14.9	$	2.1	$	5.6	$	0.2		$	(2.3	)

IDT Corporation
Reconciliation of Earnings per share to Non-GAAP EPS
(unaudited) in millions, except per share data. Figures may not foot due to rounding to millions.

	3Q25			3Q24

Net income attributable to IDT Corporation	$	21.7		$	5.6
Adjustments (add) subtract:
Stock-based compensation		(0.9	)		(2.1	)
Severance expense		(0.2	)		(0.8	)
Other operating expense, net		(0.2	)		(3.2	)
Total adjustments		(1.3	)		(6.1	)
Income tax effect of total adjustments		(0.3	)		(2.0	)
		1.0			4.1
Non-GAAP net income	$	22.7		$	9.7

Earnings per share:
Basic	$	0.86		$	0.22
Total adjustments		0.04			0.16
Non-GAAP – basic	$	0.90		$	0.38

Weighted-average number of shares used in calculation of basic earnings per share		25.2			25.3

Diluted	$	0.86		$	0.22
Total adjustments		0.04			0.16
Non-GAAP – diluted	$	0.90		$	0.38

Weighted-average number of shares used in calculation of diluted earnings per share		25.2			25.5

IDT Corporation
NRS’ ‘Rule of 40’ Score
For 3Q25
(unaudited) in millions. Figures may not foot due to rounding to millions.

	4Q24		1Q25		2Q25		3Q25		Trailing Twelve Months (TTM) 3Q25

Reconciliation of NRS’ Income from Operations to Adjusted EBITDA

Income from operations	$	6.0	$	6.6	$	9.1	$	6.2	$	28.0
Depreciation and amortization		0.9		1.0		1.0		1.0		3.9
Other operating expense, net		0.2		–		–		–		0.2
Adjusted EBITDA	$	7.1	$	7.6	$	10.1	$	7.2	$	32.0

	3Q25			3Q24

NRS’ ‘Rule of 40’ Score

NRS recurring revenue	$	29.4		$	24.0
NRS other revenue		1.7			1.8
NRS total revenue	$	31.1		$	25.7

NRS recurring revenue growth rate		23	%

NRS TTM Adjusted EBITDA from above	$	32.0
NRS TTM total revenue		122.7
NRS TTM Adjusted EBITDA margin		26	%

Rule of 40		49	%

Explanation of Key Performance Metrics

net2phone’s subscription revenue is calculated by subtracting net2phone’s equipment revenue and revenue generated by a legacy SIP trunking offering in Brazil from its revenue in accordance with GAAP. net2phone’s cloud communications and contact center offerings are priced on a per-seat basis, with customers paying based on the number of users in their organization. The number of seats served and subscription revenue trends and comparisons between periods are used in the analysis of net2phone’s revenues and direct cost of revenues and are strong indications of the top-line growth and performance of the business.

Constant currency as it relates to revenue provides a framework for assessing net2phone’s performance that excludes the effect of foreign currency rate fluctuations. To determine net2phone’s subscription revenue growth on a constant currency basis, current period revenues from entities reporting in currencies other than U.S. Dollars (USD) were converted to USD at the average monthly exchange rates in effect during the prior fiscal year’s comparative period instead of the average monthly exchange rates in effect during the current period.

net2phone’s operating margin is calculated by dividing GAAP income from operations by GAAP revenue for the period indicated. Operating margin measures the percentage that each dollar of revenue contributes to profitability. Operating margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future income from operations levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.

net2phone’s Adjusted EBITDA margin is calculated by dividing net2phone’s Adjusted EBITDA, a Non-GAAP measure, by net2phone’s GAAP revenue for the comparable quarter or period. Adjusted EBITDA margin measures the percentage that each dollar of revenue contributes to profitability before interest, taxes, depreciation and amortization, and other adjustments as described in the Reconciliation of Non-GAAP Financial Measures. net2phone’s Adjusted EBITDA margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future Adjusted EBITDA levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers.

NRS’ Monthly Average Recurring Revenue per Terminal is calculated by dividing NRS’ recurring revenue as defined above by the average number of active POS terminals during the period. The average number of active POS terminals is calculated by adding the beginning and ending number of active POS terminals during the period and dividing by two. NRS’ recurring revenue divided by the average number of active POS terminals is divided by three when the period is a fiscal quarter. Recurring revenue and Monthly Average Recurring Revenue per Terminal are useful for comparisons of NRS’ revenue and revenue per customer to prior periods and to competitors and others in the market, as well as for forecasting future revenue from the customer base.

BOSS Money transactions are a nonfinancial metric that measures customer usage during a reporting period. BOSS Money’s digital send volume is the aggregate amount of principal remitted by BOSS Money’s digital customers – those using the BOSS Money and BOSS Revolutions apps to originate remittances. Digital send volume is a key metric for evaluating the operational performance of the digital channel of the remittance business, and for comparing the performance of BOSS Money’s digital channel to competitors in the remittance business as well as to performance to other temporal periods.

# # #

The MIL Network –

June 6, 2025

MIL-OSI: Insurtech Insights USA 2025: Event Round-Up from Day Two

Source: GlobeNewswire (MIL-OSI)

NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) — Insurtech Insights USA 2025, concluded today at the Javits Center, wrapping up two impactful days of insightful conversations, cross-sector collaboration, and high-level dealmaking. With over 6,000 delegates and more than 400 industry leaders in attendance, this year’s edition firmly cemented the event’s position as the foremost gathering for insurance innovation in North America and the largest ever Insurtech Insights USA conference.

A Media Snippet accompanying this announcement is available in this link.

Reflecting on the success of the event, Kristoffer Lundberg, Founder & CEO of Insurtech Insights, said, “As we close out two powerful days of dialogue, dealmaking, and discovery, one message echoes throughout the Javits Center: insurance is no longer just about risk, it’s about being resilient. From agentic AI to behavioral underwriting, from redefining customer trust to unlocking global M&A potential, this year’s event captured a sector rewriting its operating system. Thank you to our partners, speakers, and 6,000+ attendees for reaffirming that innovation in insurance isn’t a buzzword, it’s our collective mission.”

Day Two Highlights: AI at the Forefront of Transformation

The day was packed with several thought-provoking panels, keynotes, and moderated discussion sessions across the six stages. Some of the highlights on the main stage were sessions like “Facing into AI: The Potential and Uncertainty,” a compelling conversation between Lucy Pilko, CEO of AXA XL Americas, and Naveen Agarwal, Senior Advisor at BCG and CEO of NavDots. Together, they unpacked the double-edged nature of AI in insurance, stressing the need for thoughtful implementation as insurers and clients alike navigate the transformative and sometimes uncertain possibilities of AI.

Later on the main stage, the session “A Year Later for AI and GenAI in Insurance: The Reality and Growing Real Business Value” showcased how far the industry has come in just 12 months. Moderated by Denise Garth, Chief Strategy Officer at Majesco, the panel included Robert Pick, EVP and Chief Information Officer, Tokio Marine North America Services, Manish Sha, President Chief Product Officer at Majesco, and Jim DeMarco, Insurance Advisor Lead, Microsoft. The speakers shared real-world results of AI implementation, with early benchmarking showing up to 10–20x productivity improvements in underwriting and customer service. They also addressed how GenAI is simplifying complex workflows, accelerating onboarding, and helping insurers meet rising customer expectations, especially as nearly 50% of the workforce approaches retirement by 2030.

In the afternoon, the session “Operationalizing AI in Insurance: Key Considerations for Full-Scale Implementation” drew a packed audience. Moderated by Karlyn Carnahan, Head of P&C Insurance, Celent, the panel featured Dan Moore, Senior Vice President of Claims Shared Services, CNA Insurance, Anurag Bairathi, Chief Claims Officer, Mapfre, and Yuval Man, CEO and Co-Founder, DigitalOwl. Speakers offered practical insights into scaling AI responsibly, underscoring the need for human-in-the-loop processes, AI governance, bias testing, and strong organizational guardrails to ensure safe and effective deployment across underwriting and claims operations.

The final main stage session, “Regulators & Risk Takers: Aligning Vision for the Future of Insurance,” brought together Commissioners Jon Godfread, Glen Mulready, and Andrew Mais from North Dakota, Oklahoma, and Connecticut, respectively. Moderated by Susan Winkler, VP and Executive Director, Connecticut Insurance and Financial Services, the conversation centered on finding common ground between regulatory oversight and industry innovation. The panelists agreed that open dialogue and coordinated action between regulators and carriers are essential to shaping a future-ready insurance ecosystem in an era marked by climate volatility, AI disruption, and rapid digital transformation.

The closing of Insurtech Insights USA 2025 marks a pivotal moment in the industry’s journey from legacy operations toward data-powered, customer-centric, and resilient growth models. With AI no longer a concept on the horizon but a force embedded in today’s operations, this year’s conference showcased not just where the industry is going but also the leaders who are already taking it there.

Registrations for Insurtech Insights 2026 early bird are now open, and you can buy with ease: a 30-day full money-back guarantee.

About Insurtech Insights USA

Insurtech Insights USA is the leading global conference for the insurtech industry, bringing together experts, innovators, and thought leaders to discuss the latest trends, challenges, and opportunities shaping the future of insurance. With a focus on innovation, collaboration, and disruption, Insurtech Insights USA provides a platform for networking, learning, and driving meaningful change in the insurance sector.

For media queries and other information, please contact:

Girish Jaggi
Senior Account Manager
The MicDrop Agency
girish@themicdropagency.com
+1 (289) 623 3627

The MIL Network –

June 6, 2025
MIL-OSI: Alma íbúðafélag hf.: Útgáfa á víxlum

Source: GlobeNewswire (MIL-OSI)

Alma íbúðafélag hf. hefur lokið sölu á víxlum í tveimur flokkum til 3ja og 6 mánaða. Samtals bárust tilboð að fjárhæð 1.380 m.kr.

Alma hefur ákveðið að taka tilboðum að fjárhæð 700 m.kr. í 3ja mánaða víxilinn á 8,80% vöxtum og 560 m.kr. í 6 mánaða víxilinn á 8,70% vöxtum eða samtals 1.260 m.kr. Áður hafði félagið selt 380 m.kr. í víxlinum AL 25 0915 og nemur heildarstærð útgáfunnar því 1.080 m.kr.

Arctica Finance hf. hafði umsjón með sölu víxlanna.

Greiðslu- og uppgjörsdagur er mánudagurinn 16. júní 2025.

Nánari upplýsingar veitir:

Ingólfur Árni Gunnarsson, framkvæmdastjóri, ingolfur@al.is.

The MIL Network –

June 6, 2025
MIL-OSI: ERAG Energie & Rohstoff AG PCC Announces Convertible Loan Agreement 2023 with Belmont Resources Inc. and Early Warning Report

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, June 05, 2025 (GLOBE NEWSWIRE) — ERAG Energie & Rohstoff AG PCC (the “Acquiror”) announces that on October 19, 2023 it entered into a Convertible Loan Agreement with Belmont Resources Inc. (TSX-V: BEA) (the “Issuer”) in the principal amount of CAD $210,000. The Loan bore no interest and was payable on or before April 1, 2024. If the Issuer failed to repay the Loan in full on or before April 1, 2024, interest on arrears of 12% per annum was payable by the issuer beginning on April 2, 2024. The Acquiror had the option to have the Loan repaid through the issuance of 7,000,000 Common Shares at a deemed value of $0.03 per share.

Immediately prior to entering into the Convertible Loan Agreement, the Acquiror owned and controlled 7,000,000 Common Shares of the Issuer, representing approximately 8.89% of the issued and outstanding Common Shares of the Issuer. The Acquiror continued to hold that number and percentage of Common Shares (on a non-diluted basis) immediately after entering into the Convertible Loan Agreement.

As a result of entering into the Convertible Loan Agreement, on a partially diluted basis (i.e., assuming full conversion of the Loan immediately after entering into the Convertible Loan Agreement), the Acquiror held a total of 14,000,000 Common Shares immediately after entering into the Convertible Loan Agreement, representing approximately 16.3% of the Issuer’s issued and outstanding Common Shares.

The Acquiror subsequently exercised its conversion right and on January 18, 2024 the Acquiror was issued 7,000,000 Common Shares of the Issuer. As a result of the conversion of the Loan and immediately following conversion, the Acquiror held a total of 14,000,000 Common Shares, representing approximately 15.11% of the Issuer’s issued and outstanding Common Shares.

The Convertible Loan Agreement was entered into for business and investment purposes. The Acquiror may, depending on market and other conditions, increase or decrease its beneficial ownership of or control or direction over the Issuer’s securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

The Acquiror has filed an Early Warning Report pursuant to National Instrument 62-103F1 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues describing the above transaction with the applicable securities regulatory authorities. To obtain a copy of the early warning report filed by the Acquiror, please contact the Acquiror c/o Gritt Bürger at +41 79 214 1614 or refer to the Company’s SEDAR+ profile at www.sedarplus.ca.

ERAG Energie & Rohstoff AG PCC
Gritt Bürger, Director
finance@erag.biz

The MIL Network –

June 6, 2025