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Category: GlobeNewswire

  • MIL-OSI: ZA Miner Launches Free Cloud Mining Platform, Empowering Bitcoin and Dogecoin Enthusiasts in 2025

    Source: GlobeNewswire (MIL-OSI)

    Earn passive income with Zaminer’s cloud mining platform.

    MIDDLESEX, United Kingdom, April 01, 2025 (GLOBE NEWSWIRE) — ZA Miner, a leading cloud mining provider, has introduced a free cloud mining platform, enabling Bitcoin and Dogecoin enthusiasts worldwide to earn passive income without upfront investment. This innovative model aligns with global pro-crypto policies and the growing demand for accessible digital asset mining.

    Transforming the Future of Cloud Mining

    With cryptocurrency reshaping global financial landscapes, ZA Miner is at the forefront of making mining more inclusive. Unlike traditional methods that require costly hardware, ZA Miner’s cloud-based model allows users to mine Bitcoin (BTC), Dogecoin (DOGE), and Litecoin (LTC) seamlessly, without the need for expensive rigs or high electricity costs.

    Headquartered in Middlesex, UK, and leveraging mining facilities in energy-rich regions like Kazakhstan and Iceland, ZA Miner optimizes efficiency and sustainability in crypto mining. The company’s strategic locations ensure low operational costs while maintaining high mining output, giving users a competitive edge in the evolving crypto market.

    How ZA Miner’s Free Cloud Mining Works

    ZA Miner eliminates technical barriers by offering an intuitive, risk-free mining experience. New users receive a $100 free mining contract, allowing them to explore cloud mining without financial commitment. The platform also offers flexible contract options tailored to different investment goals, ensuring profitability for both beginners and seasoned crypto investors.

    Zaminer’s contract options provide flexible earning opportunities for users at all levels.

    Key Benefits of ZA Miner’s Cloud Mining

    • Free Mining Package – $100 bonus for new users to start mining immediately.
    • No Hardware Required – Mine Bitcoin, Dogecoin, and Litecoin without expensive equipment.
    • Daily Payouts – Earn consistent passive income with automated distributions.
    • No Electricity Costs – Cloud-based infrastructure reduces overhead expenses.
    • UK-Based & Regulated – Compliance with financial authorities enhances credibility.
    • Robust Security – SSL encryption and DDoS protection ensure safe transactions.
    • Affiliate Program – Earn commissions of up to 7% by referring new users.

    Getting Started with ZA Miner

    1. Sign Up – Register using an email address.
    2. Claim Free Mining Contract – Start mining immediately with the $100 bonus.
    3. Choose a Plan – Upgrade to premium contracts for higher earnings.

    Pioneering the Future of Decentralized Finance

    As cryptocurrency adoption accelerates globally, ZA Miner is redefining accessibility in the mining sector. By offering free mining opportunities and competitive contract rates, the company is empowering individuals to participate in the digital economy effortlessly. With a commitment to transparency, security, and financial inclusion, ZA Miner is set to become a key player in the future of decentralized finance.

    For more information, visit www.zaminer.com or follow ZA Miner on Twitter: https://x.com/zamining and YouTube: https://www.youtube.com/@Zaminers.

    Media Contact:
    SHEIKH, Anisah Fatema
    ZA FUNDINGS LTD
    info@zaminer.com
    https://www.zaminer.com/

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7e2f81ce-daef-4bcf-b6a6-8e7802f2133e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/78acd684-02ff-4af4-ac3e-08356a0255e1

     

    The MIL Network –

  • MIL-OSI: Nexif Ratch Energy Secures Pre-Development ECC for San Miguel Bay Wind Power Project in the Philippines

    Source: GlobeNewswire (MIL-OSI)

    MAKATI, Philippines, April 01, 2025 (GLOBE NEWSWIRE) — Nexif Ratch Energy is pleased to announce that its 500MW San Miguel Bay Wind Power Project has successfully obtained the Pre-Development Environmental Compliance Certificate (Pre-Dev ECC) on 3 March 2025. This certificate was granted by the Philippines’ Department of Environment and Natural Resources (DENR) in accordance with its administrative order and the Philippine Environmental Impact Statement System (PEISS).

    The Pre-Dev ECC approval paves the way for crucial pre-development activities, including offshore geotechnical and geophysical investigations, wind and metocean measurements, as well as environmental and social baseline and assessments. These activities are essential for understanding the project site’s characteristics, ensuring that development decisions are informed and sustainable.

    In December 2024, the San Miguel Bay Wind Project received the Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy (DOE), alongside being recognized as a Strategic Investment under the Green Lane Initiative of the Philippine Board of Investments (BOI). The issuance of the Pre-Dev ECC further reinforces the project’s strategic importance in advancing the Philippines’ renewable energy goals, supporting the country’s clean energy transition.

    “This achievement marks a significant step forward in our commitment to developing offshore wind projects in the Philippines in an environmentally responsible manner,” said Cyril Dissescou, CEO of Nexif Ratch Energy. “It aligns with national priorities, and we are proud to contribute to the Philippines’ growing renewable energy sector.”

    In addition to San Miguel Bay, Nexif Ratch Energy is also progressing toward securing the Pre-Dev ECC for the 475 MW Lucena Wind Power Project in Quezon Province, after the project being awarded CEPNS in January 2025. These ongoing development efforts position the Company strongly for the upcoming Green Energy Auction 5 (GEA-5) by the DOE, slated for the third quarter of 2025.

    Nexif Ratch Energy remains committed to collaborating with key stakeholders and regulatory bodies to ensure the successful development of its offshore wind projects, with a focus on sustainable outcomes for both the environment and local communities.

    “We deeply appreciate the ongoing collaboration with the Philippine government in driving the nation’s renewable energy initiatives,” said Matthew Bartley, Chairman of the Development Committee at Nexif Ratch Energy. “The San Miguel Bay Offshore Wind Project, alongside the Lucena Offshore Wind Project, will play a pivotal role in advancing the Philippines’ clean energy transition. We are confident that both projects will be well-positioned for the upcoming Green Energy Auction Program”.

    About Nexif Ratch Energy

    Nexif Ratch Energy is a leading renewable energy company focused on the development, acquisition, construction, and operation of clean-energy projects across the Asia Pacific region. Headquartered in Singapore with regional offices in Vietnam, the Philippines and Thailand, the company’s portfolio includes 378 MW of operating, under-construction, and shovel-ready hydro, solar, and wind energy assets. Additionally, Nexif Ratch Energy has a development pipeline totaling 3.6 GW across wind, solar, and energy storage projects.

    Nexif Ratch Energy is jointly owned by Nexif Energy (Singapore) with a 51% stake and RATCH Group (Thailand) with a 49% stake.

    For Media Inquiries:

    Chariya Poopisit
    Nexif Ratch Energy
    communications@nexifratch.com

    The MIL Network –

  • MIL-OSI: Silynxcom Ltd. Announces Pricing of Public Offering

    Source: GlobeNewswire (MIL-OSI)

    New York, New York, March 31, 2025 (GLOBE NEWSWIRE) — Silynxcom Ltd. (NYSE American: SYNX) (“Silynxcom” or the “Company”), a manufacturer and developer of ruggedized tactical communication headset devices as well as other communication accessories, today announced the pricing of an underwritten public offering of 1,290,000 ordinary shares at a public offering price of $2.25 per share, for gross proceeds of approximately $2.9 million, before deducting underwriting discounts and offering expenses. All of the ordinary shares are being offered by the Company. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 193,500 ordinary shares at the public offering price, less discounts and commissions, to cover over-allotments, if any. The offering is expected to close on April 2, 2025, subject to satisfaction of customary closing conditions.

    The Company intends to use the net proceeds from the offering primarily for working capital and general corporate purposes.

    ThinkEquity is acting as sole book-running manager for the offering.

    The securities will be offered and sold pursuant to a shelf registration statement on Form F-3 (File No. 333-285443), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2025, and declared effective on March 7, 2025. The offering will be made only by means of a written prospectus. A prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC on its website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from the offices of ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.

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

    About Silynxcom Ltd.

    Silynxcom Ltd. develops, manufactures, markets, and sells ruggedized tactical communication headset devices as well as other communication accessories, all of which have been field-tested and combat-proven. The Company’s in-ear headset devices, or In-Ear Headsets, are used in combat, the battlefield, riot control, demonstrations, weapons training courses, and on the factory floor. The In-Ear Headsets seamlessly integrate with third party manufacturers of professional-grade ruggedized radios that are used by soldiers in combat or by police officers in leading military and law enforcements units. The Company’s In-Ear Headsets also fit tightly into the protective gear to enable users to speak and hear clearly and precisely while they are protected from the hazardous sounds of combat, riots or dangerous situations. The sleek, lightweight, In-Ear Headsets include active sound protection to eliminate unsafe sounds, while maintaining ambient environmental awareness, giving their customers 360° situational awareness. The Company works closely with its customers and seek to improve the functionality and quality of the Company’s products based on actual feedback from soldiers and police officers “in the field.” The Company sells its In-Ear Headsets and communication accessories directly to military forces, police and other law enforcement units. The Company also deals with specialized networks of local distributors in each locale in which it operates and has developed key strategic partnerships with radio equipment manufacturers.

    For additional information about the company please visit: https://silynxcom.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. For example, the Company uses forward-looking statements when it discusses: the anticipated closing of the offering and the intended use of proceeds from such offering. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on April 30, 2024, and other documents filed with or furnished to the SEC which are available on the SEC’s website, www.sec.gov. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    For Investor Relations Inquiries

    ARX | Capital Market Advisors
    North American Equities Desk
    ir@silynxcom.com  

    The MIL Network –

  • MIL-OSI: CORRECTION: First National Bank Alaska announces unaudited results for fourth quarter and full year 2024

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, March 31, 2025 (GLOBE NEWSWIRE) — In a release issued under the same headline on February 19, 2025, by First National Bank Alaska (OTCQX:FBAK), please note that in the third paragraph, the value of nonperforming loans as of Dec. 31, 2023 should be $4.6 million, rather than $4.7 million as originally issued. In turn, this resulted in changes to several values in the “Total Interest And Loan Fee Income” and “Total Interest Expense” rows, and the “Nonperforming Loans and OREO” and “Nonperforming Loans and OREO/Tier 1 Capital” rows, of the included financial table. The corrected release follows:

    First National Bank Alaska announces unaudited results for fourth quarter and full year 2024

    First National Bank Alaska’s (OTCQX:FBAK) net income for the fourth quarter of 2024 was $19.9 million, or $6.29 per share. This compares to a net income of $16.6 million, or $5.24 per share, for the same period in 2023.

    “Fourth quarter results concluded another year of strong financial performance in 2024,” said First National Board Chair and CEO/President Betsy Lawer. “Growth in both loans and customer deposits along with repositioning efforts in the securities portfolio enhanced the balance sheet. Growth in noninterest income along with outstanding expense management resulted in record-high net income. As we build on the momentum generated in 2024, I’m excited about where our recently expanded leadership team will take us to further help Alaskans shape a brighter tomorrow.”

    Loans totaled $2.5 billion as of Dec. 31, 2024, an increase of $24.3 million during fourth quarter 2024, and an increase of $196.6 million compared to the same period in 2023. Fourth quarter loan quality was strong with nonperforming loans of $4.3 million, 0.17% of outstanding loans compared to $4.6 million and 0.20% as of Dec. 31, 2023. The provision for credit losses totaled $0.7 million for the year ended Dec. 31, 2024, compared to a $0.9 million benefit for year ended Dec. 31, 2023. The allowance for credit losses as of Dec. 31, 2024 totaled $18.0 million, or 0.73% of total loans.

    Fourth quarter total interest and loan fee income was $63.4 million, a 6.2% increase from $59.8 million for the quarter ended Dec. 31, 2023. The yield on loans increased to 6.67% compared to 6.25% on Dec. 31, 2023. Interest and fees on loans and interest and dividends on investment securities increased in the fourth quarter on rate and volume improvements.

    Assets totaled $5.0 billion as of Dec. 31, 2024, decreasing by $559.5 million due to the repayments during the fourth quarter of the December 2023 advance under the Federal Reserve Bank Term Funding Program and the July 2024 Federal Home Loan Bank borrowing. Return on assets on Dec. 31, 2024, was 1.22%, fifteen basis points higher compared to 2023.

    Deposits and repurchase agreements totaled $4.4 billion as of Dec. 31, 2024, an increase of $47.1 million during the fourth quarter, and an increase of $13.1 million since Dec. 31, 2023. Seasonal outflow was offset by new customer deposits during the fourth quarter of 2024.

    Interest expense for the quarter decreased by $0.2 million compared to the quarter ended Dec. 31, 2023, due to repayments of borrowed funds offset by mix changes in interest-bearing deposits. Net interest margin through Dec. 31, 2024, was 3.12% compared to 2.82% for the year ended Dec. 31, 2023.

    Noninterest income for fourth quarter 2024 was $7.0 million, an increase of 7.5% compared to fourth quarter 2023. Quarterly income improvement occurred within fiduciary activities and mortgage loan servicing. Noninterest expenses for the fourth quarter of 2024 increased 12.4% compared to the same period in 2023, primarily due to an increase in salaries and benefits driven by the competitive labor market and health care costs. The efficiency ratio for Dec. 31, 2024, was 53.51% and remains better than First National’s peer groups, both in Alaska and across the nation.

    Provision for income taxes was reduced $2.2 million in the fourth quarter of 2024 as compared to the fourth quarter of 2023, reflecting certain state income tax benefits achieved in the securities portfolio.

    Shareholders’ equity was $516.6 million as of Dec. 31, 2024, compared to $464.8 million as of Dec. 31, 2023. This $51.8 million increase resulted from a decrease in the net unrealized loss position of the securities portfolio and net income retained in excess of dividends paid. Return on equity as of Dec. 31, 2024, was 13.60% compared to 13.97% as of Dec. 31, 2023. Book value per share as increased to $163.11, compared to $146.77 as of Dec. 31, 2023. The bank’s Dec. 31, 2024, Tier 1 leverage capital ratio of 10.54% remains above well-capitalized standards.

    ABOUT FIRST NATIONAL BANK ALASKA

    First National Bank Alaska files a quarterly financial report with the Federal Financial Institution Examination Council. The bank’s latest Consolidated Report of Condition and Income (Call Report) is filed by the 30th of the month following quarter-end and is subsequently posted at FNBAlaska.com and OTCMarkets.com.

    Alaska’s community bank since 1922, First National proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.

    In 2025, Forbes selected First National as the sixth bank in the country on their America’s Best Banks list. In 2024, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the ninth year in a row, Best Bank/Credit Union for the fourth time running, and Best Customer Service. The bank was also voted “Best of Alaska” in 2024 in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the sixth year in a row. American Banker again recognized First National as a “Best Bank to Work For” in 2024, for the seventh consecutive year.

    For more than a century, the bank has been committed to supporting the communities it serves. In 2024, for the eighth consecutive reporting period, over a span of twenty-four years, First National Bank Alaska received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency Our dedicated team strives to provide exceptional customer service to meet the banking needs of our neighbors and fellow Alaskans across the state to help shape a brighter tomorrow.

    First National Bank Alaska is a Member FDIC, Equal Housing Lender, and recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.

    CONTACT: Corporate Communications, 907-777-3409

               
    Financial Overview (Unaudited)  
    ($ in thousands, except per common share amounts)        
      Three months ended
    		   Year ended
      Dec. 31,
    		   Sep. 30,
    		   Dec. 31,
    		   December 31,
      2024
    		   2024
    		   2023
    		   2024
    		   2023
    Income Statement          
    Total Interest And Loan Fee Income $ 63,439     $ 64,615     $ 59,761     $ 244,320     $ 214,518  
    Total Interest Expense $ 18,591     $ 21,319     $ 18,803     $ 77,599     $ 60,039  
    Provision for Credit Losses $ (118 )   $ (432 )   $ (344 )   $ 721     $ (930 )
    Total Noninterest Income $ 7,011     $ 7,293     $ 6,522     $ 28,233     $ 25,426  
    Total Noninterest Expense $ 27,696     $ 25,928     $ 24,651     $ 104,346     $ 98,168  
    Provision for Income Taxes $ 4,350     $ 7,099     $ 6,593     $ 22,839     $ 22,657  
    Net Income $ 19,931     $ 17,994     $ 16,580     $ 67,048     $ 60,010  
    Earnings per common share $ 6.29     $ 5.68     $ 5.24     $ 21.17     $ 18.96  
    Dividend per common share $ 6.40     $ 3.20     $ 6.40     $ 16.00     $ 16.00  
               
    Financial Overview (Unaudited) Quarter Ended
      12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023
    Balance Sheet          
    Total Assets $ 4,997,767     $ 5,557,306     $ 5,116,066     $ 5,212,976     $ 5,730,835  
    Total Securities $ 1,928,625     $ 2,602,519     $ 2,197,788     $ 2,404,078     $ 2,384,951  
    Total Loans $ 2,469,935     $ 2,445,596     $ 2,391,593     $ 2,369,282     $ 2,273,311  
    Total Deposits $ 3,679,155     $ 3,728,181     $ 3,698,631     $ 3,665,066     $ 3,780,018  
    Repurchase Agreements $ 743,193     $ 647,043     $ 615,096     $ 571,463     $ 629,280  
    Total Deposits and Repurchase Agreements $ 4,422,348     $ 4,375,224     $ 4,313,727     $ 4,236,529     $ 4,409,298  
    Total Borrowing under the Federal Reserve Bank Term Funding Program $ –     $ 249,868     $ 249,868     $ 430,000     $ 780,000  
    Unrealized loss on marketable securities, net of tax $ (62,985 )   $ (52,020 )   $ (86,857 )   $ (95,809 )   $ (98,378 )
    Total Shareholders’ Equity $ 516,562     $ 527,864     $ 485,167     $ 470,702     $ 464,791  
               
    Financial Measures          
    Return on Assets   1.22 %     1.15 %     1.08 %     0.95 %     1.07 %
    Return on Equity   13.60 %     12.90 %     12.30 %     11.52 %     13.97 %
    Net Interest Margin   3.12 %     3.04 %     2.98 %     2.76 %     2.82 %
    Yield on Loans   6.67 %     6.65 %     6.55 %     6.40 %     6.25 %
    Yield on Securities   2.55 %     2.49 %     2.33 %     2.36 %     1.66 %
    Cost of Interest Bearing Deposits   1.57 %     1.62 %     1.60 %     1.55 %     1.02 %
    Efficiency Ratio   53.51 %     53.59 %     54.94 %     56.00 %     54.28 %
               
    Capital          
    Shareholders’ Equity/Total Assets   10.34 %     9.50 %     9.48 %     9.03 %     8.11 %
    Tier 1 Leverage Ratio   10.54 %     10.39 %     11.12 %     9.96 %     9.85 %
    Regulatory Well Capitalized Minimum Ratio – Tier 1 Leverage Ratio   5.00 %     5.00 %     5.00 %     5.00 %     5.00 %
    Tier 1 (Core) Capital $ 579,547     $ 579,884     $ 572,024     $ 566,511     $ 563,169  
               
    Credit Quality          
    Nonperforming Loans and OREO $ 4,313     $ 4,186     $ 4,731     $ 28,634     $ 4,623  
    Nonperforming Loans and OREO/Total Loans   0.17 %     0.17 %     0.20 %     1.21 %     0.20 %
    Nonperforming Loans and OREO/Tier 1 Capital   0.74 %     0.72 %     0.83 %     5.05 %     0.82 %
    Allowance for Credit Losses $ 18,025     $ 18,550     $ 19,000     $ 18,800     $ 17,750  
    Allowance for Credit Losses/Total Loans   0.73 %     0.76 %     0.79 %     0.79 %     0.78 %
               
    Net interest margin, yields, and efficiency ratios are tax effected.      
    Financial measures are year-to-date.          
               

    The MIL Network –

  • MIL-OSI: Bitget Wallet Partners with Venus Protocol to Expand DeFi Yield Options on BNB Chain

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, April 01, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, has entered into a strategic partnership with Venus Protocol, the top DeFi lending platform on BNB Chain. Through this integration, users can now stake BNB, USDT, and USDC on BNB Chain directly within the wallet to earn up to 10.33% APY. The feature offers real-time earnings tracking and fully flexible redemptions, simplifying access to stable on-chain yield.

    This partnership enhances Bitget Wallet’s Earn offering by integrating one of the most trusted protocols on BNB Chain, enabling users to access decentralized lending markets with just a few taps. Venus Protocol powers some of the largest and most active lending pools in the ecosystem, offering high-efficiency and secure infrastructure. By embedding this functionality directly into the Bitget Wallet interface, users can bypass complex DeFi platforms and interact with yield opportunities in a streamlined, intuitive way—without leaving the wallet or bridging assets.

    “We’re excited to partner with Bitget Wallet to bring DeFi lending to a broader audience in a seamless and user-friendly way,” said Danny Cooper, Vanguard Team Lead at Venus Protocol. “This integration aligns with our mission to make decentralized finance more accessible and efficient for everyone. Through this collaboration, more users can tap into secure and sustainable yield opportunities directly from their wallets.” The integration with Venus provides users with a more diverse set of earning options, representing a growing suite of earning tools embedded within the wallet, enabling users to maximize yield without compromising on security or control.

    “Our mission is to help users unlock the full value of their assets through intuitive and secure DeFi products,“ said Alvin Kan, COO of Bitget Wallet. “By partnering with Venus Protocol, we’re making stable on-chain yield more accessible. We‘ll continue to build a broader earning ecosystem that empowers users to grow their portfolios confidently, all within Bitget Wallet.“

    About Bitget Wallet
    Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive on-chain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser and crypto payment solutions. Supporting over 130 blockchains, 20,000+ DApps, and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure safety of users’ assets. Experience Bitget Wallet Lite to start a Web3 journey.
    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
    For media inquiries, please contact media.web3@bitget.com

    About Venus Protocol
    With over $2.3B total supply, Venus Protocol is the leading decentralized lending and borrowing platform on BNB Chain, offering users seamless access to crypto-backed loans, yield generation, and an innovative governance model. By providing a secure, efficient, and scalable DeFi ecosystem, Venus empowers users to maximize their digital asset holdings.
    For more information, visit: X | Telegram | Web
    For media inquiries, please contact verify@venus.io

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2284792c-b429-4bc8-8dbd-d91e888c6ed8

    The MIL Network –

  • MIL-OSI: POET Technologies Reports Fourth Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of Photonic Integrated Circuits (PICs), light sources and optical modules for the AI and data center markets, today reported its audited consolidated financial results for the fourth quarter ended December 31, 2024. The Company’s financial results as well as the Management Discussion and Analysis have been filed on SEDAR+. All financial figures are in United States dollars (“USD”) unless otherwise indicated.

    Management Commentary:

    “In Q4 2024, we strategically positioned our company for accelerated growth by strengthening our financial foundation, advancing critical technology developments, and implementing a new manufacturing strategy designed for rapid, profitable scaling,” stated POET Chairman & CEO, Dr. Suresh Venkatesan. “The market is experiencing unprecedented demand for photonic solutions, particularly in AI data center applications, and we’re still at the early stages of what industry experts anticipate will be a multi-year demand cycle. Despite challenging equity markets, we successfully raised an additional US$25 million through a registered direct offering, with robust investor support reflecting the market opportunity and POET’s positioning as a potential leader in the space.”

    Dr. Venkatesan continued, “Every strategic move we have made over the past several months is to ensure that POET is positioned to scale and to optimize our supply chain as we approach a revenue inflection point later this year. based on the trajectory of existing customer relationships. Our acquisition of SPX gives us full control of our technology while enabling us to shift manufacturing toward Malaysia and away from China, reducing geopolitical risk to growth, while building on our established foundry relationship with Silterra Malaysia in a familiar and friendly market. For 2025, we’re focused on developing our wafer-level manufacturing in Malaysia, expanding into telecom systems and chip-to-chip data communications applications, and leveraging the solid financial foundation we set in 2024 to accelerate both our customer pipeline, deliveries and revenue realization. POET continues to receive attention from notable industry analysts, including Lightwave+BTR and we expect this momentum, along with existing contracts and relationships with industry leaders and partners like LuxshareTech, Foxconn and Mitsubishi Electric, to lead to significant revenue acceleration in the second half of 2025.”

    The Company intends to pursue its voluntary delisting from the TSX Venture Exchange immediately following the closing of its planned US$25M financing with L5 Capital, which is expected to close within the next few weeks.

    Notable Business Highlights:

    • The Company was recognized publicly for outstanding technical leadership, receiving multiple prestigious awards, including:
      • “Elite Score” Lightwave+BTR Innovation Reviews (February 27, 2025)
      • “Best in Artificial Intelligence” 2024 Global Tech Awards (October 16, 2024)
      • “AI Innovator of the Year Gold Prize” 2024 Merit Awards (October 1, 2024)
      • “Best Optical AI Solution, 2024 AI Breakthrough Awards (June 26, 2024)
      • “Runner-Up Award for Most Innovative Hybrid PIC/Optical Integration” ECOC (October 1, 2024)
    • Closed a non-brokered private placement offering on November 26, 2024 of 5,555,556 common shares at an offering price of $4.50 and accompanying warrants to purchase 2,777,778 additional common shares at $6.00 per share for a period of five years from issuance. The Company raised gross proceeds of $25,000,002 from this offering, bringing the total equity capital raised during 2024 to $82.2 million.
    • Appointed Robert “Bob” Tirva to the Board of Directors and the Audit Committee. Mr. Tirva brings over 30 years of executive experience in technology and semiconductors, having held management positions at IBM, Broadcom Corporation, Dropbox and Intermedia Cloud Communications Inc. Most recently, he was President, Chief Operating Officer and Chief Financial Officer of Sonim Technologies, Inc. until it was acquired by AJP Holding Company in 2022. Mr. Tirva currently serves on the board of Skyworks Aeronautics and was recently on the boards of Costar Technologies and Resonant, Inc.
    • Completed the acquisition of 100% of Super Photonics Xiamen Co., Ltd (“SPX”), establishing full control over SPX, for a total of $6.5 million to be paid out over five years beginning in Q1 of 2025, enabling POET to establish manufacturing outside of China independent of the JV. The Company has subsequently decided to liquidate and close the SPX operation within the next few months.
    • Established a major wafer-level assembly and test facility for optical engines in Penang, Malaysia with the signing of several agreements with Globetronics Manufacturing Sdn. Bhd., a leading semiconductor manufacturer and contractor, equipping Globetronics with the capacity to manufacture an initial 1 million POET optical engines annually.

    Non-IFRS Financial Summary
    The Company reported non-recurring engineering (“NRE”) and product revenue of $29,032 in the fourth quarter of 2024 compared to $107,551 for the same period in 2023 and $3,685 in the third quarter of 2024. Historically the Company provided NRE services to multiple customers for unique projects that are being addressed utilizing the capabilities of the POET Optical Interposer. No billable NRE services were provided in the period. The Company only had small product revenue in Q4 2024.

    The Company reported a net loss of $30.2 million, or ($0.48) per share, in the fourth quarter of 2024 compared with a net loss $5.5 million, or ($0.13) per share, for the same period in 2023 and a net loss of $12.7 million, or ($0.20) per share, in the third quarter of 2024. The net loss in the fourth quarter of 2024 included research and development costs of $3.4 million compared to $2.1 million for the same period in 2023 and $1.8 million in the third quarter of 2024. Fluctuations in R&D for a Company of this size and this stage of growth is expected on a period-over-period basis as the Company transitions from technology development to product development.

    The largest component of the Company’s loss was from the non-cash fair value adjustment to derivative warrant liability of $12.4 million in the fourth quarter of 2024, compared to $25,000 in the same period in 2023 and $6.2 million in the third quarter of 2024. This non-cash item relates to warrants issued in a foreign currency and is periodically remeasured. The increase was a result of the issuance of warrants and the increase in the Company’s stock price during the third quarter.

    Other non-cash expenses in the fourth quarter of 2024 included stock-based compensation of $1.4 million and depreciation and amortization of $0.5 million. Non-cash stock-based compensation and depreciation and amortization in the same period of 2023 were $1.0 million and $0.5 million, respectively. Third quarter 2024 stock-based compensation and depreciation and amortization were $1.5 million and $0.5 million, respectively. The Company had non-cash finance costs of $32,000 in the fourth quarter of 2024 compared to non-cash finance costs of $14,000 in the fourth quarter of 2023 and non-cash costs of $30,000 in the third quarter of 2024.

    The Company recognized other income, including interest of $511,000 in the fourth quarter of 2024, compared to $54,000 in the same period in 2023 and $216,000 in the third quarter of 2024.

    During the fourth quarter of 2024, the Company acquired the remaining 24.8% interest of SPX from SAIC. The acquisition of this interest resulted in a non-cash loss to the Company of $6,852,687.

    Cash flow from operating activities in the fourth quarter of 2024 was ($8.7) million compared to ($2.9) million in the fourth quarter of 2023 and ($5.5) million in the third quarter of 2024.

    The Company raised gross proceeds of $25.9 million, including $25 million from the issuance of units from a non-brokered private placement and $0.9 million from the exercise of warrants and stock options.

    Summary of Financial Performance
    The following is a summary of the Company’s operations over the five quarters ending December 31, 2024. This information should be read in conjunction with the Company’s financial statements filed on Sedar + on Marcy 31, 2025.

    POET TECHNOLOGIES INC.
    PROFORMA – NON-IFRS AND IFRS PRESENTATION OF OPERATIONS
    (All figures are in U.S. Dollars)
     
      Dec 31/24 Sep 30/24 Jun 30/24 Mar 31/24 Dec 31/23
               
    Revenue $29,032   $3,685   $ –   $8,710   $107,551  
    Research and development   3,437,683     1,765,481     2,117,828     1,922,066     2,142,003  
    Depreciation and amortization   475,281     525,955     509,699     509,260     505,869  
    Professional fees   679,156     480,871     366,839     409,726     902,368  
    Wages and benefits   758,883     667,963     780,146     768,496     676,539  
    Loss on acquisition of SPX   6,852,687     –     –     –     –  
    Stock-based compensation (1)   1,404,995     1,525,131     1,591,741     947,502     1,050,088  
    General expense, rent and facility   474,937     465,448     448,357     570,819     317,333  
    Interest expense   31,605     30,482     20,833     19,753     13,547  
    Finance advisory fees   4,239,831     1,319,392     942,576     –     –  
    Derivative liability adjustment   12,444,661     6,179,836     1,376,761     629,824     24,865  
    Other (income), including interest   (511,448 )   (216,337 )   (174,911 )   (52,558 )   (54,047 )
    Net loss, before taxes $30,259,239   $12,740,537   $7,979,869   $5,716,178   $ 5,471,014  
    Net loss per share $(0.48 ) $(0.20 ) $(0.14 ) $(0.13 ) $(0.13 )
                                   
                                   

    About POET Technologies Inc.
    POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers.  POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems.  POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles.  POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore.  More information about POET is available on our website at www.poet-technologies.com.

    Forward-Looking Statements

    This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include expectations of industry analysts and experts with respect to industry growth, the Company’s own expectations with regard to the success of the Company’s product development efforts, the performance of its products, the expectation for revenue, including continued guidance for robust demand provided by current customers, the expected results of its operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations for approval of proposals at the Company’s annual meeting of shareholders.

    Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, forecasts of industry analysts and experts with respect to industry growth, the Company’s own expectations with regard to management’s expectations regarding the success and timing for completion of its development efforts, the introduction of new products, its sales efforts and revenue generation, its financing activities, future growth, recruitment of personnel, opening of offices, the form and potential of its joint venture, plans for and completion of projects by the Company’s consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, the failure of its products to meet performance requirements, lack of sales in its products, once released, the failure to generate sales and revenue, the failure of continued robust guidance from customers to materialize, operational risks in the completion of the Company’s anticipated projects, lack of performance of its joint venture, risks affecting the Company’s ability to execute projects, the ability of the Company to generate sales for its products, the ability to attract key personnel, and the ability to raise additional capital if needed. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

    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.
    120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 – Fax: 416-322-5075

    The MIL Network –

  • MIL-OSI: Carbon Streaming Announces Financial Results for the Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today reported its financial results for the fiscal year ended December 31, 2024. All figures are expressed in United States dollars, unless otherwise indicated. The Company will host a live audio call at 11:00 a.m. ET on Tuesday, April 1, 2025. In addition, the Company is also pleased to announce the appointment of Mr. Sam Wong to the board of directors of the Company (the “Board”) effective April 1, 2025.

    Carbon Streaming Chief Executive Officer Marin Katusa stated: “In the fourth quarter of 2024, Carbon Streaming focused on its restructuring efforts and evaluating strategic alternatives while taking significant steps to reduce costs and improve financial sustainability. We successfully reduced the number of individuals receiving full-time salaries from 24 at the start of 2024 to 4 by January 2025, resulting in significant savings to ongoing operating expenses. With cost reductions complete, our priority in 2025 is to maximize value from our existing portfolio while continuing to explore all strategic options to enhance shareholder value.  More specifically, we will evaluate all potential acquisitions, divestments, corporate transactions, and strategic partnerships. While the voluntary carbon market continues to experience difficult market conditions and many economic uncertainties exist, we are committed to adapting to market conditions and ensuring the best path forward for our shareholders. With respect to the Rimba Raya, Magdalena Bay and Sustainable Community Streams, the Company remains focused on protecting our investments and preserving our rights as we will with all our investments.”

    Annual Highlights

    • Ended the year with $37.4 million in cash and no corporate debt.
    • Reduced the number of individuals receiving full-time salaries at the Company – including employees, consultants, and directors – from 24 at the start of 2024 to 8 by year-end, with a further decrease to 4 full time employees by January 2025, resulting in significant savings in ongoing operating expenses.
    • Recognized a net loss on revaluation of carbon credit streaming and royalty agreements of $58.2 million (net loss on revaluation of $32.9 million in 2023). The net loss on revaluation for each period was driven by reductions in the carbon credit production and sales profiles and carbon credit pricing assumptions, and an increase to the risk-adjusted discount rate.
    • Continued the previously-announced corporate restructuring plan, which resulted in a non-recurring restructuring charge of $2.6 million.
    • Generated $1.6 million in settlements from carbon credit streaming and royalty agreements (settlements of $55 thousand in 2023).
    • Operating loss of $68.3 million (operating loss of $45.0 million in 2023).
    • Recognized net loss of $67.4 million (net loss of $35.5 million in 2023).
    • Adjusted net loss was $5.2 million (adjusted net loss of $7.6 million in 2023) (see the “Non-IFRS Accounting Standards Measures” section of this news release).
    • Paid $8.1 million in upfront deposits for carbon credit streaming and royalty agreements (paid $7.6 million in upfront deposits in 2023).

    Fourth Quarter Highlights

    • Recognized a net loss on revaluation of carbon credit streaming and royalty agreements of $13.2 million (net loss on revaluation of $24.0 million in Q4 2023). The net loss on revaluation for each period was driven by reductions in the carbon credit production and sales profiles and carbon credit pricing assumptions, and an increase to the risk-adjusted discount rate.
    • Generated $0.5 million in settlements from carbon credit streaming and royalty agreements (settlements of $nil in Q4 2023).
    • Operating loss of $14.9 million (operating loss of $26.8 million in Q4 2023).
    • Recognized net loss of $16.9 million (net loss of $26.1 million in Q4 2023).
    • Adjusted net loss was $0.9 million (adjusted net loss of $2.2 million in Q4 2023) (see the “Non-IFRS Accounting Standards Measures” section of this news release).
    • Paid $2.2 million in upfront deposits for carbon credit streaming and royalty agreements (paid $2.1 million in upfront deposits in Q4 2023).

    Financial Highlights Summary

      Three months ended
    December 31, 2024    		 Three months ended
    December 31, 2023    		 Year ended December 31, 2024 Year ended December 31, 2023
    Carbon credit streaming and royalty agreements        
    Revaluation of carbon credit streaming and royalty agreements $ (13,190)   $ (23,952)   $ (58,155)   $ (32,897)  
    Settlements from carbon credit streaming and royalty agreements1   513     –     1,550     55  
    Other financial highlights        
    Other operating expenses   1,760     2,691     10,340     12,035  
    Operating loss   (14,923)     (26,784)     (68,335)     (45,002)  
    Net loss   (16,932)     (26,092)     (67,369)     (35,501)  
    Loss per share (Basis and Diluted) ($/share)   (0.32)     (0.55)     (1.34)     (0.75)  
    Adjusted net loss2   (884)     (2,225)     (5,214)     (7,586)  
    Adjusted net loss per share (Basic and Diluted) ($/share)2   (0.02)     (0.05)     (0.10)     (0.16)  
    Statement of financial position        
    Cash3   37,350     51,416     37,350     51,416  
    Carbon credit streaming and royalty agreements3   9,081     60,122     9,081     60,122  
    Total assets3   48,683     117,111     48,683     117,111  
    Non-current liabilities3   112     1,083     112     1,083  
    1. Relates to the net cash proceeds generated from the Company’s carbon credit streaming and royalty agreements.
    2. “Adjusted net loss”, including per share amounts, is a non-IFRS® Accounting Standards (the “IFRS Accounting Standards”) financial performance measure that is used in this news release. This measure does not have any standardized meaning under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. For more information about this measure, why it is used by the Company, and a reconciliation to the most directly comparable measure under the IFRS Accounting Standards, see the “Non-IFRS Accounting Standards Measures” section of this news release.
    3. Cash, carbon credit streaming and royalty agreements, total assets and non-current liabilities are presented as at the relevant tabular reporting date.

    Portfolio Updates

    Rimba Raya Stream: On April 26, 2024, the Company announced that it was informed that PT Rimba Raya Conservation (“PT Rimba”), the local concession holder for the Rimba Raya project, had its Forest Utilization Business License (the “Concession License”) revoked by the Indonesian Government’s Ministry of Environment and Forestry (the “MOEF”). PT Rimba challenged the MOEF’s revocation of the Concession License, and in July 2024, the State Administrative Court of Jakarta (the “Court of Jakarta”) reached a decision on PT Rimba’s claim and declared that the revocation by the MOEF of the Concession License is void. The MOEF appealed the decision of the Court of Jakarta and in September 2024, the State Administrative High Court of Jakarta (the “High Court of Jakarta”) upheld the Court of Jakarta’s decision declaring that the revocation by the MOEF of the Concession License is void. The MOEF submitted an appeal of the decision of the High Court of Jakarta and as such, the decision of the High Court of Jakarta upholding that the revocation by the MOEF of the Concession License is void does not yet have permanent legal force. While the appeal process is underway, the interlocutory decision issued by the Court of Jakarta on May 16, 2024, requiring the MOEF to suspend the implementation of its decree in respect of the revocation of the Concession License, will remain in place.

    In October 2024, InfiniteEARTH Limited and its Indonesian subsidiary PT InfiniteEARTH Nusantara, the project operators of the Rimba Raya project (collectively “InfiniteEARTH”) delivered a notice of intent to abandon the project (the “RR Notice of Abandonment”). Pursuant to the RR Notice of Abandonment, InfiniteEARTH claims that a Regulation entitled Regulation of the Ministry of Environment and Forestry Number 7 Year of 2023 issued on June 14, 2023 by the Indonesian Government (“Regulation No. 7 2023”), prohibits the issuance and transfer of carbon rights from PT Rimba to InfiniteEARTH. InfiniteEARTH claims that as a result of Regulation No. 7 2023, it has been unable to economically develop or continue to operate the Rimba Raya project and that this is a force majeure event under the Rimba Raya Stream. The Company has notified InfiniteEARTH that it rejects the assertion that Regulation No. 7 2023 is an event of force majeure and has commenced an arbitration seeking, among other things, an order that the RR Notice of Abandonment is invalid or void.

    In October 2024, the Company commenced an arbitration administered by the International Centre of Dispute Resolution against InfiniteEARTH in accordance with the Rimba Raya Stream; and against the shareholders of InfiniteEARTH Limited in accordance with the Strategic Alliance Agreement (the “SAA“). The arbitration has since been bifurcated into two arbitration proceedings, dealing with (i) the Rimba Raya Stream; and (ii) the SAA.

    In October 2024, the Company also issued a Notice of Action in the Ontario Superior Court of Justice seeking declaratory relief against the principals of InfiniteEARTH Limited and their related entities, seeking to enforce its rights in relation to guarantees and non-competition agreements related to the Rimba Raya Stream and the SAA. Some of the defendants have counterclaimed. The dispute between the Company and InfiniteEARTH arises out of acts and omissions that the Company alleges are improper and in breach of the Rimba Raya Stream, the SAA and related agreements. Management of the Company believes that delivering the Notice of Arbitration and issuing the Notice of Action in the Ontario Superior Court of Justice were important steps in preserving the Company’s legal and contractual rights.

    As a result of the uncertainty of the duration and outcome of the appeal process in respect of the Concession License and the ongoing legal dispute between the Company, InfiniteEARTH and the founders of InfiniteEARTH, the Company has reclassified the status of the Rimba Raya Stream to “Expired”. As at December 31, 2024, the Company has determined the fair value of the Rimba Raya Stream to be $nil.

    Magdalena Bay Blue Carbon Stream: In the third quarter of 2024, Fundación MarVivo Mexico, A.C. and MarVivo Corporation (collectively, “MarVivo”) delivered a notice of intent to abandon the project (the “MarVivo Notice of Abandonment”). Pursuant to the MarVivo Notice of Abandonment, MarVivo claims that the failure to transfer the concession rights from the Secretariat of Environment and Natural Resources (“SEMARNAT”), Mexico’s environment ministry, to the jurisdiction of Mexico’s National Commission for Protected Natural Areas (“CONANP”), constitutes an event of force majeure and that it is no longer economical to develop or continue to operate the project. The Company’s position is that the attempt to abandon the project constitutes a breach of the terms of the Magdalena Bay Blue Carbon Stream. The Company has notified MarVivo that it rejects the assertion that the failure to transfer the concession rights constitutes an event of force majeure and that if MarVivo abandons the project or takes steps to wind-down, this will amount to a breach of the terms of the Magdalena Bay Blue Carbon Stream. As a result of the MarVivo Notice of Abandonment and the assertions of MarVivo, the Company has determined the fair value of the Magdalena Bay Blue Carbon Stream to be $nil as at December 31, 2024. The Company reserves all rights with respect to the agreements between the parties and intends to strictly enforce its legal and contractual rights under the Magdalena Bay Blue Carbon Stream.

    Sustainable Community Stream: In the third quarter of 2024, the Company exercised its contractual rights to terminate the Sustainable Community Stream as a result of, among other things, the failure of the project operator, Will Solutions Inc., to meet its milestone related to the registration of its Ontario project and its failure to develop and implement the project in accordance with the project plan (including continued delays in project development activities and lower-than-expected project enrollments). As a result of the Sustainable Community Stream being terminated, the fair value of the Sustainable Community Stream was determined to be $nil as at December 31, 2024. The Company intends to strictly enforce its legal and contractual rights under the Sustainable Community Stream.

    Cerrado Biome Stream: At the time of project registration, the project planned to expand the project to 80,000 hectares by incorporating more land parcels, and to generate approximately 13 million carbon credits over a 30-year project life. Enrollment of additional land parcels has been slower than anticipated, primarily due to declining demand and lower pricing for REDD+ carbon credits. As a result, the expected revenue from carbon credit sales has decreased, reducing the financial incentive for landholders to transition from agricultural production to REDD+ project enrollment. Currently, the project consists of two land parcels covering approximately 11,000 hectares, expected to generate 1.2 million carbon credits over 30 years; however, the actual number of carbon credits issued will depend on the project’s ability to attract additional landholders. Revenue shortfalls have been driven by delays in the Verra verification process and price volatility for credits issued by REDD+ projects.

    Waverly Biochar Stream and Royalty: Following the accelerated payment of the final milestone payments in the second quarter of 2024, the project reached mechanical completion and first biochar production in the third quarter of 2024. However, additional technical challenges prevented continuous operation of the facility and have continued to delay full production capacity. The project is currently focused on securing additional funding to support commissioning, the initial facility audit, and the first output audit with Puro.earth. Verification was anticipated in the third quarter of 2025, with first issuance of carbon credits to follow immediately thereafter, but is now expected to be delayed.

    In 2023, the Company announced an agreement to provide Microsoft Corporation with carbon credits from the Waverly Biochar Stream of up to 10,000 carbon credits per year. Under this agreement, the Company is committed to delivering a minimum quantity of credits on specified future dates. If the Company is unable to fulfill this commitment, Microsoft Corporation may request that credits be sourced from an alternative project of their choosing.

    Community Carbon Stream: In 2024, the projects under the Community Carbon Stream issued over 1,600,000 carbon credits from the Mozambique cookstove project, the Uganda cookstove project, the Tanzania cookstove project, and the Uganda household safe water project. Additionally, the Community Carbon Stream generated $1.1 million in cash settlements for the year ended December 31, 2024.

    On May 8, 2024, the Company amended the terms of the Community Carbon Stream resulting in, among other things, revising the Company’s economic interest to provide for a tiered streaming structure which is adjusted as certain return on invested capital thresholds are achieved, and adjusting the portfolio composition and milestone payments to focus on the five strongest projects, three cookstove projects in Mozambique, Tanzania and Uganda and two water purification projects in Malawi and Uganda.

    Following the May 2024 amendment, the Company anticipates that the project’s actual emission reductions will be materially lower than previously expected due to methodological changes and declining prices, which have reduced forecasted creditable unit deployments. Concerns over emissions reduction overestimation, additionality, and verification challenges have raised questions about cookstove credit quality, prompting methodological revisions as the market adapts to evolving buyer expectations. While these changes aim to enhance credibility, they have also reduced demand and driven down prices.

    Nalgonda Rice Farming Stream: In December 2024, the Company delivered a notice to Core CarbonX Pte. Ltd. and its services provider, Core CarbonX Solutions Private Limited that an event of default occurred and is continuing due to the failure of the project to reach development completion prior to June 30, 2024. While no further action has been taken at this time, the Company reserves all rights under its agreements.

    The project was registered with Verra on February 10, 2025, using the UNFCCC Clean Development Mechanism Methodology AMS-III.AU: Methane emission reduction by adjusted water management practice in rice cultivation in the VCS program (“AMS-III.AU”). Registration and first validation of the project was delayed when Verra temporarily inactivated AMS-III.AU as part of a broader review of validation and verification quality and began developing a revised rice-specific methodology to replace AMS-III.AU. During this review, Verra determined that certain projects identified as having quality issues with validations and/or verifications would remain on hold, but Core CarbonX’s projects, including the Nalgonda Rice Farming project, were approved for registration under AMS-III.AU.

    Verra released the new VCS Methodology VM0051 (Improved Management in Rice Production Systems v1.0) on February 27, 2025, which the project plans to transition to for the second monitoring period. However, the project has already applied the guidelines required under the VCS Methodology VM0051. At this time, it is not known how the transition to the new methodology will impact the project, if at all.

    As of December 31, 2024, approximately 32,000 landholders were enrolled in the project, covering 36,548 hectares of farmland. Enrollment remains ongoing, with a target of expanding to approximately 62,000 hectares. However, progress has been slower than expected due to registration delays, which have also postponed farmer compensation and, in turn, affected enrollment. The project was registered with Verra on February 10, 2025.

    Enfield Biochar Stream: In April 2024, Standard Biocarbon Corporation (“Standard Biocarbon”) achieved its first biochar production. However, technical challenges have delayed the commissioning process. Standard Biocarbon is working with PYREG GmbH, the engineer and builder of the PYREG Machines, to resolve these issues as it scales toward full operating capacity. The project continues to collect operational data required for a facility audit and official registration with the Puro.earth carbon credit standard. Currently, the project is on care and maintenance while seeking additional funding to support commissioning, the initial facility audit, and the first output audit.

    Azuero Reforestation Stream: On May 21, 2024, the Company, Microsoft Corporation and Rubicon Carbon Capital LLC (“Rubicon”) entered into a carbon credit streaming agreement, as amended on November 23, 2024 (the “Azuero Reforestation Stream”) with Azuero Reforestation Colectiva, S.A. (“ARC”), a wholly owned subsidiary of Ponterra Ltd. (“Ponterra”), for a reforestation project located on Azuero Province, Los Santos Province, Republic of Panama. Under the terms of the Azuero Reforestation Stream, ARC will deliver 13.5% of the carbon credits created by the project to the Company. Additionally, Microsoft Corporation has entered into an offtake agreement to purchase 100% of the Company’s carbon credits delivered under the terms of the Azuero Reforestation Stream through to 2040. Carbon Streaming will also act as the sole marketer of ARC’s carbon credits not already committed to the co-investors under the Azuero Reforestation Stream.

    Under the terms of the Azuero Reforestation Stream, Carbon Streaming, alongside Rubicon and Microsoft Corporation, will fund 100% of project costs over seven years. The Company agreed to make an upfront deposit of up to $7.1 million with $0.3 million paid on closing, and additional milestone payments made as the project achieves planting and sapling survival milestones, and will receive 13.5% of total credits, which is expected to be approximately 438,000 carbon credits through 2052.

    Sheep Creek Reforestation Stream: In January 2025, the Company received a Notice of Adverse Impact from Mast Reforestation SPV I, LLC (“Mast”) and the parent company of Mast, Droneseed Co. d/b/a Mast Reforestation under the Sheep Creek Reforestation Stream pursuant to which, among other things, Mast advised the Company that the Sheep Creek project has experienced significantly higher than expected mortality rates and that the surviving seedlings had exhibited slower than expected growth rates. As a result, Mast indicated to the Company that it no longer expects to deliver the Company the agreed-upon 286,229 carbon removal credits, referred to as forecast mitigation units (“FMUs”) under the Climate Action Reserve’s Climate Forward program under the Sheep Creek Reforestation Stream, as Mast no longer considers the existing Sheep Creek project plan and budget to be viable. The Company has formally responded to the Notice of Adverse Impact and requested that Mast respond to the Company’s significant concerns regarding, among other things, the timing of the delivery of the Notice of Adverse Impact, and the characterization of the cause of the adverse impact. The Company is continuing to evaluate all legal avenues available under the Sheep Creek Reforestation Stream. As a result, the Company no longer anticipates generating cash flow from the Sheep Creek Reforestation Stream and has determined its fair value to be $nil as of December 31, 2024.

    Feather River Reforestation Stream: In 2024, carbon credit market demand has generally shifted towards lower risk carbon credits. FMUs, which are designed to facilitate forward financing, inherently carry higher risk, leading to supply that has exceeded demand. FMU issuance is expected in 2025. However, given the uncertainties surrounding FMU sales, the Company has determined the fair value of the Feather River Reforestation Stream to be $nil as of December 31, 2024.

    Baccala Ranch Reforestation Stream: In March 2025, Mast delivered the Company a notice of termination of the Baccala Ranch Reforestation Stream and the Baccala Ranch project, thereby confirming it will forego any plantings. The Company had not advanced any funds for the Baccala project and the closing of the Baccala Ranch Reforestation Stream remained subject to customary closing conditions.

    Amazon Portfolio Royalty: Following a corporate reorganization, Future Carbon assigned its interests in the Yellow Ipe, ABC Norte and Gairova projects (collectively the “Ecologica Portfolio”) to Ecological Assessoria Ltda. and its affiliates (collectively “Ecologica”), and retained the Rio Madeira Project, (the “Future Carbon Portfolio”). To reflect this restructuring, the Original Amazon Royalty was replaced on April 17, 2024, by two new royalty agreements: one between the Company and Future Carbon for the Future Carbon Portfolio (the “FC Amazon Royalty”), and another between the Company and Ecologica on the Ecologica Portfolio (the “Ecologica Amazon Royalty”). Each agreement carried a purchase price of $1.5 million, maintaining the original $3.0 million investment. No additional funds were advanced by the Company as part of Future Carbon’s reorganization.

    Bonobo Peace Forest Royalty: The royalty agreement was originally intended to convert into a stream agreement upon successful validation and verification of the project. However, due to political instability in the DRC, weakened market sentiment for REDD+ projects, and a significant decline in demand for REDD+ carbon credits, Carbon Streaming decided to halt further investment. The Company currently has no plans to proceed with a stream agreement.

    The project has been seeking additional investment to support a renewed technical effort for registration under the new Verra VM0048 methodology. Given the material uncertainty surrounding fundraising for REDD+ project development, the early-stage nature of the project’s technical development, and persistent weakness in demand for REDD+ carbon credits, the Company has determined the fair value of the Bonobo Peace Forest Royalty to be $nil as at December 31, 2024.

    Strategy

    Carbon Streaming is currently focused on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal. During 2024, the Company has undergone changes to the Board and management, including the termination of certain consulting contracts, which reduced ongoing cash expenditure and streamlined decision-making. The Company continues to focus on its previously announced evaluation of strategic alternatives with a focus on maximizing value for all shareholders. These alternatives could include acquisitions, divestments, corporate transactions, financings, other strategic partnership opportunities or continuing to operate as a public company.

    The Company’s carbon credit streaming agreements are structured to retain a portion of the cash flows from carbon credit sales, with stream-specific retention varying. Project partners typically receive the balance through ongoing delivery payments under the terms of each agreement. Cash flows are subject to fluctuations based on realized carbon credit prices and agreement terms. As the Company continues to evaluate its strategic direction, it remains focused on optimizing portfolio economics and managing exposure to market volatility.

    Outlook

    Carbon Streaming continues to reposition itself for success and for maximizing shareholder value amid ongoing challenges. In May 2024, as part of its ongoing corporate restructuring first initiated in 2023, the Company announced changes to its senior management and Board after constructive discussions with certain shareholders. The Company continues to evaluate strategic alternatives for the business and remains focused on cash flow optimization through the reduction of operating expenses and a reassessment of its existing streams and royalties. Building on the previous measures implemented by the Company to reduce ongoing operating expenses, further steps have been taken in recent months, including significantly reducing employee headcount, renegotiating and amending vendor agreements to lower costs, eliminating cash-settled director’s fees to the Board and terminating certain consulting contracts. As the Company’s broader strategy continues to evolve, these recent steps are expected to result in significant reductions to annualized ongoing operating expenses when compared to 2024.

    While the Company aims to increase cash flow generation through the sale of carbon credits from several streaming agreements over the next year, there remains ongoing uncertainty regarding the evolving nature of carbon markets, including potential registry delays, project-specific issues, and methodology-related risks, in addition to impacts the industry may face as a result of general economic, political and regulatory conditions. In 2024, the Company has recognized a decrease in the fair values of the Rimba Raya Stream, the Magdalena Bay Blue Carbon Stream, the Sustainable Community Stream, and the Sheep Creek Reforestation Stream to $nil as a result of the failure of the respective projects to meet their obligations under the stream agreements and ongoing legal disputes. The Company is actively pursuing all available legal remedies to protect its investments and enforce its contractual rights. Given the multiple ongoing litigation matters, the outcomes remain uncertain and could materially impact the Company’s financial position and strategic direction. Please refer to the “Legal Proceedings” section of the Company’s most recently filed MD&A for further information.

    Given the evolving nature of carbon markets and ongoing legal considerations, Carbon Streaming is focussed on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal.

    For a comprehensive discussion of the risks, assumptions and uncertainties that could impact the Company’s strategy and outlook, including without limitation, changes in demand for carbon credits and Indonesian developments described herein, investors are urged to review the section of the Company’s most recently filed AIF entitled “Risk Factors” a copy of which is available on SEDAR+ at www.sedarplus.ca.

    2024 Results Conference Call Details

    The Company’s management team will host a conference call on Tuesday, April 1, 2025, at 11:00 a.m. ET to provide a brief company update. Participants may join by dialing +1 289-514-5100 or toll free from North America at +1 800-717-1738. A replay of the conference call will be available on the Company website until 11:59 p.m. ET on May 1, 2025.

    About Carbon Streaming

    Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential. This approach aligns our strategic interests with those of project partners to create long-term relationships built on a shared commitment to sustainability and accountability and positions us as a trusted source for buyers seeking high-quality carbon credits.

    ON BEHALF OF THE COMPANY:
    Marin Katusa, Chief Executive Officer
    Tel: 365.607.6095
    info@carbonstreaming.com
    www.carbonstreaming.com

    Investor Relations
    investors@carbonstreaming.com

    Media
    media@carbonstreaming.com

    Non-IFRS Accounting Standards Measures

    Adjusted Net Loss and Adjusted Loss Per Share

    The term “adjusted net loss” in this news release is not a standardized financial measure under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. These non-IFRS Accounting Standards measures should not be considered in isolation or as a substitute for measures of performance, cash flows and financial position as prepared in accordance with the IFRS Accounting Standards. Management believes that these non-IFRS Accounting Standards measures, together with performance measures and measures prepared in accordance with the IFRS Accounting Standards, provide useful information to investors and shareholders in assessing the Company’s liquidity and overall performance.

    Adjusted net loss is calculated as net and comprehensive loss and adjusted for the revaluation of carbon credit streaming and royalty agreements, the revaluation of warrant liabilities, the impairment loss on early deposit interest receivable, the revaluation of derivative liabilities, the revaluation of the convertible note, the impairment loss on investment in associate, the gain on dissolution of associate, and the corporate restructuring which the Company views as having a significant non-cash or non-continuing impact on the Company’s net and comprehensive loss calculation and per share amounts. Adjusted net loss is used by the Company to monitor its results from operations for the period.

    The following table reconciles net and comprehensive (loss) income to adjusted net loss:

      Three months ended 
    December 31, 2024
    		   Three months ended 
    December 31, 2023
    		   Year ended
    December 31, 2024
    		   Year ended
    December 31, 2023
    		  
    Net loss and comprehensive loss $ (16,932)   $ (26,092)   $ (67,369)   $ (35,501)  
    Adjustment for non-continuing or non-cash settled items:        
    Revaluation of carbon credit streaming and royalty agreements   13,190     23,952     58,155     32,897  
    Revaluation of warrant liabilities   (43)     (79)     (642)     (6,530)  
    Impairment of early deposit interest receivable   –     –     307     –  
    Revaluation of derivative liabilities   –     –     (680)     (686)  
    Revaluation of Convertible Note   –     –     –     (558)  
    Revaluation of preferred shares   2,558     –     2,558     –  
    Impairment of investment in associate   –     –     –     1,044  
    Gain on dissolution of associate   –     –     (104)     –  
    Corporate restructuring   343     (6)     2,561     1,748  
    Adjusted net loss   (884)     (2,225)     (5,214)     (7,586)  
    Loss per share (Basic and Diluted) ($/share)   (0.32)     (0.55)     (1.34)     (0.75)  
    Adjusted net loss per share (Basic and Diluted) ($/share)   (0.02)     (0.05)     (0.10)     (0.16)  
                             

    Cautionary Statement Regarding Forward-Looking Information

    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, statements regarding the anticipated impact of changes to the Company’s Board and management; the impact of the Company’s restructuring strategies, including evaluation of strategic alternatives; the ability of the Company to execute on expense reductions and savings from operating cost reduction measures; statements with respect to cash flow optimization and generation; its sales strategy; supporting the Company’s carbon streaming and royalty partners; timing and the amount of future carbon credit generation and emission reductions and removals from the Company’s existing streaming and royalty agreements; statements with respect to the projects in which the Company has streaming and royalty agreements in place; statements with respect to the Company’s growth objectives and potential and its position in the voluntary carbon markets; statements with respect to execution of the Company’s portfolio and partnership strategy; statements with respect to the ongoing legal process to protect the Company’s investment in the Rimba Raya project and to enforce its legal and contractual rights; statements ; and statements regarding the Company’s intention to strictly enforce its legal and contractual rights under the Sustainable Community Stream and the Magdalena Bay Blue Carbon Stream and the Sheep Creek Reforestation Stream.

    When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and environmental, social and governance initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; the Company’s expectations and plans with respect to current litigation, arbitration and regulatory proceedings; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of project value, which may impact the ability of the Company to execute on its growth and diversification strategy; dependence upon key management; impact of corporate restructurings; the inability of the Company to optimize cash flows or sufficiently reduce operating expenses; reputational risk; risks arising from competition and future acquisition activities failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 31, 2025 filed on SEDAR+ at www.sedarplus.ca.

    Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

    The MIL Network –

  • MIL-OSI: Firm Capital Property Trust Reports Q4/2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NAV Growth
    Strong Sequential AFFO Growth
    Declining AFFO Payout Ratio To 100%

    TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — Firm Capital Property Trust (“FCPT” or the “Trust”), (TSX: FCD.UN) is pleased to report its financial results for the three and twelve months ended December 31, 2024.

    PROPERTY PORTFOLIO HIGHLIGHTS
    The portfolio consists of 64 commercial properties with a total gross leasable area (“GLA”) of 2,514,580 square feet, five multi-residential complexes comprised of 599 units and four Manufactured Home Communities comprised of 537 units. The portfolio is well diversified and defensive in terms of geographies and property asset types, with 49% of NOI (43% of asset value) comprised of grocery anchored retail followed by industrial at 28% of NOI (30% of asset value). In addition, the portfolio is well diversified in terms of geographies with 38% of NOI (40% of asset value) comprised of assets located in Ontario, followed by Quebec at 38% of NOI (33% of asset value).

    TENANT DIVERSIFICATION
    The portfolio is well diversified by tenant profile with no tenant currently accounting for more than 13.0% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 32.4% of total net rent.

    MANAGEABLE MORTGAGE MATURITY PROFILE GOING INTO 2025 AND 2026
    The Trust was able to refinance or repay in full all 2024 mortgage maturities. Going forward, the Trust has only $13.2 million and $41.9 million or 4.3% and 13.8% of its total outstanding mortgages coming due in 2025 and 2026, respectively. Senior management is currently in active discussions with its lenders regarding the 2025 maturities and does not anticipate any refinancing issues to occur.

    Q4/2024 HIGHLIGHTS

    Key highlights for the three months ended December 31, 2024 are as follows:

    • Adjusted Funds From Operations (“AFFO”) was approximately $4.8 million, 1% higher than the same period in 2023;
    • AFFO per Unit for Q4/2024 increased by 2% to $0.130 over Q4/2023.
    • AFFO Payout ratio decreased to 100% for Q4/2024 from 101% over the same period in 2023;
    • Net income was approximately $5.8 million, compared to income of $6.8 million recorded for the same period in 2023;
    • $7.83 Net Asset Value (“NAV”) per Unit, a 5% increase from Q4/2023;
    • Net Operating Income (“NOI”) was approximately $10.0 million, a 5% increase from the same period in 2023;
    • Same Property NOI increased 4% over Q4/2023;
    • Commercial occupancy was 94.5%, Multi-Residential occupancy was 95.3% while Manufactured Homes Communities occupancy was 100.0%;
    • Conservative leverage profile with Debt / Gross Book Value (“GBV”) at 51.0%; and
    • The Trust declared and approved monthly distributions in the amount of $0.0433 per Trust Unit for Unitholders of record on April 30, 2025, May 30, 2025 and June 30, 2025, payable on or about May 15, 2025, June 16, 2025 and July 15, 2025, respectively.

    See chart below for additional information:

      Three Months   Twelve Months Ended
      Dec 31, 2024 Dec 31, 2023 Change   Dec 31, 2024 Dec 31, 2023 Change
    Rental Revenue $ 15,587,337 $ 14,544,449 7%   $ 60,576,995 $ 57,508,091 5%
    NOI – IFRS Basis 9,957,731 9,451,214 5.4%   38,576,870 36,727,491 5%
    NOI – Cash Basis 9,865,803 9,459,501 4.3%   38,700,828 36,597,428 6%
    Same-Property NOI 9,769,693 9,439,040 4%   38,753,444 36,539,608 6%
    Net Income 5,754,200 6,809,718 (16%)   33,886,990 15,367,821 121%
    FFO 5,272,271 5,253,312 0%   19,320,579 18,627,450 4%
    AFFO 4,805,695 4,739,112 1%   18,636,734 16,700,144 12%
                   
    Total Assets         $ 651,949,269 $ 637,378,171 2%
    Total Mortgages         304,819,251 303,792,112 0%
    Credit Facility         27,700,000 31,300,000 (12%)
                   
    Unitholders’ Equity         306,379,896 291,692,787 5%
    Units Outstanding (000s)         36,926 36,926 (0%)
                   
    FFO Per Unit $0.143 $0.142 1%   $0.523 $0.504 4%
    AFFO Per Unit $0.130 $0.128 2%   $0.505 $0.452 12%
    Distributions Per Unit $0.130 $0.130 0%   $0.520 $0.520 (0%)
                   
    FFO Payout Ratio 91% 91%     99% 103% (362) bps
    AFFO Payout Ratio 100% 101%     103% 115% (1,198) bps
    Wtd. Avg. Int. Rate – Mort. Debt         4.2% 3.7% 50 bps
    Debt to GBV         51% 53% (200) bps
                   
    GLA – Commercial, SF         2,514,580 2,553,184 (2%)
    Units – Multi-Res         599 599 0%
    Units – MHCs         537 537 0%
                   
    Occupancy – Commercial         94.5% 96.5% (200) bps
    Occupancy – Multi-Res         95.3% 96.9% (160) bps
    Occupancy MHCs         100.0% 100.0% 0 bps
                   
    Rent PSF – Retail         $18.84 $18.81 0%
    Rent PSF – Industrial         $9.12 $8.16 12%
    Rent per month – Multi-Res         $1,604 $1,405 14%
    Rent per month – MHCs         $671 $612 10%
                   

    For the complete financial statements, Management’s Discussion & Analysis and supplementary information, please visit www.sedar.com or the Trust’s website at www.firmcapital.com

    DISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLAN
    The Trust has in place a Distribution Reinvestment Plan (“DRIP”) and Unit Purchase Plan (the “UPP”). Under the terms of the DRIP, FCPT’s Unitholders may elect to automatically reinvest all or a portion of their regular monthly distributions in additional Units, without incurring brokerage fees or commissions. Under the terms of the UPP, FCPT’s Unitholders may purchase a minimum of $1,000 of Units per month and maximum purchases of up to $12,000 per annum. Management and trustees have not participated in the DRIP or UPP to date and own or control approximately 10% of the issued and outstanding trust units of the Trust.

    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 may contain forward-looking statements. 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. 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.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the Firm Capital Property Trust have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.

    Certain financial information presented in this press release reflect certain non- International Financial Reporting Standards (“IFRS”) financial measures, which include NOI, Same Store NOI, FFO and AFFO. These measures are commonly used by real estate investment entities as useful metrics for measuring performance and cash flows, however, they do not have standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other real estate investment entities. These terms are defined in the Trust’s Management Discussion and Analysis (“MD&A”) for the year ended December 31, 2024 as filed on www.sedar.com.

    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 –

  • MIL-OSI: Brookfield Business Corporation Completes 2024 Annual Filings

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, NEWS, March 31, 2025 (GLOBE NEWSWIRE) — Brookfield Business Corporation (NYSE, TSX: BBUC) today announced that it has filed its 2024 annual report on Form 20-F, including its audited financial statements for the year ended December 31, 2024, with the SEC on EDGAR as well as with the Canadian securities authorities on SEDAR+. These documents are also available on our website at https://bbu.brookfield.com/bbuc in the Reports & Filings section and a hard copy will be provided to shareholders free of charge upon request.

    Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

    Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

    Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR, and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please contact:

    The MIL Network –

  • MIL-OSI: LPL Financial Announces Pricing of Its Common Stock Offering

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, March 31, 2025 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (NASDAQ: LPLA) (together with its subsidiaries, including LPL Financial LLC, “LPL Financial” or “LPL”) today announced the pricing of an underwritten public offering of 4,687,500 shares of its common stock at a price to the public of $320.00 per share. LPL also granted the underwriters a 30-day option to purchase up to an additional 703,125 shares of its common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on April 2, 2025, subject to satisfaction of customary closing conditions.

    Morgan Stanley & Co. LLC is acting as sole active book-running manager for the offering. BofA Securities, Inc., Citigroup, Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC, BTIG, LLC and Truist Securities, Inc. are acting as joint book-running managers for the offering. M&T Securities, Inc., Capital One Securities, Inc., Huntington Securities, Inc., Barclays Capital Inc., CIBC Capital Markets, Wolfe | Nomura Alliance, Keefe, Bruyette & Woods, A Stifel Company, Rothschild & Co US Inc., William Blair & Company, L.L.C., Academy Securities, Inc. and Samuel A. Ramirez & Company, Inc. are acting as co-managers for the offering.

    LPL intends to use the net proceeds of this offering to fund a portion of the cash consideration payable in connection with its previously announced proposed acquisition of Commonwealth Financial Network (the “Transaction”) and, to the extent that any proceeds remain thereafter, or if the Transaction is not completed, for general corporate purposes. In addition to the net proceeds from this offering, LPL expects to use available cash and other borrowings to fund the purchase price for the Transaction.

    The securities described above are being offered by LPL pursuant to its shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (the “SEC”), which became effective on March 25, 2025. A preliminary prospectus supplement and accompanying prospectus relating to the proposed offering has been filed with the SEC and a final prospectus supplement relating to the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Copies of the preliminary prospectus supplement, the final prospectus supplement and accompanying prospectus relating to the proposed offering may also be obtained, when available, from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or email: prospectus@morganstanley.com. Before you invest, you should read the prospectus in the shelf registration statement and the prospectus supplement for more complete information about LPL and the offering.

    This press release is neither an offer to sell nor a solicitation of an offer to buy any of the common stock or any other security of LPL, nor shall there be any sale of the common stock in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    “Wolfe | Nomura Alliance” is the marketing name used by Wolfe Research Securities and Nomura Securities International, Inc. in connection with certain equity capital markets activities conducted jointly by the firms. Both Nomura Securities International, Inc. and WR Securities, LLC are serving as underwriters in the offering described herein. In addition, WR Securities, LLC and certain of its affiliates may provide sales support services, investor feedback, investor education, and/or other independent equity research services in connection with this offering.

    About LPL Financial
    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 Financial Advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that Advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses.

    Securities and advisory services offered through LPL Financial LLC, a registered investment advisor and broker-dealer, member FINRA/SIPC.

    Throughout this communication, the terms “Financial Advisors” and “Advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC.

    Forward-Looking Statements
    Certain of the statements included in this release, such as those regarding the timing of completion of the offering and the anticipated use of proceeds therefrom, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Applicable risks and uncertainties include those related to market conditions and satisfaction of customary closing conditions related to the proposed public offering. There can be no assurance that we will be able to complete the public offering on the anticipated terms, or at all. Certain additional important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements can be found in the “Risk Factors” section included in LPL Financial’s most recent Annual Report on Form 10-K. Except as required by law, LPL Financial does not undertake to update any particular forward-looking statement included in this document as a result of developments occurring after the date of this press release.

    Contacts

    LPL Media Relations
    media.relations@lplfinancial.com

    LPL Investor Relations
    investor.relations@lplfinancial.com

    The MIL Network –

  • MIL-OSI: Picus Security Announces Recognition in Gartner® Market Guide for Adversarial Exposure Validation

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, March 31, 2025 (GLOBE NEWSWIRE) — Picus Security, the leading security validation company, today announced that it has been named a Representative Vendor in the Gartner® Market Guide for Adversarial Exposure Validation (AEV). The AEV category includes technology that validates vulnerabilities and identifies techniques that allow adversaries to exploit an organization. This research helps security and risk management leaders understand the key use cases of adversarial exposure validation and navigate the AEV solution market.

    The AEV market category brings breach and attack simulation (BAS), automated penetration testing and red teaming technologies together, three categories that were previously separate in the Gartner® Hype Cycle™ for Security Operations. Gartner states that by “2027, 40% of organizations will have adopted formal exposure validation initiatives, most relying on AEV technologies and managed service providers for maturity and consistency.”

    The Picus Security Validation Platform enables organizations to simulate real-world attack scenarios, providing continuous, automated validation of exploitable exposures while assessing the effectiveness of security controls. By emulating adversarial tactics, techniques and procedures (TTPs), Picus assists security teams in identifying critical vulnerabilities, prioritizing remediation efforts and enhancing overall security posture without increasing the skill level required by security defense teams.

    “The flood of analyst inquiries proves that organizations want to validate threat exposures through real-world attack scenarios to justify security investments and prioritize vulnerabilities,” said Picus Security co-founder and CTO Volkan Ertürk. “Organizations have too many vulnerabilities that are disconnected from their security controls and context. The Picus platform uniquely provides evidence-based exposure prioritization and validation, derisking critical vulnerabilities that are not truly exploitable, so security teams can focus on what matters the most.”

    After a comprehensive review of the Gartner Market Guide for Adversarial Exposure Validation, Picus Security found:

    • AEV solutions help organizations strengthen defenses, prioritize vulnerabilities and improve readiness for real-world attacks.
    • The AEV market is rapidly evolving, with vendors offering both specialized and comprehensive capabilities to address diverse security validation needs.
    • AEV technology reduces complexity and lowers the skills barrier required for offensive testing.
    • Integration and automation capabilities within AEV solutions streamline security operations, enhance collaboration among teams and improve the precision and effectiveness of security testing.

    To learn more, download the Gartner® Market Guide for Adversarial Exposure Validation or read our recent blog on how AEV is a force multiplier.

    About Gartner®
    GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

    Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

    About Picus Security 
    Picus Security, the leading security validation company, gives organizations a clear picture of their cyber risk based on business context. Picus transforms security practices by correlating, prioritizing and validating exposures across siloed findings so teams can focus on critical gaps and high-impact fixes. With Picus, security teams can quickly take action with one-click mitigations to stop more threats with less effort. Offering Adversarial Exposure Validation with Breach and Attack Simulation and Automated Penetration Testing working together for greater outcomes Picus delivers award-winning, threat-centric technology that allows teams to pinpoint fixes worth pursuing.

    Follow Picus Security on X and LinkedIn.

    Contact
    Jennifer Tanner
    Look Left Marketing
    picus@lookleftmarketing.com

    The MIL Network –

  • MIL-OSI: ICR assigns Positive Outlook to Banco Itaú Chile’s Risk Rating

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, March 31, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) – – ICR has assigned a “Positive” outlook to Banco Itaú Chile’s risk rating, reflecting consistent improvements across key financial indicators, such as asset quality, profitability, solvency, funding, matching, and liquidity. Despite the ongoing challenging economic environment, the bank continues to demonstrate strong performance and resilience in these metrics.

    Additionally, ICR reaffirms Banco Itaú Chile’s solvency and long-term instruments at the AA+ rating, subordinated bonds and related series at the AA rating, and short-term instruments at the N1+ rating. The outlook has been revised from “Stable” to “Positive.”

    For detailed information, please visit Banco Itaú Chile’s Investor Relations website at ir.itau.cl.

    Investor Relations – Banco Itaú Chile
    IR@itau.cl | ir.itau.cl

    The MIL Network –

  • MIL-OSI: Banco Itaú Chile attains prestigious AAA rating from Feller Rate, highlighting exceptional financial strength

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, March 31, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) – Banco Itaú Chile proudly announces that Feller Rate has upgraded its solvency rating from “AA+” to the highest level of “AAA,” accompanied by a “Stable” outlook. This significant achievement also extends to the bank’s debt instruments, underscoring Banco Itaú Chile’s robust financial health and stability.

    This upgrade reflects Banco Itaú Chile’s prominent position within the banking sector, demonstrating a strengthened and sustainable financial profile closely aligned with industry benchmarks.

    For detailed information, please visit Banco Itaú Chile’s Investor Relations website at ir.itau.cl.

    Investor Relations – Banco Itaú Chile
    IR@itau.cl | ir.itau.cl

    The MIL Network –

  • MIL-OSI: Prospera Energy Announces Monthly Operations Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 31, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera“, “PEI” or the “Corporation“)

    Prospera Energy remains committed to providing stakeholders with transparent, timely, and data-driven updates on operational performance and field developments. This monthly report delivers key insights into the company’s production trends, optimization initiatives, and strategic advancements. All production figures represent the Company’s gross sales, reported in accordance with NI 51-101 and applicable industry standards.

    Production averaged 773 boe/d (93% oil) from March 1st-28th, with production peaking on March 27th at 881 boe/d (93% oil), despite continued winter conditions. Following the pipeline cutout failure analysis and third-party engineering review that was completed in February, conclusions from these evaluations have been incorporated into Prospera’s field-wide development strategy, as well as its abandonment, reclamation, and turnaround initiatives. This has led to temporary suspension of an injection line in Cuthbert in preparation for injection line replacements after spring break-up, which impacted production by ~105 barrels/day for the entirety of March. It is worth noting that these production numbers do not include the recent acquisition of White Tundra Petroleum.

    WCS differentials are trading in record-low territory with certain summer months at less than $10 USD/bbl. With Prospera’s production base consisting of primarily heavy oil, this additional revenue and cash flow adds to the corporation’s ability to maximize netback and reallocate capital into further projects.

    The company completed its Hearts Hill workover program with sixteen wells completed and now online, achieving capital efficiency of less than $5,000 per boe/d. Production continues rising consistently with March 27th at 241 boe/d (88% oil) and oil cuts improving after load fluid recovery and with speedups. The company will monitor these wells and overall pool waterflood performance over spring break-up after which the next phase of workovers will be planned. Additionally, a pipeline upgrade project is underway which will open access to two further water injectors, adding 250 m3/d of injection capacity and further optimizing the waterflood.

    The company’s high-impact Luseland workover program is also complete, with nine out of eleven completed wells now online. These wells were previously inactive due to lower commodity prices, lack of operational focus, limited capital availability by past operators, and outdated heavy oil downhole technology, which has since seen a step change during this timeframe and can now be leveraged by Prospera. All nine wells have started producing oil with four wells now producing at close to 100% oil cut displaying exceptional reservoir performance and aiding in bringing sand up the wellbore which further increases near-wellbore permeability. The remaining two wells are under surface equipment build and tie-in, and are expected to be online by April 5th. Furthermore, bringing these wells online converts wells previously labeled as NRA (No-reserves associated) with only ARO (Asset Retirements Obligations) associated with them, into active producing wells with significant PDP reserves and cash flow associated.

    In Brooks, the company has further accelerated well production by increasing fluid level drawdown, implementing casing gas compression to alleviate pressure on the reservoir, and enhanced wax and scale mitigation strategies. These efforts have led to increased production, with additional optimization capacity available on these fronts. Preparatory work in Brooks is ongoing, including evaluations of acid fracs versus cross-linked gel fracs and the most effective matrix stimulation techniques for the Pekisko wells. AFE’s have been finalized for various projects and are ready to be capitalized as part of the company’s development plans.

    Prospera continues to make meaningful progress in addressing regulatory non-compliances. AER non-compliances have been fully addressed—down 100% from 16 to zero. MER non-compliances have also decreased significantly in Q1, dropping 37% with further major progress expected in Q2. These improvements reflect Prospera’s continued commitment to responsible and compliant resource development.

    Given the scope of activity performed in Q1 and expected go-forward production increase activities, Prospera has committed to quarterly reserve report updates which grow both the company’s net asset value and lending capacity. These will be released along with the company’s quarterly results.

    The corporation has also further strengthened its business structure, with a governance committee formed at the board level and a disclosure committee at the employee level. A governance committee plays a crucial role in ensuring a corporation operates ethically, transparently, and in compliance with legal and regulatory standards. By establishing clear policies and overseeing corporate practices, the committee helps to maintain accountability at all levels of the organization. It ensures that the board of directors is effective, and it provides guidance on risk management, strategy, and decision-making. This oversight not only enhances the company’s reputation and long-term success but also fosters trust among investors, stakeholders, and employees.

    About Prospera

    Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.

    Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera’s working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting.

    For Further Information:

    Shawn Mehler, PR
    Email: investors@prosperaenergy.com

    Chris Ludtke, CFO
    Email: cludtke@prosperaenergy.com

    Shubham Garg, Chairman of the Board
    Email: sgarg@prosperaenergy.com

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, 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.

    Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    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 Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and 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 Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

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

    The MIL Network –

  • MIL-OSI: LLumin CMMS+ Achieves “Sage Intacct Recommended” Status for Delivering Seamless Maintenance and Financial Integration

    Source: GlobeNewswire (MIL-OSI)

    SPRINGFIELD, Mass., March 31, 2025 (GLOBE NEWSWIRE) — LLumin, the leading CMMS (computerized maintenance management system) provider, announces the integration of its best-of-breed asset maintenance software with Sage Intacct, the powerful cloud financial management system and trusted software provider for small and mid-sized businesses (SMBs) in industrial manufacturing and automation. Having joined the Sage ERP Partner Ecosystem, LLumin’s CMMS+ integration with Sage Intacct has earned “Sage Recommended” status and secured a new member listing on the Sage Intacct Marketplace.

    “Achieving a single source of truth is crucial for any organization, especially manufacturers striving for peak operational efficiency. The integration of LLumin CMMS+ with Sage Intacct, including our newest AI-powered features, provides manufacturers with a unified platform that eliminates data silos and enables informed, data-driven decision-making, resulting in improved maintenance and asset management,” stated Dan Miller, EVP Financials and ERP Division at Sage.

    This robust integration allows for a seamless flow of information between maintenance and finance, including intelligent time tracking and financial oversight. The software’s versatility makes it ideal for managing a wider range of assets, including facilities, fleets, and infrastructure.

    “This integration isn’t just about fixing problems; it’s about preventing them. LLumin CMMS+ and Sage Intacct together enable manufacturers to proactively manage assets, minimize disruptions, and gain a decisive operations competitive edge, all while optimizing their financial performance,” said Ed Garibian, LLumin CEO.said Ed Garibian, LLumin CEO.

    The powerful rule-based workflows and automated work order generation in CMMS+, provides manufacturers the right approach to optimize maintenance operations, reduce downtime, and extend asset life. The CMMS + integration with Sage Intacct delivers a seamless connection between maintenance operations and financial records, providing such significant benefits to customers as:

    • Streamlined Spare Parts Management: Leverage LLumin’s best-in-class spare parts inventory and procurement capabilities to ensure accurate stock levels and timely reordering.
    • Elimination of Duplicate Data Entry: Automatically sync invoices for spare parts between LLumin CMMS+ and Sage Intacct, reducing manual input and minimizing errors.
    • Improved Financial Accuracy: Ensure consistency between maintenance operations and financial records by seamlessly integrating procurement data with Sage Intacct’s accounting system.
    • Enhanced Efficiency: Save time and resources by automating workflows between maintenance and finance teams, improving overall operational productivity.

    For more information about LLumin CMMS+ and its integration with Sage Intacct, please visit LLumin.com.

    About Sage

    Sage exists to knock down barriers so everyone can thrive, starting with the millions of Small and Mid-Sized Businesses served by us, our partners and accountants. Customers trust our finance, HR and payroll software to make work and money flow. By digitizing business processes and relationships with customers, suppliers, employees, banks and governments, our digital network connects SMBs, removing friction and delivering insights. Knocking down barriers also means we use our time, technology and experience to tackle digital inequality, economic inequality and the climate crisis. For more information, visit Sage.

    About LLumin:

    The team at LLumin possesses decades of experience in the CMMS software industry, managing fleet, facilities, and industrial machinery for all industries. Having developed CMMS+ as a IOT and Industry 4.0 first Asset Performance and Maintenance Management solution suite, the software delivers ROI by improving Asset Uptime and OEE levels, lowering MTTR metrics, and extending the life of asset lifecycles. For more information, visit LLumin.com.

    Media Contact:

    Valerie Harding,
    Ripple Effect Communications
    Email: valerie@RippleEffectPR.com
    Tel: 617-536-8887

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09466f8f-7b16-4899-8101-07868790dd6c

    The MIL Network –

  • MIL-OSI: LeddarTech to Demonstrate Advanced ADAS Sensor Fusion and Perception Solutions at Auto Shanghai 2025

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, April 01, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-powered low-level sensor fusion and perception software technology, LeddarVision™, for ADAS, AD and parking applications, announces its participation at Auto Shanghai 2025, taking place from April 23 to May 2, 2025.

    LeddarTech will be exhibiting at Booth # 1BG040 in Hall 1.2, where its team will engage with customers and industry partners to discuss its latest advancements in sensor fusion and perception technology. Attendees will also have the chance to take a live demonstration ride in the LeddarNavigator, LeddarTech’s demo vehicle equipped with LeddarVision. This AI-driven low-level sensor fusion software enhances object detection, improves situational awareness and optimizes driving automation. The demo ride offers a firsthand experience of how LeddarVision enhances ADAS performance and vehicle safety in real-world scenarios.

    At Auto Shanghai 2025, LeddarTech will showcase its latest low-level sensor fusion innovations, powered by the Texas Instruments (TI) TDA4 processor platform. LeddarTech and TI’s collaboration optimizes performance and cost, addressing key challenges in the Chinese automotive market, such as the development of “see-through” perception solutions and efficient 5V5R sensor configurations for highway “Navigate on Autopilot” (NoA) applications.

    “China is one of the fastest-growing markets for ADAS and AD technology, and we are excited to showcase how LeddarTech’s scalable and cost-efficient perception solutions help OEMs and Tier 1 suppliers achieve enhanced safety and driving intelligence,” said Clive Szeto, Senior Director of Sales and Business Development, Asia at LeddarTech. “Our collaboration with Texas Instruments and our industry-leading low-level sensor fusion technology make LeddarTech a key enabler of next-generation ADAS solutions in China and beyond.”

    Join us at Auto Shanghai 2025 to experience the future of ADAS technology firsthand. Visit LeddarTech at Booth #1BG040, schedule a meeting with our team or learn more on LeddarTech’s website.

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 170 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market; (ii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iii) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (iv) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (v) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vi) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (vii) changes in general economic and/or industry-specific conditions; (viii) our ability to retain, attract and hire key personnel; (ix) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (x) legislative, regulatory and economic developments; (xi) the outcome of any known and unknown litigation and regulatory proceedings; (xii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiii) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Maram Fityani, Media and Public Relations, LeddarTech Holdings Inc.
    Tel.: + 1-418-653-9000 ext. 623, maram.fityani@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    The MIL Network –

  • MIL-OSI: Siddhi Acquisition Corp. Announces Pricing of Upsized $240 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) — Siddhi Acquisition Corp. (“Siddhi Acquisition” or the “Company”) announced today that it priced its upsized initial public offering of 24,000,000 units at $10.00 per unit. The units will be listed on The Nasdaq Global Market (“Nasdaq”) and trade under the ticker symbol “SDHIU” beginning April 1, 2025. Each unit consists of one Class A ordinary share and one right entitling the holder thereof to receive one tenth of one Class A ordinary share upon the consummation of an initial business combination. The Class A ordinary shares and rights comprising the units are expected to begin separate trading no later than the 52nd day following this date. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on Nasdaq under the symbols “SDHI” and “SDHIR”, respectively.

    Santander is acting as sole book-running manager. The Company has granted the underwriter a 45-day option to purchase up to an additional 3,600,000 units at the initial public offering price to cover over-allotments, if any.

    The offering was made by means of a prospectus. Copies of the prospectus may be obtained from Santander US Capital Markets LLC, 437 Madison Avenue, New York, NY 10022, Attention: ECM Syndicate, by email at equity-syndicate@santander.us, or by telephone at 833-818-1602.

    A registration statement relating to the securities became effective on March 31, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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. The offering is expected to close on April 2, 2025, subject to customary closing conditions.

    About Siddhi Acquisition Corp.

    The Company is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination target in any industry or geographical location, the Company currently intends to concentrate efforts in identifying high growth businesses that are positioned to take advantage of major secular trends in their industry and are well-positioned for the public markets.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s preliminary prospectus for the Company’s offering filed with the U.S. Securities and Exchange Commission (the “SEC”). Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Investor Contact:

    Sam Potter
    sam@siddhiacquisition.com
    +1 347-316-8312

    The MIL Network –

  • MIL-OSI: Driver Notifies Atea Pharmaceuticals of Withdrawal of Notice of Nomination

    Source: GlobeNewswire (MIL-OSI)

    States Change in Board Composition Sorely Needed

    Expresses Support for Radoff-JEC Group Nominees

    STAMFORD, Texas, March 31, 2025 (GLOBE NEWSWIRE) — Driver Management Company LLC (“Driver”) today delivered a letter to Atea Pharmaceuticals, Inc. (“Atea” or the “Company”) withdrawing a notice of nomination delivered to the Company on March 19, 2025 in order not to compete against the highly qualified candidates nominated for election to the Company’s board of directors (the “Board”) by Bradley L. Radoff and Michael Torok (together with certain of their affiliates, the “Radoff-JEC Group”). In the letter, Driver expresses its view that change in the composition of the Board is sorely needed to ensure that potential strategic opportunities are evaluated based on what is best for Atea’s stockholders, not its management or directors. In addition, Driver informed the Company that it would fully support the election of the Radoff-JEC Group’s nominees at the Company’s 2025 annual meeting of stockholders.

    A copy of Driver’s letter is set forth below:

    *        *        *

    March 31, 2025

    Atea Pharmaceuticals, Inc.
    225 Franklin Street, Suite 2100
    Boston, MA 02110
    Attn: Andrea Corcoran, Chief Financial Officer, Executive Vice President, and Secretary

    Re:        Withdrawal of Notice of Nomination

    Dear Ms. Corcoran:

    As you are aware, by letter dated March 19, 2025, Driver Opportunity Partners III LP (“Driver”) delivered a notice (the “Notice of Nomination”) of its intention to nominate the undersigned for election to the board of directors (the “Board”) of Atea Pharmaceuticals Inc., (“Atea” or the “Company”) at Atea’s 2025 annual meeting (the “Annual Meeting”) of stockholders.

    Driver’s determination to deliver the Notice of Nomination was informed, in large part, by its concern that the Board does not understand that $5.75 is greater than $3.70.

    By way of context, on May 22, 2023, an affiliate of Tang Capital Partners, LP (“Tang”) made an offer (the “Tang Offer”) to acquire all the outstanding shares of Atea’s common stock for $5.75 per share in cash plus a contingent value right (a “CVR”) representing the right to receive 80% of the net proceeds payable from any license or disposition of Atea’s programs. The closing price per share of Atea’s common stock on May 19, 2023, the last trading day immediately preceding the date of the Tang Offer, was $3.70 per share. On May 30, 2023, the Board “unanimously rejected” the Tang Proposal, having concluded that the Tang Proposal “fundamentally undervalues the Company and [was] not in the best interests of Atea or its stockholders.” Today’s closing price per share of Atea’s common stock was $2.93.

    While the Tang Proposal may or may not have resulted in a transaction that would have delivered consideration to Atea’s stockholders of $5.75 per share plus a CVR, the speed with which the Board rejected the Tang Proposal, as well as its inability to demonstrate (at least as measured by the trading price for Atea’s common stock) that the Tang Proposal “undervalued” the Company or was “not in the best interests of Atea or its stockholders, is deeply concerning to Driver as a stockholder.” Specifically, Driver is concerned that the Board’s summary rejection of the Tang Proposal was not based on what was in the best interests of Atea’s stockholder, but what was in the best interests of Atea’s management and directors, particularly given the Company’s lavish compensation of directors (averaging to $333,099 for the year 2023) and its Chief Executive Officer (total compensation of $5,925,790 for the year 2023).

    Driver firmly believes that change in the composition of the Board is sorely needed to ensure that any potential strategic opportunities are evaluated based on what is best for stockholders, not the Company’s management and directors.

    Subsequent to Driver’s delivery of the Notice of Nomination to the Company, a stockholder group including Bradley Radoff and Michael Torok (together with certain of their affiliates, the “Radoff-JEC Group”) announced that it had notified the Company of its intent to nominate three candidates for election to the Board at the Annual Meeting. Rather than compete with the Radoff-JEC Group’s nominees for proxy votes that would have the effect of removing one of the incumbent directors from the Board, Driver has determined to withdraw the Notice of Nomination, with such withdrawal evidenced by this letter, and express its full support for the Radoff-JEC Group’s nominees.

    Based on the Open Letter issued to Atea stockholders by the Radoff-JEC Group on March 26, 2025, Driver has every confidence that the Radoff-JEC Group’s nominees will ensure that any review of strategic opportunities will be based on what is in the best interests of Atea’s stockholders, not its management or Board.

    More to the point, Driver believes that the Radoff-JEC Group’s nominees understand that $5.75 is greater than $3.70.

    Regards,

    Driver Management Company LLC

    The MIL Network –

  • MIL-OSI: Gevo to Participate in Virtual Investor Meeting

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD, Colo, March 31, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”), a leading developer of cost effective, renewable hydrocarbon fuels and chemicals with reduced greenhouse gas emissions, announced today that Eric Frey, Gevo’s Vice President of Corporate Development, will participate in a Renmark Virtual Non-Deal Roadshow Series on Tuesday, April 1st at 10:00am ET. 

    Investors and other persons interested in participating in the event must register using the link below.

    Registration Link: https://www.renmarkfinancial.com/live-registration/renmark-virtual-non-deal-roadshow-nasdaq-gevo-yVFS8U3kU-

    About Gevo

    Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including synthetic aviation fuel (“SAF”), motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent carbon capture and sequestration (“CCS”) facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo’s market-driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

    For more information, see www.gevo.com.

    Media Contact
    Heather Manuel
    Vice President of Stakeholder Engagement & Partnerships
    PR@gevo.com

    Investor Contact
    Eric Frey, PhD
    Vice President of Corporate Development
    IR@Gevo.com

    The MIL Network –

  • MIL-OSI: QCI’s Andrew Cardno to Speak on “Predicting the Future: How AI & Analytics Will Revolutionize Tribal Gaming” at the Indian Gaming Association Trade Show

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Calif., March 31, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI) is pleased to announce that Andrew Cardno, Chief Technology & Growth Officer (CTO) at QCI, will be presenting at the Indian Gaming Association Trade Show on April 3rd at noon in San Diego, California. His session, titled “Predicting the Future: How AI & Analytics Will Revolutionize Tribal Gaming,” will delve into how artificial intelligence and data analytics are rapidly transforming the gaming industry, particularly within tribal gaming operations.

    Session Description

    AI and data analytics are transforming the gaming industry, offering powerful tools to predict player behavior, optimize operations, and enhance engagement. This session explores how tribal gaming can harness AI-driven insights while balancing innovation with privacy and cultural identity. Attendees will learn how predictive analytics will shape the future of iGaming, sports betting, and casino operations.

    Key Discussion Points

    • How AI-driven insights are reshaping tribal gaming operations
    • Leveraging predictive analytics for player retention, engagement, and profitability
    • Balancing innovative technologies with cultural identity and privacy concerns
    • Future projections for iGaming, sports betting, and casino operations

    Expert Insights

    “Tribal gaming stands on the precipice of unprecedented transformation through AI and analytics,” said Andrew Cardno, CTGO of QCI. “We look forward to showcasing how predictive modeling and data-driven insights can help tribal gaming enterprises remain competitive while preserving their cultural heritage.”

    “We are thrilled to have Andrew Cardno share QCI’s forward-thinking approach at our trade show,” said Victor Rocha, Conference Chair for the Indian Gaming Association. “His expertise in AI, analytics, and the tribal gaming market will provide an invaluable perspective to operators, regulators, and stakeholders alike.”

    For more information on Andrew Cardno’s session or to register for the Indian Gaming Association Trade Show, visit www.indiangaming.org

    ABOUT The 2025 Indian Gaming Tradeshow and Convention
    As the premier events for the tribal gaming community, the Indian Gaming Tradeshow & Convention and Mid-Year Conference & Expo deliver the insight and strategies you need to rise to the top of the competitive gaming industry landscape. There’s no better opportunity to meet industry leaders, access cutting-edge trends and celebrate a proud tradition of success. For more information visit: www.indiangamingtradeshow.com.

    ABOUT QCI
    Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and Europe. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

    ABOUT Andrew Cardno
    Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

    ABOUT Victor Rocha
    Victor Rocha holds the distinguished position of Conference Chairman for the Indian Gaming Association, while also leading Victor-Strategies as its president. As the owner and publisher of Pechanga.net, he has been deeply engaged in the political landscape of U.S. tribal gaming since 1998. Rocha’s outstanding contributions to the industry have been recognized through numerous accolades, such as AGEM’s 2023 Peter Mead Memorial Award Honoring Excellence in Gaming Media & Communication, the National Center for American Indian Enterprise Development’s 2015 Tribal Gaming Visionary Award, the American Gaming Association’s 2013 Lifetime Achievement Award for Gaming Communications, Raving’s 2012 Casino Marketing Lifetime Achievement Award, the National Indian Gaming Association’s 2002 Outstanding Contribution to Indian Country, VCAT’s 2001 Catalyst Award, and Global Gaming Business Magazine’s 2000 “40 Under 40” list.

    Contact:
    Laurel Kay, Quick Custom Intelligence
    Phone: 858-349-8354

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Urges Stockholders of AMPY, HEES, AVTE, TGI to Act Now

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) —

    Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Amplify Energy Corp. (NYSE: AMPY), relating to the proposed merger with Juniper Capital. Under the terms of the agreement, Amplify shareholders will retain approximately 61% of Amplify’s outstanding equity.

    ACT NOW. The Shareholder Vote is scheduled for April 14, 2025.

    Click here for more https://monteverdelaw.com/case/amplify-energy-corp-ampy/. It is free and there is no cost or obligation to you.

    • H&E Equipment Services, Inc. (NASDAQ: HEES), relating to the proposed merger with Herc Holdings Inc. Under the terms of the agreement, H&E shareholders will receive $78.75 in cash and 0.1287 shares of Herc common stock for each share they own. H&E’s shareholders will own approximately 14.1% of the combined company.

    ACT NOW. The Tender Offer expires on April 15, 2025.

    Click here for more https://monteverdelaw.com/case/he-equipment-services-inc-hees/. It is free and there is no cost or obligation to you.

    • Aerovate Therapeutics, Inc. (NASDAQ: AVTE), relating to a proposed merger with Jade Biosciences. Under the terms of the agreement, pre-merger Aerovate stockholders are expected to own approximately 1.6% of the combined company, while pre-merger Jade stockholders are expected to own approximately 98.4% of the combined entity.

    ACT NOW. The Shareholder Vote is scheduled for April 16, 2025.

    Click here for more information https://monteverdelaw.com/case/aerovate-therapeutics-inc-avte/. It is free and there is no cost or obligation to you.

    • Triumph Group, Inc. (NYSE: TGI), relating to the proposed merger with Warburg Pincus and Berkshire Partners. Under the terms of the agreement, shareholders of Triumph will receive $26.00 per share in cash.

    ACT NOW. The Shareholder Vote is scheduled for April 16, 2025.

    Click here for more https://monteverdelaw.com/case/triumph-group-inc-tgi/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: SOUTHERN MISSOURI BANCORP ANNOUNCES UPDATE TO ITS EXECUTIVE LEADERSHIP TEAM

    Source: GlobeNewswire (MIL-OSI)

    Poplar Bluff, Missouri, March 31, 2025 (GLOBE NEWSWIRE) —

    Southern Missouri Bancorp, Inc. (NASDAQ: SMBC), the parent corporation of Southern Bank, today announced an update to its executive leadership team. On March 27, 2025, the Boards of Directors of Southern Missouri Bancorp, Inc. (the “Company”) and its wholly-owned bank subsidiary, Southern Bank (the “Bank”) appointed Justin G. Cox to the newly-created position of Chief Banking Officer, to be effective as of May 1, 2025. Mr. Cox currently serves as the west region’s Regional President for the Company and the Bank, and he will remain an Executive Vice President of the Company and the Bank.

    The Board of Directors is implementing this change after assessing recommendations included in a recent process improvement project conducted for Southern Bank by a community banking consulting firm for the purposes of improving customer engagement, team member satisfaction, and organizational profitability. “We believe this structure will improve our organization, as we align our customer engagement leadership under a single executive who will devote his full attention to ensuring that business development and customer experience efforts are consistently performed well across our organization,” noted Chairman Greg A. Steffens.

    “Justin has been successful over many years with Southern Bank, leading our west region team as it has grown our loan and deposit business there. That background provides an excellent basis for him to take on this new role. Our team and our customers can look forward to a better-unified customer engagement process with his new role,” added President and Chief Administrative Officer Matthew T. Funke.

    Mr. Cox has 22 years of experience in the banking industry, including 15 years with the Company. After joining Southern Bank as a lending officer in 2010, he advanced quickly to leadership roles of Community Bank President and later, Regional President. Mr. Cox holds a Bachelor of Science degree in Business Administration-Marketing & Management from Southwest Baptist University, Bolivar, Missouri.

    Southern Missouri Bancorp, Inc., is a Missouri corporation organized in 1994 to become the parent company of Southern Bank. Southern Bank was originally chartered in 1887 as a mutually-owned Missouri savings and loan association. In 2004, the Bank converted from a Missouri-chartered stock savings bank to become a Missouri-chartered trust company with banking powers. Southern Bank operates 67 locations in Missouri, Arkansas, Illinois, and Kansas. The Company holds total assets of approximately $4.9 billion, including loans, net of the allowance for credit losses, of $4.0 billion, and deposits of $4.2 billion. The Company’s common stock is quoted under the ticker “SMBC” on the NASDAQ Global Market.

    Forward-Looking Information:

    Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for credit losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

    The MIL Network –

  • MIL-OSI: SolarMax Technology Reports 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    RIVERSIDE, Calif., March 31, 2025 (GLOBE NEWSWIRE) — SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, today reported financial results for the year ended December 31, 2024.

    2024 Financial Highlights

    • Revenue: $23.0 million, compared with $54.1 million in 2023.
    • Gross profit: $2.3 million, compared with $11.1 million in 2023.   Cost of revenues in 2024 included a one-time, non-cash stock-based compensation expense of $1.3 million.
    • Total operating expense: $35.4 million, which included a one-time, non-cash stock-based compensation expense of $17.2 million and a $7.5 million goodwill impairment relating to our China segment, compared with $10.7 million in 2023.
    • Net loss: $35.0 million, or $0.79 per share, compared with net income of $434,786, or $0.01 per share, in 2023.

    David Hsu, CEO of SolarMax, stated, “Our 2024 results reflect a transitional year for SolarMax as we moved through a period of regulatory and market change in the residential solar segment. While revenue was lower compared to the prior year’s elevated levels, which were driven by pre-regulatory change purchasing activity. We also recognized certain one-time, non-cash expenses during the year, including goodwill impairment and stock-based compensation associated with our IPO, which are now fully reflected in our financials.”

    “Looking ahead, we are encouraged by the progress we’re making toward expanding our commercial and industrial solar portfolio,” continued Hsu. “These projects represent an important potential growth opportunity and reflect our continued evolution as a diversified solar solutions provider. We believe our platform is well positioned to support this next phase of development and are excited about what lies ahead although we don’t currently have any contracts for the commercial and industrial market.”

    About SolarMax Technology Inc.

    SolarMax, based in California and founded in 2008, is a leader within the solar and renewable energy sector focused on making sustainable energy both accessible and affordable. SolarMax has established a strong presence in southern California. SolarMax is looking to generate growth with strategic initiatives that aim to scale commercial solar development services and LED lighting solutions in the US. Our website is www.solarmaxtech.com.

    Any information contained on, or that can be accessed through, our website or any other website or any social media is not a part of this press release.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements are subject to risk and uncertainties, including, but not limited to, including but not limited to the Company’s ability to develop its commercial solar business and to be accepted as a provider of commercial solar systems in the United States, and its ability to recommence its operations in China where is has not generated any revenue since 2021, and to respond to any changes in governmental policies relating to renewable energy and those factors described in “Cautionary Note on Forward-Looking Statements” “Item 1A. Risk Factors,” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 31, 2025. SolarMax undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

    Contact:
    For more information, contact:
    Stephen Brown, CFO
    (951) 300-0711

    The MIL Network –

  • MIL-OSI: Sprott Physical Platinum and Palladium Trust Updates Its “At-The-Market” Equity Program

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — Sprott Asset Management LP (“Sprott Asset Management”), a subsidiary of Sprott Inc., on behalf of the Sprott Physical Platinum and Palladium Trust (NYSE: SPPP) (TSX: SPPP / SPPP.U) (the “Trust”), a closed-ended mutual fund trust created to invest and hold substantially all of its assets in physical platinum and palladium bullion, today announced that the Trust has updated its at-the-market equity program (“ATM Program”) to issue an additional US$50 million of units of the Trust (“Units”) in the United States and Canada pursuant to a prospectus supplement dated March 31, 2025 (the “Prospectus Supplement”) to the short form base shelf prospectus dated September 6, 2024 (the “Base Shelf Prospectus”). Copies of the Prospectus Supplement and the Base Shelf Prospectus are available on EDGAR at the SEC’s website at www.sec.gov and the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca. Distributions will no longer be made under previous ATM Program prospectus supplements, including the amended and restated prospectus supplement dated December 6, 2024.

    Distributions under the ATM Program will be completed in accordance with the terms of an amended and restated sales agreement (the “Sales Agreement”) dated December 6, 2024, between Sprott Asset Management (as the manager of the Trust), the Trust, Cantor Fitzgerald & Co. (“Cantor”), Virtu Americas LLC (“Virtu”), BMO Capital Markets Corp. (“BMO”) and Canaccord Genuity LLC (“Canaccord”, and, together with Cantor, Virtu and BMO, the “U.S. Agents”), Virtu Canada Corp. (“Virtu Canada”), Cantor Fitzgerald Canada Corporation (“Cantor Canada”), BMO Nesbitt Burns Inc. (“BMO Canada”) and Canaccord Genuity Corp. (“Canaccord Canada”, and, together with Virtu Canada, Cantor Canada, and BMO Canada, the “Canadian Agents” and, together with the U.S. Agents, the “Agents”). The Sales Agreement is available on EDGAR at the SEC’s website at www.sec.gov and the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.

    Sales of Units through the Agents, acting as agent, will be made through “at the market” issuances on the NYSE Arca (“NYSE”) and the Toronto Stock Exchange (“TSX”) or other existing trading markets in the United States and Canada at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. None of the U.S. Agents are registered as a dealer in any Canadian jurisdiction and, accordingly, the U.S. Agents will only sell Units on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any Units in Canada. The Canadian Agents may only sell Units on marketplaces in Canada.

    The volume and timing of distributions under the ATM Program, if any, will be determined in the Trust’s sole discretion. The Trust intends to use the proceeds from the ATM Program, if any, to acquire physical platinum and palladium bullion in accordance with the Trust’s objective and subject to the Trust’s investment and operating restrictions.

    The offering under the ATM Program is being made pursuant to a prospectus supplement dated March 31, 2025 (the “U.S. Prospectus Supplement”) to the Trust’s U.S. base prospectus (the “U.S. Base Prospectus”) included in its registration statement on Form F-10 (the “Registration Statement”) (File No. 333-281996) filed with the United States Securities and Exchange Commission (the “SEC”) on September 6, 2024, and pursuant to the Prospectus Supplement and the Base Shelf Prospectus (together with the Prospectus Supplement, the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement, the “Offering Documents”). The U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC’s website at www.sec.gov, and the Prospectus Supplement and the Base Shelf Prospectus are available on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.

    Before you invest, you should read the Offering Documents and other documents that the Trust has filed for more complete information about the Trust, the Sales Agreement and the ATM Program.

    Listing of the Units sold pursuant to the ATM Program on the NYSE and the TSX will be subject to fulfilling all applicable listing requirements.

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

    About Sprott and Sprott Asset Management
    Sprott Asset Management is a wholly-owned subsidiary of Sprott and is the investment manager to the Trust. Sprott is a global leader in precious metals and critical materials investments. At Sprott, we are specialists. Our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and Sprott’s common shares are listed on the NYSE and the TSX under the symbol “SII”.

    About the Trust
    Important information about the Trust, including its investment objectives and strategies, applicable management fees, and expenses is contained in the Trust’s annual information form for the year ended December 31, 2024 (the “AIF”). Commissions, management fees, or other charges and expenses may be associated with investing in the Trust. The performance of the Trust is not guaranteed, its value changes frequently and past performance is not an indication of future results.

    Caution Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements in this press release include, without limitation, investor demands for Units, statements regarding the ATM Program, including the intended use of proceeds from the sale of Units, any sale of Units and the timing and ability of the Trust to obtain all necessary approvals in connection with a sale of Units. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things, the platinum and palladium market. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust’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 contained in this press release. A discussion of risks and uncertainties facing the Trust appears in the Offering Documents, as updated by the Trust’s continuous disclosure filings, which are available at www.sec.gov and www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.

    For more information:
    Glen Williams
    Managing Partner
    Investor and Institutional Client Relations
    Direct: 416-943-4394
    gwilliams@sprott.com

    The MIL Network –

  • MIL-OSI: Battalion Oil Corporation Announces Fourth Quarter 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 31, 2025 (GLOBE NEWSWIRE) — Battalion Oil Corporation (NYSE American: BATL, “Battalion” or the “Company”) today announced financial and operating results for the fourth quarter of 2024.

    Key Highlights

    • Completed the refinancing of our term loan on favorable terms resulting in an increase in liquidity
    • Generated full-year sales volumes of 12,667 barrels of oil equivalent per day (“Boe/d”) (51% oil)
    • Continued to lower capex per well, outperforming AFE estimates
    • AGI facility online and treated 1.8 Bcf for the fourth quarter of 2024
    • Spud two additional wells in Monument Draw in December to commence 2025 six-well activity plan
    • Year-end 2024 reserves of approximately 64.9 million barrels of oil equivalent (“MMBoe”) with a standardized measure of discounted future net cash flows of approximately $447.7 million
    • Terminated the previously announced Merger Agreement with Fury

    Management Comments
    The Company concluded its 2024 six-well campaign ahead of planned timing and under budget on each pad. Final well capital remains under $950 per lateral foot. The completed pad wells are producing ahead of type curve with the newest pad averaging over 811 Boe/d across the initial 120 days online, the second pad exceeding 747 Boe/d across the initial 275 days online and the first pad exceeding 1,085 Boe/d across 404 days on production. In December 2024, the Company also commenced drilling operations in Monument Draw as part of its 2025 six-well activity plan. As of the date of this release, the Company has drilled four of these wells in Monument Draw and has commenced completion operations on the first two wells. All wells are ahead of plan and under budget. The final two wells are permitted in the Company’s West Quito asset area with additional permits and drilling pads being built in Hackberry Draw.

    During the fourth quarter 2024, the acid gas injection (“AGI”) facility treated approximately 20 MMcf/d average and returned approximately 16 MMcf/d of sweet gas to the Company for sales to its midstream partner. To date, the AGI facility has processed more than 6.9 Bcf of sour gas and allowed the Company to realize substantial savings compared to treating alternatives.

    Results of Operations
    Average daily net production and total operating revenue during the fourth quarter of 2024 were 12,750 Boe/d (55% oil) and $49.7 million, respectively, as compared to production and revenue of 12,022 Boe/d (46% oil) and $47.2 million, respectively, during the fourth quarter of 2023. The increase in revenues in the fourth quarter of 2024 as compared to the fourth quarter of 2023 is primarily attributable to an approximate 728 Boe/d increase in average daily production partially offset by a $0.22 decrease in average realized prices (excluding the impact of hedges). Excluding the impact of hedges, Battalion realized 96.9% of the average NYMEX oil price during the fourth quarter of 2024. Realized hedge gains totaled approximately less than $0.1 million during the fourth quarter of 2024.

    Lease operating and workover expense was $11.26 per Boe in the fourth quarter of 2024 versus $11.87 per Boe in the fourth quarter of 2023. The decrease in lease operating and workover expense per Boe year-over-year is primarily a result of the increase in average daily production. Gathering and other expenses were $10.45 per Boe in the fourth quarter of 2024 versus $13.31 per Boe in the fourth quarter of 2023. The decrease in gathering and other expenses per Boe is primarily related to the start-up of the AGI facility and lower treating fees associated compared to the Valkyrie (liquid redox) plant. General and administrative expenses were $6.04 per Boe in the fourth quarter of 2024 compared to $4.93 per Boe in the fourth quarter of 2023. The increase in general and administrative expense is primarily attributable to an increase in audit, legal and transaction costs associated with the terminated merger with Fury Resources. Excluding non-recurring charges, general and administrative expenses would have been $3.22 per Boe in the fourth quarter of 2024 compared to $3.78 per Boe in the fourth quarter of 2023.

    For the fourth quarter of 2024, the Company reported a net loss available to common stockholders of $30.9 million and a net loss of $1.88 per share available to common stockholders. After adjusting for selected items, the Company reported an adjusted diluted net loss available to common stockholders for the fourth quarter of 2024 of $0.7 million or an adjusted diluted net loss of $0.04 per common share (see Reconciliation for additional information). Adjusted EBITDA during the quarter ended December 31, 2024 was $18.0 million as compared to $10.0 million during the quarter ended December 31, 2023 (see Adjusted EBITDA Reconciliation table for additional information).

    Liquidity and Balance Sheet
    As of December 31, 2024, the Company had $162.1 million of indebtedness outstanding. Total liquidity on December 31, 2024, made up of cash and cash equivalents, was $19.7 million.

    On January 9, 2025, the Company incurred incremental term loans in the aggregate principal amount of $63.0 million, resulting in a net increase in liquidity of $61.3 million.

    For further discussion on our liquidity and balance sheet, as well as recent developments, refer to Management’s Discussion and Analysis and Risk Factors in the Company’s Form 10-K.

    Merger Agreement with Fury Resources
    Subsequent to several amendments to the previously disclosed Agreement and Plan of Merger, dated December 14, 2023 (as amended, the “Merger Agreement”) and upon the failure of Fury Resources, Inc. to meet the funding and closing requirements of the Merger Agreement, the Company terminated the Merger.

    Refinanced Term Loan Agreement
    On December 26, 2024, the Company entered into the Second Amended and Restated Senior Secured Credit Agreement with Fortress Credit Corp., as administrative agent, and certain other financial institutions, as lenders (the “2024 Term Loan Agreement”). Pursuant to the 2024 Term Loan Agreement, the Company entered into an initial term loan facility in the aggregate principal amount of $162.0 million, funded on December 26, 2024 and an incremental term loan facility in the aggregate principal amount of up to $63.0 million. On January 9, 2025, the Company entered into the First Amendment to the 2024 Term Loan Agreement and incurred $63.0 million of Incremental Term Loans (the “2024 Amended Term Loan Agreement”), resulting in total outstanding borrowings of $225.0 million.

    The maturity date of the 2024 Amended Term Loan Agreement is December 26, 2028.

    All obligations under the Company’s existing term loan agreement were refunded, refinanced and repaid in full by the loans under the 2024 Term Loan Agreement as the net proceeds of the 2024 Term Loan Agreement were used to repay all outstanding indebtedness under the existing term loan agreement in an aggregate amount of approximately $152.1 million, including accrued and unpaid interest, and to pay related fees and expenses related to the new credit agreement.

    The Company is required to make scheduled quarterly amortization payments in an aggregate principal amount equal to 2.50% of the aggregate principal amount of the loans outstanding commencing with the fiscal quarter ending June 30, 2025. Under the 2024 Amended Term Loan Agreement, the Company must make scheduled amortization payments in the aggregate amount of $16.9 million in 2025 and $22.5 million in 2026.

    Forward Looking Statements
    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not strictly historical statements constitute forward-looking statements. Forward-looking statements include, among others, statements about anticipated production, liquidity, capital spending, drilling and completion plans, and forward guidance. Forward-looking statements may often, but not always, be identified by the use of such words such as “expects”, “believes”, “intends”, “anticipates”, “plans”, “estimates”, “projects,” “potential”, “possible”, or “probable” or statements that certain actions, events or results “may”, “will”, “should”, or “could” be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC’s website at www.sec.gov or through the Company’s website at www.battalionoil.com. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company’s expectations.

    About Battalion
    Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.

    Contact

    Matthew B. Steele
    Chief Executive Officer & Principal Financial Officer
    832-538-0300

     
    BATTALION OIL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
    (In thousands, except per share amounts)
     
        Three Months Ended   Years Ended
        December 31,   December 31,
        2024      2023     2024      2023  
                             
    Operating revenues:                        
    Oil, natural gas and natural gas liquids sales:                        
    Oil   $ 43,934     $ 39,562     $ 174,607     $ 183,634  
    Natural gas     447       2,429       (2,213 )     11,057  
    Natural gas liquids     5,118       4,921       20,822       23,814  
    Total oil, natural gas and natural gas liquids sales     49,499       46,912       193,216       218,505  
    Other     154       330       677       2,257  
    Total operating revenues     49,653       47,242       193,893       220,762  
                             
    Operating expenses:                        
    Production:                        
    Lease operating     11,082       10,656       45,275       44,864  
    Workover and other     2,127       2,480       5,215       7,149  
    Taxes other than income     2,366       2,266       11,238       11,943  
    Gathering and other     12,263       14,718       54,117       63,575  
    General and administrative     7,091       5,453       18,356       19,025  
    Depletion, depreciation and accretion     14,155       12,337       52,926       56,624  
    Impairment of contract asset     18,511       —       18,511       —  
    Total operating expenses     67,595       47,910       205,638       203,180  
    (Loss) income from operations     (17,942 )     (668 )     (11,745 )     17,582  
                             
    Other income (expenses):                        
    Net (loss) gain on derivative contracts     (1,624 )     42,430       2,308       12,689  
    Interest expense and other     4,853       (9,074 )     (14,956 )     (33,319 )
    Loss on extinguishment of debt     (7,489 )     —       (7,489 )     —  
    Total other income expenses     (4,260 )     33,356       (20,137 )     (20,630 )
    (Loss) income before income taxes     (22,202 )     32,688       (31,882 )     (3,048 )
    Income tax benefit (provision)     —       —       —       —  
    Net (loss) income   $ (22,202 )   $ 32,688     $ (31,882 )   $ (3,048 )
    Preferred dividends     (8,679 )     (5,695 )     (32,219 )     (12,047 )
    Net (loss) income available to common stockholders   $ (30,881 )   $ 26,993     $ (64,101 )   $ (15,095 )
                             
    Net (loss) income per share of common stock:                        
    Basic   $ (1.88 )   $ 1.64     $ (3.90 )   $ (0.92 )
    Diluted   $ (1.88 )   $ 1.63     $ (3.90 )   $ (0.92 )
    Weighted average common shares outstanding:                        
    Basic     16,457       16,457       16,457       16,441  
    Diluted     16,457       16,517       16,457       16,441  
     
    BATTALION OIL CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
    (In thousands, except share and per share amounts)
     
        December 31, 2024    December 31, 2023
    Current assets:            
    Cash and cash equivalents   $ 19,712     $ 57,529  
    Accounts receivable, net     26,298       23,021  
    Assets from derivative contracts     6,969       8,992  
    Restricted cash     91       90  
    Prepaids and other     982       907  
    Total current assets     54,052       90,539  
    Oil and natural gas properties (full cost method):            
    Evaluated     816,186       755,482  
    Unevaluated     49,091       58,909  
    Gross oil and natural gas properties     865,277       814,391  
    Less – accumulated depletion     (497,272 )     (445,975 )
    Net oil and natural gas properties     368,005       368,416  
    Other operating property and equipment:            
    Other operating property and equipment     4,663       4,640  
    Less – accumulated depreciation     (2,455 )     (1,817 )
    Net other operating property and equipment     2,208       2,823  
    Other noncurrent assets:            
    Assets from derivative contracts     4,052       4,877  
    Operating lease right of use assets     453       1,027  
    Other assets     2,278       17,656  
    Total assets   $ 431,048     $ 485,338  
                 
    Current liabilities:            
    Accounts payable and accrued liabilities   $ 52,682     $ 66,525  
    Liabilities from derivative contracts     12,330       17,191  
    Current portion of long-term debt     12,246       50,106  
    Operating lease liabilities     406       594  
    Total current liabilities     77,664       134,416  
    Long-term debt, net     145,535       140,276  
    Other noncurrent liabilities:            
    Liabilities from derivative contracts     6,954       16,058  
    Asset retirement obligations     19,156       17,458  
    Operating lease liabilities     84       490  
    Other     —       2,084  
    Commitments and contingencies            
    Temporary equity:            
    Redeemable convertible preferred stock: 138,000 shares and 98,000 shares     177,535       106,535  
    of $0.0001 par value authorized, issued and outstanding as of            
    December 31, 2024 and 2023, respectively            
    Stockholders’ equity:            
    Common stock: 100,000,000 shares of $0.0001 par value authorized;            
    16,456,563 shares issued and outstanding as of December 31, 2024            
    and 2023     2       2  
    Additional paid-in capital     288,993       321,012  
    Accumulated deficit     (284,875 )     (252,993 )
    Total stockholders’ equity     4,120       68,021  
    Total liabilities and stockholders’ equity   $ 431,048     $ 485,338  
     
    BATTALION OIL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
    (In thousands)
     
        Three Months Ended   Years Ended
        December 31,   December 31,
        2024      2023     2024      2023  
    Cash flows from operating activities:                        
    Net income (loss)   $ (22,202 )   $ 32,688     $ (31,882 )   $ (3,048 )
    Adjustments to reconcile net (loss) income to net cash provided by                        
    operating activities:                        
    Depletion, depreciation and accretion     14,155       12,337       52,926       56,624  
    Impairment of contract asset     18,511       —       18,511       —  
    Stock-based compensation, net     12       161       152       (1,070 )
    Unrealized gain on derivative contracts     1,648       (45,403 )     (11,116 )     (21,934 )
    Amortization/accretion of financing related costs     1,469       1,826       6,418       7,615  
    Loss (gain) on extinguishment of debt     7,489       —       7,489       —  
    Accrued settlements on derivative contracts     1,505       (2,587 )     403       259  
    Change in fair value of embedded derivative liability     (761 )     530       (2,084 )     (2,052 )
    Other expense (income)     46       214       324       358  
    Cash flow from operations before changes in working capital     21,872       (234 )     41,141       36,752  
    Changes in working capital     (15,186 )     6,758       (5,786 )     (19,163 )
    Net cash provided by operating activities     6,686       6,524       35,355       17,589  
                             
    Cash flows from investing activities:                        
    Oil and natural gas capital expenditures     (12,847 )     (16,196 )     (64,625 )     (46,288 )
    Proceeds received from sales of oil and natural gas assets     —       3,740       7,015       4,929  
    Acquisition of oil and natural gas properties     —       —       (47 )     —  
    Other operating property and equipment capital expenditures     (4 )     (17 )     (23 )     (153 )
    Contract asset     —       (3,705 )     (7,737 )     (10,308 )
    Other     (6 )     1,439       (26 )     (25 )
    Net cash used in investing activities     (12,857 )     (14,739 )     (65,443 )     (51,845 )
                             
    Cash flows from financing activities:                        
    Proceeds from borrowings     162,000       —       162,000       –  
    Repayments of borrowings     (147,726 )     (10,027 )     (200,109 )     (35,093 )
    Payment of deferred financing costs     (8,225 )     —       (8,400 )     —  
    Proceeds from issuance of preferred stock     —       33,182       38,781       94,607  
    Merger deposit     (10,000 )     —       —       —  
    Other     —       (1 )     —       (455 )
    Net cash (used in) provided by financing activities     (3,951 )     23,154       (7,728 )     59,059  
                             
    Net (decrease) increase in cash, cash equivalents and restricted cash     (10,122 )     14,939       (37,816 )     24,803  
                             
    Cash, cash equivalents and restricted cash at beginning of period     29,925       42,680       57,619       32,816  
    Cash, cash equivalents and restricted cash at end of period   $ 19,803     $ 57,619     $ 19,803     $ 57,619  
     
    BATTALION OIL CORPORATION
    SELECTED OPERATING DATA (Unaudited)
     
        Three Months Ended
    December 31,    		   Years Ended
    December 31,
        2024     2023     2024     2023  
                             
    Production volumes:                        
    Crude oil (MBbls)     643       510       2,363       2,415  
    Natural gas (MMcf)     1,861       2,102       7,814       8,718  
    Natural gas liquids (MBbls)     220       246       971       1,163  
    Total (MBoe)     1,173       1,106       4,636       5,031  
    Average daily production (Boe/d)     12,750       12,022       12,667       13,784  
                             
    Average prices:                        
    Crude oil (per Bbl)   $ 68.33     $ 77.57     $ 73.89     $ 76.04  
    Natural gas (per Mcf)     0.24       1.16       (0.28 )     1.27  
    Natural gas liquids (per Bbl)     23.26       20.00       21.44       20.48  
    Total per Boe     42.20       42.42       41.68       43.43  
                             
    Cash effect of derivative contracts:                        
    Crude oil (per Bbl)   $ (8.99 )   $ (10.43 )   $ (11.32 )   $ (7.76 )
    Natural gas (per Mcf)     3.12       1.12       2.30       1.09  
    Natural gas liquids (per Bbl)     —       —       —       —  
    Total per Boe     0.02       (2.69 )     (1.90 )     (1.84 )
                             
    Average prices computed after cash effect of settlement of derivative contracts:                        
    Crude oil (per Bbl)   $ 59.34     $ 67.14     $ 62.57     $ 68.28  
    Natural gas (per Mcf)     3.36       2.28       2.02       2.36  
    Natural gas liquids (per Bbl)     23.26       20.00       21.44       20.48  
    Total per Boe     42.22       39.73       39.78       41.59  
                             
    Average cost per Boe:                        
    Production:                        
    Lease operating   $ 9.45     $ 9.63     $ 9.77     $ 8.92  
    Workover and other     1.81       2.24       1.12       1.42  
    Taxes other than income     2.02       2.05       2.42       2.37  
    Gathering and other     10.45       13.31       11.67       12.64  
    General and administrative, as adjusted (1)     3.21       3.63       2.72       3.39  
    Depletion     11.71       10.80       11.06       10.97  
                             
    (1) Represents general and administrative costs per Boe, adjusted for items noted in the reconciliation below:
                             
    General and administrative:                        
    General and administrative, as reported   $ 6.04     $ 4.93     $ 3.96     $ 3.78  
    Stock-based compensation:                        
    Non-cash     (0.01 )     (0.15 )     (0.03 )     0.21  
    Non-recurring (charges) credits and other:                        
    Cash     (2.82 )     (1.15 )     (1.21 )     (0.60 )
    General and administrative, as adjusted(2)   $ 3.21     $ 3.63     $ 2.72     $ 3.39  
    Total operating costs, as reported   $ 29.77     $ 32.16     $ 28.94     $ 29.13  
    Total adjusting items     (2.83 )     (1.30 )     (1.24 )     (0.39 )
    Total operating costs, as adjusted(3)   $ 26.94     $ 30.86     $ 27.70     $ 28.74  

    ________________________
    (2)   General and administrative, as adjusted, is a non-GAAP measure that excludes non-cash stock-based compensation charges relating to equity awards under our incentive stock plan, as well as other cash charges associated with non-recurring charges and other. The Company believes that it is useful to understand the effects that these charges have on general and administrative expenses and total operating costs and that exclusion of such charges is useful for comparison to prior periods.
    (3)   Represents lease operating expense, workover and other expense, taxes other than income, gathering and other expense and general and administrative costs per Boe, adjusted for items noted in the reconciliation above.

    BATTALION OIL CORPORATION
    RECONCILIATION (Unaudited)
    (In thousands, except per share amounts)
     
        Three Months Ended   Years Ended
        December 31,   December 31,
        2024      2023     2024      2023  
    As Reported:                        
    Net (loss) income available to common stockholders – diluted (1)   $ (30,881 )   $ 26,993     $ (64,101 )   $ (15,095 )
                             
    Impact of Selected Items:                        
    Unrealized loss (gain) on derivatives contracts:                        
    Crude oil   $ 96     $ (38,604 )   $ (10,371 )   $ (22,601 )
    Natural gas     1,552       (6,799 )     (745 )     667  
    Total mark-to-market non-cash charge     1,648       (45,403 )     (11,116 )     (21,934 )
    Impairment of contract asset     18,511       —       18,511       —  
    Loss (gain) on extinguishment of debt     7,489       —       7,489       —  
    Change in fair value of embedded derivative liability     (761 )     529       (2,084 )     (2,053 )
    Non-recurring charges (credits)     3,310       1,268       5,609       3,042  
    Selected items, before income taxes     30,197       (43,606 )     18,409       (20,945 )
    Income tax effect of selected items     —       —       —       —  
    Selected items, net of tax   $ 30,197     $ (43,606 )   $ 18,409     $ (20,945 )
                             
    Net (loss) available to common stockholders, as adjusted (2)   $ (684 )   $ (16,613 )   $ (45,692 )   $ (36,040 )
                             
                             
    Diluted net (loss) income per common share, as reported   $ (1.88 )   $ 1.63     $ (3.90 )   $ (0.92 )
    Impact of selected items     1.84       (2.65 )     1.12       (1.29 )
    Diluted net (loss) per common share, excluding selected items (2)(3)   $ (0.04 )   $ (1.02 )   $ (2.78 )   $ (2.21 )
                             
                             
    Net cash provided by operating activities   $ 6,686     $ 6,524     $ 35,355     $ 17,589  
    Changes in working capital     15,186       (6,758 )     5,786       19,163  
    Cash flow from operations before changes in working capital     21,872       (234 )     41,141       36,752  
    Cash components of selected items     2,611       4,707       6,012       3,301  
    Income tax effect of selected items     —       —       —       —  
    Cash flows from operations before changes in working capital, adjusted for selected items (1)   $ 24,483     $ 4,473     $ 47,153     $ 40,053  

    ________________________
    (1)   Amount reflects net (loss) income available to common stockholders on a diluted basis for earnings per share purposes as calculated using the two-class method of computing earnings per share which is further described in Note 15, Earnings Per Share in our Form 10-K for the year ended December 31, 2024.
    (2)   Net (loss) income per share excluding selected items and cash flows from operations before changes in working capital adjusted for selected items are non-GAAP measures presented based on management’s belief that they will enable a user of the financial information to understand the impact of these items on reported results. These financial measures are not measures of financial performance under GAAP and should not be considered as an alternative to net income, earnings per share and cash flows from operations, as defined by GAAP. These financial measures may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.
    (3)   The impact of selected items for the three and twelve months ended December 31, 2024 were calculated based upon weighted average diluted shares of 16.5 million, due to the net (loss) available to common stockholders, excluding selected items. The impact of selected items for the three and twelve months ended December 31, 2023 were calculated based upon weighted average diluted shares of 16.5 million and 16.4 million shares, respectively, due to the net (loss) available to common stockholders, excluding selected items.

    BATTALION OIL CORPORATION
    ADJUSTED EBITDA RECONCILIATION (Unaudited)
    (In thousands)
     
        Three Months Ended
    December 31,    		   Years Ended
    December 31,
        2024     2023     2024     2023  
                             
    Net income (loss), as reported   $ (22,202 )   $ 32,688     $ (31,882 )   $ (3,048 )
    Impact of adjusting items:                        
    Interest expense     6,135       8,917       29,009       36,511  
    Depletion, depreciation and accretion     14,155       12,337       52,926       56,624  
    Impairment of contract asset     18,511       —       18,511       —  
    Stock-based compensation     12       161       152       (1,070 )
    Interest income     (278 )     (525 )     (2,122 )     (1,243 )
    Loss (gain) on extinguishment of debt     7,489       —       7,489       —  
    Unrealized loss (gain) on derivatives contracts     1,648       (45,403 )     (11,116 )     (21,934 )
    Change in fair value of embedded derivative liability     (761 )     529       (2,084 )     (2,053 )
    Merger Termination Payment     (10,000 )     —       (10,000 )     —  
    Non-recurring charges (credits) and other     3,310       1,268       5,609       2,728  
    Adjusted EBITDA(1)   $ 18,019     $ 9,972     $ 56,492     $ 66,515  

    ________________________
    (1)   Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net (loss) income. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.

    BATTALION OIL CORPORATION
    ADJUSTED EBITDA RECONCILIATION (Unaudited)
    (In thousands)
     
        Three Months   Three Months   Three Months   Three Months
        Ended   Ended   Ended   Ended
        December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
                             
    Net income (loss), as reported   $ (22,202 )   $ 21,628     $ (105 )   $ (31,203 )
    Impact of adjusting items:                        
    Interest expense     6,135       6,873       7,610       8,391  
    Depletion, depreciation and accretion     14,155       12,533       13,213       13,025  
    Impairment of contract asset     18,511       —       —       —  
    Stock-based compensation     12       5       36       99  
    Interest income     (278 )     (509 )     (634 )     (701 )
    Loss (gain) on extinguishment of debt     7,489       —       —       —  
    Unrealized loss (gain) on derivatives contracts     1,648       (28,091 )     (4,434 )     19,761  
    Change in fair value of embedded derivative liability     (761 )     41       (436 )     (928 )
    Merger Termination Payment     (10,000 )     —       —       —  
    Non-recurring charges (credits) and other     3,310       978       384       937  
    Adjusted EBITDA(1)   $ 18,019     $ 13,458     $ 15,634     $ 9,381  
                             
    Adjusted LTM EBITDA(1)   $ 56,492                    

    ________________________
    (1)   Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net (loss) income. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.

    BATTALION OIL CORPORATION
    ADJUSTED EBITDA RECONCILIATION (Unaudited)
    (In thousands)
     
        Three Months   Three Months   Three Months   Three Months
        Ended   Ended   Ended   Ended
        December 31,
    2023    		   September 30,
    2023    		   June 30,
    2023    		   March 31,
    2023
                             
    Net income (loss), as reported   $ 32,688     $ (53,799 )   $ (4,748 )   $ 22,811  
    Impact of adjusting items:                        
    Interest expense     8,917       9,219       9,366       9,009  
    Depletion, depreciation and accretion     12,337       13,426       14,713       16,148  
    Stock-based compensation     161       (686 )     (772 )     227  
    Interest income     (525 )     (293 )     (234 )     (191 )
    Unrealized loss (gain) on derivatives contracts     (45,403 )     46,805       (2,332 )     (21,004 )
    Change in fair value of embedded derivative liability     529       (1,878 )     358       (1,062 )
    Non-recurring charges (credits) and other     1,268       831       477       152  
    Adjusted EBITDA(1)   $ 9,972     $ 13,625     $ 16,828     $ 26,090  
                             
    Adjusted LTM EBITDA(1)   $ 66,515                    

    ________________________
    (1)   Adjusted EBITDA is a non-GAAP measure, which is presented based on management’s belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net income (loss). This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion’s performance.

    The MIL Network –

  • MIL-OSI: Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2024

    Source: GlobeNewswire (MIL-OSI)

    TEL-AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today reported its unaudited consolidated financial results for the fourth quarter and year ended December 31, 2024.

    Financial Highlights

    • Total assets as of December 31, 2024 amounted to approximately €676.7 million, compared to total assets as of December 31, 2023 of approximately €612.9 million.
    • Revenues1 for the three months ended December 31, 2024 were approximately €8.7 million, compared to revenues of approximately €8.4 million for the three months ended December 31, 2023. Revenues for the year ended December 31, 2024 were approximately €40.5 million, compared to revenues of approximately €48.8 million for the year ended December 31, 2023.
    • Loss from continuing operations for the three months ended December 31, 2024 was approximately €12 million, compared to loss from continuing operations of approximately €8 million for the three months ended December 31, 2023. Loss from continuing operations for the year ended December 31, 2024 was approximately €9.6 million, compared to profit from continuing operations of approximately €2.4 million for the year ended December 31, 2023.
    • Loss for the three months ended December 31, 2024 was approximately €12 million, compared to loss of approximately €9.8 million for the three months ended December 31, 2023. Loss for the year ended December 31, 2024 was approximately €9.5 million, compared to profit of approximately €0.6 million for the year ended December 31, 2023.
    • EBITDA for the three months ended December 31, 2024 was approximately €7.6 million, compared to EBITDA loss of approximately €2.5 million for the three months ended December 31, 2023. EBITDA for the year ended December 31, 2024 was approximately €25.1 million, compared to EBITDA of approximately €18.8 million for the year ended December 31, 2023. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA.
    • On December 31, 2023, the Company executed an agreement to sell its holdings in the 9 MW solar plant located in Talmei Yosef. The sale was consummated on June 3, 2024, and the net consideration received at closing was approximately NIS 42.6 million (approximately €10.6 million). In connection with the sale, the Company presents the results of this solar plant as a discontinued operation.

    Financial Overview for the Year Ended December 31, 2024

    • Revenues1 were approximately €40.5 million for the year ended December 31, 2024, compared to approximately €48.8 million for the year ended December 31, 2023. This decrease mainly results from a reduction in electricity prices in Spain between February and May 2024 and lower gas prices in the Netherlands in 2024 compared to prices in 2023, partially offset by income generated by our 20 MW solar power plants in Italy which were connected to the grid during 2024. The decrease is also due to loss of revenues in connection with the fire near the Talasol Solar S.L. (300 MV solar) (“Talasol”) and Ellomay Solar S.L. (28 MV solar) (“Ellomay Solar”) facilities in Spain in July 2024. In connection with such loss of revenues, the Company recorded an amount of approximately €1.7 million as ‘other income’ for the year ended December 31, 2024, based on compensation from the insurers for loss of income.
    • Operating expenses were approximately €19.8 million for the year ended December 31, 2024, compared to approximately €22.9 million for the year ended December 31, 2023. This decrease mainly results from a decrease in direct taxes on electricity production paid by the Company’s Spanish subsidiaries as a result of reduced electricity prices. The operating expenses of the Company’s Spanish subsidiaries for the year ended December 31, 2023 were impacted by the Spanish RDL 17/2022, which established the reduction of returns on the electricity generating activity of Spanish production facilities that do not emit greenhouse gases, accomplished through payments of a portion of the revenues by the production facilities to the Spanish government. The increased expenses during the year ended December 31, 2023 resulting from this impact, were partially offset by lower costs in connection with the acquisition of feedstock by our Dutch biogas plants. Depreciation and amortization expenses were approximately €16.5 million for the year ended December 31, 2024, compared to approximately €16 million for the year ended December 31, 2023.
    • Project development costs were approximately €4.1 million for the year ended December 31, 2024, compared to approximately €4.5 million for the year ended December 31, 2023.
    • General and administrative expenses were approximately €6.1 million for the year ended December 31, 2024, compared to approximately €5.3 million for the year ended December 31, 2023. The increase in general and administrative expenses is mostly due to higher consultancy expenses.
    • Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €11.1 million for the year ended December 31, 2024, compared to approximately €4.3 million for the year ended December 31, 2023. The increase in share of profits of equity accounted investee resulted mainly from the increase in revenues of Dorad Energy Ltd. (“Dorad”) due to higher quantities of electricity produced partially offset by an increase in operating expenses in connection with the increased production. In addition, in December 2024, Dorad received payment in an amount of approximately $130 million pursuant to an arbitration ruling in a derivative claim submitted by certain of its shareholders, which increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes). These amounts were recorded by Dorad in its financial statements for the year ended December 31, 2024 in the income statement partially as a reduction in depreciation expenses, partly as finance income, and the remainder as a decrease in general and administrative expenses.
    • Other income, net was approximately €3.4 million for the year ended December 31, 2024, compared to €0 for the year ended December 31, 2023. The income was recognized based on insurance compensation in connection with the fire near the Talasol and Ellomay Solar facilities in Spain in July 2024, net of impairment expenses related to the damaged fixed assets. The amount to be received due to loss of income is approximately €1.7 million.
    • Financing expense, net was approximately €19.7 million for the year ended December 31, 2024, compared to financing expense, net of approximately €3.6 million for the year ended December 31, 2023. The increase in financing expenses, net, was mainly attributable to higher expenses resulting from exchange rate differences that amounted to approximately €7.8 million for the year ended December 31, 2024, compared to income from exchange rate differences of approximately €6.7 million for the year ended December 31, 2023, an aggregate change of approximately €14.5 million. The exchange rate differences were mainly recorded in connection with the New Israeli Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures and were caused by the 5.4% reevaluation of the NIS against the euro during the year ended December 31, 2024, compared to a devaluation of 6.9% during the year ended December 31, 2023. The increase in financing expenses for the year ended December 31, 2024 was also due to increased interest expenses mainly resulting from the issuance of the Company’s Series F Debentures in January, April, August and November 2024. These increases in financing expenses were partially offset by an increase in financing income of approximately €0.9 million in connection with derivatives and warrants in the year ended December 31, 2024, compared to the year ended December 31, 2023.
    • Tax benefit was approximately €1.5 million for the year ended December 31, 2024, compared to a tax benefit of approximately €1.4 million for the year ended December 31, 2023.
    • Loss from continuing operations for the year ended December 31, 2024 was approximately €9.6 million, compared to profit from continuing operations of approximately €2.4 million for the year ended December 31, 2023.
    • Profit from discontinued operation (net of tax) for the year ended December 31, 2024 was approximately €137 thousand, compared to loss from discontinued operation of approximately €1.8 million for the year ended December 31, 2023.
    • Loss for the year ended December 31, 2024 was approximately €9.5 million, compared to a profit of approximately €0.6 million for year ended December 31, 2023.
    • Total other comprehensive income was approximately €13.1 million for the year ended December 31, 2024, compared to total other comprehensive income of approximately €41.3 million for the year ended December 31, 2023. The change in total other comprehensive income mainly results from foreign currency translation adjustments due to the change in the NIS/euro exchange rate and from changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately 80% of the output of the Talasol solar plant (the “Talasol PPA”). The Talasol PPA experienced high volatility due to the substantial change in electricity prices in Europe. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows.
    • Total comprehensive income was approximately €3.6 million for the year ended December 31, 2024, compared to total comprehensive income of approximately €41.9 million for the year ended December 31, 2023.
    • Net cash provided by operating activities was approximately €8 million for the year ended December 31, 2024, compared to approximately €8.6 million for the year ended December 31, 2023. The decrease in net cash provided by operating activities for the year ended December 31, 2024, is mainly due to the decrease in electricity prices in Spain. In addition, during the year ended December 31, 2023, the Company’s Dutch biogas plants elected to temporarily exit the subsidy regime and sell the gas at market prices and during the year ended December 31, 2024 these plants returned to the subsidy regime. Under the subsidy regime, plants are entitled to monthly advances on subsidies based on the production during the previous year. As no subsidies were paid to the Company’s Dutch biogas plants for 2023, these plants were entitled to low advance payments for 2024 and the payment for gas produced by the plants during 2024 is expected to be received until July 2025 and reflected accordingly in the Company’s cash flow from operations.

    CEO Review for 2024

    In 2024, the Company presented an increase of 71% in the operating profit to approximately €7.7 million and of 33.5% in the EBITDA to approximately €25.1 million compared to 2023, despite a decrease of approximately €9 million in the annual revenues, which was caused by low and even negative electricity prices in Spain in the first half of 2024. During 2024 and in recent months the Company made significant advancements in the development of new projects, which are expected to contribute to an increase in revenues in coming years:

    In Italy – finance agreements were executed with respect to projects with an aggregate capacity of 198 MW (of which 38 MW are already connected to the electricity grid) and construction agreements for the remainder of the projects with an aggregate capacity of 160 MW were also executed.

    In the USA – the Company is advancing additional projects with an aggregate capacity of approximately 50 MW that are expected to begin construction during 2025.

    In the Netherlands – the Company advanced in obtaining licenses to expand the operations of the biogas facilities by additional 50% while making relatively small investments.

    In Israel – the approval of the National Infrastructures Committee to expand the Dorad power plant by 650 MW was received.  

    Operating expenses in 2024 decreased by approximately €3 million compared to 2023. Project development expenses in 2024 decreased by approximately €0.4 million compared to 2023 despite the inclusion of non-recurring expenses of approximately €0.5 million in connection with the cancellation of a guarantee in the project development expenses for 2024. Following the advancement of project development and the transition to the construction stage, the decrease in project development expenses is expected to continue during the year.

    The appreciation of the NIS against the euro at the end of 2024 caused revaluation losses of approximately €7.8 million compared to revaluation profit of approximately €6.7 million in 2023. The aggregate change is approximately €14.5 million and is the main cause for the increase in financing expenses in 2024.

    In March 2025 a transaction was executed between Zorlu Enerji Elektrik Üretim A.S (“Zorlu”) and The Phoenix Insurance Company Ltd. for the sale of Zorlu’s entire holdings in Dorad (25% of Dorad’s outstanding shares). The consideration for the shares represents a value of NIS 2.8 billion for Dorad. Ellomay Luzon Energy Infrastructures Ltd. (50% held by the Company), which currently holds 18.75% of Dorad’s shares, has a right of first refusal over 15% of Dorad’s shares included in the transaction. The Company believes that the price is attractive and therefore intends to act to exercise the right of first refusal. Activity in Spain:

    The electricity prices in the second half of 2024 increased and stabilized on the projected seasonal price. The revenues from the sale of electricity in 2024 were approximately €23 million compared to approximately €32 million in 2023. The decrease is primarily attributable to the low/negative electricity prices in the first half of 2024, as well as to the loss of revenues in the amount of approximately €1.7 million due to a fire. The loss of revenues due to the fire will be covered in full by the insurance company.

    Activity of Dorad:

    In 2024, the Dorad power plant recorded an increase in profit, with net profit of approximately NIS 452.3 million, an increase of approximately NIS 241 million compared to 2023. The Dorad power station received the approval of the National Infrastructures Committee and a positive connection survey to increase the capacity by an additional 650 MW. Due to the final award in the arbitration against Edeltech and Zorlu, Dorad received during 2024 compensation of approximately $130 million that increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes).

    Activity in the USA:

    In the USA, the development and construction activities of solar projects are progressing at a rapid pace and the construction of the first four projects, with a total capacity of approximately 49 MW, began in early 2024. At the end of 2024, construction of two projects (in an aggregate capacity of approximately 27 MW) was completed and the IRS approval of entitlement to tax credits was received. These projects were connected to the electricity grid at the end of March 2025. The additional two projects (in an aggregate capacity of approximately 22 MW) are under construction and their construction is expected to end during April and June 2025. Additional projects with an aggregate capacity of approximately 50 MW are under development and are intended to begin construction in 2025. The Company executed an agreement to sell the tax credits of the first four projects for approximately $19 million.

    Activity in Italy:

    The Company has a portfolio of 460 MW solar projects in Italy of which 38 MW are connected to the grid and operating 294 MW are ready to build and 128 MW are under advanced development. The Company executed construction agreements with the Engineering, Procurement and Construction (“EPC”) contractor for 160 MW that are ready to build, the commencement of construction is expected in the beginning of the second quarter of 2025 and the construction is expected to take approximately 18 months. A financing agreement with a European institutional investor was executed for the financing of the construction of 198 MW (including the connected projects and the projects for which the EPC agreements were executed) for 23 years with a fixed annual interest of 4.5%.

    New legislation in Italy prohibits the establishment of new projects on agricultural land. This prohibition increases the value of the Company’s portfolio, which is not subject to the prohibition or located on agricultural land. The Company estimates that new possibilities are emerging for obtaining a power purchase agreement (“PPA”) in Italy, therefore it expects that in the future project financing will be possible more easily and at lower costs.

    Activity in Israel:

    The Manara Cliff Pumped Storage Project (Company’s share is 83.34%): A project with a capacity of 156 MW, which is in advanced construction stages. The Iron Swords War, which commenced on October 7, 2023, stopped the construction work on the project. The project has protection from the state for damages and losses due to the war within the framework of the tariff regulation (covenants that support financing). The project was expected to reach commercial operation during the first half of 2027 and the continuation of the Iron Swords war will cause a delay in the date of activation. The Israeli Electricity Authority currently approved a postponement of sixteen months of the dates for the project. The Company and its partner in the project, Ampa, invested the equity required for the project (other than linkage differences), and the remainder of the funding is from a consortium of lenders led by Mizrahi Bank, at a scope of approximately NIS 1.18 billion.

    Development of Solar licenses combined with storage:

    1. The Komemiyut and Qelahim Projects: each intended for 21 solar MW and 50 MW / hour batteries. The sale of electricity will be conducted through a private supplier.
      The Company waived the rights it won in a solar / battery tender process in connection with these projects and therefore paid a forfeiture of guarantee in the amount of NIS 1.8 million and is in advanced negotiations with a local virtual electricity supplier for the execution of a long-term PPA.
    2. The Talmei Yosef Project: intended for 10 solar MW and 22 MW / hour batteries. The request for zoning approval was approved in the fourth quarter of 2023.
    3. The Talmei Yosef Storage Project in Batteries: there is a zoning approval for approximately 400 MW / hour. The project is designed for the regulation of high voltage storage.

    Activity in the Netherlands:

    During 2024, high production levels were maintained in the Company’s three biogas plants. In addition, significant progress was made in the process of obtaining the licenses to increase production by about 50% in each of the Company’s plants. Increasing production will require relatively small investments and is expected to significantly increase income and EBITDA. Following the directive of the European Union to act to significantly increase the production of green gas, the Dutch parliament approved the legislation mandating the obligation to mix green gas with fossil gas, which will become effective commencing January 1, 2026. This legislation is expected to have a positive effect on revenues from the sale of green gas and the price of the accompanying green certificates. Agreements were executed for the future sale of green certificates for green gas in the context of the new regulation at a price of approximately €1 per certificate. The Company’s Dutch subsidiaries generate approximately 16 million green certificates a year.

    Use of Non-IFRS Financial Measures

    EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company’s EBITDA may not be indicative of the Company’s historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company’s operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 15 of this press release.

    About Ellomay Capital Ltd.

    Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

    To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

    • Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
    • 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
    • Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
    • 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
    • Solar projects in Italy with an aggregate capacity of 294 MW that have reached “ready to build” status; and
    • Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.

    For more information about Ellomay, visit http://www.ellomay.com.

    Information Relating to Forward-Looking Statements

    This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Kalia Rubenbach (Weintraub)
    CFO
    Tel: +972 (3) 797-1111
    Email: hilai@ellomay.com

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Financial Position

      December 31,
    2024 2023 2024
    Unaudited Audited Unaudited
    € in thousands Convenience Translation into US$ in thousands*
    Assets      
    Current assets:      
    Cash and cash equivalents 41,134 51,127 42,819
    Short term deposits – 997 –
    Restricted cash 656 810 683
    Intangible asset from green certificates 178 553 185
    Trade and other receivables 20,734 11,717 21,583
    Derivatives asset short-term 146 275 152
    Assets of disposal groups classified as held for sale – 28,297 –
      62,848 93,776 65,422
    Non-current assets      
    Investment in equity accounted investee 41,324 31,772 43,017
    Advances on account of investments 547 898 569
    Fixed assets 482,166 407,982 501,918
    Right-of-use asset 34,315 30,967 35,721
    Restricted cash and deposits 17,052 17,386 17,751
    Deferred tax 9,039 8,677 9,409
    Long term receivables 13,411 10,446 13,960
    Derivatives 15,974 10,948 16,628
      613,828 519,076 638,973
    Total assets 676,676 612,852 704,395
           
    Liabilities and Equity      
    Current liabilities      
    Current maturities of long-term bank loans 21,316 9,784 22,189
    Current maturities of other long-term loans 5,000 5,000 5,205
    Current maturities of debentures 35,706 35,200 37,169
    Trade payables 8,856 5,249 9,219
    Other payables 10,896 10,859 11,342
    Current maturities of derivatives 1,875 4,643 1,952
    Current maturities of lease liabilities 714 700 743
    Liabilities of disposal groups classified as held for sale – 17,142 –
    Warrants 1,446 84 1,505
      85,809 88,661 89,324
    Non-current liabilities      
    Long-term lease liabilities 25,324 23,680 26,361
    Long-term bank loans 245,866 237,781 255,938
    Other long-term loans 31,314 29,373 32,597
    Debentures 155,823 104,887 162,206
    Deferred tax 2,486 2,516 2,588
    Other long-term liabilities 939 855 977
    Derivatives 288 – 300
      462,040 399,092 480,967
    Total liabilities 547,849 487,753 570,291
           
    Equity      
    Share capital 25,613 25,613 26,662
    Share premium 86,271 86,159 89,805
    Treasury shares (1,736) (1,736) (1,807)
    Transaction reserve with non-controlling Interests 5,697 5,697 5,930
    Reserves 14,338 4,299 14,925
    Accumulated deficit (12,019) (5,037) (12,511)
    Total equity attributed to shareholders of the Company 118,164 114,995 123,004
    Non-Controlling Interest 10,663 10,104 11,100
    Total equity 128,827 125,099 134,104
    Total liabilities and equity 676,676 612,852 704,395

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Comprehensive Income

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
    Unaudited Unaudited Audited Unaudited
    € in thousands (except per share data) Convenience Translation into US$*
    Revenues 8,678 8,424 40,467 48,834 9,033 42,125
    Operating expenses (5,298) (5,460) (19,803) (22,861) (5,515) (20,614)
    Depreciation and amortization expenses (4,126) (4,265) (16,468) (16,012) (4,295) (17,143)
    Gross profit (loss) (746) (1,301) 4,196 9,961 (777) 4,368
                 
    Project development costs (790) (2,025) (4,101) (4,465) (822) (4,269)
    General and administrative expenses (1,384) (1,320) (6,063) (5,283) (1,441) (6,311)
    Share of profit (loss) of equity accounted investee 5,767 (279) 11,062 4,320 6,003 11,515
    Other income, net 524 – 3,409 – 545 3,549
    Operating profit (loss) 3,371 (4,925) 8,503 4,533 3,508 8,852
                 
    Financing income 710 345 2,495 8,747 739 2,597
    Financing income (expenses) in connection with derivatives and warrants, net (664) 336 1,140 251 (691) 1,187
    Financing expenses in connection with projects finance (1,544) (1,465) (6,190) (6,077) (1,607) (6,444)
    Financing expenses in connection with debentures (1,762) (1,008) (6,641) (3,876) (1,834) (6,913)
    Interest expenses on minority shareholder loan (528) (541) (2,144) (2,014) (550) (2,232)
    Other financing expenses (13,099) (1,499) (8,311) (588) (13,636) (8,651)
    Financing expenses, net (16,887) (3,832) (19,651) (3,557) (17,579) (20,456)
                 
    Profit (loss) before taxes on income (13,516) (8,757) (11,148) 976 (14,071) (11,604)
    Tax benefit 1,475 799 1,547 1,436 1,535 1,610
    Profit (loss) for the period from continuing operations (12,041) (7,958) (9,601) 2,412 (12,536) (9,994)
    Profit (loss) from discontinued operation (net of tax) 58 (1,857) 137 (1,787) 60 143
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Profit (loss) attributable to:            
    Owners of the Company (10,887) (8,490) (6,982) 2,219 (11,333) (7,268)
    Non-controlling interests (1,096) (1,325) (2,482) (1,594) (1,143) (2,583)
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Other comprehensive income (loss) item            
    that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss:            
    Foreign currency translation differences for foreign operations 13,159 1,234 8,007 (7,949) 13,698 8,335
    Foreign currency translation differences for foreign operations that were recognized in profit or loss – – 255 – – 265
    Effective portion of change in fair value of cash flow hedges (3,781) (10,718) 5,631 39,431 (3,937) 5,861
    Net change in fair value of cash flow hedges transferred to profit or loss 1,108 19,183 (813) 9,794 1,154 (846)
    Total other comprehensive income 10,486 9,699 13,080 41,276 10,915 13,615
                 
    Total other comprehensive income (loss) attributable to:            
    Owners of the Company 11,354 5,172 10,039 16,931 11,818 10,450
    Non-controlling interests (868) 4,527 3,041 24,345 (903) 3,165
    Total other comprehensive income (loss) for the period 10,486 9,699 13,080 41,276 10,915 13,615
    Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764
                 
    Total comprehensive income (loss) attributable to:            
    Owners of the Company 467 (3,318) 3,057 19,150 485 3,182
    Non-controlling interests (1,964) 3,202 559 22,751 (2,046) 582
    Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764
                 

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US $ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Comprehensive Income (cont’d)

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
    Unaudited Unaudited Audited Unaudited
    € in thousands (except per share data) Convenience Translation into US$*
    Basic profit (loss) per share (0.85) (0.66) (0.54) 0.17 (0.91) (0.56)
    Diluted profit (loss) per share (0.85) (0.66) (0.54) 0.17 (0.91) (0.56)
                 
    Basic profit (loss) per share continuing operations (0.85) (0.14) (0.55) 0.31 (0.91) (0.57)
    Diluted profit (loss) per share continuing operations (0.85) (0.14) (0.55) 0.31 (0.91) (0.57)
                 
    Basic profit (loss) per share discontinued operation – (0.52) 0.01 (0.14) – 0.01
    Diluted profit (loss) per share discontinued operation – (0.52) 0.01 (0.14) – 0.01
                 

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity

                         
    Attributable to shareholders of the Company
    		 Non-controlling Interests Total Equity
    Share capital Share premium Accumulated Deficit Treasury shares Translation reserve from foreign operations Hedging Reserve Interests Transaction reserve with non-controlling Interests Total    
    € in thousands
    For the year ended                    
    December 31, 2024 (unaudited):                    
    Balance as at January 1, 2024 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099
    Profit (loss) for the period – – (6,982) – – – – (6,982) (2,482) (9,464)
    Other comprehensive income (loss) for the period – – – – 8,061 1,978 – 10,039 3,041 13,080
    Total comprehensive income (loss) for the period – – (6,982) – 8,061 1,978 – 3,057 559 3,616
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 112 – – – – – 112 – 112
    Balance as at December 31, 2024 25,613 86,271 (12,019) (1,736) 8,446 5,892 5,697 118,164 10,663 128,827
                         
                         
    For the three months                    
    ended December 31, 2024 (unaudited):                    
    Balance as at September 30, 2024 25,613 86,250 (1,132) (1,736) (4,377) 7,361 5,697 117,676 12,627 130,303
    Profit (loss) for the period – – (10,887) – – – – (10,887) (1,096) (11,983)
    Other comprehensive income (loss) for the period – – – – 12,823 (1,469) – 11,354 (868) 10,486
    Total comprehensive income (loss) for the period – – (10,887) – 12,823 (1,469) – 467 (1,964) (1,497)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 21 – – – – – 21 – 21
    Balance as at December 31, 2024 25,613 86,271 (12,019) (1,736) 8,446 5,892 5,697 118,164 10,663 128,827

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity (cont’d)

      Share capital Share premium Attributable to shareholders of the Company Non- controlling Total
    Interests Equity
    Accumulated deficit Treasury shares Translation reserve from
    foreign operations    		 Hedging Reserve Interests Transaction reserve with
    non-controlling Interests    		 Total    
    € in thousands
    For the year ended December 31, 2023 (audited):                    
    Balance as at January 1, 2023 25,613 86,038 (7,256) (1,736) 7,970 (20,602) 5,697 95,724 (12,647) 83,077
    Profit (loss) for the year – – 2,219 – – – – 2,219 (1,594) 625
    Other comprehensive loss for the year – – – – (7,585) 24,516 – 16,931 24,345 41,276
    Total comprehensive loss for the year – – 2,219 – (7,585) 24,516 – 19,150 22,751 41,901
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 121 – – – – – 121 – 121
    Balance as at December 31, 2023 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099
                         
    For the three months                    
    ended December 31, 2023 (unaudited):                    
    Balance as at September 30, 2023 25,613 86,131 3,453 (1,736) (801) (72) 5,697 118,285 6,902 125,187
    Profit (loss) for the period – – (8,490) – – – – (8,490) (1,325) (9,815)
    Other comprehensive income (loss) for the period – – – – 1,186 3,986 – 5,172 4,527 9,699
    Total comprehensive income (loss) for the period – – (8,490) – 1,186 3,986 – (3,318) 3,202 (116)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 28 – – – – – 28 – 28
    Balance as at December 31, 2023 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Changes in Equity (cont’d)

          Attributable to shareholders of the Company Non- controlling Total
        Interests Equity
    Share capital Share premium Accumulated deficit Treasury shares Translation reserve from
    foreign operations    		 Hedging Reserve Interests Transaction reserve with
    non-controlling Interests    		 Total    
    Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)
    For the year ended December 31, 2024 (unaudited):                    
    Balance as at January 1, 2024 26,662 89,688 (5,243) (1,807) 401 4,074 5,930 119,705 10,518 130,223
    Profit (loss) for the period – – (7,268) – – – – (7,268) (2,583) (9,851)
    Other comprehensive income (loss) for the period – – – – 8,391 2,059 – 10,450 3,165 13,615
    Total comprehensive income (loss) for the period – – (7,268) – 8,391 2,059 – 3,182 582 3,764
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 117 – – – – – 117 – 117
    Balance as at December 31, 2024 26,662 89,805 (12,511) (1,807) 8,792 6,133 5,930 123,004 11,100 134,104
                         
    For the three months                    
    ended December 31, 2024 (unaudited):                    
    Balance as at September 30, 2024 26,662 89,783 (1,178) (1,807) (4,555) 7,663 5,930 122,498 13,146 135,644
    Profit (loss) for the period – – (11,333) – – – – (11,333) (1,143) (12,476)
    Other comprehensive income (loss) for the period – – – – 13,347 (1,530) – 11,817 (903) 10,914
    Total comprehensive income (loss) for the period – – (11,333) – 13,347 (1,530) – 484 (2,046) (1,562)
    Transactions with owners of the Company, recognized directly in equity:                    
    Share-based payments – 22 – – – – – 22 – 22
    Balance as at December 31, 2024 26,662 89,805 (12,511) (1,807) 8,792 6,133 5,930 123,004 11,100 134,104

    Ellomay Capital Ltd. and its Subsidiaries

    Unaudited Condensed Consolidated Statements of Cash Flow

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, 2024 For year ended December 31, 2024
    2024 2023 2024 2023
    Unaudited Unaudited Audited Unaudited
    € in thousands Convenience Translation into US$*
    Cash flows from operating activities            
    Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Adjustments for:            
    Financing expenses, net 16,887 3,632 19,247 3,034 17,579 20,035
    Loss from settlement of derivatives contract 266 – 316 – 277 329
    Impairment losses on assets of disposal groups classified as held-for-sale – 2,565 405 2,565 – 422
    Depreciation and amortization 4,126 4,378 16,516 16,473 4,295 17,193
    Share-based payment transactions 21 28 112 121 22 117
    Share of profits of equity accounted investees (5,767) 279 (11,062) (4,320) (6,003) (11,515)
    Payment of interest on loan from an equity accounted investee – 33 – 1,501 – –
    Change in trade receivables and other receivables (5,606) (1,317) (8,824) (302) (5,836) (9,185)
    Change in other assets 2,894 69 3,770 (681) 3,013 3,924
    Change in receivables from concessions project – 259 793 1,778 – 825
    Change in trade payables 48 (332) (31) (45) 50 (32)
    Change in other payables 4,747 (2,492) 4,454 (2,235) 4,941 4,636
    Tax benefit (1,475) (1,391) (1,552) (1,852) (1,535) (1,615)
    Income taxes refund (paid) 277 (473) 623 (912) 288 649
    Interest received 605 524 2,537 2,936 630 2,641
    Interest paid (2,618) (4,132) (9,873) (10,082) (2,725) (10,277)
      14,405 1,630 17,431 7,979 14,996 18,147
    Net cash provided by (used in) operating activities 2,422 (8,185) 7,967 8,604 2,520 8,296
                 
    Cash flows from investing activities            
    Acquisition of fixed assets (22,894) (7,365) (72,922) (58,848) (23,832) (75,909)
    Interest paid capitalized to fixed assets (887) (2,283) (2,515) (2,283) (923) (2,618)
    Proceeds from sale of investments – – 9,267 – – 9,647
    Repayment of loan by an equity accounted investee – 1,221 – 1,324 – –
    Loan to an equity accounted investee – (60) – (128) – –
    Advances on account of investments – – (163) (421) – (170)
    Proceeds from advances on account of investments 514 297 514 2,218 535 535
    Proceeds in marketable securities – – – 2,837 – –
    Investment in settlement of derivatives, net (540) – (316) – (562) (329)
    Proceeds from (investment in) restricted cash, net 532 (53) 689 840 554 717
    Proceeds from (investment in) short term deposit 2,408 – 1,004 (1,092) 2,507 1,045
    Net cash used in investing activities (20,867) (8,243) (64,442) (55,553) (21,721) (67,082)
                 
    Cash flows from financing activities            
    Issuance of warrants – – 2,666 – – 2,775
    Cost associated with long-term loans (556) (690) (2,567) (1,877) (579) (2,672)
    Payment of principal of lease liabilities (2,276) (190) (2,941) (1,156) (2,369) (3,061)
    Proceeds from long-term loans 175 10,787 19,482 32,157 182 20,280
    Repayment of long-term loans (4,668) (5,746) (11,776) (12,736) (4,859) (12,258)
    Repayment of Debentures – – (35,845) (17,763) – (37,313)
    Proceeds from issuance of Debentures, net 15,118 – 73,943 55,808 15,737 76,972
    Net cash provided by (used in) financing activities 7,793 4,161 42,962 54,433 8,112 44,723
                 
    Effect of exchange rate fluctuations on cash and cash equivalents 3,330 1,723 3,092 (2,387) 3,467 3,215
    Increase (decrease) in cash and cash equivalents (7,322) (10,544) (10,421) 5,097 (7,622) (10,848)
    Cash and cash equivalents at the beginning of the period 48,456 62,099 51,127 46,458 50,441 53,221
    Cash from (used in) disposal groups classified as held-for-sale – (428) 428 (428) – 446
    Cash and cash equivalents at the end of the period 41,134 51,127 41,134 51,127 42,819 42,819

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd. and its Subsidiaries

    Operating Segments (Unaudited)

     
                           
    Italy Spain USA Netherlands Israel  
    Solar Subsidized Solar
    Plants    		 28 MW
    Solar    		 Talasol
    Solar    		 Solar Biogas Dorad Manara Pumped Storage Solar* Total
    reportable
    segments    		 Reconciliations
    		 Total consolidated
      For the year ended December 31, 2024
      € in thousands
                             
    Revenues 2,293 2,974 1,741 18,365 – 15,094 67,084 – 278 107,829 (67,362) 40,467
    Operating expenses (109) (519) (593) (4,695) – (13,887) (50,065) – (142) (70,010) 50,207 (19,803)
    Depreciation and amortization expenses (89) (919) (1,088) (11,453) – (2,897) (2,489) – (48) (18,983) 2,515 (16,468)
    Gross profit (loss) 2,095 1,536 60 2,217 – (1,690) 14,530 – 88 18,836 (14,640) 4,196
                             
    Adjusted gross profit (loss) 2,095 1,536 60 2,217 – (1,690) 14,530 – 3172 19,065 (14,869) 4,196
    Project development costs                       (4,101)
    General and administrative expenses                       (6,063)
    Share of income of equity accounted investee                       11,062
    Other income, net                       3,409
    Operating profit                       8,503
    Financing income                       2,495
    Financing income in connection with
    derivatives and warrants, net    		                       1,140
    Financing expenses in connection with projects finance                       (6,190)
    Financing expenses in connection with debentures                       (6,641)
    Interest expenses on minority shareholder loan                       (2,144)
    Other financing expenses                       (8,311)
    Financing expenses, net                       (19,651)
    Profit before taxes on income                       (11,148)
                             
    Segment assets as at December 31, 2024 67,546 12,633 19,403 225,452 55,564 31,779 109,579 186,333 – 708,289 (31,613) 676,676

    * The results of the Talmei Yosef solar plant are presented as a discontinued operation.

    Ellomay Capital Ltd. and its Subsidiaries

    Reconciliation of Profit (Loss) to EBITDA (Unaudited)

      For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31,
    2024 2023 2024 2023 2024 2024
      € in thousands Convenience Translation into US$ in thousands*
    Net profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851)
    Financing expenses, net 16,887 3,832 19,651 3,557 17,579 20,456
    Tax benefit (1,475) (799) (1,547) (1,436) (1,535) (1,610)
    Depreciation and amortization 4,126 4,265 16,468 16,012 4,295 17,143
    EBITDA 7,555 (2,517) 25,108 18,758 7,863 26,138

    * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders

    Financial Covenants

    Pursuant to the Deeds of Trust governing the Company’s Series C, Series D, Series E, Series F and Series G Debentures (together, the “Debentures”), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission on April 18, 2024, and below.

    Net Financial Debt

    As of December 31, 2024, the Company’s Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company’s Debentures), was approximately €159.4 million (consisting of approximately €308.53 million of short-term and long-term debt from banks and other interest bearing financial obligations, approximately €200.54 million in connection with the Series C Debentures issuances (in July 2019, October 2020, February 2021 and October 2021), the Series D Convertible Debentures issuance (in February 2021), the Series E Secured Debentures issuance (in February 2023) and the Series F Debentures issuance (in January, April, August and November 2024)), net of approximately €41.1 million of cash and cash equivalents, short-term deposits and marketable securities and net of approximately €308.55 million of project finance and related hedging transactions of the Company’s subsidiaries). The Net Financial Debt and other information included in this disclosure do not include the issuance of the Company’s Series G Debentures in February 2025.

    Discussion concerning Warning Signs

    Upon the issuance of the Company’s Debentures, the Company undertook to comply with the “hybrid model disclosure requirements” as determined by the Israeli Securities Authority and as described in the Israeli prospectuses published in connection with the public offering of the company’s Debentures. This model provides that in the event certain financial “warning signs” exist in the Company’s consolidated financial results or statements, and for as long as they exist, the Company will be subject to certain disclosure obligations towards the holders of the Company’s Debentures.

    One possible “warning sign” is the existence of a working capital deficiency if the Company’s Board of Directors does not determine that the working capital deficiency is not an indication of a liquidity problem. In examining the existence of warning signs as of December 31, 2024, the Company’s Board of Directors noted the working capital deficiency as of December 31, 2024, in the amount of approximately €23 million. The Company’s Board of Directors reviewed the Company’s financial position, outstanding debt obligations and the Company’s existing and anticipated cash resources and uses and determined that the existence of a working capital deficiency as of December 31, 2024, does not indicate a liquidity problem. In making such determination, the Company’s Board of Directors noted the following: (i) the issuance of the Company’s Series G Debentures in consideration for approximately NIS 211.7 million (net of offering expenses), which was completed after December 31, 2024 and therefore not reflected on the Company’s balance sheet, (ii) the execution of the agreement to sell tax credits in connection with the US solar projects, which is expected to contribute approximately $19 million during the next twelve months, and (iii) the Company’s positive cash flow from operating activities during 2023 and 2024.

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series C Debenture Holders

    The Deed of Trust governing the Company’s Series C Debentures (as amended on June 6, 2022, the “Series C Deed of Trust”), includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for two consecutive quarters is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series C Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series C Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA,6 was 6.1.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series C Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjusted EBITDA as defined the Series C Deed of Trust 26,201

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series D Debenture Holders

    The Deed of Trust governing the Company’s Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series D Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA7 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters8 440
    Adjusted EBITDA as defined the Series D Deed of Trust 26,641

    Ellomay Capital Ltd.

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series E Debenture Holders

    The Deed of Trust governing the Company’s Series E Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series E Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series E Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series E Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA9 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series E Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters10 440
    Adjusted EBITDA as defined the Series E Deed of Trust 26,641
       

    In connection with the undertaking included in Section 3.17.2 of Annex 6 of the Series E Deed of Trust, no circumstances occurred during the reporting period under which the rights to loans provided to Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd. (“Ellomay Luzon Energy”)), which were pledged to the holders of the Company’s Series E Debentures, will become subordinate to the amounts owed by Ellomay Luzon Energy to Israel Discount Bank Ltd.

    As of December 31, 2024, the value of the assets pledged to the holders of the Series E Debentures in the Company’s books (unaudited) is approximately €41.3 million (approximately NIS 156.8 million based on the exchange rate as of such date).

    Ellomay Capital Ltd. and its Subsidiaries

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series F Debenture Holders

    The Deed of Trust governing the Company’s Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series F Deed of Trust) was approximately €118.4 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA11 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters12 440
    Adjusted EBITDA as defined the Series F Deed of Trust 26,641
       

    Ellomay Capital Ltd. and its Subsidiaries

    Information for the Company’s Debenture Holders (cont’d)

    Information for the Company’s Series G Debenture Holders

    The Deed of Trust governing the Company’s Series G Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series G Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series G Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series G Deed of Trust) was approximately €118.4 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA13 was 6.

    The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series G Deed of Trust) for the four-quarter period ended December 31, 2024:

      For the four-quarter period ended December 31, 2024
    Unaudited
    € in thousands
    Loss for the period (9,464)
    Financing expenses, net 19,651
    Taxes on income (1,547)
    Depreciation and amortization expenses 16,468
    Share-based payments 112
    Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981
    Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters14 440
    Adjusted EBITDA as defined the Series G Deed of Trust 26,641
       

    1 The revenues presented in the Company’s financial results included in this press release are based on IFRS and do not take into account the adjustments included in the Company’s investor presentation.

    2 The gross profit of the Talmei Yosef solar plant located in Israel is adjusted to include income from the sale of electricity (approximately €1,264 thousand) and depreciation expenses (approximately €757 thousand) under the fixed asset model, which were not recognized as revenues and depreciation expenses, respectively, under the financial asset model as per IFRIC 12.

    3 The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately €4.7 million costs associated with such debt, which was capitalized and therefore offset from the debt amount that is recorded in the Company’s balance sheet.

    4 The amount of the debentures provided above includes an amount of approximately €6.9 million associated costs, which was capitalized and discount or premium and therefore offset from the debentures amount that is recorded in the Company’s balance sheet. This amount also includes the accrued interest as at December 31, 2024 in the amount of approximately €2.1 million.

    5 The project finance amount deducted from the calculation of Net Financial Debt includes project finance obtained from various sources, including financing entities and the minority shareholders in project companies held by the Company (provided in the form of shareholders’ loans to the project companies).

    6 The term “Adjusted EBITDA” is defined in the Series C Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef solar plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments. The Series C Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series C Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    7 The term “Adjusted EBITDA” is defined in the Series D Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series D Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series D Deed of Trust). The Series D Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series D Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    8 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    9 The term “Adjusted EBITDA” is defined in the Series E Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series E Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series E Deed of Trust). The Series E Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series E Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”

    10 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    11 The term “Adjusted EBITDA” is defined in the Series F Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series F Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series F Deed of Trust). The Series F Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series F Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

    12 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    13 The term “Adjusted EBITDA” is defined in the Series G Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series G Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series G Deed of Trust). The Series G Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series G Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”

    14 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.

    The MIL Network –

  • MIL-OSI: Beneficient Adjourns Annual Meeting of Stockholders

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, March 31, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Beneficient,” “Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, announced today that the Company’s Annual Meeting of Stockholders, which began at 9:00 a.m. Central time today, March 31, 2025, has been adjourned to allow for more time for stockholders to vote.

    At this time, there were not present, by remote communication or by proxy, a sufficient number of shares of the Company’s common stock to constitute a quorum. The Company’s Board of Directors continues to believe that that all of the proposals contained in the proxy statement are advisable and in the best interests of the Company’s stockholders to consider and act upon. Therefore, the Company adjourned the Annual Meeting.

    The meeting has been scheduled to reconvene on April 16, 2025 at 9:00 a.m. Central time and will be held virtually online at https://www.cstproxy.com/beneficient/2025.

    During the period of the adjournment, the Company will continue to solicit proxies from its stockholders with respect to the proposals set forth in the Company’s proxy statement. Proxies previously submitted in respect to the Annual Meeting will be voted at the reconvened meeting unless properly revoked, and stockholders who have previously submitted a proxy or otherwise voted need not take any action unless they wish to change their vote.

    The Company encourages all stockholders who have not yet voted to do so before April 15, 2025 at 11:59 p.m. Central time. The stockholders may vote by internet at https://www.cstproxyvote.com, or by telephone at 1 (866) 894-0536, or by returning a properly executed proxy card to Corporate Secretary, Beneficient, at 325 N. Saint Paul Street, Suite 4850, Dallas, Texas 75201.

    About Beneficient

    Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

    Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner. 

    Additional Information and where to find it

    The Company has filed a definitive proxy statement and associated proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting of Stockholders of the Company (the “Annual Meeting”). The Company, its directors, its executive officers and certain other individuals set forth in the definitive proxy statement will be deemed participants in the solicitation of proxies from shareholders in respect of the Annual Meeting. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company by security holdings or otherwise are set forth in the definitive proxy statement filed with the SEC on March 21, 2025. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the documents filed by the Company with the SEC, including the definitive proxy statement, free of charge by visiting the SEC’s website, www.sec.gov. The Company’s stockholders can also obtain, without charge, a copy of the definitive proxy statement and other relevant filed documents when available from the Company’s website at www.trustben.com. 

    Contact

    investors@beneficient.com

    The MIL Network –

  • MIL-OSI: Order.co Selects Avalara to Automate and Simplify Sales Tax Compliance

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) — Order.co, the world’s leading B2B Ecommerce Platform, today announced it has selected Avalara’s leading tax compliance automation technology to simplify sales tax compliance for its customers. With the adoption of Avalara’s proven compliance solutions, Order.co customers can now register their exemption status once and apply exemptions to eligible purchases across all vendors at the time of purchase. 

    Order.co’s choice of Avalara aligns with its commitment to reducing administrative burdens, streamlining procurement tasks, and minimizing the manual errors associated with repetitive back-office workflows for its customers. With Avalara and Order.co’s capabilities working in tandem, businesses can eliminate the time-consuming process of contacting each vendor involved in a given order to submit tax exemption requests.

    “Proper tax compliance can be tedious. Order.co has integrated with Avalara to help remove that burden and ensure our customers can focus their time and effort on growing their business,” said Alec Stonitsch, VP of Product at Order.co. “Now, our customers can easily manage exemptions, eliminate repetitive vendor requests, and maintain tax accuracy with every purchase.”

    “Avalara’s mission since our founding centers on delivering value and delighting customers – and it’s always satisfying to witness customers like Order.co growing, thriving, and providing solutions to their own customers’ complex needs,” said Liz Armbruester, EVP, Customer and Compliance Operations at Avalara. “As Order.co works diligently to provide a simplified, fully automated end-to-end procurement platform to businesses seeking innovative and efficient digital tools, implementing Avalara’s tax compliance technology helps customers reduce risk, improve accuracy, and devote personnel to more valuable business building tasks. We’re pleased to play a role in the ongoing success of Order.co’s platform offering.”

    Key Benefits of Order.co + Avalara

    More accurate tax calculations: With Avalara, the process of calculating taxes for each location, product category, and type of spend is executed automatically. Order.co customers can now capture tax values at the time of purchase to reduce the need for manual adjustments and eliminate errors – and gain granular control of tax exemptions with the ability to toggle between exempt and non-exempt status on products. 

    Streamlined exemption management: With Avalara integrated into the Order.co platform, customers can register their business’s tax exemption status once, and watch it automatically apply across all eligible purchases and vendors. In addition, fully tax-exempt organizations can now make purchases through the Order.co platform.

    Comprehensive reporting and tax compliance: Customers can now leverage Order.co’s new capabilities for in-depth reporting to easily calculate tax obligations, in addition to collecting, storing, and documenting relevant tax information to mitigate sales tax liability and minimize the amount owed during audits. Users can access product categories to aid in tax coding and ensure teams can run comprehensive analytics. 

    About Avalara 

    Avalara makes tax compliance faster, easier, and more accurate, reliable, and valuable for 41,000+ business and government customers in over 75 countries. Tax compliance automation software solutions from Avalara leverage 1,200+ signed partner integrations across leading ecommerce, ERP, and other billing systems to power tax calculations, document management, tax return filing, and tax content access. Visit avalara.com to improve your compliance journey.

    About Order.co

    Order.co simplifies business buying by combining the ease of online shopping with the sophistication of world-class purchase order and AP automation. The result? Businesses cut costs and complexity with every order. Hundreds of companies, like WeWork and Hugo Boss, leverage Order.co to centralize purchase-to-pay workflows, scale operations, and save an average of 5% on products. Order.co has raised $50M in funding from industry-leading investors like MIT, Stage 2 Capital, Rally Ventures, 645 Ventures, and more.

    Media Contact

    Allison Reich
    Senior Manager of Brand, Content & Enablement
    Allison.reich@order.co

    The MIL Network –

  • MIL-OSI: Energys Group Announces Pricing of $10.125 Million Initial Public Offering and Nasdaq Listing

    Source: GlobeNewswire (MIL-OSI)

    UNITED KINGDOM, March 31, 2025 (GLOBE NEWSWIRE) — Energys Group Limited (NASDAQ: ENGS) (“Energys Group” or the “Company”), a vertically integrated energy efficiency and decarbonization solutions provider for the build environment, today announced the pricing of its initial public offering (the “Offering”) of 2,250,000 ordinary shares (the “Ordinary Shares”) at a public offering price of US$4.50 per Ordinary Share, for total gross proceeds of US$10,125,000 before deducting underwriting discounts and other offering expenses.

    The Ordinary Shares have been approved for listing on the NASDAQ Capital Market and are expected to commence trading on April 1, 2025, under the ticker symbol “ENGS.”

    The Company has granted the underwriters an option, within 45 days from the date of the prospectus, to purchase up to an additional 337,500 Ordinary Shares at the initial public offering price, less underwriting discounts and commissions, to cover the over-allotment option, if any.

    The Offering is being conducted on a firm commitment basis. American Trust Investment Services, Inc. (“American Trust”) is acting as the representative of the underwriters for the Offering. Schlueter & Associates, P.C. acted as U.S. counsel to the Company, and DeMint Law, PLLC acted as U.S. counsel to American Trust, in connection with the Offering.

    The Offering is expected to close on April 2, 2025, subject to customary closing conditions.

    The Company intends to use the proceeds from this Offering 1) to expand its operating network in the United Kingdom; 2) for inventory procurement; 3) to establish operating subsidiaries in the United States; 4) to identify and pursue merger and acquisition opportunities; 5) to expand research and development capabilities; 6) to repay certain bank borrowings; and 7) to use as general working capital.

    A registration statement relating to the Offering, as amended, (File No. 333-275956) has been filed with the U.S. Securities and Exchange Commission (the “SEC”), and was declared effective by the SEC on March 14, 2025.

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

    The Offering is being made only by means of a prospectus. Copies of the final prospectus related to the Offering may be obtained from American Trust, Attn: Syndicate Department, 1244 119th Street, Whiting, IN 46394, via email at ib@amtruinvest.com or via telephone at (219) 473-5542. In addition, a copy of the final prospectus can be obtained via the SEC’s website at www.sec.gov.

    About Energys Group

    Founded in 1998 as an energy conservation consultancy, Energys Group Limited (NASDAQ: ENGS) (“Energys Group” or the “Company”) has since transitioned into a vertically integrated energy efficiency and decarbonization solutions provider for the build environment. Serving organizations from both the private and public sectors, including schools, universities, hospitals and offices, primarily in the UK, the Company’s vision is to deliver innovative solutions that reduce carbon emissions, lower costs and support Net Zero agenda – alongside improving the wellbeing of building users within the built environment.

    Forward-Looking Statements

    All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

    For more information, please contact:
    DLK Advisory
    Phone: +852-2857-7101
    Email: ir@dlkadvisory.com

    The MIL Network –

  • MIL-OSI: STMicroelectronics and Innoscience sign GaN technology development and manufacturing agreement

    Source: GlobeNewswire (MIL-OSI)

    STMicroelectronics and Innoscience sign GaN technology development and manufacturing agreement

    • Joint Development Agreement (JDA) on GaN technology to build the future in power electronics for AI datacenters, renewable energy generation and storage, cars and more
    • Innoscience can make use of manufacturing capacity of ST in Europe while ST can leverage manufacturing capacity at Innoscience in China

    Geneva and Suzhou, March 31st, 2025 – STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, and Innoscience (HKEX:02577.HK), the world leader in 8” GaN-on-Si (gallium nitride on silicon) high-performance low-cost manufacturing, announce the signature of an agreement on GaN technology development and manufacturing, leveraging the strengths of each company to enhance GaN power solutions and supply chain resilience.

    The companies have agreed on a joint development initiative on GaN power technology, to advance the promising future of GaN power for consumer electronics, datacenters, automotive and industrial power systems and many more applications in the coming years. In addition, the agreement allows Innoscience to utilize ST’s front-end manufacturing capacity outside China for its GaN wafers, while ST can leverage Innoscience’s front-end manufacturing capacity in China for its own GaN wafers. The common ambition is for each company to expand their individual offering in GaN with supply chain flexibility and resilience to cover all customers’ requirements in a wide range of applications.

    Marco Cassis, President, Analog, Power & Discrete, MEMS and Sensors of STMicroelectronics declared: “ST and Innoscience are both Integrated Device Manufacturers, and with this agreement we will leverage this model to the benefit of our customers globally. First, ST will be accelerating its roadmap in GaN power technology to complement its silicon and silicon carbide offering. Second, ST will be able to leverage a flexible manufacturing model to serve customers globally.”

    Dr. Weiwei Luo, Chairman and Founder of Innoscience, stated “GaN technology is essential to improve electronics, creating smaller and more efficient systems which save electric power, lower cost, and reduce CO2 Emissions. Innoscience pioneered mass production of 8-inch GaN technology and has shipped over 1 billion GaN devices into multiple markets, and we are very excited to move into strategic collaboration with ST. The joint collaboration between ST and Innoscience will further expand and accelerate the adoption of GaN technology. Together the teams at Innoscience and ST will develop the next generations of GaN technology”.

    GaN power devices leverage fundamental material properties that enable new standards of system performance in power conversion, motion control, and actuation, offering significantly lower losses, which allows for enhanced efficiency, smaller size, and lighter weight, thus reducing the overall solution cost and carbon footprint; these devices are rapidly being adopted in consumer electronics, data center and industrial power supplies, and solar inverters, and are being actively designed into next-generation EV powertrains due to their substantial size and weight reduction benefits.

    About STMicroelectronics

    At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

    About Innoscience

    Innoscience (HKEX:02577.HK) is the global leader in gallium nitride process innovation and power device manufacturing. Innoscience’s device design and performance set the worldwide standard for GaN, and the culture of continuous improvement will accelerate GaN performance and market adoption. The company’s gallium nitride products are used in multiple low, medium and high voltage applications, with GaN process nodes covering 15V to 1200V. Wafers, discrete devices, integrated power ICs, and modules provide customers with robust GaN solutions. With 800 patents granted or pending, Innoscience’s products are known for reliability, performance, and functionality within the fields of consumer electronics, automotive electronics, data centers, renewable energy and industrial power. Innoscience creates a bright future for GaN. Please visit www.innoscience.com for more information.

    Contacts

    Media Relations
    Alexis Breton
    Group VP Corporate External Communications
    Tel: +33.6.59.16.79.08
    alexis.breton@st.com

    Investor Relations
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41.22.929.59.20
    jerome.ramel@st.com

    Attachment

    The MIL Network –