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Category: GlobeNewswire

  • MIL-OSI: Flourish to Acquire Sora Finance, Creating First Comprehensive Deposits and Lending Platform for RIAs

    Source: GlobeNewswire (MIL-OSI)

    New York, March 20, 2025 (GLOBE NEWSWIRE) — Flourish, a platform that helps registered investment advisors (RIAs) grow by evolving from holistic advice to holistic implementation, today announced that it has entered into a definitive agreement to acquire Sora Finance (Sora), an AI-driven liability optimization platform for advisors. The acquisition creates one of the industry’s first comprehensive platforms addressing both asset and liability management for RIAs, empowering independent advisors to bring cash and lending services to their clients.

    Sora works with over 750 financial advisors, helping advisors visualize, analyze, and optimize their clients’ loans across mortgages, HELOCs, student loans, credit cards, and more. Leveraging AI-based insights and real-time rates from nationwide lenders, the platform alerts advisors when clients have an opportunity to save money or improve loan performance.

    Sora will continue to operate as a standalone business, providing full support for existing advisors and clients, until Flourish fully integrates Sora’s technology and capabilities, expected in early 2026.

    “This acquisition represents a pivotal moment in the evolution of wealth management and the future of the Flourish platform, furthering our mission of helping advisors fully implement every part of their clients’ financial plans. By combining Flourish’s leading cash management solution in Flourish Cash with Sora’s lending expertise and technology, we’re creating a uniquely comprehensive platform that empowers advisors to bring services traditionally associated with banks directly to their clients,” said Flourish CEO Max Lane. “For the first time, advisors can now aggregate both sides of the balance sheet to analyze cashflows, optimize existing liabilities, and opportunistically leverage credit at competitive rates via a delightful experience that ‘just works.’ Providing both cash management and lending capabilities strengthens client retention, grows and retains assets, and ultimately transforms the advisor role from investment manager to a truly holistic financial wellness advocate.”

    The acquisition addresses several key challenges for advisors:

    • Client and asset retention: Property purchases represent one of the primary reasons clients withdraw assets from advisory management. Sora’s AI-driven mortgage optimization capabilities help advisors retain more assets by identifying the ideal loans and refinancing opportunities.
    • Holistic service: High-net-worth clients increasingly demand comprehensive financial advice that addresses both assets and liabilities.
    • Next-Gen appeal: Liability management services particularly resonate with younger clients, positioning advisors to better serve next-generation wealth.

    “We founded Sora with a vision of helping people optimize their liabilities, which have now reached $18T in household debt across America. We are incredibly excited to bring Sora’s deep expertise in lending and mortgages to Flourish advisors and their clients, and in the process, help transform wealth management as a whole. By integrating Sora’s specialized liability management offering, the more than 900 RIAs already leveraging Flourish for their clients can create even more meaningful value and ‘wow’ moments for their clients,” said Sora Co-Founder and Co-CEO, Rohit Agarwal. 

    “Clients expect comprehensive banking services from their advisors and that means support across the balance sheet. We are excited to bring lending services to more advisors and, in the process, retain assets that might otherwise leave their management during major life events like property purchases,” said Sora Co-Founder and Co-CEO, Siddhartha Oza.

    Over 900 RIAs managing over $1.6 trillion in combined assets trust Flourish to help them fully execute financial plans and bring more assets into their orbit. As a platform that helps RIAs grow by evolving from holistic advice to holistic implementation, Flourish also allows advisors to feature their firm’s branding as well as providing client-friendly marketing materials, premium support, the ability to charge advisor service fees, and more

    ABOUT FLOURISH
    Flourish builds technology that empowers financial advisors, improves financial lives and retirement outcomes, and delivers new and innovative investment options to advisors. Today, the Flourish platform supports more than $7 billion in assets under custody and is used by more than 900 wealth management firms representing more than $1.6 trillion in assets under management. Flourish is wholly-owned by Massachusetts Mutual Life Insurance Company (MassMutual). For more information, visit www.flourish.com. 

    ABOUT SORA 
    Sora Finance is an AI-driven debt optimization platform helping financial advisors manage and improve their clients’ liabilities. The platform automatically analyzes client debt across mortgages, HELOCs, student loans, and credit cards, providing unmatched visibility and proactively alerting advisors when clients can save money. For more information, visit www.sorafinance.com.

    Forward Looking Statements
    This press release may contain forward looking statements that are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied.

    Flourish is an online platform through which investors can access financial services and products. Flourish’s offerings are provided by different entities and are subject to different terms, investor protections, and risks. Flourish Cash is offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA’s BrokerCheck. Flourish Annuities refers generally to the annuity platform operated by Flourish Technologies LLC, where applicable, and to Flourish Insurance Agency LLC in its capacity as a licensed insurance producer providing insurance services related to such platform. Flourish Insurance Agency LLC does business in California under the name Flourish Digital Insurance Agency. An annuity is an insurance contract. Annuities shown on the platform are sold through Flourish Insurance Agency LLC, a licensed insurance producer, with offices in Jersey City, New Jersey, and are issued by one or more approved licensed life insurance companies. The Flourish entities mentioned above are affiliates. Flourish Cash and Flourish Annuities accounts are separate accounts and only assets in Flourish Cash accounts may be eligible for protection by the FDIC or SIPC. Please review the Legal section of our website, and the disclosures provided with each Flourish service or product, for further information. © 2025 Flourish. All rights reserved.

    A Flourish Cash account is a brokerage account offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA’s BrokerCheck. The cash balance in a Flourish Cash account will be swept from the brokerage account to deposit account(s) at one or more third-party Program Banks that have agreed to accept deposits from customers of Flourish Financial LLC. The accounts at Program Banks will pay a variable rate of interest. The cash balance in a Flourish Cash account that is swept to one or more Program Banks is eligible for FDIC insurance, subject to FDIC rules, including FDIC aggregate insurance coverage limits. FDIC insurance will not be provided until the funds arrive at the Program Bank. Flourish Cash’s current Program Banks can be found here. For additional information regarding FDIC coverage, visit https://fdic.gov/ and https://www.flourish.com/advisors.

    Home lending products offered by SoraFinance, Inc. SoraFinance, Inc. is a licensed mortgage broker. NMLS #2355841. 1007 General Kennedy Avenue, Suite 3 San Francisco, CA 94129. Not available in all states. 

    The MIL Network –

  • MIL-OSI: Carronade Says Dramatic Change Needed at Cannae Holdings to Halt Persistent Underperformance and Egregious Governance Practices

    Source: GlobeNewswire (MIL-OSI)

    Nominates Four Director Candidates with Expertise, Independence and Accountability Required to Unlock Shareholder Value

    Believes Proposed Initiatives Could Result in Share Price Upside of at Least 50%

    DARIEN, Conn., March 20, 2025 (GLOBE NEWSWIRE) — Carronade Capital Management, LP (together with its affiliates, “Carronade Capital”, “our” or “we”), which beneficially owns approximately 2.9 million shares of Common Stock of Cannae Holdings, Inc. (NYSE: CNNE) (“Cannae” or the “Company”) and is one of the Company’s top five shareholders, today announced it has issued the below letter to Cannae’s Board of Directors (the “Board”) and nominated four independent director candidates for the four Board seats up for election at the Company’s 2025 Annual Meeting of Shareholders.

    Carronade Capital believes Cannae’s total shareholder return and corporate governance can be meaningfully improved, and significant opportunities exist to unlock substantial value for all shareholders. We believe Cannae can halt persistent underperformance and restore shareholder confidence by improving capital allocation and unlocking portfolio value through spin outs or buybacks, reducing overhead costs and aligning management incentives, and establishing corporate governance and accountability. If decisive action is taken, we believe that Cannae equity could have a share price upside of at least 50% as a result of activities initiated by year end.

    Carronade’s four highly qualified nominees are as follows:

    Mona Aboelnaga

    • 35 years of experience including at Siguler Guff & Company and Proctor Investment Managers with expertise in investment management and private equity industries.
    • Extensive corporate governance expertise as a board member of both public and private companies including Webster Financial, a financial services company, Perpetual Limited, an Australian-based diversified global financial services company, and Sterling Bancorp, a regional financial services company.

    Benjamin Duster

    • 45 years of experience including at Wells Fargo and Salomon Brothers with expertise in working with companies to improve execution effectiveness and create long-term sustainable value.
    • Extensive public and private company board service including Expand Energy, an oil and gas production company, Weatherford International, a global energy services company, Republic First Bancorp, a commercial bank, and Alaska Communications Systems, a broadband and telecommunications service provider.

    Dennis Prieto

    • 21 years of experience including at Aurelius Capital Management and Evercore with expertise in financial analysis and restructuring oversight.
    • Significant investment management and board experience including GO Lab, a privately held building products company, Aventiv Technologies, a provider of telecommunications and technology solutions, Mohawk Gaming Enterprises, a gaming company, and Endo International GUC Trust, a trust established to obtain recoveries for creditors of Endo International plc.

    Cherie Schaible

    • 24 years of experience including as General Counsel of Ankura Consulting Group and Associate General Counsel of AIG Investments with expertise in complex legal and financial matters.
    • Extensive experience in structuring, negotiating and leading a variety of corporate legal matters in public and private companies.

    The full text of the letter is below:

    March 20, 2025

    Cannae Holdings, Inc.
    1701 Village Center Circle
    Las Vegas, Nevada 89134
    Attn: Board of Directors

    Dear Members of the Board of Directors,

    Entities managed by Carronade Capital Management, LP (together with its affiliates, “Carronade Capital” or “We” or “Us” or “Our”) beneficially own approximately 2.9 million shares of Common Stock of Cannae Holdings, Inc. (“Cannae” or the “Company” or “You” or “Your”), making us one of your top five investors. We believe Cannae’s total shareholder return (“TSR”) and corporate governance can be meaningfully improved, and significant opportunities exist within the control of both management and the Board of Directors (the “Board”) to unlock substantial value for all shareholders. We are reiterating these previously communicated views to you, and the broader market, to ensure the entire Board is made aware of our discussions to date and to highlight this potential value creation opportunity in the hope of building a consensus for the best path forward.

    Our letter today outlines why we believe the status quo at Cannae is untenable and why dramatic change is required to halt persistent underperformance and egregious governance practices for the benefit of all stakeholders. We believe there are numerous ways to drive value creation, and, by extension, shareholder returns, including by reducing costs and aligning incentives, improving capital allocation, unlocking the value of the parts of the portfolio, and establishing corporate governance and accountability by reconstituting the Board with truly independent directors. If Cannae takes decisive action to properly implement these achievable steps and rebuild investor confidence, we believe that the equity could have share price upside of at least 50% as a result of activities initiated by year-end.

    The Status Quo is Untenable

    In our view, there is an urgent need for changes in strategy and governance based on Cannae’s substantial long-term relative TSR underperformance, persistent discount to intrinsic value, shareholder frustration with corporate strategy, and a pattern of governance deficiencies that we believe have significantly hindered the Company’s ability to create shareholder value. Our concerns are underscored by the high degree of interconnectedness amongst the current directors and Cannae’s classified Board structure which, among other governance concerns, have resulted in repeated adverse voting recommendations from leading proxy advisory firms. We were further shocked by the Board’s egregious actions earlier this week, while we were engaged in active settlement discussions, to accelerate equity vesting for directors if they fail to be re-elected by shareholders and to require the repurchase of half of CEO and Chairman Bill Foley’s shares at a significant premium to market prices. This is on top of his already rich compensation package if he invokes his right to resign because a single director is elected without his consent. That a Board of Directors deemed these actions consistent with their fiduciary duties and in the best interest of shareholders demonstrates a complete lack of independence and an abdication of their duty. We believe such an offensive combination of entrenchment techniques and unfair enrichment are beyond the pale and make it crystal clear that immediate change is necessary in the boardroom.

    Management’s stated strategy consists of “improving the performance and valuation of our portfolio companies, making new investments primarily in private companies that will grow NAV, and returning capital to shareholders.”1 Put plainly, management’s plan is not working. Cannae has a valuable collection of assets, but buybacks to date have failed to close the discount due to market concerns around overall strategy and perceived misalignment of interests between management and shareholders. Shareholders have consistently shared concerns that they do not want Cannae to sell public shares to invest in small private positions with no disclosure – such actions we believe would only compound the current problems and Cannae’s persistent value discount. Despite a handful of successful investments in the past, the current portfolio of private investments is consistently marked at cost and the remaining investments in public equities have destroyed approximately $900 million of value.2 Market feedback that we have gathered to date suggests a near unanimous view that numerous shareholders prefer a return of their capital as opposed to management’s stated goal of selling down public positions to invest more in private equity.

    “Since Ceridian, they have made a bunch of bad capital allocation decisions…We would rather them distribute value than re-invest. They haven’t earned the right to keep that capital.”
    – Top 10 Shareholder, Nov. 2024
     

    Furthermore, a lack of strategic cohesion amongst investments and limited portfolio company disclosure weigh on investor confidence. There has been no clear investment narrative for shareholders to rally behind, as we consistently hear Cannae described simply as the Bill Foley co-investment vehicle. Additionally, we believe the persistent marking of private investments at cost without balance sheet information and absence of third-party valuations, or enough disclosure for investors to determine performance, are significant contributors to the wide NAV discount. As one analyst queried on the Company’s third quarter 2024 earnings call:

    “If you had your wish how many positions would you have? How large would they be and I just think I kind of look at some of the parts… It’s just kind of all over the place you have things that are worth less than $1 per share and I just don’t see the focus here.”
    – Oppenheimer Q&A on Q3 2024 Earnings Call
     

    As a result of these perceptions in the market, Cannae trades at a much steeper discount to NAV than its disclosed proxy peers and closed end fund peers. The discount widened persistently after the IPO of Dun & Bradstreet in 2019 and the sell down of Dayforce from 2020 through 2023, implying the market lacks confidence in the current leadership’s ability to execute a viable strategy for value creation going forward. Over the past three years, Cannae equity has traded at an average discount to its NAV per share of -40%, which places it in the bottom tenth of US investment firms with assets over $500 million.3 Approximately 90% of Cannae’s market cap is covered by public holdings net of debt, and the market is valuing the remaining nearly $900 million of private NAV at an 85% discount. A well-managed company with a strong asset base should not be trading at such a deep discount. We believe this misalignment points to a failure in capital allocation, strategic planning, and governance oversight.

    Shareholders ‘vote with their feet’, and the most objective indication that fundamental change is required is relative TSR underperformance compared to peers over the long term. Even when viewed on an absolute basis, Cannae shareholders have suffered a negative total return since Cannae became an independent public company despite the backdrop of one of the strongest bull markets in history. Despite the readily identifiable value in the Company’s portfolio, Cannae’s stock has significantly underperformed most relevant benchmarks.4Consistent underperformance is the market telling Cannae, “The status quo is unacceptable.”

    Dramatic Change is Required Immediately

    As discussed previously with Mr. Foley and Mr. Caswell, we believe Cannae can resolve these issues through decisive action in the near term. We believe that Cannae must pursue the following initiatives without delay:

    1. Reduce overhead costs and align management incentives – A history of burdensome fees and non-performance linked compensation paid out to management are out of step with the overall performance of Cannae’s portfolio, are impacting the discount which the market places on the NAV, and need to be streamlined to reflect best-in-class approach. We believe the Company should implement a corporate overhead cost reduction program and convert the termination fee payable to its manager, Trasimene Capital Management, into performance-based, vesting stock compensation.
    2. Improve capital allocation, unlock portfolio value, and provide a clear investment narrative – Management’s current strategy is vague and undifferentiated, and shareholder feedback is that management has lost its mandate from shareholders to allocate capital in this way. We believe a commitment from management and the Board to return shareholder capital tied up in Dun & Bradstreet, Alight and Paysafe shares either via spin outs or substantial buybacks would force a collapse of the discount placed on those assets and result in a re-rating of the remaining portfolio. We appreciate that management has conceded in its last earnings call that a significant return of capital is a priority; however, we believe that Cannae should commit definitively to returning a substantial majority of this capital on an accelerated timeline. Management could then reallocate its time from monitoring small stakes in large public companies where their ability to “improve the performance and valuation” is limited to focusing on improving disclosure and valuation of the remaining private assets.
    3. Establish governance oversight – We believe that market confidence in this new plan would be best supported by new fit-for-purpose directors that will be a voice for shareholders on the Board. To that end, we delivered a formal notice in December nominating a slate of four highly qualified and independent director candidates for election to the Board at the Company’s 2025 Annual Meeting of Stockholders (the “Annual Meeting”). In addition to the four new directors, we believe the Board should refresh leadership of the Affiliate Transaction Committee and the Nomination and Governance Committee chosen from the four new candidates, and the Board should also create a new committee for Value Maximization tasked with the formulation and oversight of successful execution of a plan designed to improve shareholder returns. The need for immediate and significant governance reform is underscored by Cannae’s entrenchment and unfair enrichment actions earlier this week.

    Our intent at the time of nomination was, and continues to be, to engage constructively with the Board with the goal of reaching a consensual solution for the benefit of all stakeholders. However, it appears that the current Board fails to recognize the urgency of the situation. We are therefore prepared to take all necessary steps to ensure that shareholders have the opportunity to vote for directors who they believe have the skill sets and experience necessary to drive value creation and ensure accountability in the boardroom.

    Management’s Lack of Willingness to Meaningfully Engage

    We have sought to engage with management and the Board for several months to convey our views with respect to corporate strategy and governance with the aim of closing the NAV discount and improving relative share price performance. As discussed in our original private letter to the Board dated December 19, 2024, we submitted our nomination notice as required under the Company’s Bylaws despite the nomination deadline of December 27, 2024, nearly six months ahead of the anticipated Annual Meeting date. We did so in order to preserve our rights as shareholders to elect directors at the Annual Meeting, but with the hope that it would serve as a starting point for further positive discussions. Unfortunately, we now believe our sincere efforts to engage constructively have not been meaningfully reciprocated in good faith.

    While the Company confirmed receipt of our December letter and nomination notice, it was more than thirty days before we received any further communication. Given the Company’s significant governance failings and chronic underperformance, we have offered to travel to meet in-person with relevant Board members, but Cannae has yet to permit us to speak with any non-management directors. Perhaps as a result, the Board has failed to appreciate the market’s call for urgent, meaningful governance changes. Then on March 17, 2025, we were astounded to learn via a Company 8-K that the Board, in an apparent move to entrench and enrich leadership, determined to further compensate themselves and Mr. Foley at the expense of shareholders. We believe this offensive action trounces shareholder rights and the Board’s fiduciary duties and further disenfranchises the Company’s true owners. It also makes clear to us that Cannae has not been engaging in good faith dialogue despite our persistent and sincere efforts, which necessitated the need to release this letter with the goal of reaching the entire Board and building a market consensus on the best path forward for the Company.

    Carronade Has Nominated Four Highly Qualified Director Candidates

    The fundamental role of a Board in its fiduciary duty to shareholders is to be an advocate in providing oversight of management and corporate strategy. Shareholders deserve a board that is proactive, transparent, and fully committed to driving long-term value. As evidenced by their backgrounds below, we believe our candidates will bring the expertise, independence and accountability required to correct the chronic underperformance of Cannae and champion its strategic transformation.

    • Mona Aboelnaga
      • 35 years of experience including at Siguler Guff & Company and Proctor Investment Managers with expertise in investment management and private equity industries.
      • Extensive corporate governance expertise as a board member of both public and private companies including Webster Financial, a financial services company, Perpetual Limited, an Australian-based diversified global financial services company, and Sterling Bancorp, a regional financial services company.
    • Benjamin Duster
      • 45 years of experience including at Wells Fargo and Salomon Brothers with expertise in working with companies to improve execution effectiveness and create long-term sustainable value.
      • Extensive public and private company board service including Expand Energy, an oil and gas production company, Weatherford International, a global energy services company, Republic First Bancorp, a commercial bank, and Alaska Communications Systems, a broadband and telecommunications service provider.
    • Dennis Prieto
      • 21 years of experience including at Aurelius Capital Management and Evercore with expertise in financial analysis and restructuring oversight.
      • Significant investment management and board experience including GO Lab, a privately held building products company, Aventiv Technologies, a provider of telecommunications and technology solutions, Mohawk Gaming Enterprises, a gaming company, and Endo International GUC Trust, a trust established to obtain recoveries for creditors of Endo International plc.
    • Cherie Schaible
      • 24 years of experience including as General Counsel of Ankura Consulting Group and Associate General Counsel of AIG Investments with expertise in complex legal and financial matters.
      • Extensive experience in structuring, negotiating and leading a variety of corporate legal matters in public and private companies.

    Conclusion

    We remain committed, engaged investors in Cannae due to our conviction in the significant opportunity for value creation that will flow from implementing achievable actions to unlock value, outlining a clear corporate strategy, establishing governance and restoring investor confidence. We repeat our request to meet in-person with the Board, including non-management directors, to discuss these proposals in more detail and explore a consensual solution that is in the best interests of all shareholders. If meaningful changes are not enacted, we are prepared to take our case to shareholders so that they have the opportunity to vote for directors who they believe will best prioritize their interests and ensure accountability in the boardroom.

    Sincerely,

    Dan Gropper
    Managing Partner

    Andy Taylor
    Partner and Head of Research

    About Carronade Capital
    Carronade Capital is a multi-strategy investment firm based in Connecticut with over $2.2 billion in assets under management that focuses on process driven investments in catalyst-rich situations. Carronade Capital was founded in 2019 by industry veteran Dan Gropper and is based in Darien, Connecticut. The Funds managed by Carronade Capital were launched on July 1, 2020, and the firm employs 15 team members. Dan Gropper brings with him nearly three decades of special situations credit experience serving in senior roles at distinguished investment firms, including Elliott Management Corporation, Fortress Investment Group and Aurelius Capital Management, LP.

    Media Contact:
    Paul Caminiti / Jacqueline Zuhse
    Reevemark
    (212) 433-4600
    Carronade@reevemark.com

    Investor Contact:
    Andy Taylor / Win Rollins
    Carronade Capital Management, LP
    (203) 485-0880
    ir@carronade.com

    Disclaimers

    This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. This press release does not recommend the purchase or sale of a security. There is no assurance or guarantee with respect to the prices at which any securities of Cannae Holdings, Inc. (the “Company”) will trade, and such securities may not trade at prices that may be implied herein. In addition, this press release and the discussions and opinions herein are for general information only, and are not intended to provide financial, legal or investment advice. Each shareholder of the Company should independently evaluate the proxy materials and make a decision that aligns with their own financial interests, consulting with their own advisers, as necessary.

    This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “will be” and similar expressions. Although Carronade Capital and its affiliates believe that the expectations reflected in forward-looking statements contained herein are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties—many of which are difficult to predict and are generally beyond the control of Carronade or the Company—that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. In addition, the foregoing considerations and any other publicly stated risks and uncertainties should be read in conjunction with the risks and cautionary statements discussed or identified in the Company’s public filings with the U.S. Securities and Exchange Commission, including those listed under “Risk Factors” in the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q . The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, Carronade does not undertake any obligation to update or revise any forward-looking information or statements. Certain information included in this press release is based on data obtained from sources considered to be reliable. Any analyses provided herein is intended to assist the reader in evaluating the matters described herein and may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should not be viewed as factual and should not be relied upon as an accurate prediction of future results. All figures are estimates and, unless required by law, are subject to revision without notice.

    Certain of the funds(s) and/or account(s) managed by Carronade (“Accounts”) currently beneficially own shares of the Company. Carronade in the business of trading (i.e., buying and selling) securities and intends to continue trading in the securities of the Company. You should assume the Accounts will from time to time sell all or a portion of its holdings of the Company in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares. Consequently, Carronade’s beneficial ownership of shares of, and/or economic interest in, the Company may vary over time depending on various factors, with or without regard to Carronade’s views of the Company’s business, prospects, or valuation (including the market price of the Company’s shares), including, without limitation, other investment opportunities available to Carronade, concentration of positions in the portfolios managed by Carronade, conditions in the securities markets, and general economic and industry conditions. Without limiting the generality of the foregoing, in the event of a change in the Company’s share price on or following the date hereof, Carronade may buy additional shares or sell all or a portion of its Account’s holdings of the Company (including, in each case, by trading in options, puts, calls, swaps, or other derivative instruments relating to the Company’s shares). Carronade also reserves the right to change the opinions expressed herein and its intentions with respect to its investment in the Company, and to take any actions with respect to its investment in the Company as it may deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or actions, except as required by law.

    Certain Information Concerning the Participants

    Carronade Capital Management, LP, together with the other participants named herein (collectively, “Carronade Capital”), intends to file a preliminary proxy statement and accompanying proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for the election of Carronade Capital’s highly-qualified director nominees at the 2025 annual meeting of stockholders of Cannae Holdings, Inc., a Nevada corporation (the “Company”).

    CARRONADE CAPITAL STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.

    The participants in the proxy solicitation are anticipated to be Carronade Capital Master, LP (“Carronade”), Carronade Capital, Carronade Capital GP, LLC (“Carronade GP”), Carronade Capital Management GP, LLC (“Carronade Management GP”), Dan Gropper, Mona Aboelnaga, Benjamin C. Duster, IV, Dennis A. Prieto and Chérie L. Schaible.

    As of the date hereof, Carronade beneficially owns directly 2,627,877 shares of Common Stock, par value $0.0001 per share, of the Company (the “Common Stock”). Carronade GP, as the general partner of Carronade, may be deemed the beneficial owner of the 2,627,877 shares of Common Stock owned by Carronade. As of the date hereof, 262,770 shares of Common Stock were held in a certain account managed by Carronade Capital (the “Managed Account”). Carronade Capital, as the investment manager of Carronade, may be deemed the beneficial owner of an aggregate of 2,890,647 shares of Common Stock directly owned by Carronade and held in the Managed Account. Carronade Management GP, as the general partner of Carronade Capital, may be deemed the beneficial owner of an aggregate of 2,890,647 shares of Common Stock directly owned by Carronade and held in the Managed Account. As the Managing Member of Carronade Management GP, Mr. Gropper may be deemed the beneficial owner of an aggregate of 2,890,647 shares of Common Stock directly owned by Carronade and held in the Managed Account. As of the date hereof, Ms. Aboelnaga directly beneficially owns 800 shares of Common Stock. As of the date hereof, Mr. Duster directly beneficially owns 1,338.329 shares of Common Stock. As of the date hereof, Mr. Prieto directly beneficially owns 820 shares of Common Stock. As of the date hereof, Ms. Schaible directly beneficially owns 1,360 shares of Common Stock.

    ____________________________

    Note: All analyses performed as of 3/17/2025.
    1 Ryan Caswell on Q3 2024 Earnings Call.
    2 Current GAV plus realized sales compared to original cost basis of DNB, ALIT, PSFE, and SST.
    3 Company published NAV reports.
    4 TSR per Bloomberg as of 3/17/2025. Average cumulative shareholder return. TSR Proxy Peers include APO, FSK, GBDC, PSEC, CODI, NMFC. Closed End Fund Peers include UTG, STEW, KYN, CET, GAM, IGR, EOI, MEGI, PEO.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/77496dfe-1ffc-44b7-94dd-bbd69816468b

    The MIL Network –

  • MIL-OSI: FBI Veteran Joseph Bonavolonta Joins Wrap with 27 Years of Experience, Former SAC of Boston Field Office

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 20, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (NASDAQ: WRAP) (“Wrap” or, the “Company”) today announced the appointment of Joseph R. Bonavolonta as Domestic Head of Managed Services of the Company, bringing over 27 years of experience from the Federal Bureau of Investigation (“FBI”) to the Company’s management team.

    Mr. Bonavolonta, who culminated his distinguished FBI career as Special Agent in Charge (SAC) of the Boston Field Office, led one of the agency’s largest divisions, overseeing high-profile criminal and national security investigations. His leadership extended to managing Joint Terrorism Task Forces, Safe Streets Gang and Violent Crime Task Forces, and directing the New England Region’s Domestic Director of National Intelligence (DDNI) Program.

    In his new role, Mr. Bonavolonta is expected to assist the Company in driving growth while further deepening Wrap’s global law enforcement network. His extensive expertise in national security, compliance and risk management, combined with Wrap’s growing investigative technology partners, will enhance the Company’s mission to provide innovative, non-lethal solutions for public safety worldwide.

    Prior to joining Wrap, Mr. Bonavolonta served as Managing Partner at a global security firm, where he provided strategic security solutions for multinational corporations, critical institutions, and high-net-worth individuals. His deep knowledge of technologies used in risk and vulnerability assessments, insider threats, cybersecurity and physical security strategies makes him an invaluable asset to Wrap’s growing Managed Services Branch.

    “We are committed to bringing together elite-level talent and cutting-edge technology to solve the most pressing security challenges of today and the future,” said Bill McMurry, Chief Executive Officer of Managed Services at WRAP. “Joseph Bonavolonta’s unmatched expertise will be instrumental in strengthening our Managed Services Branch, reinforcing our role in supporting those who protect us and expanding our capabilities across both public and private sectors.”

    Mr. Bonavolonta’s distinguished FBI career also includes leadership roles such as:

    • Deputy Assistant Director of the Counterintelligence Division, overseeing domestic and international operations;
    • Head of the Boston Field Office’s Cyber and Counterintelligence Branch, tackling nation-state driven espionage and cybersecurity threats; and
    • Supervisor of the Complex Financial Crimes Program in the Newark Field Office.

    His investigative achievements include spearheading international organized crime initiatives in coordination with the Italian National Police, and the dismantling of major criminal networks, including the Bonanno La Cosa Nostra (LCN) Family. His work earned him numerous accolades, including the Attorney General’s Director’s Award for Superior Performance, the Law Enforcement Distinguished Community Service Award, and the National Intelligence Meritorious Unit Citation.

    His deep connections within the New England law enforcement community and across federal and international security networks will help solidify Wrap’s relationships globally, strengthening the Company’s impact in law enforcement, security and risk mitigation.

    Expanding Expertise with W1 Global and James DeStefano

    Mr. Bonavolonta’s addition is expected to further strengthen Wrap’s global security, technology and investigative expertise, complementing the experience brought in through Wrap’s recent W1 Global, LLC acquisition. He joins James DeStefano, a retired FBI executive and former head of the FBI New York Field Office’s Crisis Management Program, who has spent years conducting risk and vulnerability assessments for corporate clients.

    Their combined experience is expected to enhance Wrap’s ability to deliver comprehensive technology security solutions to law enforcement agencies, commercial clients and high-net-worth individuals worldwide.

    About Wrap Technologies, Inc.
    Wrap Technologies, Inc. (Nasdaq: WRAP) is a global leader in public safety solutions, bringing together cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

    Wrap’s BolaWrap® solution is a safer way to gain compliance—without pain. This innovative, patented device deploys light, sound, and a Kevlar® tether to safely restrain individuals from a distance, giving officers critical time and space to manage non-compliant situations before resorting to higher-force options. The BolaWrap 150 does not shoot, strike, shock, or incapacitate—instead, it helps officers operate lower on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.

    Wrap Reality™ VR is an advanced, fully immersive training simulator designed to enhance decision-making under pressure. As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ equips officers with the skills and confidence to navigate high stakes encounters effectively, leading to safer outcomes for both responders and the communities they serve.

    Wrap’s Intrensic solution is an advanced body-worn camera and evidence management system built for efficiency, security, and transparency. Designed to meet the rigorous demands of modern law enforcement, Intrensic seamlessly captures, stores, and manages digital evidence, ensuring integrity and full chain-of-custody compliance. With automated workflows, secure cloud storage, and intuitive case management tools, it streamlines operations, reduces administrative burden, and enhances courtroom credibility.

    Trademark Information
    Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

    Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
    This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1 Global, LLC, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

    Investor Relations Contact:
    (800) 583-2652
    ir@wrap.com

    A photo accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/183801f3-4937-4aff-b91a-901b9599b322

    The MIL Network –

  • MIL-OSI: ITS Logistics March Port Rail Ramp Index: Trucking Capacity-to-Demand Ratio Could Increase Rates for Dray and Rail Capacity

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., March 20, 2025 (GLOBE NEWSWIRE) — ITS Logistics today released the March forecast for the ITS Logistics US Port/Rail Ramp Freight Index. This month, the index reveals that Los Angeles/Long Beach (LA/LB) import volumes remain strong following the Lunar New Year, and there are signs that the trucking capacity-to-demand ratio may soon start pushing rates up for dray and rail capacity. In addition, equipment availability for exports is still an issue affecting individual ocean carrier lines throughout North America.

    “Should rates begin to increase, this may affect truckers’ ability to honor dedicated pricing and tender acceptance in Q2,” said Paul Brashier, Vice President of Global Supply Chain for ITS Logistics. “It could be alleviated as more volumes return to the U.S. East & Gulf Coasts, now that labor strikes are no longer a concern. With the return of volumes back to the U.S. East & Gulf Coasts, there has been a tightening of capacity and terminal congestion at the major gateways of New York/New Jersey, Norfolk, Savannah, and Houston.”

    On March 11, the International Longshoremen’s Association (ILA) signed an extension to its Master Contract with the United States Maritime Alliance (USMX). This agreement is set to last until September 30, 2030, and includes workforce protection guidelines that require a detailed explanation of the technology that will be used and its effects on capacity and efficiency. The agreement also requires determination on the manning for new equipment to be included with stipulations that new work created by the technology be identified with training included for workers.

    Despite this new agreement, the supply chain continues to experience challenges, including the current equipment availability concerning exporters, which has been a lingering concern thus far in 2025.

    “This latest supply chain challenge in equipment availability that ITS is closely monitoring is driven primarily by equipment imbalance and rail operations,” continued Brashier. “Rail operations are seeing similar sporadic challenges regionally.  LA/Long Beach IPI dwell remains high for imports moving east. That, combined with rail transit delay and lower inland transportation costs, are pushing some shippers to move imports back to the ports on the East Coast and draying inland to avoid IPI legs.”

    As concerns over labor strikes ease, import volumes have begun redistributing from the West back to East and Gulf Coast ports. However, the United States Trade Representative’s (USTR) recent proposal targeting Chinese vessels threatens to disrupt U.S. port operations once again. Announced in late January, the proposal includes fees targeting Chinese vessel operators, Chinese-built vessels, and operators with a certain percentage of vessels ordered from Chinese shipyards. Research from the World Shipping Council (WSC) has found that the proposal could add up to $3.5 million in fees per individual port call to 98% of vessels entering the U.S. The WSC notes that ocean carriers have already indicated they may eliminate service to smaller ports to avoid these costs—a move that would severely impact regional logistics ecosystems and exacerbate congestion at major North American ports.

    ITS Logistics offers a full suite of network transportation solutions across North America and distribution and fulfillment services to 95% of the U.S. population within two days. These services include drayage and intermodal in 22 coastal ports and 30 rail ramps, a full suite of asset and asset-lite transportation solutions, omnichannel distribution and fulfillment, LTL, and outbound small parcel.

    The ITS Logistics US Port/Rail Ramp Freight Index forecasts port container and dray operations for the Pacific, Atlantic, and Gulf regions. Ocean and domestic container rail ramp operations are also highlighted in the Index for both the West Inland and East Inland regions. Visit here for a full comprehensive copy of the Index, with expected forecasts for the U.S. port and rail ramps.

    About ITS Logistics

    ITS Logistics is one of North America’s fastest-growing, asset-based modern 3PLs, providing solutions for the industry’s most complicated supply chain challenges. With a people-first culture committed to excellence, the company relentlessly strives to deliver unmatched value through best-in-class service, expertise, and innovation. The ITS Logistics portfolio features North America’s #19 asset-lite freight brokerage, the #12 drayage and intermodal solution, a top 50 dedicated fleet, an innovative cloud-based technology ecosystem, and a nationwide distribution and fulfillment network.

    Media Contact
    Amber Good
    LeadCoverage
    amber@leadcoverage.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c3fabce8-2035-4eae-84e0-05646b143c0f

    The MIL Network –

  • MIL-OSI: Military and Defense Drone Industry Witnessing Exponential Growth as Improved Technology and Products Hit the Market

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., March 20, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – A recent report from Straits Research said that the global military drone market size was valued at USD $21.81 billion in 2024 and is expected to grow from USD $24.25 billion in 2025 to reach USD $56.69 billion by 2033, growing at a CAGR of 11.20% during the forecast period (2025-2033).  The report said: “A military drone, also known as an unmanned aerial vehicle (UAV), is a type of aircraft that operates without a human pilot on board. These drones are equipped with advanced technologies for surveillance, reconnaissance, intelligence gathering, and, in some cases, targeted strikes. Military drones are used extensively in modern warfare for a variety of roles, including combat, surveillance, logistical support, and search-and-rescue missions.  The global market is experiencing rapid growth, driven by technological advancements and increasing global demand for enhanced surveillance, intelligence, and reconnaissance capabilities. As nations recognize the strategic advantages of unmanned aerial systems (UAS) in military operations, drones are increasingly deployed in both combat and non-combat roles.”  Active companies in the markets this week include: Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO), RTX Corporation (NYSE: RTX), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), Northrop Grumman Corporation (NYSE: NOC), Lockheed Martin (NYSE: LMT).

    Straits Research continued: “Despite the promising growth, there are significant challenges facing the global market, including complex regulatory issues and ethical concerns surrounding the use of autonomous weapons. However, innovations in artificial intelligence (AI), miniaturization, and battery life are expected to open new growth opportunities, enabling more advanced, efficient, and versatile drone capabilities in the near future.  The integration of emerging technologies into military drones presents a significant growth opportunity for the market. Technologies such as artificial intelligence (AI), machine learning, autonomous navigation systems, and advanced sensors are revolutionizing the capabilities of military drones. AI-driven systems, for instance, can enable drones to analyze vast amounts of real-time data, enhancing decision-making and targeting accuracy. Autonomous navigation allows drones to operate with minimal human intervention, improving operational efficiency and reducing the risk to personnel… Moreover, the integration of 5G technology will enable drones to transmit high-definition video feeds in real-time, improving situational awareness for military personnel on the ground. These advancements are transforming military drones into more effective, versatile tools, driving demand across defense sectors globally.”

    Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) Announces Chris Miller, Former Acting U.S. Secretary of Defense Appointed by President Trump, Joins the Draganfly Board of Directors – Draganfly Inc. (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is proud to announce that Christopher C. Miller, former Acting U.S. Secretary of Defense under President Donald Trump, has joined the Company’s Board of Directors.

    Miller, a seasoned national security expert with decades of experience in defense and intelligence, will help guide Draganfly’s strategic initiatives in the government, defense, and aerospace sectors. His extensive leadership in military operations and national security policy aligns with Draganfly’s commitment to providing cutting-edge, American-made drone technology for critical applications.

    “Chris Miller’s experience at the highest levels of defense and national security will be invaluable to Draganfly as we continue to expand our role in government and security operations. His insights and expertise will help continue to position Draganfly as a leader in North American-made drone solutions for defense, law enforcement, and public safety,” said Cameron Chell, CEO of Draganfly.

    Miller served as the Acting U.S. Secretary of Defense, overseeing the Department of Defense during a critical transition period. Prior to that, he held senior positions at the National Security Council and Special Operations Command, where he played a key role in shaping U.S. counterterrorism strategies.

    “Draganfly is at the forefront of innovation in drone technology, and I’m honored to join the Board at such a pivotal time,” said Chris Miller. “As the demand for secure, American-made drone solutions grows, Draganfly’s commitment to innovation, safety, and strategic partnerships will be essential in supporting national security and defense initiatives. I look forward to contributing to the Company’s success.”

    Miller’s appointment strengthens Draganfly’s leadership team as the Company continues to expand its work with government and defense partners. His deep understanding of security, policy, and military operations will help Draganfly further solidify its position as a key player in the rapidly evolving drone and aerospace industries.  CONTINUED… Read this full press release and more news for Draganfly at:  https://draganfly.com/news/

    Other recent developments in the defense/military industries of note include:

    Collins Aerospace, an RTX Corporation (NYSE: RTX) business, recently said it is preparing the first shipments of its Airshow™ HD entertainment system integrated into Venue™ smart monitors, providing an all-in-one, standalone in-flight entertainment (IFE) solution for business aviation.

    For the first time, business jet customers flying everything from light jets to super midsize and heavy aircraft will have access to Collins’ Airshow HD interactive moving maps, streaming entertainment and brilliant 4Kresolutions in a singular hardware solution, without needing to upgrade to a full Venue cabin management system.

    Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a technology company specializing in defense, national security, and global markets, recently announced the groundbreaking of Kratos’ Hypersonic System Indiana Payload Integration Facility (IPIF) in Crane, Indiana. This state-of-the-art 68,000-square-foot office, laboratory, integration and test complex will support critical hypersonic vehicle and payload activities and systems for the Multi-Service Advanced Capabilities Hypersonic Testbed (MACH-TB) program. The project demonstrates Kratos’ commitment to advancing hypersonic system payload integration and test capabilities and expanding crucial infrastructure needed to accelerate the time to Mach 5+ flight testing.

    Eric DeMarco, President and CEO of Kratos, said: “The Kratos Hypersonic System Indiana Payload Integration Facility represents a strategic investment in our Nation’s hypersonic infrastructure, workforce and capabilities. Kratos is committed to achieving, if not exceeding, the MACH-TB program’s primary goals, which include, increasing the cadence of flight tests and to mature and qualify advanced hypersonic technologies. Kratos’ IPIF will provide a vital commercial launch vehicle environmental test and assembly capability to supplement existing DoD and NASA facilities.”

    Frequency Electronics, Inc., a leading provider of precision timing and frequency control products, recently announced that Northrop Grumman Corporation (NYSE: NOC) has recognized Frequency Electronics Inc. (FEIM) as one of its top supplier partners during the company’s Supplier Excellence Awards.

    Ken Brown, vice president, enterprise global supply chain, Northrop Grumman, said, “Frequency Electronics has supported Northrop Grumman in delivering technologies that enhance national security for the U.S. and our allies. The high-quality performance, dedication and partnership of our supplier teams drive operational excellence to ensure warfighters have next generation advantages in advanced weapons, aircraft, missile defense and space.”

    Recognized for Strategic Excellence, Frequency Electronics is instrumental in supporting Northrop Grumman with delivering innovative and cost-effective military and security solutions to give its customers the advantage in a complex world.

    Lockheed Martin (NYSE: LMT) recently announced that the global F-35 fleet has surpassed 1 million flight hours, further proof of the program’s size and strength in ensuring America’s warfighter and those of our allies maintain air dominance around the world.

    “Reaching 1 million flight hours is a monumental achievement for the F-35 program. It highlights the unwavering dedication of our pilots, maintainers, industry partners and our international partners and foreign military sales customers,” said Lt. Gen. Michael Schmidt, Program Executive Officer for the F-35 Lightning II Joint Program Office. “This milestone is not just a testament to the F-35’s unmatched capability, but also to the resilience and commitment of everyone involved in this program. As we continue to expand the fleet and advance the F-35’s capabilities, we are ensuring the warfighters of today and tomorrow have the most advanced, reliable, and effective tool to protect our nations.”

    About FN Media Group:

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

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

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

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    SOURCE: FN Media Group, LLC.

    The MIL Network –

  • MIL-OSI: Thea Energy Demonstrates Performance and Controllability of Small and Simple Magnets for Fusion Energy

    Source: GlobeNewswire (MIL-OSI)

    The world’s first superconducting planar coil magnet array successfully created and controlled stellarator-relevant magnetic field structures

    The test campaign results include the hardware validation to the leading approach for a maintainable and dynamically controllable stellarator fusion system

    KEARNY, N.J., March 20, 2025 (GLOBE NEWSWIRE) — Thea Energy, Inc., a fusion technology company advancing the stellarator for the commercialization of a carbon-free and abundant source of energy, today announced the successful operation of the world’s first superconducting planar coil 3×3 magnet array system. This magnet array demonstrates that small and simple electromagnets can practically, precisely, and dynamically create and control stellarator-relevant magnetic fields. Eos, Thea Energy’s initial integrated fusion system, will leverage this proprietary magnet array architecture and its benefits in addition to the inherent advantages of the stellarator, including steady-state operation. “Prototyping and Test of the ‘Canis’ HTS Planar Coil Array for Stellarator Field Shaping” outlines specific details of the system, including operation and results. This paper is available as a preprint on the Company’s website under “Presentations & Publications” and being submitted to a peer-reviewed publication.

    The magnet array operated at a temperature of 20 K and created a precisely controlled magnetic field of up to 47.2 mT on a plane 25 cm from the coils, with maximum field at the coils calculated to be greater than 3 T, in line with the Company’s underwritten performance requirements. Multiple magnetic iso-surfaces were produced corresponding to different locations of the Eos planar coil system. The magnet array also successfully demonstrated the controllability of the inductively coupled neighboring coils, thereby validating that the coils can be controlled individually despite the strong magnetic interactions between them.

    “A herculean effort from the Thea Energy team to establish the processes, infrastructure, and know-how to manufacture and test all magnets in-house has resulted in the successful hardware validation of the peer-reviewed physics basis of our novel system architecture that shows stellarators can be built without complicated coils,” said David Gates, Ph.D., co-founder and chief technology officer of Thea Energy. “The operation and notably, the controllability of this magnet array demonstrates a new key enabler to commercialized fusion energy. We have built a system that uses simpler hardware paired with dynamic software controls to adjust magnet parameters in real time.”

    Brian Berzin, co-founder and chief executive officer of Thea Energy, added, “Shifting system complexity from hardware to software means we can make rapid progress, resulting in the successful construction and operation of this magnet array in a matter of months. Using these mass-manufacturable magnets, we look forward to further testing to show that we can eliminate hardware defects and system wear and tear via scalable software controls. This will enable systems to continually work with high uptime under real-world conditions. These advantages of a practical system architecture will carry through to future generations of Thea Energy fusion power plants.”

    Steven Cowley, Ph.D., laboratory director at the U.S. Department of Energy’s Princeton Plasma Physics Laboratory (PPPL), which is managed by Princeton University, added, “The stellarator is a well-studied form of fusion technology and the practicality brought to the design by the team at Thea Energy, combined with the established physics basis since its invention over 70 years ago at PPPL, presents another possible fusion system design. This magnet array milestone confirms a concept that was created at PPPL – that arrays of planar magnets can be utilized to create and control the magnetic fields required to stabilize the plasma to produce sustained fusion energy. I am excited to see the Company build and scale its hardware while sharing its breakthroughs and results with the broader community.”

    Specific campaign results:

    • The magnet array operated at 20 K, with up to ±140 A in all coils and an estimated maximum total stored energy achieved in the array of 34.5 kJ.
    • The array achieved a magnetic field strength of 47.2 mT at 25 cm from the coils, with maximum field at the coils calculated to be greater than 3 T.
    • The magnet array recreated multiple unique iso-surfaces derived from Eos within 1% error of simulated predictions via fixed physical hardware and dynamic software controls.

    Future testing of unique single-coil and multi-coil quench scenarios will support analytical models showing recovery and reliability of systems leveraging the planar coil stellarator architecture, where systems can continue to operate if a coil fails. Additional work is also planned to further demonstrate the resiliency of this architecture and its ability to actively control and tune out hardware errors via Thea Energy’s closed-loop software control system.

    The U.S. Department of Energy has also certified the completion of this test campaign that included performance markers outlined in the Milestone-Based Fusion Development Program.

    About Thea Energy, Inc.
    Thea Energy, Inc. is building an economical and scalable fusion energy system utilizing arrays of mass-manufacturable magnets and dynamic software controls. Commercial fusion energy can uniquely provide an abundant source of zero-emission power for a sustainable future. Thea Energy is leveraging recent breakthroughs in computation and controls to reinvent the stellarator, a scientifically mature form of magnetic fusion technology. Thea Energy was founded in 2022 as a spin-out of the Princeton Plasma Physics Laboratory and Princeton University, where the stellarator was originally invented. Thea Energy is currently designing its first integrated fusion system, Eos, based on its planar coil stellarator architecture which will produce fusion neutrons at scale and in steady state. To learn more about Thea Energy’s mission, visit https://thea.energy/ and follow us on X and LinkedIn.

    Investor Contact
    Robin Brown
    robin@thea.energy

    Media Contact
    Madeline Joanis
    maddy@thea.energy

    The MIL Network –

  • MIL-OSI: Federal Home Loan Bank of Atlanta Announces $50 Million Available Through 2025 Affordable Housing Program General Fund

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, March 20, 2025 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) will allocate $50 million through its 2025 Affordable Housing Program (AHP) General Fund, which opens for applications on April 21, 2025. Developers and housing organizations partner with a FHLBank Atlanta member financial institution to apply for grant funding to support affordable housing projects that involve the purchase, construction and rehabilitation of owner-occupied, rental, or transitional housing.

    This year, FHLBank Atlanta is increasing the maximum subsidy amount per project to $1.25 million, up from $1 million in 2024, given the current market environment of higher construction costs and home prices.  

    “Each year we offer the AHP General Fund to provide much needed support for the development of affordable housing, and we are pleased to work with our members to distribute grants to worthwhile projects across our district,” said FHLBank Atlanta President and CEO Kirk Malmberg. “Importantly, our funds assist both for-profit and non-profit developers and community organizations to increase single family and multifamily affordable housing inventory.”

    AHP General Fund applications will be accepted through May 22, 2025. A one-time registration is required by May 9, 2025 for all first-time AHP project sponsors. Visit the FHLBank Atlanta website for information on registration as well as webinars detailing the application process, scoring and financial guidelines.

    “The General Fund plays a vital role in addressing housing challenges by funding a range of projects from new construction to adaptive reuse and expansion initiatives,” said FHLBank Atlanta Director of Community Investment Services Tomeka Strickland. “We look forward to another successful year of collaboration with our members and community partners to drive meaningful, lasting change in the housing sector.”

    Developers or community organizations seeking to identify an FHLBank Atlanta member financial institution can visit the Bank’s Find a Member page, or contact Community Investment Services at 800.536.9650, Option 3 or ahpprog@fhlbatl.com.

    About FHLBank Atlanta
    FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.  

    For more information, visit www.fhlbatl.com.

    CONTACT: Sheryl Touchton
    Federal Home Loan Bank of Atlanta
    stouchton@fhlbatl.com

    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy Adds Two Additional Senior Nuclear Engineers to its Technical Team

    Source: GlobeNewswire (MIL-OSI)

    NANO Nuclear Continues to Attract Top Tier talent to Propel the Development of its Innovative Microreactor Technologies

    New York, N.Y., March 20, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced the additions of James Leybourn and Simon Boddington as Senior Nuclear Engineers. Both Mr. Leybourn and Mr. Boddington are based in the U.K. and recently joined NANO Nuclear’s U.K.-based nuclear science and engineering partner Cambridge AtomWorks, led by Professors Ian Farnan and Eugene Shwageraus.

    The additions of Mr. Leybourn and Mr. Boddington build upon the recently announced appointment of Andrew Steer, Ph.D. as NANO Nuclear’s Head of Regulatory Engagement. Their addition to the team brings extensive knowledge in molten salt reactor physics, deep understanding of nuclear safety cases, advanced reactor engineering and innovative fuel system design, all of which will be essential for the ongoing development of NANO Nuclear’s proprietary ‘ZEUS’ and ‘ODIN’ microreactors, as well as the KRONOS MMRTMEnergy System and the LOKI MMRTM.

    Mr. Leybourn is a Chartered Physicist with over 12 years’ experience of Physics and Engineering within the U.K. nuclear industry. He has a proven track record of leading diverse projects, including thermal hydraulics, engineering design and safety case preparation. Prior to joining Cambridge AtomWorks, Mr. Leybourn played a key role in leading the development of a risk-informed work program and introducing systems engineering practices, including fuel route development, at MoltexFLEX, a British nuclear energy company developing advanced small modular molten salt reactors. He is a fuel route expert, having spent much of his career supporting the fuel route of the U.K. Advanced Gas-Cooled Reactor (AGR) fleet. He also led significant projects supporting the AGR defueling programs and has provided support to the Rolls-Royce small modular reactor project.

    Mr. Boddington is a reactor physicist with over 10 years of industry experience covering pressurized water reactors as well as thermal and fast spectrum molten salt reactor designs. Much of his experience is focused on reactor physics and he has assembled, managed and technically led the physics team that designed and delivered the molten salt MolexFLEX and SSR-W reactor concepts, with a focus on maintaining economic design objectives. He has extensive experience in applying analytical and stochastic reactor physics methods to develop core designs, including validation and verification. He graduated with an MPhys from the University of Southampton in 2014, then, completed the nuclear graduate’s scheme, before joining the Core Physics Group at Rolls-Royce.

    “NANO Nuclear continues to expand its technical teams with top professionals and innovators with diverse reactor engineering expertise that we will need to propel our programs forward. These hires also reflect our commitment to becoming a global leader in advanced nuclear energy solutions,” said Professor Ian Farnan, Lead of Nuclear Fuel Cycle, Radiation and Materials of NANO Nuclear. “With expertise spanning molten salt reactor physics, fuel handling, and high-temperature thermal-hydraulics, James and Simon will significantly strengthen NANO Nuclear’s ability to develop, demonstrate, gain regulatory approval, and, eventually commercialize and deploy its next-generation microreactors.”

    Figure 1 – NANO Nuclear Energy Inc. Appoints James Leybourn and Simon Boddington as Senior Nuclear Engineers.

    “The talent we’ve attracted speaks volumes about the progress we’re making,” said Professor Eugene Shwageraus, Lead of Nuclear Reactor Engineering of NANO Nuclear. “NANO Nuclear’s success in recruiting top engineering minds with such outstanding credentials and experience from world-class companies underscores our leadership in next-generation nuclear energy development.”

    “It is essential for us to strengthen our technical capabilities as we enter the next phase of development for our portfolio of energy systems,” said James Walker, Chief Executive Officer of NANO Nuclear. “Bringing Mr. Leybourn and Mr. Boddington on board demonstrates NANO Nuclear’s ambitions of being an innovative and global leader in the industry. Their extensive experience will be invaluable, and I welcome them to NANO Nuclear.”

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include patented KRONOS MMR™ Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission in collaboration with University of Illinois Urbana-Champaign, “ZEUS”, a portable solid core battery reactor, “ODIN”, a portable low-pressure coolant reactor, and the space focused, portable LOKI MMR™, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy X PLATFORM

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements includes those related to the anticipated benefits to NANO Nuclear of the appointment of the senior nuclear engineers, as well as the Company’s regulatory plans in general, as described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI: Poet Ships Advanced Optical Engine Samples to Three Global Technology Customers for AI Applications

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 20, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company“) (TSX Venture: PTK; NASDAQ: POET), a leader in the design and implementation of highly-integrated optical engines and light sources for artificial intelligence networks, today announced it has fulfilled orders from three global customers for samples of its advanced optical transmit engines.

    The Company announced that it has shipped final design samples of its POET Infinity transmit product line for 400G and 800G applications to three major technology leaders. The products include 400G FR4, 800G 2xFR4 and 800G DR8 transmit formats, all assembled at our high volume production facility in Malaysia. The FR4 optical engines incorporate the multiplexer and can be paired with POET receiver engines for a highly integrated pluggable transceiver. POET’s customers have designed and are building pluggable transceivers using a two-chip solution, i.e., one transmit chip and one receive chip for 400G and three-chip solution for 800G. The receive optical engines have already been qualified and the availability of the transmit engine samples will allow the shipment of completed modules to end customers for qualification, with production orders expected in the second half of 2025.

    “Each of our customers has expressed intense enthusiasm for the results they have seen from POET’s integrated, chip-level solutions,” said Raju Kankipati, Chief Revenue Officer of POET. “The sampling of the transmit engines is the final piece that allows our customers to complete their modules and get them qualified. We are increasingly a vendor of record for these enterprises and that is how we know we are on the right track for wider adoption and greater commercial success,” said Kankipati.

    POET has previously worked with each customer on integrating the transmit and receive optical engines into their final module products. The demand for 400G and 800G modules remains strong. The demand for these three module types (400G FR4, 800G 2xFR4 and 800G DR8) is forecasted by LightCounting, a market research firm, to be about 20 million units per year for next 5 years.

    Dr. Suresh Venkatesan, POET’s Chairman & CEO added: “POET’s advantages of cost, reliability and power efficiency have gained the trust of industry leaders who look to our optical interposer-based product portfolio for solutions that can power AI development and improve optical networking.”

    IR Consultant Engagement
    The Company also announced that it is increasing its commitment to a broad-based investor relations program with a one-month trial engagement with IR Agency, LLC. During this period, IR Agency will assist POET in communicating information about the Company to relevant stakeholders and financial audiences. IR Agency will receive compensation of US$250,000 for the services rendered through the contract term.

    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 the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, 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 regarding its successful development of high speed transceiver solutions and its penetration of the Artificial Intelligence hardware markets.

    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, the completion of its development efforts with its customers, the ability to build working prototypes to the customer’s specifications, the performance of the samples provided to customers, and the size, future growth and needs of Artificial Intelligence network suppliers. Actual results could differ materially due to a number of factors, including, without limitation, the failure of the samples to meet industry specs, the failure to produce optical engines on time and within budget, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to meet performance requirements for AI and datacom networks, operational risks in the completion of the Company’s projects, the ability of the Company to generate sales for its products, and the ability of its customers to deploy systems that incorporate the Company’s products. 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: Safe Harbor Financial Names Mike Regan as Head of Investor Relations and Data Science

    Source: GlobeNewswire (MIL-OSI)

    GOLDEN, Colo., March 20, 2025 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a fintech leader in facilitating financial services and credit facilities to the regulated cannabis industry, is proud to announce that Michael (Mike) Regan has joined the team as Head of Investor Relations and Data Science.

    In this role, Mike will help investors gain a deeper understanding of the Company’s growth initiatives, while also spearheading the development of innovative, differentiated new products leveraging Safe Harbor’s extensive databases. He earned an MBA from MIT Sloan, where he was the TA for a class on creating and quantitatively analyzing new institutional investment strategies, and a Bachelor of Science in Business Administration majoring in Finance from Georgetown University. His career spans research roles at Credit Suisse, Deutsche Bank, hedge funds Roubaix Capital and Hawkshaw Capital, as well as product innovation at Liberty Mutual. Since 2019, Mike has focused on the legal cannabis sector, most recently as Founder and Director of Research at Excelsior Equities, an investment bank and broker-dealer that provided research, custody, and trading of cannabis equities.

    “We are thrilled to welcome Mike Regan to Safe Harbor as Head of Investor Relations and Data Science,” said Terry Mendez, CEO of Safe Harbor. “Mike’s exceptional track record in investment analysis, product innovation, and his thorough understanding of the legal cannabis sector make him uniquely qualified to advance our growth initiatives. His expertise will be instrumental in developing new solutions for our growth strategies Safe Harbor Protects, Safe Harbor Lends, Safe Harbor Connects, and Safe Harbor Enables programs, ensuring we continue to lead and grow in this evolving industry.”

    “I am excited to join Safe Harbor and contribute to its mission of driving innovation and growth to better serve operators in the legal cannabis sector and beyond,” said Mike Regan. “I see tremendous potential to create meaningful value for our shareholders and clients, and to develop solutions that will shape the future of this industry.”

    About Safe Harbor
    Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD and ancillary operators, making communities safer, driving growth in local economies and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than $25 billion in deposit transactions for businesses with operations spanning more than 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; success or viability of new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that have been or may be brought by or against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    Contact Information
    Mike Regan, Head of Safe Harbor Investor Relations
    ir@SHFinancial.org
    (720) 826-6282

    KCSA Strategic Communications
    Ellen Mellody
    safeharbor@kcsa.com

    The MIL Network –

  • MIL-OSI: VERB to Host Fourth Quarter and Full Year 2024 Earnings Call on Tuesday, March, 25, 2025, at 1:00 p.m. ET

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS and LOS ALAMITOS, Calif., March 20, 2025 (GLOBE NEWSWIRE) — Verb Technology Company, Inc. (NASDAQ: VERB) (“VERB” or the “Company”), the company behind MARKET.live, the livestream social shopping platform, telehealth platforms VANITYPrescribed.com and GoodGirlRx.com, and GO FUND YOURSELF.show, the TV show disrupting crowdfunding, today announced that VERB CEO Rory J. Cutaia will host a conference call to discuss the Company’s financial results for the fourth quarter and year ended December 31, 2024 on Tuesday, March 25, 2025, at 1:00 p.m. Eastern time (10:00 a.m. Pacific time). Financial results will be issued in a press release prior to the call.

    VERB Q4 and FY 2024 Earnings Call
    Date: Tuesday, March 25, 2025
    Time: 1:00 p.m. Eastern time (10:00 a.m. Pacific time)

    To access by phone: Please call the conference telephone number 10-15 minutes prior to the start time. An operator will register your name and organization.

    Meeting Link: https://callme.viavid.com/viavid/?callme=true&passcode=13728166&h=true&info=company&r=true&B=6
    Toll Free: 1-877-407-4018
    Toll/International: 1-201-689-8471

    A telephonic replay of the conference call will be available after 04:00 p.m. Eastern time on the same day through Tuesday, April 08, 2025 at 11:59 PM ET.
    Toll Free:1-844-512-2921
    Toll/International: 1-412-317-6671
    Replay Pin Number: 13752553
    Replay Expiry: April 8th at 11:59 PM ET

    ABOUT VERB

    Verb Technology Company, Inc. (NASDAQ: VERB), is the innovative force behind interactive video-based social commerce. The Company operates three business units, each of which leverages its social commerce technology and video marketing expertise. The Company’s MARKET.live platform is a multi-vendor, livestream social shopping destination at the forefront of the convergence of e-commerce and entertainment, where brands, retailers, creators, and influencers engage their customers, clients, fans, and followers across multiple social media channels simultaneously. GO FUND YOURSELF!, is a revolutionary interactive social crowd funding platform for public and private companies seeking broad-based exposure across social media channels for their crowd-funded Regulation CF and Regulation A offerings. The platform combines a ground-breaking interactive TV show with MARKET.live’s back-end capabilities allowing viewers to tap, scan or click on their screen to facilitate an investment, in real time, as they watch companies presenting before the show’s panel of “Titans”. Presenting companies that sell consumer products are able to offer their products directly to viewers during the show in real time through shoppable onscreen icons. VANITYPrescribed.com and GoodGirlRx.com are telehealth portals, intended to redefine telehealth by offering a seamless, digital-first experience that empowers individuals to take control of their healthcare needs. They were designed and developed to disrupt the traditional healthcare model by providing tailored healthcare solutions at affordable, fixed prices — without hidden fees, membership costs, or inflated pharmaceutical markups. GoodGirlRx.com, a partnership with Savannah Chrisley, a well-known lifestyle personality and advocate for health and wellness, offers customers access to convenient, no-hassle telehealth services and pharmaceuticals, including the new weight-loss drugs, with fixed pricing regardless of dosage, breaking away from the industry’s traditional model of excessive pricing and pharmaceutical gatekeeping.

    The Company is headquartered in Las Vegas, NV and operates full-service production and creator studios in Los Alamitos, California.

    For more information, please visit: www.verb.tech.

    Follow VERB AND MARKET.live here: 

    FORWARD-LOOKING STATEMENTS

    This communication contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance, or achievements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, those identified in our filings with the Securities and Exchange Commission (the “SEC”), including our annual, quarterly and current reports filed with the SEC and the risk factors included in our annual report on Form 10-K filed with the SEC on April 1, 2024. Any forward-looking statement made by us herein is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.

    Investor Relations Contact:
    investors@verb.tech

    The MIL Network –

  • MIL-OSI: Data Storage Corporation to Participate in the 2025 iAccess Alpha Virtual Conference

    Source: GlobeNewswire (MIL-OSI)

    MELVILLE, N.Y., March 20, 2025 (GLOBE NEWSWIRE) — Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a leading provider of multi-cloud hosting, managed cloud services, disaster recovery, cybersecurity, and IT automation, that integrates with AWS, Microsoft Azure, and Google Cloud,  today announced that its management will be participating in the iAccess Alpha Virtual Best Ideas Spring Investment Conference 2025 being held March 25 and 26, 2025.

    Why Investors Should Tune In:

    • Gain insight into DSC’s expanding footprint in cloud hosting and IT modernization.
    • Learn about the Company’s scalable, secure, and high-performance cloud solutions.
    • Understand how DSC leverages partnerships with AWS, Microsoft Azure, and Google Cloud to drive innovation.

    Chuck Piluso, CEO of Data Storage Corporation, and Chris Panagiotakos, CFO of Data Storage Corporation, will be presenting at 10:00 a.m. ET on March 25, sharing insights into DSC’s business strategy, growth trajectory, and market opportunities. Management will also participate in one-on-one meetings with investors on March 26. The live webcast of the Company’s presentation will be available at https://www.webcaster4.com/Webcast/Page/3083/52117, and a replay will be accessible afterward. The presentation will also be available on the company’s website under the “News & Events” tab, https://www.dtst.com/news-events/ir-calendar.

    For more information about the iAccess Alpha Virtual Best Ideas Spring Investment Conference 2025, or to register and schedule a one-on-one meeting with Data Storage Corporation, please visit the conference website at: https://www.iaccessalpha.com/home.

    About Data Storage Corporation
    Data Storage Corporation (Nasdaq: DTST) through its subsidiaries is a leading provider of multi-cloud hosting, fully managed cloud services, disaster recovery, cybersecurity, IT automation, and voice & data solutions. Recognizing that data migration is a critical step in transitioning from on-premises systems to the cloud, DTST provides comprehensive migration services to ensure seamless, secure, and efficient data transfer, minimizing downtime and optimizing performance.

    Through its CloudFirst platform, built on IBM Power Cloud infrastructure, DTST delivers high-performance, scalable, and secure cloud solutions with interoperability across its infrastructure partners, AWS, Microsoft Azure, and Google Cloud.

    With data centers supporting cloud platform deployments across the United States, Canada, and the United Kingdom, DTST provides mission-critical cloud services to a diverse clientele, including Fortune 500 companies, government agencies, educational institutions, and healthcare organizations.

    As a leader in the multi-billion-dollar cloud hosting and business continuity market, DTST is recognized for its expertise in cloud infrastructure, IT modernization, and data migration, enabling clients to transition to the cloud with confidence and operational continuity.

    For more information, please visit www.dtst.com or follow us on X @DataStorageCorp.

    Safe Harbor Provision

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include the Company’s ability to grow its presence in Europe. These risks should not be construed as exhaustive and should be read together with the other cautionary statements included in the Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or otherwise.

    Contact:
    Crescendo Communications, LLC
    212-671-1020
    DTST@crescendo-ir.com

    The MIL Network –

  • MIL-OSI: High Wire Networks Secures New Bundle Contract, Showcasing the Power of Integrated Cybersecurity Solutions

    Source: GlobeNewswire (MIL-OSI)

    BATAVIA, Ill., March 20, 2025 (GLOBE NEWSWIRE) — High Wire Networks, Inc. (OTCQB: HWNI) has finalized a new bundled services contract with an MSP partner, demonstrating the growing momentum behind its integrated approach to cybersecurity.

    High Wire – Overwatch’s newly launched managed cybersecurity service bundles — CORE, PROACTIVE, and COMPLETE — are purpose-built to provide partners and their customers with flexible, scalable protection tailored to growing security threats and aligned with strategic business objectives.

    The signed contract, valued at more than $275,000 over 24 months, includes the CORE bundle, which delivers essential coverage for critical threat vectors, including network, email, endpoint, and phishing protection. This foundational package is ideal for organizations seeking strong baseline defenses with simplified deployment and ongoing support.

    “Our bundle offerings are designed to help partners deliver greater value, faster time-to-protection, and long-term security maturity to their customers,” said Mark Dallmeier, Chief Revenue Officer at Overwatch. “Our partners gain a true competitive edge by moving beyond transactional service delivery and embracing an integrated, consultative approach. Bundles like CORE don’t just protect — they empower. They provide an unfair advantage in the marketplace by reducing complexity, driving operational efficiency, and improving security posture from day one.”

    The partner CEO based in New Jersey emphasized the real-world benefits of the bundled approach, saying, “The new bundled offerings from Overwatch allow us to simplify cybersecurity solutions for our clients, eliminating the friction of multiple proposals, approvals, and lengthy decision-making processes. With fixed costs and license counts, we can confidently offer proof-of-concept trials without restrictions, ensuring clients experience the full value of a comprehensive security approach.

    The CORE bundle delivers protection across key attack surfaces—endpoints, network traffic, email, and even end-user security awareness training—providing layered defense against modern threats. Relying on endpoint protection, or any single offering, alone is like installing a state-of-the-art security system but leaving the front door unlocked. Overwatch’s integrated approach enables us to provide truly effective, proactive security for our clients,” he continued.

    “Since introducing the CORE bundle, our clients’ response has been overwhelmingly positive. They recognize the growing risks and immediately see the value in the alerting and reporting capabilities we can now provide. Clients also report a drastic reduction—if not total elimination—of malicious email threats, reinforcing the power of this comprehensive security strategy,” he concluded.

    Overwatch is committed to giving partners and their customers an unfair advantage by providing the tools, scalability, and support needed to outperform in a rapidly changing threat environment. By continuing to invest in solutions that make cybersecurity more accessible, profitable, and impactful, High Wire – Overwatch empowers its partners to deliver next-generation security across their client base — transforming the economics of managed cybersecurity and driving stronger outcomes at scale.

    About High Wire Networks

    High Wire Networks, Inc. (OTCQB: HWNI) is a fast-growing, award-winning global provider of managed cybersecurity. Through over 200 channel partners, it delivers trusted managed services for more than 1,100 managed security customers worldwide. End customers include Fortune 500 companies and many of the nation’s largest government agencies. Its U.S.-based 24/7 Network Operations Center and Security Operations Center is in Chicago, Illinois.

    High Wire was ranked by Frost & Sullivan as a Top 15 Managed Security Service Provider in the Americas for 2024. It was also named to CRN’s MSP 500 and Elite 150 lists of the nation’s top IT-managed service providers for 2023 and 2024.

    Learn more at HighWireNetworks.com. Follow the company on X, view its extensive video series on YouTube or connect on LinkedIn.

    Forward-Looking Statements

    The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.

    Media Contact:
    Lori Aleman
    Director of Marketing
    O: 630-635-8477 | C: 602-920-0902
    lori.aleman@highwirenetworks.com

    The MIL Network –

  • MIL-OSI: NordProtect becomes a stand-alone service and includes online fraud coverage

    Source: GlobeNewswire (MIL-OSI)

    NordVPN’s identity theft protection solution, NordProtect, is now available as a stand-alone service and offers protection against a broader range of cyber incidents.

    LONDON, March 20, 2025 (GLOBE NEWSWIRE) — NordProtect, an identity theft protection service created by NordVPN, is now available to users in the United States as a stand-alone product. This will allow users to benefit from identity theft protection without purchasing a NordVPN Prime plan, as they have until now.

    In addition, NordProtect now includes online fraud coverage, which provides support for victims of a variety of online scams or fraud. This coverage compensates users for financial losses incurred through various online scams and criminal activities, such as romance scams, marketplace fraud, QR code scams, fraudulent credit card charges, and many other prevalent tactics used to swindle money today.

    “Criminals are constantly finding new ways to extort money from people, and our mission is to provide relevant and reliable tools to protect internet users. Online fraud is rapidly growing, with numerous variations leading to significant financial losses. To address this, we’ve expanded our existing services, which now include better monitoring of personally identifiable information as well as reimbursement for certain online fraud incidents, ensuring our customers receive support when they need it most,” says Tomas Sinicki, managing director of NordProtect.

    NordProtect customers may be eligible for a reimbursement of up to $10,000, excluding investment scams. After the latest improvements, NordProtect customers now enjoy a comprehensive range of ID monitoring services and are insured from a number of ID theft, cyber extortion and online fraud incidents

    With identity recovery and restoration, victims of identity theft can be reimbursed up to $1M for expenses incurred in restoring their identity, such as legal costs or lost wages. NordProtect connects victims with an identity restoration case manager to help them recover from identity theft. NordProtect’s cyber extortion protection offers $50,000 to cover expert assistance and payments in response to cyber threats to delete or release victims’ information or restrict access to their data or smart devices.

    Secure credit monitoring ensures that customers receive an individual monthly credit score and are notified about any suspicious credit activity. 24/7 dark web monitoring alerts if information associated with a customer’s email address, phone numbers, SSNs, or other identity assets have been leaked.

    Currently, NordProtect is available only to users in the United States. For customers in the United Kingdom, Netherlands, France, Sweden, Germany, and Italy, NordVPN offers cyber insurance benefits as part of its service bundles. These benefits include scam loss recovery and online shopping fraud recovery.

    About NordProtect

    NordProtect is a comprehensive identity theft protection service designed to keep users’ identity safe. With features like 24/7 dark web monitoring, credit activity tracking and security alerts, users can stay informed about potential threats and take action to protect themselves right away. Additionally, NordProtect helps users to get financial help and expert support if they fall victim to identity theft, cyber extortion or online fraud. For more information: www.nordprotect.com

    More information: egidijus@nordsec.com

    The MIL Network –

  • MIL-OSI: Nykredit Realkredit A/S – annual general meeting 2025

    Source: GlobeNewswire (MIL-OSI)

    To Nasdaq Copenhagen

    Nykredit Realkredit A/S – annual general meeting 2025

    At Nykredit Realkredit’s annual general meeting held on Thursday 20 March 2025:

    • The Annual Report 2024 and the proposal for distribution of net profit were approved.
    • Discharge of the Board of Directors and Executive Board was adopted.
    • The Board of Directors’ proposals for remuneration policy, remuneration report and Management remuneration were adopted.
    • Merete Eldrup, Preben Sunke, Michael Demsitz, Per W. Hallgren, Jørgen Høholt, Torsten Hagen Jørgensen, Vibeke Krag and Mie Krog were re-elected to the Board of Directors. In addition, the Board of Directors includes four staff-elected members: Olav Bredgaard Brusen, Rasmus Fossing, Kathrin Helene Hattens and Inge Sand.
    • EY Godkendt Revisionspartnerselskab was reappointed as the Company’s auditors and EY Godkendt Revisionspartnerselskab was reappointed as the Company’s sustainability auditors.

    Immediately following the annual general meeting, the Board of Directors elected Merete Eldrup as its Chair and Preben Sunke as its Deputy Chair.

    Copenhagen, 20 March 2025

    Nykredit Realkredit A/S
    Board of Directors

    Contact
    Questions may be addressed to Press Relations, tel +45 31 21 06 39.

    Attachment

    The MIL Network –

  • MIL-OSI: Alarum Technologies Announces Fourth Quarter and Annual 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    A Pivotal Year, Marking Accomplishment of Strategic Shift to Data Collection,
    Hits Milestones Toward Becoming a Driving Force in the AI Revolution

    2024 revenue increased to $31.8 million, of which $7.4 million was in the fourth quarter;
    2024 net profit rose to $5.8 million and adjusted EBITDA reached $9.4 million;
    Cash and liquid investments balance at year-end amounted to $25 million

    TEL AVIV, Israel, March 20, 2025 (GLOBE NEWSWIRE) — Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) (“Alarum” or the “Company”), a global provider of web data collection solutions, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    Shachar Daniel, Chief Executive Officer of Alarum, said: “2024 was a landmark year for Alarum, as we successfully executed our strategic vision, to focus on data collection. This transformation comes at a time when AI is reshaping the world at an unprecedented pace. As data fuels intelligence, the companies that will lead this revolution are those that anticipate change, build a strong foundation, and position themselves for long-term success. This is exactly what we are striving for – taking it step by step.”

    Market Trends Shaping Business Short-and Long-Term

    • Alarum Engaged in AI Model Training Trial Projects: as AI trends accelerated toward the end of 2024, collecting accurate data at massive scales has become increasingly critical. In the fourth quarter of 2024 and the first quarter of 2025, leading global companies, including one of the world’s largest online marketplace corporates, have selected Alarum’s Data Collection solutions for initial AI model training of mega-scale trial projects.
       
    • Industry Trends and Market Dynamics: With the growing demand for data, AI companies and data providers are forced to adapt to a rapidly evolving landscape, with websites implementing new technological barriers to data collection. This dynamic environment has led to revenue fluctuation across the industry. Alarum’s financial strength and operational efficiency allow it to capitalize on long-term market growth, leveraging its robust technological foundation, established customer base, and strategic engagements with industry leaders.
       
    • Financial Resilience: Alarum’s solid balance sheet and efficient operations enable it to stay ahead of the competition, seize opportunities promptly and adapt its long-term plans as required.
       
    • Long-term Product Strategy and Vision: Evolving market needs validate Alarum’s focus on in-depth research and aligned roadmaps. Recognizing the current era as a paramount opportunity, the Company continues to prioritize and allocate resources to seize and focus mainly on long-term growth opportunities, aiming to elevate its position to the next level.

    Recent Developments and Business Highlights

    • Network Expansion: Alarum significantly scaled its IP network (IPPN) infrastructure in 2024, reinforcing its position as a key player in large-scale data collection. Its leadership was also acknowledged in the comprehensive public report on the IPPN industry, the 2024 PROXYWAY Market Research1, which named Alarum’s NetNut Ltd. (“NetNut”) as a top performer.
    • Introducing Innovative Data Collection & Labeling Solutions: Alarum has introduced cutting-edge solutions, designed to provide seamless and scalable access to high-quality data. In the second half of 2024, the Company recorded initial sales from the Website Unblocker and SERP API (Search Engine Results Page Application Programming Interface) products, and it also made progress with the development of an AI Data Collector.
    • NetNut’s Net Retention Rate (“NRR”)2 reached 1.27 as of December 31, 2024, compared to 1.53 as of December 31, 2023, yet another consecutive quarter of achieving an NRR well-above 1.

    Chen Katz, Chairman of The Board of Alarum, commented: “Our 2024 results showcase the success of our strategic shift, which is well supported by our financial resilience. With a sharp focus on data collection, we have built a solid foundation for long term sustainability in the AI data-driven era. I am excited to see how our continued innovation and execution will shape the future of our company.”

     
    Summary of Financial Results3
    (in millions of U.S. dollars, rounded, except per share amounts and margins)
     
      For the
    Year Ended
    December 31,    		   For the
    Three Months Ended
    December 31,
      2024     2023   2024   2023
      (Audited)   (Audited)   (Unaudited)   (Unaudited)
                   
    Total Revenue   31.8       26.5       7.4       7.1  
    of which, Web Data Collection Revenue was   30.9       21.3       7.2       6.7  
    Gross profit   23.9       18.8       5.3       5.3  
    Gross margin (in percentage)   75.1 %     70.9 %     72.4 %     75.0 %
    Non-IFRS gross margin (in percentage)   77.0 %     74.3 %     74.3 %     77.2 %
    Total operating expenses   17.2       24.3       5.0       3.6  
    Financial income (expense), net   0.3       (0.6 )     0.2       (0.1 )
    Tax benefit (expense)   (1.2 )     0.5       (0.1 )     (* )
    Net profit (loss) from continuing operations   5.8       (5.6 )     0.4       1.7  
    Adjusted EBITDA from continuing operations   9.4       5.2       1.5       2.2  
    Basic earnings (loss) per ADS from continuing operations (in U.S. dollars) $ 0.87     $ (1.35 )   $ 0.06     $ 0.28  
    Non-IFRS basic earnings (loss) per American Depository Share (“ADS”) from continuing operations (in U.S. dollars) $ 1.26     $ (1.14 )   $ 0.20     $ 0.38  
                                 
    Cash, cash equivalents and debt investments (including accrued interest)4   25.0       10.9       25.0       10.9  
    Shareholders’ equity3   26.4       13.2       26.4       13.2  
                                   
    * Less than $0.1 million                        
                             

    Fourth Quarter and Full Year 2024 Financial Analysis

    • Revenue in Q4 2024 grew 4% year-over-year to $7.4 million (Q4 2023: $7.1 million). The increase is attributed to our NetNut web data collection business, which grew 7% to $7.2 million in Q4 2024, up from $6.7 million in Q4 2023. Revenue for the whole year 2024 grew 20%, rising to a record of $31.8 million (2023: $26.5 million). The Web Data Collection revenue reached a Company record $30.9 million in 2024, achieving 45% year-over-year growth (2023: $21.3 million).
    • Cost of revenue in Q4 2024 was $2.0 million (Q4 2023: $1.8 million). Full year 2024, cost of revenue was $7.9 million, (2023: $7.7 million). During these periods, costs have shifted towards investment in the Company’s IP network, as per its strategic decision announced in July 2023 to focus solely on its web data collection business.
    • Operating expenses in Q4 2024 totalled $5.0 million (Q4 2023: $3.6 million). The quarterly change was driven mainly by the increase in the NetNut Data Collection operations, primarily research and development salary costs. For the full year 2024, operating expenses were down to $17.2 million (2023: $24.3 million), mainly due to 2023-related impairment costs of goodwill and intangible assets and the strategic decision to scale down the Company’s consumer internet access business operations, partially offset by the increase in Data Collection operating expenses.
    • Financial income, net, in Q4 2024 was $0.2 million (Q4 2023: financial expense, net, of $0.1 million). Financial income, net, for 2024, increased to $0.3 million (2023: financial expense, net, of $0.6 million). This shift to financial income, net, from an expense, net, was mainly due to the increase in interest income from cash deposits as well as lower financial expenses related to short- and long-term loans.
    • 2024 cash flow from operating activities rose 93%, to $8.9 million, compared to last year (2023: $4.6 million).
    • Bottom line, 2024 net profit from continuing operations rose to a record $5.8 million (2023: loss of $5.6 million), and the corresponding 2024 Adjusted EBITDA was up at a Company record $9.4 million (2023: $5.2 million).
    • As of December 31, 2024, shareholders’ equity doubled, totalling $26.4 million, up from $13.2 million as of December 31, 2023. The increase was driven by the switch to net profit from net loss as well as warrants and options exercises.
    • Outstanding ordinary share count as of December 31, 2024, was approximately 69.1 million shares, or 6.9 million in ADSs.

    Financial Outlook

    “In line with our guidance, total fourth quarter 2024 revenues increased to $7.4 million, of which $7.2 million were attributed to Web Data Collection, and fourth quarter 2024 Adjusted EBITDA reached $1.5 million. Our cash and liquid investment balance on December 31, 2024, increased to $25 million, demonstrating once again success in cashflow generation,” said Mr. Shai Avnit, Chief Financial Officer of Alarum.

    “As we look ahead, our revenue guidance reflects the ongoing shifts in the global data collection. First quarter 2025 revenues are estimated at $7.3 million ±3% and Adjusted EBITDA for the first quarter 2025 is expected to range from $0.8 million to $1.2 million. We are navigating a period of adjustment as the industry evolves, and while short-term revenue growth may be lower than in previous quarters, we remain focused on the bigger picture, and on generating long-term and sustainable value for the Company’s stakeholders,” Mr. Avnit concluded.

    We are unable to present a reconciliation of our estimated Adjusted EBITDA to net profit from continuing operations as we are unable to predict with reasonable certainty, and without unreasonable effort, the impact and timing of certain expenses on our net profit from continuing operations. The financial impact of these expenses is uncertain and is dependent on various factors, including timing, and could be material to our consolidated statements of profit or loss and other comprehensive income (loss).

    Fourth Quarter 2024 Financial Results Conference Call

    Mr. Shachar Daniel, Chief Executive Officer of Alarum, and Mr. Shai Avnit, Chief Financial Officer of Alarum, will host a conference call today, March 20, 2025, at 8:30 a.m. ET, 5:30 a.m. Pacific time, 2:30 p.m. Israel, to discuss the fourth quarter and full year 2024 results and the first quarter 2025 outlook, followed by a Q&A session. To attend, please dial one of the following numbers, at least five minutes before the call starts: 1-877-407-0789 or 1-201-689-8562. If you are unable to connect using the toll-free number, please try the international dial-in number. An Israeli toll-free number is: 1 809 406 247. Participants will be required to state their name and company upon dialling in. 

    Replay: The conference call will be broadcast live and available for replay here, after 11:30 a.m. ET on March 20, 2025, through April 20, 2025. Toll-free replay numbers: 1-844-512-2921 or 1-412-317-6671, ID: 13751807.

    Forward-Looking Statements

    • This press release contains forward-looking statements within the meaning of the “safe harbor” words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Alarum is using forward-looking statements in this press release when it discusses strategic vision, benefits, advantages and capabilities of Alarum’s solutions, the growing demand for data, that Alarum’s financial strength and operational efficiency allow it to capitalize on long-term market growth, that Alarum’s solid balance sheet and efficient operations enable it to stay ahead of the competition, seize opportunities promptly and adapt its long-term plans as required, that the Company continues to prioritize and allocate resources to seize and focus mainly on long-term growth opportunities and its aim to elevate its position to the next level, the estimates of the revenues for the first quarter 2025 revenues and Adjusted EBITDA, that short-term revenue growth may be lower than in previous quarters, and the Company’s focus on the bigger picture, and on generating long-term and sustainable value for the Company’s stakeholders. Because such statements deal with future events and are based on Alarum’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Alarum could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Alarum’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 20, 2025, and in any subsequent filings with the SEC. Except as otherwise required by law, Alarum undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Alarum is not responsible for the contents of third-party websites.
     
    Condensed Consolidated Statements of Financial Position
    (in thousands of U.S. dollars)
       
      December 31,
      2024   2023  
      (Audited)
    Assets      
    Current assets:      
    Cash and cash equivalents 15,081     10,872  
    Trade receivables, net 3,231     1,994  
    Other receivables 503     399  
      18,815     13,265  
           
    Non-current assets:      
    Long-term deposits 121     104  
    Other non-current assets 85     145  
    Property and equipment, net 130     88  
    Right-of-use assets 498     779  
    Deferred tax assets 422     181  
    Debt investments at fair value through other comprehensive income 9,256     –  
    Debt investments at fair value through profit or loss 555     –  
    Intangible assets, net 811     1,386  
    Goodwill 4,118     4,118  
    Total non-current assets 15,996     6,801  
    Total assets 34,811     20,066  
           
    Liabilities and equity      
    Current liabilities:      
    Trade payables 251     369  
    Other payables 4,484     2,439  
    Current maturities of long-term loan 938     290  
    Contract liabilities 1,987     1,983  
    Derivative financial instruments 148     109  
    Short-term lease liabilities 359     370  
    Total current liabilities 8,167     5,560  
           
    Non-current liabilities:      
    Long-term lease liabilities 261     523  
    Long-term loans, net of current maturities 32     802  
    Total non-current liabilities 293     1,325  
    Total liabilities 8,460     6,885  
           
    Equity:      
    Ordinary shares –     –  
    Share premium 111,892     100,576  
    Other equity reserves 11,012     14,938  
    Accumulated deficit (96,553 )   (102,333 )
    Total equity 26,351     13,181  
    Total liabilities and equity 34,811     20,066  
               
               
     
    Condensed Consolidated Statements of Profit or Loss
    (in thousands of U.S. dollars, except per share amounts)
     
      For the
    Year Ended
    December 31,    		   For the
    Three Months Ended
    December 31,
      2024   2023   2024   2023
      (Audited)   (Audited)   (Unaudited)   (Unaudited)
    Continuing operations              
    Revenue   31,824     26,521     7,370     7,107  
    Cost of revenue   7,915     7,711     2,032     1,778  
    Gross profit   23,909     18,810     5,338     5,329  
                     
    Operating expenses:                
    Research and development   4,495     3,557     1,210     795  
    Sales and marketing   7,033     10,035     1,988     1,579  
    General and administrative   5,661     4,406     1,749     1,207  
    Impairment of goodwill   –     6,311     –     –  
    Total operating expenses   17,189     24,309     4,947     3,581  
                     
    Operating profit (loss)   6,720     (5,499 )   391     1,748  
                     
    Financial income (expense), net   281     (590 )   163     (54 )
    Profit (loss) from continuing operations before income tax   7,001     (6,089 )   554     1,694  
    Tax benefit (expense)   (1,221 )   482     (112 )   (22 )
    Profit (loss) from continuing operations, net of income tax   5,780     (5,607 )   442     1,672  
    Profit from discontinued operations, net of income tax   –     82     –     –  
    Net profit (loss) for the period   5,780     (5,525 )   442     1,672  
    Other comprehensive income (loss) for the period
    Change in fair value of debt investments    		   (80 )   –     (80 )   –  
    Total comprehensive income (loss) for the period   5,700     (5,525 )   362     1,672  
                     
    Basic profit (loss) per share:                
    Continuing operations $ 0.09     (0.14 )   0.01     0.03  
                     
    Discontinued operations   –     *   –     –  
      $ 0.09     (0.14 )   0.01     0.03  
                     
    Diluted profit (loss) per share:                
    Continuing operations $ 0.08     (0.14 )   0.01     0.03  
                     
    Discontinued operations   –     *   –     –  
      $ 0.08     (0.14 )   0.01     0.03  
                     
    Basic profit (loss) per ADS:              
                   
    Continuing operations $ 0.87     (1.35 )   0.06     0.28  
                     
    Discontinued operations   –     *   –     –  
      $ 0.87     (1.35 )   0.06     0.28  
    * Less than $0.01
     

    Use of Non-IFRS Financial Results

    In addition to disclosing financial results calculated in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, this press release contains non-IFRS financial measures of EBITDA (EBITDA loss), Adjusted EBITDA (Adjusted EBITDA loss), non-IFRS net profit (loss), non-IFRS gross profit, non-IFRS gross margin and non-IFRS basic earnings (loss) per share or ADS for the periods presented. The Company defines EBITDA (EBITDA loss) as net profit (loss) from continuing operations before depreciation, amortization and impairment of intangible assets, financial income (expense) and income tax; defines Adjusted EBITDA (Adjusted EBITDA loss) as EBITDA (EBITDA loss) as further adjusted to remove the impact of (i) impairment of goodwill (if any); and (ii) share-based compensation; defines non-IFRS net profit (loss) as net profit (loss) from continuing operations before depreciation, amortization and impairment of intangible assets, impairment of goodwill, financial income (expense) effects primarily related to derivative financial instruments as well as long-term loans, deferred tax effects and share-based compensation; defines non-IFRS gross profit as gross profit from continuing operations adjusted to remove the impact of depreciation, amortization and impairment of intangible assets and share-based compensation recorded under cost of revenues; defines non-IFRS gross margin as the percentage of the non-IFRS gross profit out of revenues; and defines non-IFRS basic earnings (loss) per share or ADS as non-IFRS net profit (loss) divided by the weighted average number of ordinary shares or ADSs. The Company’s management believes the non-IFRS financial information provided in this press release is useful to investors’ understanding and assessment of the Company’s ongoing operations. Management also uses both IFRS and non-IFRS information in evaluating and operating its business internally, and as such deemed it important to provide this information to investors. The non-IFRS financial measures disclosed by the Company should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with IFRS, and the financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated. Investors are encouraged to review the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures provided in the financial statement tables herein.

    Other Metrics

    Net retention rate (NRR) is a key indicator of customer base health and revenue expansion. It is based on NRR point in time, which measures the revenue growth of customers over the past four quarters, compared to the revenue generated from these customers during the same period a year earlier.
    NRR is calculated as an average of the NRR points in time for the end of the current period and the three preceding quarters.
    NRR > 1 (or 100%): Indicates revenue growth driven by existing customers, where upsells and cross-sells outweigh churn.
    NRR < 1 (or 100%): Shows revenue loss due to churn exceeding gains from upsells or cross-sells.

    Non-IFRS Financial Measures
    (in millions of U.S. dollars, rounded)

    The following tables present the reconciled effect of the above on the Company’s Adjusted EBITDA (EBITDA loss); non-IFRS net profit (loss); and non-IFRS gross profit for the year and three months ended December 31, 2024 and 2023:

      For the
    Year Ended
    December 31,    		   For the
    Three Months Ended
    December 31,
      2024   2023   2024   2023
                   
    Net profit (loss) from continuing operations 5.8     (5.6 )   0.4     1.7
    Adjustments:              
    Depreciation, amortization and impairment of intangible assets 0.6     3.5     0.2     0.1
    Financial expense (income), net (0.4 )   0.6     (0.1 )   0.1
    Tax expense (benefit) 1.4     (0.5 )   0.1     *
    EBITDA (EBITDA loss) 7.4     (2.0 )   0.6     1.9
    Adjustments:              
    Impairment of goodwill –     6.3     –     –
    Share-based compensation 2.0     0.9     0.9     0.3
    Adjusted EBITDA for the period 9.4     5.2     1.5     2.2
    * Less than $0.1 million
                         
       
      For the
    Year Ended
    December 31,    		   For the
    Three Months Ended
    December 31,
      2024   2023   2024   2023
    Net profit (loss) from continuing operations 5.8     (5.6 )   0.4     1.7
    Adjustments:              
    Depreciation, amortization and impairment of
    intangible assets    		 0.6     3.5     0.2     0.1
    Financial expense (income), net effects 0.1     0.1     (* )   0.2
    Deferred tax effects (0.1 )   (0.5 )   (0.1 )   *
    Impairment of goodwill –     6.3     –     –
    Share-based compensation 2.0     0.9     0.9     0.3
    Non-IFRS net profit for the period 8.4     4.7     1.4     2.3
    * Less than $0.1 million
                         
           
      For the
    Year Ended
    December 31,    		   For the
    Three Months Ended
    December 31,
      2024   2023   2024   2023
    Gross profit from continuing operations 23.9   18.8   5.3   5.3
    Adjustments:              
    Depreciation, amortization and impairment of
    intangible assets    		 0.6   0.9   0.2   0.2
    Share-based compensation *   *   *   *
    Non-IFRS gross profit for the period 24.5   19.7   5.5   5.5
    * Less than $0.1 million
                   

    About Alarum Technologies Ltd.

    Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) is a global provider of web data collection solutions, empowering organizations to gain a competitive edge by streamlining the collection, extraction, and analysis of large-scale structured data from public online sources. Our data collection solutions by NetNut, are based on our world’s fastest and most advanced and secured hybrid proxy network, which comprises both exit points based on our proprietary reflection technology and hundreds of servers located at our ISP partners around the world. Pushing the boundaries of innovation in data collection, we are building a robust platform, complemented by the Website Unblocker, Data Collector, Data Sets and AI data collector. As the impact of the AI revolution unfolds, Alarum, with its robust market-leading data collection offerings is preparing itself to play a meaningful role as the world reshapes in a new form.

    For more information about Alarum and its web data collection solutions, please visit www.alarum.io.

    Follow us on Twitter

    Subscribe to our YouTube channel

    Investor Relations Contact:
    investors@alarum.io

    ________________________
    1https://proxyway.com/research/proxy-market-research-2024
    2 See definition under “Other Metrics”
    3 The table below contains certain non-IFRS financial measures. See “Use of Non-IFRS Financial Results” for additional information regarding these measures and reconciliations to the most comparable IFRS measures.
    4 As of the last day of the period.

    The MIL Network –

  • MIL-OSI: Alm. Brand A/S – Chairman Jørgen Hesselbjerg Mikkelsen will not be standing for re-election at upcoming annual general meeting

    Source: GlobeNewswire (MIL-OSI)

    Chairman of the Board of Directors of Alm. Brand A/S Jørgen Hesselbjerg Mikkelsen will not be standing for re-election at the upcoming general meeting. The Board of Directors nominates Jais Valeur as new chairman.

    Jais Valeur has been a member of the Board of Directors since 2023, and he has many years of experience with complex corporate structures, business development, transformation and M&A. Jais Valeur also has extensive board experience, including as deputy chairman of Royal Unibrew A/S. With Jais Valeur as chairman of the Board of Directors, Alm. Brand A/S will be ensured both continuity and sustained growth.

    “I am extremely honoured to be nominated as chairman of Alm. Brand A/S. I would like to take this opportunity to thank Jørgen Hesselbjerg Mikkelsen for his many years of dedication to Alm. Brand Group and for his efforts in spearheading the extensive transformation of the group, including the acquisition of Codan. Together with the other members of the Board of Directors and in close dialogue with management, I will ensure that Alm. Brand Group continues on a strong trajectory in the upcoming strategy period,” says Jais Valeur.

    Jørgen Hesselbjerg Mikkelsen has made comprehensive changes in Alm. Brand Group over the past couple of years. Alm. Brand Group has transitioned from being a financial supermarket spanning banking, insurance and pension services to being a fully-focused, major Danish non-life insurance company.

    “I want to thank Alm. Brand’s shareholders and the Board of Directors for their confidence during the transformation of the group and not least management and the many dedicated employees for delivering on the long-term goals we have set for Alm. Brand Group. Together, we have changed and strengthened the group, and in particular with the acquisition of Codan and the divestment of the Energy & Marine business, we have created a strong launch pad for the future. I am therefore pleased to pass the baton to Jais Valeur, who is every bit as dedicated to continuing the strong trajectory,” says Jørgen Hesselbjerg Mikkelsen.

    A list of candidates for the Board of Directors is included as part of the agenda for the 2025 annual general meeting, which is available on the company’s website under “Investors”.

    The elected members of the Board of Directors will appoint the new chairman immediately after the annual general meeting.

    The CV for Jais Valeur is included as an attachment to this announcement.

    Contact

    Please direct any questions regarding this announcement to:

    Investors and equity analysts:

    Head of IR, Rating & ESG Reporting
    Mads Thinggaard
    Mobile no. +45 2025 5469

    Press:

    Head of Communications and Media Relations
    Mikkel Luplau Schmidt
    Mobile no. +45 2052 3883

    Attachments

    The MIL Network –

  • MIL-OSI: Chris Miller, Former Acting U.S. Secretary of Defense Appointed by President Trump, Joins the Draganfly Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    Tampa, Florida, March 20, 2025 (GLOBE NEWSWIRE) — Draganfly Inc, (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is proud to announce that Christopher C. Miller, former Acting U.S. Secretary of Defense under President Donald Trump, has joined the Company’s Board of Directors.

    Miller, a seasoned national security expert with decades of experience in defense and intelligence, will help guide Draganfly’s strategic initiatives in the government, defense, and aerospace sectors. His extensive leadership in military operations and national security policy aligns with Draganfly’s commitment to providing cutting-edge, American-made drone technology for critical applications.

    “Chris Miller’s experience at the highest levels of defense and national security will be invaluable to Draganfly as we continue to expand our role in government and security operations. His insights and expertise will help continue to position Draganfly as a leader in North American-made drone solutions for defense, law enforcement, and public safety,” said Cameron Chell, CEO of Draganfly.

    Miller served as the Acting U.S. Secretary of Defense, overseeing the Department of Defense during a critical transition period. Prior to that, he held senior positions at the National Security Council and Special Operations Command, where he played a key role in shaping U.S. counterterrorism strategies.

    “Draganfly is at the forefront of innovation in drone technology, and I’m honored to join the Board at such a pivotal time,” said Chris Miller. “As the demand for secure, American-made drone solutions grows, Draganfly’s commitment to innovation, safety, and strategic partnerships will be essential in supporting national security and defense initiatives. I look forward to contributing to the Company’s success.”

    Miller’s appointment strengthens Draganfly’s leadership team as the Company continues to expand its work with government and defense partners. His deep understanding of security, policy, and military operations will help Draganfly further solidify its position as a key player in the rapidly evolving drone and aerospace industries.

    For more information about Draganfly and its leadership team, visit draganfly.com.

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is a global leader in drone technology, AI, and autonomous systems, providing innovative solutions for public safety, defense, agriculture, and industrial applications. With over 25 years of experience, Draganfly is recognized for its groundbreaking contributions to the UAV industry and commitment to delivering cutting-edge, North American-made technology.

    CSE Listing
    NASDAQ Listing
    Frankfurt Listing

    Forward-Looking Statements

    This release contains certain “forward looking statements” and certain “forward-looking ‎‎‎‎information” as ‎‎‎‎defined under applicable securities laws. Forward-looking statements ‎‎‎‎and information can ‎‎‎‎generally be identified by the use of forward-looking terminology such as ‎‎‎‎‎“may”, “will”, “expect”, “intend”, ‎‎‎‎‎“estimate”, “anticipate”, “believe”, “continue”, “plans” or similar ‎‎‎‎terminology. Forward-looking statements ‎‎‎‎and information are based on forecasts of future ‎‎‎‎results, estimates of amounts not yet determinable and ‎‎‎‎assumptions that, while believed by ‎‎‎‎management to be reasonable, are inherently subject to significant ‎‎‎‎business, economic and ‎‎‎‎competitive uncertainties and contingencies. Forward-looking statements ‎‎‎‎include, but are not ‎‎‎‎limited to, statements with respect to Chris Miller’s future contributions to Draganfly; that Draganfly will continue to position as a leader in North American-made drone solutions for defense, law enforcement, and public safety; that’s Draganfly’s commitment to innovation, safety, and strategic partnerships will be essential in supporting national security and defense initiatives. Forward-‎‎‎‎looking statements and information are subject to various ‎known ‎‎and unknown risks and ‎‎‎‎‎uncertainties, many of which are beyond the ability of the Company to ‎control or ‎‎predict, that ‎‎‎‎may cause ‎the Company’s actual results, performance or achievements to be ‎materially ‎‎different ‎‎‎‎from those ‎expressed or implied thereby, and are developed based on assumptions ‎about ‎‎such ‎‎‎‎risks, uncertainties ‎and other factors set out here in, including but not limited to: the potential ‎‎‎‎‎‎‎impact of epidemics, ‎pandemics or other public health crises, including the ‎COVID-19 pandemic, on the Company’s business, operations and financial ‎‎‎‎condition; the ‎‎‎successful integration of ‎technology; the inherent risks involved in the general ‎‎‎‎securities markets; ‎‎‎uncertainties relating to the ‎availability and costs of financing needed in the ‎‎‎‎future; the inherent ‎‎‎uncertainty of cost estimates; the ‎potential for unexpected costs and ‎‎‎‎expenses, currency ‎‎‎fluctuations; regulatory restrictions; and liability, ‎competition, loss of key ‎‎‎‎employees and other related risks ‎‎‎and uncertainties disclosed under the ‎heading “Risk Factors“ ‎‎‎‎in the Company’s most recent filings filed ‎‎‎with securities regulators in Canada on ‎the SEDAR ‎‎‎‎website at www.sedar.com and with the United States Securities and Exchange Commission (the “SEC”) on EDGAR through the SEC’s website at www.sec.gov. The Company undertakes ‎‎‎no obligation to update forward-‎looking ‎‎‎‎information except as required by applicable law. Such forward-‎‎‎looking information represents ‎‎‎‎‎managements’ best judgment based on information currently available. ‎‎‎No forward-looking ‎‎‎‎statement ‎can be and actual future results may vary materially. ‎‎‎Accordingly, readers ‎‎‎‎are advised not to ‎place undue reliance on forward-looking statements or ‎‎‎information.‎

    Media Contact
    Erika Racicot
    Email: media@draganfly.com

    Company Contact
    Email: info@draganfly.com

    The MIL Network –

  • MIL-OSI: RYVYL Secures Major Payments-as-a-Service Contracts, Set to Onboard Nearly One Million New Accounts in the next 12 Months

    Source: GlobeNewswire (MIL-OSI)

    First contract has onboarded over 1,000 accounts with 50,000+ more accounts expected in 2025

    Second contract to onboard over 900,000 accounts over a 12-month period beginning Q2 2025

    These new contracts reinforce 2025 revenue outlook of $80 million to $90 million

    SAN DIEGO, CA, March 20, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading provider of cutting-edge payment solutions, announced that its subsidiary RYVYL EU has secured two Payments-as-a-Service (PaaS) contracts, which are expected to onboard nearly one million new accounts over the next 12 months. These agreements significantly expand RYVYL’s footprint in Europe and strengthen its long-term growth trajectory.

    Fredi Nisan, CEO of RYVYL, said: “Following the successful launch of our first digital Payments-as-a-Service (PaaS) contract, we have now secured a second, larger partnership with a fully digital bank serving tens of millions of customers across 180 countries. With over 80% of its transactions involving cross-border payments, this partner chose RYVYL PaaS for our extensive presence in Europe and North America, robust security infrastructure, and seamless multi-currency settlement capabilities.”

    “These agreements further validate our ability to serve high-growth financial platforms and support their global expansion. Our advanced payment solutions provide seamless onboarding, compliance expertise, and the operational scale required to power modern digital banking ecosystems.”

    • The first contract, with a leading international money service provider, offers both virtual and physical payment cards managed through RYVYL’s payments platform and mobile app. RYVYL has already successfully onboarded 1,000 client accounts, with over 50,000 more accounts expected in 2025.
    • The second contract, with one of the world’s largest fully digital banking platforms, is projected to onboard 900,000 new customer accounts over a 12-month period, starting in Q2 2025. API integrations and testing have already started, and initial onboarding is set to begin in the coming months.

    “These contracts reinforce our 2025 revenue guidance of $80 million to $90 million and are also expected to contribute operational efficiencies and increasing gross margin that will drive positive annual adjusted EBITDA and positive operating cash flow in the second half of 2025,” added Nisan.

    The foregoing guidance is based on the Company’s continuation of the business, as currently conducted. On January 24, 2025, the Company entered into an agreement with a financing source that was structured as a pre-funded asset sale with a 90-day closing period, which ends on April 23, 2025 and may be extended an additional 30 days to May 23, 2025, if the Company pays $500,000 for such extension. Shares in the Company’s RYVYL EU subsidiary were placed in escrow during the closing period. Although there are no guarantees, the Company intends to terminate the asset sale within the closing period by paying $16.5 million in consideration of such termination. The Company’s financial guidance for 2025 is based on fully retaining its RYVYL EU subsidiary.

    About RYVYL

    RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding timely payment of the second tranche, the benefit to stockholders from the repayment of the Note and repurchase of the Preferred Stock, and the timing and expectation of revenues from the license described herein and are charactered by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the licensee understands and complies with various banking laws and regulations that may impact the licensee’s ability to process transactions. For example, federal money laundering statutes and Bank Secrecy Act regulations discourage financial institutions from working with operators of certain industries – particularly industries with heightened cash reporting obligations and restrictions – as a result of which, banks may refuse to process certain payments and/or require onerous reporting obligations by payment processors to avoid compliance risk. These statements are also subject to any damages the Company could suffer as the result of previously announced litigation or actions of any governmental agencies. These and other risk factors affecting the Company are discussed in detail in the Company’s periodic filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether because of the latest information, future events or otherwise, except to the extent required by applicable laws.

    Disclaimer Regarding Financial Information

    The financial information presented in this press release, for the year ended December 31, 2024, is based on preliminary financial statements prepared by management, for the year ended December 31, 2024. Accordingly, such financial information may be subject to change. All such information contained in this press release will be qualified with reference to the audited financial results for the year ended December 31, 2024, which the Company intends to release on or before March 27, 2025, and in any event by March 31, 2025, and will be posted on www.sec.gov. While the Company does not expect there to be any material changes to the financial information provided in this press release, any variation between the Company’s actual results and the preliminary financial information set forth herein may be material.

    IR Contact:
    David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

    The MIL Network –

  • MIL-OSI: Baker Hughes to Provide Fully Integrated Completions for Petrobras’ Offshore Fields

    Source: GlobeNewswire (MIL-OSI)

    • New solutions will support remote operations in deepwater fields
    • Technology allows real-time response to evolving well conditions across multiple zones

    HOUSTON and LONDON, March 20, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, announced Thursday a major, multi-year fully integrated completions systems contract with Petrobras. The award followed an open tender and will leverage Baker Hughes’ innovative completions technology portfolio and extensive experience in Brazil to optimize production across multiple deepwater fields.

    A range of technologies from Baker Hughes has been specifically tailored to meet the needs of Petrobras’ offshore developments. The intelligent completions technologies, combined with conventional upper and lower completions solutions, will provide remote operations capabilities and multizone control, limiting water and gas breakthroughs and reducing the risk of any costly interventions.

    “Deepwater, high pressure wells require an unmatched level of reliability, and our completion technologies have proven themselves in these harsh environments,” said Amerino Gatti, executive vice president, Oilfield Services & Equipment at Baker Hughes. “Through continual innovation, improvement and testing, and in close collaboration with Petrobras, the Baker Hughes team has pioneered new ways to help develop Brazil’s natural resources safely and efficiently for decades to come.”

    Through this agreement, Petrobras will utilize Baker Hughes’ new SureCONTROL Premium interval control valve (ICV), which provides enhanced reliability in the high flowrates of Petrobras’ offshore fields. This technology was developed to meet Petrobras’ industry-leading standards and allows operators to respond remotely to evolving well conditions across multiple zones in real time.

    Petrobras will deploy a number of additional Baker Hughes completions technologies, including SureSENS QPT ELITE downhole gauges, SureSENS B-Annulus monitoring system, SureTREAT chemical injection system, Sur-Set flow control system, Orbit Premium barrier valves, a gas lift system, REACH subsurface safety valves, DeepShield subsurface safety valves, Premier packers, screens and gravel pack system.

    Baker Hughes has played a key role in the development of Brazil’s offshore oil and gas fields for decades, and the company’s localization strategy contributes to the nation’s economy while strengthening its energy supply chain.

    Delivery will begin in late 2025.

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

    For more information, please contact:

    Media Relations

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

    Investor Relations

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

    The MIL Network –

  • MIL-OSI: Intermap’s Insurance Business Starts 2025 With Strong Growth

    Source: GlobeNewswire (MIL-OSI)

    Year-to-date insurance awards surpass $1.1 million

    Two new strategic partnerships with major insurance customers

    DENVER, March 20, 2025 (GLOBE NEWSWIRE) — Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced that its global insurance business is off to a strong start in 2025 with awards surpassing $1.1 million from new client subscriptions and multiple renewals.

    Intermap is pleased to announce a new, large multiyear subscription with a major bank-insurance group operating in five European countries. Serving retail, private banking, SME and mid-cap clients, the group has adopted the latest generation of Intermap’s Aquarius RMA solution for natural hazards and climate change risk quantification. Using AI-powered modeling and continually updated 3D terrain data, the solution delivers precise risk assessments throughout the policy lifecycle—from underwriting to claims adjustment—empowering the group to deploy innovative, data-driven strategies for climate and sustainability challenges.

    Intermap also recently secured a major partnership with PREMIUM Insurance Company Limited, which adopted Intermap’s next-generation Aquarius RMA natural hazard solution. This collaboration marks a significant step forward for flood risk management in Europe, ensuring that homeowners and businesses in these markets benefit from more informed and reliable insurance decisions.

    “Providing property insurance in the Czech Republic and Slovakia without high-quality flood maps and robust risk assessment would be increasingly time and labor-intensive,” said Marek Benko, Member of the Board of Directors at PREMIUM Insurance. “By integrating Intermap’s advanced mapping solutions, we are enhancing our underwriting precision, building greater trust with our reinsurers, and ensuring our clients receive the most sustainable coverage possible.”

    “We are seeing increased demand for our applications and solutions in our insurance vertical, driving record revenue early in the year,” said Patrick A. Blott, Intermap Chairman and CEO. “Our data products are one of a kind, making our subscriber base sticky with de-minimis churn.” Mr. Blott continued, “Insurance companies are increasingly leveraging 3D geospatial data to enhance risk assessment and evaluate property vulnerabilities such as flood or wildfire exposure with greater precision. Building upon our 3D foundation data, Intermap incorporates artificial intelligence and machine learning techniques into our NEXTMap solution to create globally available digital elevation models at resolutions as fine as a single meter, offering our insurance clients and other verticals the ability to make unparalleled, data-driven decisions. We look forward to updating the market as we build upon these new wins and execute against our current pipeline of insurance industry opportunities.”

    Fourth Quarter and Full Year 2024 Results and Conference call

    As a reminder, Intermap will report its fourth quarter and full year 2024 results on Thursday, March 27, 2025 at 5:00 pm ET. The Company’s CEO Patrick Blott, CFO Jennifer Bakken and COO Jack Schneider will host a live webinar to review the results, provide Company updates and answer investor questions following the presentation.

    CONFERENCE CALL DETAILS

    Date Thursday, March 27, 2025
    Time 5:00 pm ET
    Link Register
       

    Learn more about Intermap’s global insurance solutions at intermap.com/insurance.

    Intermap Reader Advisory 
    Certain information provided in this news release, including reference to revenue growth, constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast”, “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

    About Intermap Technologies 
    Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. 

    For more information, please visit www.intermap.com or contact:
    Jennifer Bakken
    Executive Vice President and CFO
    CFO@intermap.com
    +1 (303) 708-0955

    Sean Peasgood
    Investor Relations
    Sean@SophicCapital.com
    +1 (647) 260-9266

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes QNB Corp. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 20, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced QNB Corp. (OTCQX: QNBC), the holding company for QNB Bank, has qualified to trade on the OTCQX® Best Market. QNB Corp. upgraded to OTCQX from the Pink® market.

    QNB Corp. begins trading today on OTCQX under the symbol “QNBC.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Graduating to the OTCQX Market marks an important milestone for community banks in the U.S. public markets. The OTCQX Market enables banks to maximize the value of being a public company by providing transparent trading and easy access to company information for shareholders. To qualify for OTCQX, community banks must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    David W. Freeman, QNB Corp. Officer, and QNB Bank President and CEO, stated, “As we approach our 150-year anniversary of providing exceptional Community Banking services in Pennsylvania, QNB Corp. is pleased to bring our incredible story to the national OTCQX trading stage. We are confident this move will assist in generating broad investor interest and enhance value for all shareholders.”

    Janney Montgomery acted as the company’s corporate broker.

    About QNB Corp.
    QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Montgomery and Lehigh Counties and offers commercial and retail banking services in the communities it serves.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: MEXC Introduces Bedrock (BR) Listing with Spot & Futures Trading, Offering 150,000 USDT to Power Next-Gen DeFi Restaking

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 20, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announced the listing of Bedrock (BR) on both spot and futures markets, scheduled for March 20, 2025, 12:05 (UTC), subject to sufficient liquidity. To celebrate the launch, MEXC is introducing an Airdrop+ rewards pool totaling 150,000 USDT, strengthening its support for innovative multi-asset liquid restaking solutions in the DeFi ecosystem.

    Revolutionizing DeFi: MEXC Lists Bedrock (BR) to Drive Multi-Asset Restaking Adoption

    Bedrock (BR) is an innovative blockchain project offering a multi-asset liquid restaking protocol, enabling users to earn enhanced yields on Ethereum, Bitcoin, and DePIN rewards while retaining liquidity. By integrating with DeFi ecosystems such as EigenLayer, Babylon, and the Bedrock Diamonds rewards system, Bedrock helps users maximize asset efficiency and compound returns. With 278,627 token holders, $441.77M total restaked, and 4,628.28 BTC in reserves, it delivers a robust suite of solutions that seamlessly integrate staking and restaking functionalities. The BR token serves as a key utility and governance component, driving growth and adoption across multiple blockchain networks. Learn more about Bedrock (BR) here.

    By listing Bedrock (BR), MEXC underscores its dedication to championing transformative DeFi protocols. Leveraging its robust trading environment, deep liquidity, and expansive global reach, MEXC provides Bedrock with a powerful launchpad to scale the adoption of its multi-asset liquid restaking technology. Through strategic marketing initiatives, trading events, and ecosystem collaborations, MEXC amplifies Bedrock’s visibility, showcasing its pioneering contributions to yield optimization, governance, and cross-chain synergy. This approach allows MEXC to bridge cutting-edge innovations with global markets, empowering participants across the DeFi spectrum.

    Celebrate the BR Listing with a 150,000 USDT Prize Pool

    MEXC continues its mission to support innovative blockchain projects by listing Bedrock (BR) in the Innovation Zone on March 20, 2025(UTC). The BR/USDT spot market will be available first, followed by the BR USDT perpetual futures launch , offering up to 50x leverage in both cross and isolated margin modes.

    To mark the occasion, a 150,000 USDT prize pool will be available through a series of exclusive events from March 18, 2025, at 11:00 (UTC) to April 1, 2025, at 11:00 (UTC).

    Event 1: Airdrop+ Rewards

    • Deposit and share 90,000 USDT (New user exclusive).
    • Futures Challenge — Trade to share 50,000 USDT in futures bonuses (Open to all users).
    • Invite friends and share 10,000 USDT (Open to all users).

    Your Easiest Way to Trending Tokens

    MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 34 million by offering a diverse selection of tokens, high-frequency airdrops, competitive fees, and comprehensive liquidity. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 34 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This press release is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/12e5bc85-cc42-49ed-8284-6cd27fb0f6c6

    The MIL Network –

  • MIL-OSI: Orezone Gold Reports Record Revenue and Net Income for 2024

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 20, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) is pleased to report its operational and financial results for the fourth quarter and full year ended December 31, 2024, and its 2025 guidance.   All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.

    Highlights

    • Q4-2024 gold production of 36,502 oz, a 37% increase from the previous quarter.  
    • 2024 gold production of 118,746 oz, exceeding the mid-point of guidance.
    • AISC per oz sold of $1,273 for Q4-2024 and $1,447 for 2024.
    • Record revenue of $283.5M from the sale of 118,697 gold oz at an average realized price of $2,384 per oz in 2024. Gold sales remain unhedged to rising gold prices.
    • 2024 Adjusted EBITDA of $117.2M, Net Income attributable to Orezone shareholders of $55.7M and Earnings per Share attributable to Orezone shareholders of $0.14 and $0.13 on a basic and diluted basis, respectively.
    • Liquidity of $103.2M at year-end with cash of $74.0M and undrawn debt of $29.2M available to finance 2025 growth plans.
    • Stage 1 of hard rock expansion progress continues with first gold on track for Q4-2025.
    • Advancing work towards a secondary listing on the Australian Securities Exchange in mid-2025.

    Patrick Downey, President and CEO, commented “Strong Q4-2024 gold production of 36,502 oz helped deliver another record year for revenue of $283.5 million and net income of $64.1 million while meeting annual production guidance for a second consecutive year. Importantly, Orezone commenced construction of its hard rock expansion in the second half of 2024, a main step towards sustained production growth and setting the foundation for a transformational 2025 where we expect to pour first gold on this brownfield expansion in Q4-2025. First stage of the hard rock expansion is expected to increase the Company’s annual gold production to 170,000 – 185,000 oz in 2026.

    With continued strong gold prices and the closing of recent financings, the Company is well-placed to make further strategic investments in its Bomboré Mine by undertaking additional discovery-focused exploration on high potential targets and evaluating an accelerated start to the second stage of the hard rock expansion which would further increase annual gold production to 220,000 – 250,000 oz.

    The accomplishments achieved in 2024 is a testament to the strength of our team underpinned by the support of our community and government partners, and new and existing shareholders. We remain steadfast in our goal of creating lasting value for all stakeholders.”

    Highlights for Fourth Quarter and Year Ended December 31, 2024 and Significant Subsequent Events

    (All mine site figures on a 100% basis)   Q4-2024 Q4-2023 FY2024 FY2023
    Operating Performance          
    Gold production oz 36,502 33,916 118,746 141,425
    Gold sales oz 34,833 33,782 118,697 139,696
    Average realized gold price $/oz 2,632 1,986 2,384 1,940
    Cash costs per gold ounce sold1 $/oz 1,077 1,083 1,233 972
    All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,273 1,246 1,447 1,127
    Financial Performance          
    Revenue $000s 91,837 67,580 283,517 271,491
    Earnings from mine operations $000s 45,321 16,108 117,710 97,150
    Net income attributable to shareholders of Orezone1 $000s 30,091 4,012 55,711 43,146
    Net income per common share attributable to shareholders of Orezone          
    Basic $ 0.06 0.01 0.14 0.12
    Diluted $ 0.06 0.01 0.13 0.12
    EBITDA1 $000s 48,139 15,308 128,307 108,418
    Adjusted EBITDA1 $000s 45,058 26,702 117,233 120,036
    Adjusted earnings attributable to shareholders of Orezone1 $000s 27,550 14,267 45,977 53,665
    Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.06 0.04 0.11 0.15
    Cash and Cash Flow Data          
    Operating cash flow before changes in working capital $000s 52,520 28,167 98,444 123,029
    Operating cash flow $000s 28,020 13,891 57,697 79,950
    Free cash flow1 $000s 12,543 682 11,725 36,172
    Cash, end of period $000s 74,021 19,483 74,021 19,483

    1 Cash costs, AISC, EBITDA, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.

    Full Year 2024 Highlights

    • Outstanding Safety Performance: 5.4M hours worked without a lost-time injury and a low total recordable injury frequency rate of 0.75.
    • Strong Liquidity: Available liquidity of $103.2M at year-end with $74.0M in cash and XOF 17.5 billion ($29.2M) available to be drawn on the Phase II debt facility with Coris Bank International (“Coris Bank”). The Company is well-funded to carry out its 2025 growth plans including the completion of stage 1 of the Phase II hard rock expansion and a minimum 20,000 m diamond drilling exploration program.    
    • Gold Production Guidance Achieved: Gold production of 118,746 oz which exceeded the mid-point of guidance, marking the second consecutive year that the Bomboré Mine has met production guidance since the start up of operations.
    • AISC Per Oz Within Updated Guidance: AISC per oz of $1,447 was within the updated guidance range with operating costs impacted by higher-than-anticipated government royalties and power costs. Relative to original guidance, government royalties were $31 per oz higher due to a better realized gold price and power costs were $57 per oz higher from lower-than-normal grid availability due to regional power issues in the H1-2024. These two cost overrun contributors were both out of the Company’s control and if their cost impacts were removed, original AISC guidance of $1,300 per oz to $1,375 per oz would have been met.
    • Record Annual Revenue: Revenue of $283.5M from the sale of 118,697 gold oz at a realized gold price of $2,384 per oz. The Company’s gold sales remain unhedged to rising gold prices.
    • Record EBITDA, Net Income, and Earnings Per Share: Reported record EBITDA of $128.3M and net income attributable to Orezone shareholders of $55.7M, primarily driven by a 23% increase in the realized gold price from the prior year. Net income per share attributable to Orezone shareholders was a record $0.14 per share on a basic basis and $0.13 per share on a diluted basis.
    • Continued Free Cash Flow Generation: Generated free cash flow of $11.7M with cash flow from operating activities totalling $98.4M after deducting taxes paid of $26.2M but before changes in non-cash working capital. Non-cash working capital increased by $40.7M primarily from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $46.0M as capital expenditures remained elevated as the Company executes on its growth initiatives including the Phase II hard rock expansion.
    • Phase II Hard Rock Expansion on Track for First Gold in 2025: The Company’s Board approved a positive construction decision on stage 1 of the Phase II hard rock expansion on July 10, 2024 after the Company had secured $105M in binding debt and equity commitments described below for the construction. Under stage 1, a 2.5M tonnes per annum (“tpa”) process plant will be built to recover gold from hard rock mineral reserves which is expected to increase future production levels by 50% to over 170,000 oz per annum. First gold for stage 1 of the Phase II expansion remains on track for Q4-2025 with commercial production expected shortly thereafter in early 2026.
    • Phase I Debt Reduced, Bridge Loan Repaid, and Phase II Expansion Financing Secured: Principal repayments totalling XOF 24.0 billion ($39.3M) were made on the Company’s senior borrowings with Coris Bank, including the extinguishment of the XOF 12.0 billion ($19.8M) bridge loan. On August 8, 2024, the Company completed a non-brokered private placement for net proceeds of C$64.8M ($47.3M) with a new cornerstone investor, Nioko Resources Corporation (“Nioko”), a leading West African investment group. On December 19, 2024, the Company successfully upsized its senior debt facility with Coris Bank through a new term loan for XOF 35.0 billion ($58.3M) (“Phase II Term Loan”) to be drawn in multiple tranches as construction progresses. The Company made its first drawdown of XOF 17.5 billion ($27.9M) on the Phase II Term Loan in December 2024.
    • Multi-year Exploration Drill Program Initiated: In August 2024, the Company initiated a multi-year discovery focused drill program with an initial 30,000 m of drilling designed to test the broader size and scale of the Bomboré mineralized system. Initial results from drilling at the North Zone intercepted mineralization 240 m below the current reserve pit limit, including 1.67 g/t gold over 46.00 m, demonstrating the continuity and robustness of the mineralized system at depth, both in terms of grade and overall width (see October 10, 2024 news release).

    Q4-2024 Highlights

    • Gold Production: Quarterly gold production of 36,502 oz increased 37% from Q3-2024 as a result of record plant throughput and improved head grades. Mining extended to Siga East and Siga South pits for a full quarter which contributed a greater blend of soft oxide ore at higher grades to the mill feed.
    • AISC Per Oz: AISC per oz sold was $1,273 per oz, a 23% decrease from Q3-2024, driven mainly by improved gold production as a result of higher grades and better plant throughput.
    • EBITDA, Net Income, and Earnings Per Share: Reported EBITDA of $48.1M and net income attributable to Orezone shareholders of $30.1M. Net income per share attributable to Orezone shareholders was $0.06 per share on both a basic and diluted basis.
    • Free Cash Flow: Generated free cash flow of $12.5M with cash flow from operating activities totalling $52.5M after deducting taxes paid of $6.3M but before changes in non-cash working capital. Cash flow used in investing activities totalled $15.5M as expenditures for the Phase II hard rock expansion began to ramp up.

    Events Subsequent to 2024 Year-End

    • Bought Deal Offering: On March 13, 2025, the Company closed on a public offering of common shares on a bought deal basis with Canaccord Genuity Corp. (“Canaccord”) pursuant to which the Company agreed to sell 42,683,000 common shares at a price of C$0.82 per share for aggregate gross proceeds of C$35,000,060. Net proceeds from the offering will be used to conduct early works for stage 2 of the Phase II hard rock expansion and for additional exploration. Under stage 2, processing capacity of the hard rock plant will double from the 2.5Mtpa design in stage 1 to 5.0Mtpa after completion of stage 2.
    • Over-allotment Exercise: Canaccord has exercised its over-allotment in full on the bought deal offering and has agreed to purchase an additional 6,402,450 common shares at a price of C$0.82 per share for aggregate gross proceeds of C$5,250,009. The purchase of shares from the over-allotment closed on March 19, 2025.
    • Private Placement with Nioko: The Company has announced that Nioko intends to acquire, on a non-brokered private placement basis, for 10,719,659 additional common shares at a price of C$0.82 per share for aggregate gross proceeds of C$8,790,121 to maintain its 19.9% share ownership (before the over-allotment exercise). Closing of this private placement is subject to approval of the TSX and is anticipated to occur in late March 2025.
    • Intention to List on the Australian Securities Exchange (“ASX”): The Company intends to pursue a secondary listing on the ASX by mid-2025, subject to market conditions and the satisfaction of ASX listing requirements as announced in its February 23, 2025 press release. The Company believes a dual listing on the ASX will increase trading liquidity and allow it to access a deeper pool of investors, including specialist mining focused funds.

    2024 Performance and 2025 Guidance

    2024 Performance Compared Against Guidance

    Bomboré Mine (100% basis) Unit Original
    FY2024 Guidance    		 Revised
    FY2024 Guidance4    		 FY2024
    Actuals
    Gold production Au oz 110,000 – 125,000 Unchanged  118,746
    All-In Sustaining Costs123 $/oz Au sold $1,300 – $1,375 $1,400 – $1,475 $1,447
    Sustaining capital12 $M $14 – $15 Unchanged $16.0
    Growth capital – non Phase II Expansion12 $M $16 – $17 Unchanged $17.6
    Growth capital – Phase II Expansion early works12 $M No guidance provided $3.6 $3.6
    Growth capital – Phase II Expansion12 $M No guidance provided $15.0 – $18.0 $15.3
    1. Non-IFRS measures. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.30.
    3. Government royalties of $160/oz included in original AISC guidance based on an assumed gold price of $2,000 per oz. Government royalties of $200/oz were estimated in the revised AISC guidance from a better gold price realized.
    4. Revised guidance details presented in Q3-2024 MD&A.

    2025 Guidance

    Bomboré Mine (100% basis) Unit FY2025 Guidance
    Gold production Au oz 115,000 – 130,000
    All-In Sustaining Costs123 $/oz Au sold $1,400 – $1,500
    Sustaining capital12 $M $9 – $10
    Growth capital (excluding Phase II Expansion)12 $M $44 – $51
    Growth capital – Stage 1 of Phase II Expansion12 $M $75 – $80
    1. Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.35.
    3. Government royalties included in AISC guidance based on an assumed gold price of $2,600 per oz.

    Gold production in 2025 is forecasted to range between 115,000 to 130,000 oz, with the highest production expected in the fourth quarter from the scheduled start-up of the Phase II hard rock plant. Projected gold production from hard rock reserves is between 5,000 to 10,000 oz with actual production dependent on the timing and ramp-up of the new hard rock circuit. Gold production from the existing Phase I oxide plant is guided between 110,000 to 120,000 oz, similar to that achieved in 2024.

    Mining will be concentrated within three main pits delivering most of the direct feed ore with the H pit in the North Zone, and the Siga East and Siga South pits in the South Zone. The 2025 mine plan calls for 22.4M tonnes to be mined by the mining contractor at a strip ratio of approximately 1.8.   The mining contractor placed new excavators, dump trucks, and support equipment into service in November 2024 and is organizing to mobilize additional equipment to site later this year in preparation for the start-up of hard rock mining.

    AISC in 2025 is expected to range between $1,400 to $1,500 per oz sold. AISC per oz is expected to be comparable to 2024 with a small decrease in head grades, an increased strip ratio, and greater government royalties from a higher assumed gold price offset by lower sustaining capital, higher grid utilization, and higher plant throughput from fewer power interruptions and enhanced maintenance practices.

    Sustaining capital is budgeted to fall within the range of $9M to $10M with expenditures directed towards the completion of tailings storage facility (“TSF”) stage 4 lift, extension of the main haul road and perimeter fencing at the southern end of the mining permit, and other capital improvements to the process plant, camp, and mine support equipment and facilities.

    Growth capital is expected to range between $119M to $131M on four major growth projects:

    No. Growth Capital Description Unit FY2025 Guidance
    I. Phase II Hard Rock Expansion – Stage 1 $M $75 – $80
    II. Permanent Back-up Diesel Power Plant $M $22 – $24
    III. TSF Footprint Expansion – Cell 2 $M $11 – $13
    IV. Resettlement Action Plan (“RAP”) $M $11 – $14
      Growth Capital Total $M $119 – $131
           
      Phase II Hard Rock Expansion – Stage 2 $M No guidance provided

    The Company has reserved guidance on 2025 expenditures for stage 2 of the Phase II hard rock expansion until the Company’s Board of Directors has issued a final investment decision to proceed with stage 2 expected later this year. Stage 2 would increase annual gold production to 220,000 – 250,000 oz.  

    I.      Phase II Hard Rock Expansion – Stage 1

    A new 2.5Mtpa hard rock plant to process fresh and lower transition ore is currently under construction and once completed, will operate in tandem with the existing Phase I oxide plant. The current flowsheet for stage 1 of this brownfield expansion consists of a primary jaw crusher, an 18-hour crushed ore stockpile, a single stage 9MW SAG mill, hydrocyclones, and a carbon-in-leach (“CIL”) circuit consisting of five 15.8 m diameter leach tanks. Loaded carbon will be treated in the shared gold recovery circuit, producing gold doré bars from the existing gold room. Tailings from the CIL circuit will be pumped into the expanded tailings facility.

    The Company completed a comprehensive review of the construction progress and costing as part of its annual budgeting exercise for 2025. From this review, schedule to first gold remains in Q4-2025 with a project budget of $90M – $95M with $75M – $80M forecasted in 2025.

    II.      Permanent Back-Up Diesel Power Plant

    A new diesel power plant will be installed to provide continuous power to both the Phase I oxide plant and Phase II hard rock plant when the national grid is unavailable or unable to provide stable power.

    Following a competitive tender, the Company awarded the engineering, supply, installation, and commissioning of this new power plant to Africa Power Services (“APS”). APS will supply 18 Caterpillar diesel gensets with 1.8MW rated capacity each that will function as back-up units to the grid to meet the 18MW to 20MW load demand of both processing circuits. This new power plant is scheduled for final commissioning in October 2025 and will replace the APS genset rentals that are currently providing power on a back-up basis.

    III.      TSF Footprint Expansion – Cell 2

    The TSF starter dam over the Cell 1 footprint was completed prior to the start of processing operations in 2022. Lifts of the Cell 1 embankment walls have been completed each year to add storage to hold the volume of tailings expected to be generated by the mine for the upcoming year. The stage 4 lift is currently in progress and is slated for completion in June 2025 with costs captured under sustaining capital.

    To optimize costs of future tailings lifts and to meet the higher annual storage requirements from the Phase II hard rock expansion, work to expand the TSF footprint southwards into Cell 2 will begin in 2025 and continue into 2026, and include the HDPE lining of the Cell 2 basin and installation of underdrainage to improve water recovery and dam stability. Cell 2 will cover the ultimate TSF footprint and is designed to ensure that future annual lifts will provide sufficient storage of tailings generated each year by the combined oxide and expanded stage 2 (5Mtpa) hard rock operations.

    IV.      Resettlement Action Plan – Phases II, III, and IV

    RAP Phases II and III commenced in 2023 and will see the construction of three new resettlement communities (MV3, MV2, and BV2) to help relocate households occupying areas within the southern half of the Bomboré mining permit. Both MV3 and MV2 were successfully completed in 2024 followed by the start of BV2 construction in late 2024.

    RAP Phase IV was presented as part of the Environment Social Impact Assessment (“ESIA”) submitted by the Company in 2024 to expand the current mining permit by an additional 5.56 km2.

    Construction costs of $8.0M to $10.0M are forecasted in 2025 to complete the remaining construction of BV2 by October 2025 and for the anticipated start of RAP Phase IV construction in Q4-2025. RAP costs of $3.0M to $4.0M are estimated for compensation, consultants, relocation allowances, and livelihood restoration programs.

    Revenue Protection Program for 2025

    The Company has implemented a low-cost revenue protection program for approximately half of its forecasted gold production in 2025 by purchasing 60,000 oz of put options with a strike price of $2,300 per oz at a cost of $0.8M. These options were acquired in November 2024 from a leading Canadian chartered bank and are structured as a monthly program of 5,000 oz options with option expiries at each month-end.

    The purchase of put options allows the Company to secure margin on its gold sales should gold prices fall significantly while retaining full upside to rising gold prices. The Company invested in these put options due to the large capital programs planned for 2025.

    Bomboré Gold Mine, Burkina Faso (100% Basis)

    Operating Highlights   Q4-2024   Q4-2023   FY2024 FY2023  
    Safety          
    Lost-time injuries frequency rate per 1M hrs 0.00   0.00   0.00 0.00  
    Personnel-hours worked 000s hours 1,326   1,301   5,366 4,394  
    Mining Physicals          
    Ore tonnes mined tonnes 2,063,262   2,883,006   7,889,973 9,247,175  
    Waste tonnes mined tonnes 2,655,783   3,048,669   11,921,398 11,237,079  
    Total tonnes mined tonnes 4,719,045   5,931,675   19,811,370 20,484,254  
    Strip ratio waste:ore 1.29   1.06   1.51 1.22  
    Processing Physicals          
    Ore tonnes milled tonnes 1,652,844   1,449,769   5,928,599 5,749,163  
    Head grade milled Au g/t 0.77   0.82   0.71 0.85  
    Recovery rate % 89.1   88.9   88.2 90.4  
    Gold produced Au oz 36,502   33,916   118,746 141,425  
    Unit Cash Cost          
    Mining cost per tonne $/tonne 3.50   3.05   3.49 3.01  
    Mining cost per ore tonne processed $/tonne 7.37   6.31   8.44 6.77  
    Processing cost $/tonne 7.00   10.84   8.27 10.14  
    Site general and admin (“G&A”) cost $/tonne 4.07   4.85   3.90 3.95  
    Cash cost per ore1tonne processed $/tonne 18.44   22.00   20.61 20.86  
    Cash Costs and AISC Details          
    Mining cost (net of stockpile movements) $000s 12,174   9,146   50,008 38,932  
    Processing cost $000s 11,563   15,719   49,049 58,285  
    Site G&A cost $000s 6,719   7,036   23,124 22,707  
    Refining and transport cost $000s 193   141   497 519  
    Government royalty cost $000s 7,512   5,163   22,739 17,508  
    Gold inventory movements $000s (647 ) (606 ) 892 (2,190 )
    Cash costs on a sales basis $000s 37,514   36,599   146,309 135,761  
    Sustaining capital $000s 4,245   3,558   15,997 14,002  
    Sustaining leases $000s 73   73   292 301  
    Corporate G&A cost $000s 2,511   1,874   9,154 7,325  
    All-In Sustaining Costs1on a sales basis $000s 44,343   42,104   171,752 157,389  
    Gold sold Au oz 34,833   33,782   118,697 139,696  
    Cash costs per gold ounce sold1 $/oz 1,077   1,083   1,233 972  
    All-In Sustaining Costs per gold ounce sold1 $/oz 1,273   1,246   1,447 1,127  

    1 Non-IFRS measure. See “Non-IFRS Measures” section below for additional details.

    Bomboré Production Results

    Q4-2024 vs Q4-2023

    Gold production in Q4-2024 was 36,502 oz, an increase of 8% from the 33,916 oz produced in Q4-2023. The higher gold production is attributable to a 14% increase in plant throughput offset by a 6% decrease in head grades.

    The better head grades in Q4-2023 were from the sequencing of higher-grade pits in earlier periods of the mine plan and greater ore release from more tonnes mined allowing for the stockpiling of lower-grade ore. More tonnes were mined in Q4-2023 as a second mining contractor was utilized to assist with mining volumes.

    Plant throughput of 1.65M tonnes in Q4-2024 hit a new quarterly record as processing operations benefitted from higher hourly throughput, greater blend of soft oxide ore, and less maintenance. Improvements to hourly plant throughput were successfully instituted in July 2024 by increasing the mill power and reducing residence time in the CIL circuit with only a minor effect to recovery rates. Mining at the new Siga East and Siga South pits for a full quarter in Q4-2024 resulted in the release of more tonnes of softer oxide ore while completion of all scheduled major plant maintenance in earlier quarters of the year combined with high grid availability resulted in less plant downtime.

    2024 vs 2023

    Gold production in 2024 was 118,746 oz, a decline of 16% from the 141,425 oz produced in 2023. The lower gold production is attributable to a 16% decrease in head grades and a 2% decrease in plant recoveries, partially offset by a 3% increase in plant throughput.

    Head grades in 2023 were higher from the sequencing of higher-grade pits in earlier periods of the mine plan and the processing of high-grade stockpiles accumulated during the Phase I construction, with such stockpiles being fully depleted by June 2023.

    Plant recoveries were lower in 2024 as a direct result of lower head grades, a greater blend of transition ore, and less residence in the CIL circuit.

    Plant throughput was higher in 2024 from the operating procedures followed in the H2-2024 to maximize hourly plant throughput.

    Bomboré Operating Costs

    Q4-2024 vs Q4-2023

    AISC per gold oz sold in Q4-2024 was $1,273, a 2% increase from $1,246 per oz sold in Q4-2023. The higher AISC is the result of: (a) lower head grades; (b) greater per oz royalty costs from a 33% increase in the realized gold price ($2,632/oz vs $1,986/oz) coupled with higher royalty rates that took effect in October 2023; and (c) increased mining costs attributable to deeper pits, drill-and-blast associated with harder transition ore, and higher strip ratio. This cost increase was partially offset by a reduction in power costs from the switch to lower-cost grid power in February 2024 (92% grid utilization in Q4-2024) and from a 14% jump in plant throughput resulting in economies for fixed costs.

    Cash cost per ore tonne processed in Q4-2024 was $18.44 per tonne, a decrease of 16% from $22.00 per tonne in Q4-2023, as a result of the use of lower-cost grid power and a 14% increase in plant throughput positively impacting unit cost for processing ($7.00/tonne vs $10.84/tonne) and site G&A ($4.07/tonne vs $4.85/tonne), partially offset by a 17% increase in mining costs per ore tonne processed ($7.37/tonne vs $6.31/tonne) attributable to higher strip ratio and unit mining cost.

    Mining cost per tonne has increased in Q4-2024 when compared to Q4-2023 ($3.50/tonne vs $3.05/tonne) as lower benches in the pits in the Northern Zone are mined resulting in longer hauls and more transition material that requires some drill-and-blast prior to excavation and greater rehandle prior to feeding into the dump pocket on the ROM pad combined with more grade control drilling for the new Siga pits.

    Processing costs per ore tonne decreased in Q4-2024 when compared to Q4-2023 ($7.00/tonne vs $10.84/tonne) mainly from the continuing cost benefit of utilizing grid power which has lowered power cost from $5.57/tonne in Q4-2023 to $2.39/tonne in Q4-2024, a drop of $3.18/tonne. Grid performance remained reliable and steady in Q4-2024 with 92% utilization, consistent with utilization in Q3-2024, and a significant improvement from Q2-2024 when grid utilization was 34% as issues with the supply system in Ghana and Côte D’Ivoire temporarily reduced power export into Burkina Faso.

    2024 vs 2023

    AISC per gold oz sold in 2024 was $1,447, a 28% increase from $1,127 per oz sold in 2023. The higher AISC is primarily the result of a 16% decline in head grades, higher government royalties from a better realized gold price and higher royalty rates, higher strip ratio and unit cost for mining, and moderate increases in sustaining capital and corporate G&A, partially offset by a reduction in processing costs from the switch to grid power as the primary power source in February 2024.

    Bomboré Growth Capital Projects

    Grid Power Connection

    The powerline to connect Bomboré to Burkina Faso’s national energy grid was successfully energized in February 2024. As of December 31, 2024, the Company has incurred costs of $19.9M, of which $0.2M was incurred in Q4-2024 and $1.6M in 2024. The Company plans to make minor upgrades to the grid connection in 2025 by installing equipment and software that will reduce the quantity of reactive power and hence, surcharges imposed by SONABEL, the state-owned electricity company of Burkina Faso.

    RAP Phases II and III

    Construction of MV3 and MV2 resettlement sites and the relocation of families to their new homes at these sites were completed in 2024. Construction on the BV2 resettlement site commenced in Q4-2024. Compensation payments to affected residents for loss of land, crops, trees, and private structures were also made in the year.

    As of December 31, 2024, the Company has incurred project-to-date costs of $26.5M for RAP Phases II and III, of which $4.3M was incurred in Q4-2024 and $16.0M in 2024.

    Phase II Hard Rock Expansion

    First gold remains on schedule and costs are trending in line with the most recent control budget. The concentrated scope of this expansion when compared to a greenfield project significantly reduces schedule and budget risks with start-up to benefit from the well-established mining, processing, and maintenance teams already on site.

    Construction of stage 1 of Phase II hard rock expansion was officially approved by the Company’s Board in early July 2024. To maintain first gold by Q4-2025, the Company undertook early work activities in H1-2024 which included front-end engineering and design, geotechnical investigations, additional office and camp accommodations, 18MW SAG mill order placement (subsequently cancelled), and bulk earthworks on the new plant layout.

    Lycopodium Minerals Canada (“Lycopodium”) was awarded the engineering and procurement contract and was chosen for their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s oxide plant that is currently in operations and exceeding nameplate design.

    Progress and milestones achieved on the expansion in 2024 include:

    • Engineering and drafting progress stood at 52% and ahead of plan. All bulk quantities, including concrete, structural steel, and platework, remain in line with budget.
    • Procurement was at 82% of total supply value with all long lead equipment ordered, including a 9MW SAG mill.
    • Early mobilization of concrete contractor with first concrete pour completed in November, three months ahead of schedule.
    • Tender of the structural, mechanical, and piping (“SMP”) contract with contract awarded shortly after year-end.

    All major site installation contracts (concrete, SMP, electrical and instrumentation, and mill installation) have been awarded to the same contractors that successfully delivered on the Phase I oxide construction.

    As of December 31, 2024, the Company has incurred $15.3M in costs for the Phase II hard rock expansion exclusive of the $3.6M spent on early work activities in 2024.

    NON-IFRS MEASURES

    The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the year ended December 31, 2024 which is incorporated by reference herein.

    CONFERENCE CALL AND WEBCAST

    The consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss its fourth quarter and full year 2024 results on March 20, 2025:

    Webcast
    Date:    Thursday, March 20, 2025
    Time:    8:00 am Pacific time (11:00 am Eastern time)
    Please register for the webcast here:  Orezone 2024 Year-End Results and 2025 Guidance

    Conference Call 
    Toll-free in U.S. and Canada: 1-800-715-9871
    International callers: +646-307-1963
    Event ID: 9731374

    QUALIFIED PERSONS

    The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.

    ABOUT OREZONE GOLD CORPORATION

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Company completed construction of its oxide only process plant in August 2022 and achieved commercial production on its oxide operations on December 1, 2022. The Company is expanding operations and gold production by constructing stage 1 of a Phase II hard rock plant that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves.   Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A.   

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Kevin MacKenzie
    Vice President, Corporate Development and Investor Relations

    Tel: 1 778 945 8977
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion will increase annual gold production and is expected to pour first gold in Q4-2025.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements.

    Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network –

  • MIL-OSI: FactSet Reports Results for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    • Q2 GAAP revenues of $570.7 million, up 4.5% from Q2 2024.
    • Organic Q2 ASV of $2,276.2 million, up 4.1% year over year.
    • Q2 GAAP operating margin of 32.5%, down approximately 80 bps year over year, and adjusted operating margin of 37.3%, down 100 bps year over year.
    • Q2 GAAP diluted EPS of $3.76, up 3.0% from the prior year, and adjusted diluted EPS of $4.28, up 1.4% year over year.
    • Fiscal 2025 guidance updated. Expected organic ASV growth of $100 million to $130 million (approximately 4.4% to 5.8%), GAAP revenues in the range of $2,305 million to $2,325 million, adjusted operating margin in the range of 36% to 37%, and adjusted diluted EPS in the range of $16.80 to $17.40.

    NORWALK, Conn., March 20, 2025 (GLOBE NEWSWIRE) — FactSet (“FactSet” or the “Company”) (NYSE:FDS) (NASDAQ:FDS), a global financial digital platform and enterprise solutions provider, today announced results for its second quarter fiscal 2025 ended February 28, 2025.

    Second Quarter Fiscal 2025 Highlights

    • GAAP revenues increased 4.5%, or $24.8 million, to $570.7 million for the second quarter of fiscal 2025 compared with $545.9 million in the prior year period. Organic(1) revenues grew 4.0% year over year to $568.0 million during the second quarter of fiscal 2025. Growth in GAAP and Organic revenues this quarter was driven by wealth and institutional buy-side clients.
    • Annual Subscription Value (“ASV”) was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up 4.1% or $90.7 million year over year(2).
    • Organic ASV increased $19.6 million over the last three months. Please see the “ASV” section of this press release for details.
    • GAAP operating margin decreased to 32.5% compared with 33.3% for the prior year period, mainly due to an increase in acquisition-related professional fees and technology-related expenses, partially offset by growth in revenues and a decrease in employee compensation costs. Adjusted operating margin decreased to 37.3% compared with 38.3% in the prior year period, mainly due to higher technology related expenses offset by lapping of the prior year’s lower bonus accrual.
    • GAAP diluted earnings per share (“EPS”) increased 3.0% to $3.76 compared with $3.65 for the same period in fiscal 2024, primarily due to growth in revenues, partially offset by an increase in acquisition-related professional fees and technology-related expenses. Adjusted diluted EPS increased 1.4% to $4.28 compared with $4.22 in the prior year period, driven by growth in revenues, offset by higher operating expenses and a higher tax rate on an adjusted basis.
    • Net cash provided by operating activities was $174.0 million for the second quarter of fiscal 2025. Free cash flow increased to $150.2 million for the second quarter of fiscal 2025, compared with $121.9 million for the prior year period, an increase of 23.3%, primarily due to higher net cash provided by operating activities.
    • GAAP effective tax rate for the second quarter of fiscal 2025 decreased to 15.9% compared with 16.4% for the second quarter of fiscal 2024. The decrease was primarily due to lower U.S. tax on foreign earnings, partially offset by certain discrete items, mainly lower excess tax benefits related to stock-based compensation.

    (1) References to “organic” figures in this press release exclude the current year impact of acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency.

    (2) Beginning in fiscal 2025, FactSet is reporting Organic ASV, rather than Organic ASV plus Professional Services, to focus on the recurring nature of its revenues. This underscores the shift of FactSet’s offerings toward providing more managed services and less project-based services.

    “With increased visibility into the remainder of the fiscal year, we are reaffirming the 5% midpoint of our organic ASV growth guidance and narrowing the range of anticipated top-line outcomes,” said Phil Snow, CEO of FactSet. “The strength of our full-year pipeline and constructive dialogue with our clients position our business positively for growth acceleration in the second half of the year.”

    Key Financial Measures*

    (Condensed and Unaudited) Three Months Ended  
      February 28, February 29,  
    (In thousands, except per share data)   2025     2024   Change
    Revenues $ 570,660   $ 545,945   4.5 %
    Organic revenues $ 567,985   $ 545,945   4.0 %
    Operating income $ 185,492   $ 181,942   2.0 %
    Adjusted operating income $ 212,669   $ 209,326   1.6 %
    Operating margin   32.5 %   33.3 %  
    Adjusted operating margin   37.3 %   38.3 %  
    Net income $ 144,860   $ 140,940   2.8 %
    Adjusted net income $ 164,976   $ 163,067   1.2 %
    EBITDA $ 224,646   $ 216,826   3.6 %
    Diluted EPS $ 3.76   $ 3.65   3.0 %
    Adjusted diluted EPS $ 4.28   $ 4.22   1.4 %

    * See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release.

    “We achieved solid financial performance in the first half of the fiscal year by maintaining our focus on cost discipline and increased efficiency, while continuing to invest in our strategic priorities,” said Helen Shan, FactSet’s CFO. “We are reaffirming our guidance range for adjusted operating margin and adjusted diluted EPS, despite modest dilution from our recent acquisitions.”

    Annual Subscription Value (ASV)

    ASV at any given point in time represents the forward-looking revenues for the next 12 months from all subscription services currently supplied to clients.

    ASV was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up $90.7 million from the prior year, for a growth rate of 4.1%. Organic ASV increased $19.6 million over the last three months.

    The buy-side and sell-side organic ASV annual growth rates as of February 28, 2025 were 4.1% and 2.2%, respectively. Buy-side clients, including institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients, accounted for 82% of organic ASV. The remaining organic ASV came from sell-side firms, including broker-dealers, banking and advisory firms, and private equity and venture capital firms. Supplementary tables covering organic buy-side and sell-side ASV growth rates may be found on the last page of this press release.

    Segment Revenues and ASV

    ASV from the Americas was $1,501.1 million compared with ASV in the prior year period of $1,413.6 million. Organic ASV from the Americas increased 4.4% to $1,474.9 million. Americas revenues for the quarter increased to $369.7 million compared with $352.6 million in the second quarter of last year. The Americas quarterly organic revenues growth rate was 4.0% over the prior year period.

    ASV from EMEA was $571.3 million compared with ASV in the prior year period of $556.5 million. Organic ASV from EMEA increased 2.6% to $571.4 million. EMEA revenues were $143.4 million compared with $139.2 million in the second quarter of fiscal 2024. The EMEA quarterly organic revenues growth rate was 3.1% over the prior year period.

    ASV from Asia Pacific was $233.7 million compared with ASV in the prior year period of $215.5 million. Organic ASV from Asia Pacific increased 6.8% to $229.9 million. Asia Pacific revenues were $57.6 million compared with $54.1 million in the second quarter of fiscal 2024. The Asia Pacific quarterly organic revenues growth rate was 6.8% over the prior year period.

    Operational Highlights – Second Quarter Fiscal 2025

    • Client count as of February 28, 2025 was 8,645, a net increase of 396 clients in the past three months, mainly due to corporates, which now includes clients from the Irwin acquisition. The count includes clients with ASV of $10,000 and more and does not reflect the LiquidityBook acquisition.
    • User count was 219,141 as of February 28, 2025, a net increase of 874 users in the past three months, mainly driven by an increase in wealth management users. The user count does not reflect the Irwin and LiquidityBook acquisitions.
    • Annual ASV retention was greater than 95%. When expressed as a percentage of clients, annual retention was 91%.
    • Employee headcount was 12,598 as of February 28, 2025, up 2.6% over the last 12 months, with the increase primarily in the sales and technology groups, mainly from the Irwin and LiquidityBook acquisitions. FactSet’s Centers of Excellence account for approximately 67% of the Company’s employees.
    • A quarterly dividend of $39.5 million, or $1.04 per share, is being paid on March 20, 2025, to holders of record of FactSet’s common stock at the close of business on February 28, 2025.
    • FactSet acquired LiquidityBook, a provider of cloud-native trading solutions. The acquisition adds technology-forward order management (OMS) and investment book of record (IBOR) capabilities to the FactSet Workstation to seamlessly link adjacent steps in the front office trade workflow and enhance FactSet’s ability to serve the integrated workflow needs of clients across the entire portfolio lifecycle.
    • FactSet launched Pitch Creator, an AI-powered tool that streamlines pitchbook creation for investment banks. By automating the time-consuming tasks of model analysis and presentation building, FactSet Pitch Creator can reduce hours of manual work into minutes, creating the productivity gains necessary for junior bankers to prioritize high-value, strategic initiatives.
    • After the quarter end, FactSet acquired LogoIntern, a productivity solution that helps financial services professionals create well formatted logo outputs for presentations faster. This acquisition reinforces FactSet’s commitment to improving junior banker productivity and complements Pitch Creator to bring automation to another time-consuming, manual aspect of a junior banker’s daily workflow.
    • FactSet appointed Kevin Toomey as Head of Investor Relations. Toomey is replacing Yet He, who was acting as Interim Head of Investor Relations and now will continue in his role as FactSet’s Treasurer and Head of Financial Planning & Analysis.

    Share Repurchase Program

    FactSet repurchased 136,714 shares of its common stock for $64.4 million at an average price of $470.70 during the second quarter of fiscal 2025 under the Company’s share repurchase program. As of February 28, 2025, $186.9 million remained available for share repurchases under this program.    

    Annual Business Outlook

    FactSet is updating its outlook for fiscal 2025. The following forward-looking statements reflect FactSet’s expectations as of today’s date. Given the risk factors, uncertainties, and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements prior to its next quarterly results announcement.

    Fiscal 2025 Expectations (with reference to most recent previous guidance):

    • Organic ASV is expected to grow in the range of $100 million to $130 million during fiscal 2025 (narrowing from $90 million to $140 million).
    • GAAP revenues are expected to be in the range of $2,305 million to $2,325 million (up from $2,285 million to $2,305 million).
    • GAAP operating margin is expected to be in the range of 32.0% to 33.0% (down from 32.5% to 33.5%).
    • Adjusted operating margin is expected to be in the range of 36.0% to 37.0% (unchanged).
    • FactSet’s annual effective tax rate is expected to be in the range of 17% to 18% (unchanged).
    • GAAP diluted EPS is expected to be in the range of $14.80 to $15.40 (down from $15.10 to $15.70).
    • Adjusted diluted EPS is expected to be in the range of $16.80 to $17.40 (unchanged).

    Adjusted operating margin and adjusted diluted EPS guidance do not include certain effects of any non-recurring benefits or charges that may arise in fiscal 2025. Please see the back of this press release for a reconciliation of GAAP to adjusted metrics.

    Conference Call

    Second Quarter 2025 Conference Call Details

    Please register for the conference call using the above link before the call start time. The conference call platform will register your name and organization and provide dial-in numbers and a unique access pin. The conference call will have a live Q&A session.

    A replay will be available on the Company’s investor relations website after 11:00 a.m. Eastern Time on March 20, 2025, through March 20, 2026. The earnings call transcript will be available via FactSet CallStreet.

    Forward-looking Statements

    This news release contains forward-looking statements based on management’s current expectations, estimates, forecasts and projections about industries in which FactSet operates and the beliefs and assumptions of management. All statements that address expectations, guidance, outlook or projections about the future, including statements about the Company’s strategy for growth, product development, revenues, future financial results, anticipated growth, market position, subscriptions, expected expenditures, trends in FactSet’s business and financial results, are forward-looking statements. Forward-looking statements may be identified by words like “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “intends,” “projects,” “indicates,” “predicts,” “potential,” or “continue,” and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in FactSet’s filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K and quarterly reports on Form 10-Q, as well as others, could cause results to differ materially from those stated. Forward-looking statements speak only as of the date they are made, and FactSet assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

    About Non-GAAP Financial Measures

    Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted earnings per share and cash provided by operating activities, have been adjusted.

    FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Investors may benefit from referring to these adjusted financial measures in assessing the Company’s performance and when planning, forecasting and analyzing future periods, and may also facilitate comparisons to its historical performance. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

    Organic revenues excludes the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. Adjusted operating income and margin, adjusted net income, and adjusted diluted earnings per share exclude acquisition-related intangible asset amortization and non-recurring items. EBITDA represents earnings before interest expense, provision for income taxes and depreciation and amortization expense, while adjusted EBITDA further excludes non-recurring non-cash expenses. The Company believes that these adjusted financial measures help to fully reflect the underlying economic performance of FactSet.

    Cash flows provided by operating activities have been reduced by purchases of property, equipment, leasehold improvements and capitalized internal-use software to report non-GAAP free cash flow. FactSet uses this financial measure both in presenting its results to stockholders and the investment community and in the Company’s internal evaluation and management of the business. Management believes that this financial measure is useful to investors because it is an indication of cash flow that may be available to fund further investments in future growth initiatives.

    About FactSet

    FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to more than 8,600 global clients, including over 219,000 individual users. Clients across the buy-side and sell-side as well as wealth managers, private equity firms, and corporations achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P 500, we are committed to sustainable growth and have been recognized amongst the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on X and LinkedIn.

    FactSet
    Investor Relations Contact:                         
    Yet He                                
    +1.212.973.5701
    yet.he@factset.com

    Media Contact:
    Megan Kovach
    +1.512.736.2795
    megan.kovach@factset.com   

    Consolidated Statements of Income (Unaudited)            
      Three Months Ended   Six Months Ended
      February 28,   February 29,   February 28,   February 29,
    (In thousands, except per share data)   2025       2024       2025       2024  
    Revenues $ 570,660     $ 545,945     $ 1,139,327     $ 1,088,161  
    Operating expenses              
    Cost of services   269,604       255,142       528,383       506,763  
    Selling, general and administrative   115,564       108,861       234,117       210,416  
    Total operating expenses   385,168       364,003       762,500       717,179  
                   
    Operating income   185,492       181,942       376,827       370,982  
                   
    Other income (expense), net              
    Interest income   273       2,847       2,974       5,859  
    Interest expense   (13,916 )     (16,599 )     (28,316 )     (33,337 )
    Other income (expense), net   471       455       574       337  
    Total other income (expense), net   (13,172 )     (13,297 )     (24,768 )     (27,141 )
                   
    Income before income taxes   172,320       168,645       352,059       343,841  
                   
    Provision for income taxes   27,460       27,705       57,177       54,346  
    Net income $ 144,860     $ 140,940     $ 294,882     $ 289,495  
                   
    Basic earnings per common share $ 3.81     $ 3.70     $ 7.76     $ 7.61  
    Diluted earnings per common share $ 3.76     $ 3.65     $ 7.66     $ 7.49  
                   
    Basic weighted average common shares   38,015       38,103       38,010       38,059  
    Diluted weighted average common shares   38,510       38,650       38,513       38,646  

    Certain prior year figures have been conformed to the current year’s presentation.

    Consolidated Balance Sheets (Unaudited)  
    (In thousands) February 28, 2025 August 31, 2024
    ASSETS    
    Cash and cash equivalents $ 278,548   $ 422,979  
    Investments   8,471     69,619  
    Accounts receivable, net of reserves of $14,998 at February 28, 2025 and $14,581 at August 31, 2024   277,636     228,054  
    Prepaid taxes   75,931     55,103  
    Prepaid expenses and other current assets   67,055     60,093  
    Total current assets   707,641     835,848  
         
    Property, equipment and leasehold improvements, net   79,739     82,513  
    Goodwill   1,245,315     1,011,129  
    Intangible assets, net   1,935,488     1,844,141  
    Deferred taxes   53,546     61,337  
    Lease right-of-use assets, net   118,129     130,494  
    Other assets   101,584     89,578  
    TOTAL ASSETS $ 4,241,442   $ 4,055,040  
         
    LIABILITIES    
    Accounts payable and accrued expenses $ 131,103   $ 178,250  
    Current debt   —     124,842  
    Current lease liabilities   32,560     31,073  
    Accrued compensation   70,846     93,279  
    Deferred revenues   177,325     159,761  
    Current taxes payable   30,483     40,391  
    Dividends payable   39,511     39,470  
    Total current liabilities   481,828     667,066  
         
    Long-term debt   1,472,162     1,241,131  
    Deferred taxes   14,772     8,452  
    Deferred revenues, non-current   446     1,344  
    Taxes payable   46,313     40,452  
    Long-term lease liabilities   158,419     177,521  
    Other liabilities   10,585     6,614  
    TOTAL LIABILITIES $ 2,184,525   $ 2,142,580  
         
    STOCKHOLDERS’ EQUITY    
    TOTAL STOCKHOLDERS’ EQUITY $ 2,056,917   $ 1,912,460  
         
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,241,442   $ 4,055,040  

    Consolidated Statements of Cash Flows (Unaudited)    		  
      Six Months Ended
      February 28, February 29,
    (In thousands)   2025     2024  
    CASH FLOWS FROM OPERATING ACTIVITIES    
    Net income $ 294,882   $ 289,495  
    Adjustments to reconcile net income to net cash provided by operating activities    
    Depreciation and amortization   74,127     58,650  
    Amortization of lease right-of-use assets   15,177     15,263  
    Stock-based compensation expense   30,139     30,962  
    Deferred income taxes   8,763     5,632  
    Other, net   3,268     7,034  
    Changes in assets and liabilities, net of effects of acquisitions    
    Accounts receivable   (46,225 )   (39,468 )
    Prepaid expenses and other assets   (3,889 )   (14,690 )
    Accounts payable and accrued expenses   (61,915 )   10,377  
    Accrued compensation   (21,470 )   (40,456 )
    Deferred revenues   11,934     22,133  
    Taxes payable, net of prepaid taxes   (24,810 )   (26,150 )
    Lease liabilities, net   (19,654 )   (19,840 )
    Net cash provided by operating activities   260,327     298,942  
         
    CASH FLOWS FROM INVESTING ACTIVITIES    
    Purchases of property, equipment, leasehold improvements and capitalized internal-use software   (49,610 )   (38,383 )
    Acquisition of businesses, net of cash and cash equivalents acquired   (342,461 )   —  
    Purchases of investments   (4,208 )   (44,936 )
    Proceeds from maturity or sale of investments   58,155     —  
    Net cash provided by (used in) investing activities   (338,124 )   (83,319 )
         
    CASH FLOWS FROM FINANCING ACTIVITIES    
    Proceeds from debt   305,000     —  
    Repayments of debt   (200,000 )   (125,000 )
    Dividend payments   (78,817 )   (74,141 )
    Proceeds from employee stock plans   60,344     66,544  
    Repurchases of common stock   (113,142 )   (112,165 )
    Deferred acquisition consideration   (4,699 )   —  
    Other financing activities   (14,228 )   (14,465 )
    Net cash provided by (used in) financing activities   (45,542 )   (259,227 )
         
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   (8,048 )   (132 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (131,387 )   (43,736 )
    Cash and cash equivalents at beginning of period   422,979     425,444  
    Cash, cash equivalents and restricted cash at end of period $ 291,592   $ 381,708  
         
    Reconciliation of total cash, cash equivalents and restricted cash:    
    Cash and cash equivalents $ 278,548   $ 381,708  
    Restricted cash included in Prepaid expenses and other current assets   6,522     —  
    Restricted cash included in Other assets   6,522     —  
    Total cash, cash equivalents and restricted cash $ 291,592   $ 381,708  

    Certain prior year figures have been conformed to the current year’s presentation.

    Reconciliation of U.S. GAAP Results to Adjusted Financial Measures

    Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted EPS and cash provided by operating activities, have been adjusted below. FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Adjusted measures may also facilitate comparisons to FactSet’s historical performance.

    Organic Revenues

    Organic revenues exclude the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. The table below provides a reconciliation of revenues to organic revenues:

    (Unaudited) Three Months Ended  
      February 28, February 29,  
    (In thousands)   2025     2024 Change
    Revenues $ 570,660   $ 545,945 4.5 %
    Acquisition revenues   (3,793 )   —  
    Currency impact   1,118     —  
    Organic revenues $ 567,985   $ 545,945 4.0 %


    Non-GAAP Financial Measures

    The table below provides a reconciliation of operating income, operating margin, net income and diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, adjusted EBITDA and adjusted diluted EPS.

      Three Months Ended  
      February 28, February 29,  
    (in thousands, except per share data)   2025     2024   % Change
    Operating income $ 185,492   $ 181,942   2.0 %
    Intangible asset amortization   18,137     16,674    
    Business acquisitions and related costs(1)   9,040     —    
    Restructuring/severance   —     10,710    
    Adjusted operating income $ 212,669   $ 209,326   1.6 %
    Operating margin   32.5 %   33.3 %  
    Adjusted operating margin(2)   37.3 %   38.3 %  
    Net income $ 144,860   $ 140,940   2.8 %
    Intangible asset amortization   13,425     12,579    
    Business acquisitions and related costs(1)   6,691     —    
    Restructuring/severance   —     8,080    
    Income tax items   —     1,468    
    Adjusted net income(3) $ 164,976   $ 163,067   1.2 %
    Net income   144,860     140,940   2.8 %
    Interest expense   13,916     16,599    
    Income taxes   27,460     27,705    
    Depreciation and amortization expense   38,410     31,582    
    EBITDA $ 224,646   $ 216,826   3.6 %
    Non-recurring non-cash expenses   —     1,285    
    Adjusted EBITDA $ 224,646   $ 218,111   3.0 %
    Diluted EPS $ 3.76   $ 3.65   3.0 %
    Intangible asset amortization   0.35     0.32    
    Business acquisitions and related costs(1)   0.17     —    
    Restructuring/severance   —     0.21    
    Income tax items   —     0.04    
    Adjusted diluted EPS(3) $ 4.28   $ 4.22   1.4 %
    Weighted average common shares (diluted)   38,510     38,650    

    (1)   Primarily related to the acquisition of LiquidityBook.
    (2)   Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.
    (3)   For purposes of calculating Adjusted net income and Adjusted diluted EPS, all adjustments for the three months ended February 28, 2025 and February 29, 2024 were taxed at an adjusted tax rate of 26.0% and 24.6%, respectively.


    Business Outlook Operating Margin, Net Income and Diluted EPS

    (Unaudited)    
    Figures may not foot due to rounding Annual Fiscal 2025 Guidance
    (In millions, except per share data) Low end of range High end of range
    Revenues $ 2,305   $ 2,325  
    Operating income $ 761   $ 744  
    Operating margin   33.0 %   32.0 %
         
    Intangible asset amortization   80     81  
    Other adjustments (net)   12     12  
    Adjusted operating income $ 853   $ 837  
    Adjusted operating margin (a)   37.0 %   36.0 %
         
    Net income $ 588   $ 567  
    Intangible asset amortization   66     66  
    Other adjustments (net)   10     10  
    Discrete tax items   (4 )   (4 )
    Adjusted net income $ 660   $ 640  
         
    Diluted earnings per common share $ 15.40   $ 14.80  
    Intangible asset amortization   1.73     1.73  
    Other adjustments (net)   0.30     0.30  
    Discrete tax items   (0.03 )   (0.03 )
    Adjusted diluted earnings per common share $ 17.40   $ 16.80  

    (a)   Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.

    Free Cash Flow

    (Unaudited) Three Months Ended  
      February 28, February 29,  
    (In thousands)   2025     2024   Change
    Net Cash Provided for Operating Activities $ 173,955   $ 143,798    
    Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software   (23,736 )   (21,917 )  
    Free Cash Flow $ 150,219   $ 121,881   23.3 %

    Supplementary Schedules of Historical ASV by Client Type

    The following table presents the percentages and growth rates of organic ASV by client type, excluding the impact of currency movements, and may be useful to facilitate historical comparisons. Organic ASV excludes acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements.

    The numbers below do not include professional services or issuer fees.

      Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 Q4’23 Q3’23
    % of ASV from buy-side clients 82.3%   82.1%   82.0%   82.3%   82.0%   82.0%   81.8%   82.1%  
    % of ASV from sell-side clients 17.7%   17.9%   18.0%   17.7%   18.0%   18.0%   18.2%   17.9%  
                     
    ASV Growth rate from buy-side clients 4.1%   4.3%   4.9%   5.3%   5.6%   7.2%   6.9%   7.3%  
    ASV Growth rate from sell-side clients 2.2%   3.5%   3.8%   3.7%   5.5%   7.6%   9.3%   12.3%  

    The following table presents the calculation of organic ASV.

    (In millions) As of February 28, 2025
    As reported ASV $ 2,306.1  
    Currency impact (a)   1.9  
    Acquisition ASV (b)   (31.8 )
    Organic ASV $ 2,276.2  
    Organic ASV annual growth rate   4.1 %

    (a)   The impact from foreign currency movements.
    (b)   Acquired ASV from acquisitions completed within the last 12 months.

    The MIL Network –

  • MIL-OSI: Global Net Lease, Inc. Announces Preferred Stock Dividends

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 20, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (“GNL” or the “Company”) (NYSE: GNL/ GNL PRA / GNL PRB / GNL PRD / GNL PRE) announced today that it declared quarterly dividends on its outstanding preferred stock. Specifically, GNL declared (i) a dividend of $0.453125 per share on its 7.25% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), payable on April 15, 2025, to holders of record of shares of its Series A Preferred Stock at the close of business on April 4, 2025, (ii) a dividend of $0.4296875 per share on its 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”) payable on April 15, 2025 to holders of record of shares of its Series B Preferred Stock at the close of business on April 4, 2025, (iii) a dividend of $0.46875 per share on its 7.50% Series D Cumulative Redeemable Perpetual Preferred Stock (“Series D Preferred Stock”) payable on April 15, 2025 to holders of record of shares of its Series D Preferred Stock at the close of business on April 4, 2025, and (iv) a dividend of $0.4609375 per share on its 7.375% Series E Cumulative Redeemable Perpetual Preferred Stock (“Series E Preferred Stock”) payable on April 15, 2025 to holders of record of shares of its Series E Preferred Stock at the close of business on April 4, 2025.

    About Global Net Lease, Inc.

    Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

    Important Notice

    The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the proposed sale of the multi-tenant portfolio) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

    Contacts:
    Investor Relations
    Email: investorrelations@globalnetlease.com
    Phone: (332) 265-2020

    The MIL Network –

  • MIL-OSI: PropTech Investor Oparo Strengthens its Leadership with Graham Martin joining as CEO

    Source: GlobeNewswire (MIL-OSI)

    London, March 20, 2025 (GLOBE NEWSWIRE) — In a strategic move to bolster its impact in the UK real estate technology and investment sector, Oparo Group has appointed Graham Martin as Chief Executive Officer. Graham takes over from Babak Gharbi, who will now serve as Non-Executive Chairman, continuing to guide the company’s strategic vision since its inception in 2018.

    Graham brings over 30 years of international expertise in restructuring, corporate turnaround, and financial advisory, with notable stints at big four accountants KPMG and PwC. His rich experience in real estate, banking, and investment has involved managing complex transactions and advising on £100bn worth of loan portfolio sales. His leadership will be pivotal in driving the growth and adoption of Oparo Group’s investment capacity through its digital platforms, Oparo REACT (Real Estate Asset Curated Targeting) and Oparo RAM (Remote Asset Management).

    “I am thrilled to lead Oparo Group in its mission to transform the real estate and  social housing industry through innovative technology”, said Graham Martin. “My aim is to enhance our access to purpose driven capital,  our profitability, and digital offerings, whilst, staying true to our social mission which is at the core of our business.”

    Babak Gharbi’s transition to Chairman follows his significant contributions helping the team setting industry benchmarks with Oparo’s unwavering commitment to the direct Real Estate investment model and its impact-driven social mission through technology.

    “Graham’s deep-rooted knowledge and proven track record in real estate investment and expansion strategies make him the perfect fit to steer Oparo Group into a new era of growth,” said Babak Gharbi. “His expertise will be vital in broadening our market influence and solidifying our position.”

    Oparo Group’s innovative approach combines real estate investment with technology innovation, addressing social housing challenges through its Oparo RAM platform that uses IoT for sophisticated asset management. Oparo Social 1, a collaborative project to deliver a lease-based social housing portfolio with a real estate focussed hedge fund. Oparo is currently expanding its capital partnerships to deliver more high quality social housing, backed by long term leases. 

    The MIL Network –

  • MIL-OSI: BFCM Communiqué de mise à disposition des Final Terms de l’émission séries 582 tranche 3

    Source: GlobeNewswire (MIL-OSI)

    Paris, le 20 mars 2025

    Communiqué information réglementée

    Communiqué précisant les modalités de mise à disposition des Final Terms de l’émission de la BFCM séries 582 tranche 3.

    La Banque Fédérative du Crédit Mutuel informe que ce document est à la disposition du public sur le site de l’émetteur à l’adresse suivante :

    https://www.bfcm.creditmutuel.fr/en/programs/standard.html

    Des exemplaires de ce document sont disponibles, sans frais auprès de l’émetteur :
    https://www.bfcm.creditmutuel.fr/fr/informations/contact.html

    Contact Relation Investisseurs
    Banque Fédérative du Crédit Mutuel : Sandrine Cao Dac Viola :  bfcm-web@creditmutuel.fr

    Attachment

    The MIL Network –

  • MIL-OSI: Health and safety remains top concern for directors and officers worldwide, according to Willis

    Source: GlobeNewswire (MIL-OSI)

    LONDON, March 20, 2025 (GLOBE NEWSWIRE) — 80% of directors and officers consider health and safety risks to be very important or extremely important to their organisation, according to the latest Directors and Officers Liability Insurance Survey by Willis, a WTW business, (NASDAQ:WTW), in collaboration with Clyde & Co. Physical workplace risks were deemed the most important by 43% of respondents, followed by employee mental health and wellbeing consequences stemming from work (28%) and from personal matters (12%).

    For the first time since 2018 civil litigation and third party claims were included among the top seven concerns, with 63% of directors and officers surveyed considering these significant risks to their Directors and Officers. Smaller organisations (<$50 million in revenue) and those with revenues between $1 and $5 billion mentioned litigation more often. The largest organisations surveyed (>$5 billion in revenue) included diversity, equity and inclusion as well as bribery and corruption as top risks, while excluding the financial distress, bankruptcy and insolvency concerns of smaller organisations.

    Climate change is no longer considered a top seven risk in several regions, including Asia, North America and the Middle East. In contrast, diversity, equity and inclusion, a risk that was included in the survey for the first time this year, has made its way into the top seven for Great Britain, North America and Africa. Social risks as a whole feature prominently in the list of concerns and, when looked at over a five-year period, the increase in concern is notable. For example, breach of human rights within or by business operations has risen from 23% of responders considering it a very or extremely important concern in 2021 to 62% in 2025. Similarly, concern about supplier business practices has risen from 27% in 2021 to 59% in 2025.

    In general, there is a strong alignment between perceived material risks and board expertise and priorities. However, there is a notable exception when it comes to cybersecurity and data privacy, with many boards indicating more time is needed. Data loss and cyber-attacks, including extortion, are considered to be very important or extremely important for 77% of those surveyed. Artificial intelligence lags behind (only 51% of respondents consider it to be very or extremely important and considered by the fewest number of respondents to be material to the business while also being the lowest ranked issue on which respondents considered the board to have the relevant expertise), but this perception may change in the future as new use cases and regulations develop.

    Angus Duncan, global D&O coverage specialist at Willis, said: “The latest survey results underscore the diverse challenges directors and officers face today, highlighting how fraught the landscape has become. Despite increasing concerns over litigation risks, cost remains the dominant driver for D&O insurance purchasing decisions. This trend persists even as regulatory scrutiny and shareholder activism increase global liability exposures. By taking a proactive approach, companies can optimise their D&O coverage while mitigating financial and reputational risk. Our data helps clients anticipate emerging risks before they become serious exposures.”

    James Cooper, Partner and Head of Financial Institutions and D&O, Clyde & Co said: “The risk landscape for directors and officers is fast evolving and complex, driven by a multitude of factors from geopolitics to tech advancements and a challenging economic climate. Identifying the most critical risks and understanding where pressure points may appear is crucial in successfully navigating existing and emerging challenges. So too is ensuring that protections such as D&O insurance reflect this changing environment and can adequately cover areas where leaders may feel more exposed such as cyberattacks or data loss.”

    The report can be downloaded here.

    About the survey:

    Respondents include 765 global senior decision makers working in services, finance and insurance, healthcare, industry, energy and utilities and transportation and retail. Company size includes revenues of $5 billion or more (10%), $1 to 5 billion (15%), $50 million to $1 billion (33%) and less than $50 million (33%).

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

    Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

    Learn more at wtwco.com.

    About Clyde & Co

    Clyde & Co is a leading global law firm, helping organisations navigate risk and maximise opportunity in the sectors that underpin global trade and commercial activity, namely: insurance, aviation, marine, construction, energy, trade and natural resources. Globally integrated, the firm has 490 partners, 2,400 lawyers, 3,200 legal professionals and 5,500 people overall in nearly 70 offices and associated offices worldwide. For more information please visit www.clydeco.com

    Media contact

    Sarah Booker:
    Sarah.Booker@wtwco.com / +44 7917 722040

    The MIL Network –

  • MIL-OSI: Totalkredit A/S – annual general meeting 2025

    Source: GlobeNewswire (MIL-OSI)

    To Nasdaq Copenhagen

    Totalkredit A/S – annual general meeting 2025

    At Totalkredit’s annual general meeting held on Thursday 20 March 2025:

    • The Annual Report 2024, including the proposal for distribution of net profit, was approved.
    • Discharge of the Board of Directors and Executive Board was adopted.
    • The Board of Directors’ proposals for remuneration policy, remuneration report and Management remuneration were adopted.
    • Michael Rasmussen, David Hellemann, Anders Jensen and Pernille Sindby were re-elected to the Board of Directors.
    • EY Godkendt Revisionspartnerselskab was reappointed as the Company’s auditors and EY Godkendt Revisionspartnerselskab was appointed as the Company’s sustainability auditors.
    • Amendment of the Company’s Articles of Association was approved, to the effect that the Board of Directors forms a quorum when more than half its members are represented.

    Immediately following the annual general meeting, the Board of Directors elected Michael Rasmussen as its Chair and David Hellemann as its Deputy Chair.

    Copenhagen, 20 March 2025

    Totalkredit A/S
    Board of Directors

    Contact
    Questions may be addressed to Press Relations, tel +45 31 21 06 39.

    Attachment

    The MIL Network –