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Category: GlobeNewswire

  • MIL-OSI: ECN Capital Announces Closing of C$75 Million Offering of 6.50% Convertible Senior Unsecured Debentures

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

    TORONTO, March 19, 2025 (GLOBE NEWSWIRE) — ECN Capital Corp. (TSX: ECN) (“ECN Capital”) today announced that it has closed the previously announced offering (the “Offering”) of C$75 million aggregate principal amount of convertible senior unsecured debentures due April 30, 2030 (the “Debentures”). The Offering was conducted by a syndicate of underwriters co-led by CIBC Capital Markets, National Bank Financial Markets, BMO Capital Markets and RBC Capital Markets, and including Raymond James Ltd., TD Securities Inc., Canaccord Genuity Corp. and Cormark Securities Inc. (collectively, the “Underwriters”). ECN Capital has also granted the Underwriters an option to purchase up to an additional C$11.25 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the Offering.

    The Debentures bear interest at a rate of 6.50% per annum, payable semi-annually in arrears on April 30 and October 31 of each year, with the first interest payment on October 31, 2025. The Debentures are convertible at the option of the holder into common shares of the Company (“Common Shares”) at an initial conversion price of C$3.77 per Common Share, being a conversion ratio of approximately 265.2520 Common Shares for each C$1,000 principal amount of Debentures, subject to adjustment in certain circumstances. The Debentures will mature on April 30, 2030.

    The Debentures will commence trading today on the Toronto Stock Exchange (“TSX”) under the symbol “ECN.DB.C”. Further details concerning the Offering are set out in ECN Capital’s prospectus supplement dated March 14, 2025, which is available on ECN Capital’s profile on SEDAR+ at www.sedarplus.com.

    ECN Capital intends to use the net proceeds of the Offering to redeem all of its outstanding 6.00% senior unsecured debentures due December 31, 2025 (the “2025 Debentures”), on April 25, 2025 (the “Redemption Date”). Notice of the redemption will be delivered to the registered holder(s) of the 2025 Debentures through the debenture trustee, Computershare Trust Company of Canada (“Computershare Trust”), in accordance with the trust indenture governing the 2025 Debentures between ECN Capital and Computershare Trust dated September 3, 2020. ECN Capital has obtained the consent of the majority of lenders required under its senior credit facility in order to proceed with the redemption of the 2025 Debentures prior to the maturity date.

    On the Redemption Date, the Company will pay holders of the 2025 Debentures a redemption price equal to the outstanding principal amount of 2025 Debentures held, plus accrued and unpaid interest thereon up to but excluding the Redemption Date, less any taxes required to be deducted or withheld.

    The 2025 Debentures are currently listed on the TSX under the symbol ECN.DB. ECN Capital expects that the 2025 Debentures will be de-listed from the TSX following their redemption.

    Beneficial holders of the 2025 Debentures are encouraged to contact their investment dealer if they have any questions about this redemption.

    The securities offered pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the “1933 Act”) and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About ECN Capital Corp.

    With managed assets of US$6.9 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American-based banks, institutional investors, insurance company, pension plan, bank and credit union partners (collectively, its “Partners”). ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (floorplan and rental) loans. Its Partners are seeking high-quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) Manufactured Housing Finance, and (ii) Recreational Vehicle and Marine Finance.

    Contact

    Katherine Moradiellos
    561-631-8739
    kmoradiellos@ecncapitalcorp.com

    Forward-Looking Statements

    This release includes forward-looking statements regarding ECN Capital and its business. Such statements are based on the current expectations and views of future events of ECN Capital’s management. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this press release include those relating to the use of proceeds of the Offering, the redemption of the 2025 Debentures (including the expected delisting of the 2025 Debentures), the exercise of the over-allotment option and the trading of the Debentures on the Toronto Stock Exchange. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting ECN Capital, including risks regarding the finance industry, economic factors, and many other factors beyond the control of ECN Capital. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause ECN Capital’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with these forward-looking statements can be found in ECN Capital’s Management Discussion and Analysis for the year ended December 31, 2024 and ECN Capital’s 2024 Annual Information Form dated February 27, 2025, each of which have been filed on SEDAR+ and can be accessed at www.sedarplus.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and ECN Capital does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network –

  • MIL-OSI: Bullet Blockchain and Sailo Technologies Partner to Set a New Standard in Bitcoin ATM Security and Fraud Prevention

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, March 19, 2025 (GLOBE NEWSWIRE) — Bullet Blockchain, Inc. (“Bullet Blockchain” or the “Company”), (OTC: BULT), a pioneering BaaS company at the forefront of blockchain and Bitcoin ATM technologies, announced today the finalization of its exclusive partnership with Sailo Technologies CY Ltd. (“Sailo Technologies” or “SailoTech”). This collaboration designates Bullet as the exclusive provider of advanced cybersecurity solutions for the Bitcoin ATM industry across the United States.

    Initially announced December 2024, this exclusive strategic partnership introduces a first-of-its-kind, cutting-edge cybersecurity solution for crypto wallets—designed to combat the growing threat of crypto wallet fraud in the rapidly expanding Bitcoin ATM industry. Sailo Technologies, a leader in cryptographic security, has partnered with Bullet Blockchain to integrate next-generation security solutions into Bitcoin ATMs. This collaboration aims to enhance security, prevent fraud, and create a seamless transaction experience for cryptocurrency users worldwide.

    Enhancing Bitcoin ATM Security Through Innovation

    As Bitcoin ATMs grow in popularity, security vulnerabilities remain a critical concern. Attackers continue to exploit weaknesses in transaction protocols, increasing fraud-related incidents. Recognizing this, Bullet Blockchain and Sailo Technologies have joined forces to implement cutting-edge cryptographic protections designed to prevent fraud, secure transactions, and build trust in Bitcoin ATM usage.

    “Bitcoin ATMs are a crucial access point for the crypto economy, but security gaps put users at unnecessary risk,” said Ehud Tal, CEO and Co-founder of Sailo Technologies. “By integrating advanced cryptographic security into these machines, we are not just improving security—we are setting a new industry standard.”

    Through this partnership, Sailo Technologies’ next-generation security solutions will be integrated into Bullet Blockchain’s licensed Bitcoin ATM network, providing enhanced fraud prevention, transaction monitoring, and wallet security.

    “This partnership isn’t just about upgrading security—it’s about redefining the Bitcoin ATM experience,” said Simon Rubin, CEO of Bullet Blockchain. “By combining Bullet’s deep industry expertise with Sailo Technologies’ advanced cybersecurity solutions, we’re creating a safer, more seamless way for users to interact with cryptocurrency.”

    What This Means for Bitcoin ATM Users

    With this advanced security rollout, starting with Bullet’s ATMs, participating Bitcoin ATM operators and their users will benefit from:

    • Stronger Security – Transactions protected by next-gen cryptographic technology
    • Enhanced Fraud Prevention – Advanced security measures to block unauthorized access
    • Safer Bitcoin ATMs – Reduced risks of theft and fraudulent activity
    • Protection Against Crypto Wallet Exploits – Safeguarding personal and transactional data

    By proactively addressing security risks, Bullet Blockchain and Sailo Technologies are reinforcing trust in Bitcoin ATMs and ensuring safer, more reliable cryptocurrency transactions nationwide.

    Bullet Blockchain’s Intellectual Property

    Bullet Blockchain continues to advance its licensing initiatives, offering operators and manufacturers a variety of partnership models including transaction-based fees and revenue-sharing opportunities centered around its intellectual property. Now, with its exclusive partnership with SailoTech to provide advanced cybersecurity solutions for Bitcoin ATMs, the value proposition for operators and manufacturers partnering with Bullet has become even stronger—beyond just Bullet’s ownership of key Bitcoin ATM patents.

    As previously announced, Bullet Blockchain acquired First Bitcoin Capital LLC, gaining ownership of an intellectual property portfolio that includes two Bitcoin ATM patents. By virtue of its subsidiary, First Bitcoin Capital LLC, Bullet Blockchain holds the exclusive rights to U.S. Patent Nos. US9135787B1 (“Bitcoin kiosk/ATM device and system integrating enrollment protocol and method of using the same”) and US10332205B1 (“Bitcoin kiosk/ATM device and system and method of using the same”). These patents remain critical technologies for the operation and security of Bitcoin ATMs and their networks.

    About Sailo Technologies

    Based in Cyprus, Sailo Technologies is a leading cybersecurity firm dedicated to delivering cutting-edge solutions for the protection of digital assets. Their advanced offering focus on securing cryptocurrency transactions and ensuring the integrity and safety of users’ worldwide. Sailo Technologies is a leading cybersecurity company specializing in security-agnostic service solutions for financial blockchain transactions. Its technology is designed to make transactions transparent only between the participants, much like standard financial transactions. Our real-time algorithm works without any manipulation of private currencies or chains, and no off-chain/on-chain bridges. The Sailo Technologies protocol allows customers to prevent tracking, currency theft, hacking, and other cyber-attacks.

    About Bullet Blockchain 

    Headquartered in Las Vegas, Nevada, Bullet Blockchain Inc. – common stock is publicly traded on the OTC Markets under the symbol (BULT) – is a diversified software development and BaaS company, specializing in blockchain technologies and Web 3.0, and through its wholly owned subsidiary, First Bitcoin Capital LLC, the owner and licensor of two Bitcoin ATM patents. Bullet Blockchain’s Bitcoin ATMs are operated by licensed third-party operators within the jurisdictions in which they reside. Bullet Blockchain is committed to driving the innovations needed to shape the future of digital and blockchain-related platforms through digital technology and decentralized blockchain solutions. Management is dedicated to rapid growth and increasing the shareholders’ value. 

    Shareholders, potential investors, and others should note that we announce material events and material financial information to our shareholders and the public using our website and the social media addresses listed below, as well as in our OTC Markets’ disclosures, press releases, public conference calls, and webcasts. We also use social media to communicate with our email subscribers and the public about Bullet Blockchain, services, and other related information. It is possible that the information we post on social media could be deemed to be material information. Therefore, we encourage shareholders, the media, and others interested in Bullet Blockchain to review the information we post on Bullet Blockchain’s social media channels listed below. This list may be updated from time to time. 

    Follow us at: 

    Forward-Looking Statements: 

    Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the Company’s actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors, including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release, and these views could change at some point in the future. However, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “believes,” “belief,” “expects,” “expect,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” to be uncertain and forward-looking. 

    Contact us: contact@BulletBlockchain.com

    The MIL Network –

  • MIL-OSI: Realty Executives See Opportunity to Drive Revenue with Lofty

    Source: GlobeNewswire (MIL-OSI)

    PHOENIX, March 19, 2025 (GLOBE NEWSWIRE) — Award-winning technology innovator Lofty today announced that Realty Executives International has engaged with the company to offer to their extensive network of franchisees, teams, and agents the Lofty AI-powered platform. To learn more about how Lofty empowers everyone from the agent to the enterprise to make more money, visit https://lofty.com/.

    With over 150 brokerages across North America, Realty Executives is always looking for unique ways to help its franchisees accelerate profitable growth, support the unique needs of the brokerage business, and enable real estate professionals at all levels to increase production while maintaining the privacy of their leads and database. With Lofty, Realty Executives brokerages, agents, and teams can leverage a flexible org structure with needed permissions and controls, as well as innovative reporting capabilities to track agent performance and ROI from advertising spend. Coupled with the platform’s lead generation programs such as Lofty Blast, and empowered by innovative tools like Lofty Present and Social Studio, Realty Executives users will be able to increase their productivity while streamlining the home buying and selling experience for their clients, from search to settlement.

    “Real estate professionals at every level need to leverage technology, particularly a strong CRM, if they want to compete and grow in this market,” said Patrick van den Bossche, President of Realty Executives International. “Presenting Lofty as a tech option provides our network with an additional opportunity to drive revenue from their existing databases. Through our strategic relationship, those in our network who opt in to the Lofty service offerings can benefit from a competitive cost model.”

    “As a Realty Executives franchise owner, I am excited to offer our teams and agents easy-to-use technology that can help them start making money quickly,” said Mike Tezak, Broker/Owner of Realty Executives Premier in Valparaiso, Indiana. “Lofty’s practical applications are not just technology for technology’s sake but mapped to how our agents actually work. Plus, these proven innovations will help us to recruit and retain high producing agents and deliver a real return.”

    Unlike other technology applications that are too rigid and too cumbersome for brokerages and agents alike, Lofty’s AI-powered enterprise platform is custom-built for how real estate professionals operate – from the agent to the enterprise and everything in between. With proven innovations that are designed to close deals faster and generate revenue, Lofty enhances agent workflows and eliminates the need to toggle between multiple applications, saving everyone time and money. As an enterprise platform with enhanced reporting capabilities and extensive custom branding options, Lofty provides the technological foundation needed to gain a competitive edge in the real estate market.

    “Modern real estate brands like Realty Executives understand that technology can serve as a true catalyst for business growth. But to be effective, the applications must be seamlessly woven into the fabric of how real estate brokerages operate their firms and how their teams of agents execute day-to-day activities,” noted Brian Hoialmen, Chief Strategy Officer, Lofty. “With the comprehensive Lofty platform and our AI-powered tools, we can empower everyone at every level of real estate operations with the proven innovations needed to close more deals and make more money.”   

    To learn more about how Lofty can help your enterprise meet business growth goals, visit www.lofty.com.

    About Lofty Inc.
    Lofty Inc. (formerly Chime Technologies) provides an AI-powered platform that helps real estate professionals increase their productivity and accelerate business growth. Featuring award-winning technology, the Lofty platform is designed to optimize every step of the real estate journey, from search to settlement. By leveraging one unified hub, customers can automate marketing programs, streamline the sales process, and maximize collaboration between agents empowering them to spend more time building relationships and their business. Headquartered in Phoenix, Arizona, Lofty operates as a US subsidiary of Moatable, Inc. (OTCPK: MTBLY). For more information, visit lofty.com.

    About Realty Executives International
    Founded in 1965, Realty Executives is one of the largest and most established real estate systems with over 5,000 members working across the globe. As the only brand named after its people, their Executives, the company operates with the philosophy that the network and the people that represent it come first. Creator of the first ever 100% commission concept, Realty Executives attracts and retains the most productive, efficient, and successful real estate professionals in the industry through our unparalleled brand, technology, training, and concierge services. For more information, visit RealtyExecutives.com.

    For More Information:
    Julie Crotty
    Attune Communications
    julie@attunecommunications.com

     

    The MIL Network –

  • MIL-OSI: CERo Therapeutics Holdings, Inc. Continues to Progress Toward Initial Dosing of Patients in Phase 1 Trial with Agreement with University of California Davis for Manufacturing Services

    Source: GlobeNewswire (MIL-OSI)

    Company continues to improve its market position as it nears launch of its Phase 1 clinical trial in AML

    SOUTH SAN FRANSCISCO, Calif., March 19, 2025 (GLOBE NEWSWIRE) — CERo Therapeutics Holdings, Inc., (Nasdaq: CERO) (“CERo” or the “Company”) an innovative immunotherapy company seeking to advance the next generation of engineered T cell therapeutics that employ phagocytic mechanisms, announces an agreement with the University of California Davis for the manufacturing of CER-1236 to be used in the Company’s upcoming Phase 1 clinical trial for Acute Myeloid Leukemia (AML).  The Company believes it is on track for dosing the first patient in the first half of 2025.

    CEO Chris Ehrlich commented, “The precision and compliance in manufacturing is critical to successful development and execution of clinical trials and UC Davis is a leading institution with an impeccable reputation in this area.  The manufacturing of product is among the final steps necessary to have completed prior to patient dosing, and we are looking forward to continuing to drive the process forward.”

    About CERo Therapeutics Holdings, Inc.

    CERo is an innovative immunotherapy company advancing the development of next generation engineered T cell therapeutics for the treatment of cancer. Its proprietary approach to T cell engineering, which enables it to integrate certain desirable characteristics of both innate and adaptive immunity into a single therapeutic construct, is designed to engage the body’s full immune repertoire to achieve optimized cancer therapy. This novel cellular immunotherapy platform is expected to redirect patient-derived T cells to eliminate tumors by building in engulfment pathways that employ phagocytic mechanisms to destroy cancer cells, creating what CERo refers to as Chimeric Engulfment Receptor T cells (“CER-T”). CERo believes the differentiated activity of CER-T cells will afford them greater therapeutic application than currently approved chimeric antigen receptor (“CAR-T”) cell therapy, as the use of CER-T may potentially span both hematological malignancies and solid tumors. CERo anticipates initiating clinical trials for its lead product candidate, CER-1236, in 2025 for hematological malignancies.

    Forward-Looking Statements

    This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations of CERo the timing and completion of the reverse stock split, and the acceptance and implementation of its proposed plan of compliance with Nasdaq continued listing standards. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this communication, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “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. When CERo discusses its strategies or plans, it is making projections, forecasts or forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, CERo’s management.

    Actual results could differ from those implied by the forward-looking statements in this communication. Certain risks that could cause actual results to differ are set forth in CERo’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, filed on April 2, 2024, and the documents incorporated by reference therein. The risks described in CERo’s filings with the Securities and Exchange Commission are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can CERo assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements made by CERo or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. CERo undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Contact:
    Chris Ehrlich
    Chief Executive Officer
    chris@cero.bio

    Investors:
    CORE IR
    investors@cero.bio

    The MIL Network –

  • MIL-OSI: Progressive Reports February 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MAYFIELD VILLAGE, OHIO, March 19, 2025 (GLOBE NEWSWIRE) — The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended February 28, 2025:

      February
    (millions, except per share amounts and ratios; unaudited) 2025   2024   Change
    Net premiums written $ 6,684     $ 5,720   17   %
    Net premiums earned $ 6,036     $ 5,129   18   %
    Net income $ 928     $ 737   26   %
    Per share available to common shareholders $ 1.58     $ 1.24   28   %
    Total pretax net realized gains (losses) on securities $ (110 )   $ 80   (238 ) %
    Combined ratio   82.6       86.8   (4.2 ) pts.
    Average diluted equivalent common shares   587.6       587.3   0   %
      February
    (thousands; unaudited) 2025   2024   % Change
    Policies in Force          
    Personal Lines          
    Agency – auto 9,950   8,462   18
    Direct – auto 14,395   11,541   25
    Special lines 6,568   6,019   9
    Property 3,556   3,164   12
    Total Personal Lines 34,469   29,186   18
    Commercial Lines 1,151   1,098   5
    Companywide 35,620   30,284   18
               

    See Progressive’s complete monthly earnings release for additional information.

    About Progressive

    Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it’s most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.

    Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers. 

    Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.

    The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.

    Company Contact:
    Douglas S. Constantine
    (440) 395-3707
    investor_relations@progressive.com

    The Progressive Corporation
    300 North Commons Blvd.
    Mayfield Village, Ohio  44143
    http://www.progressive.com

    Download PDF: Progressive February 2025 Complete Earnings Release

    The MIL Network –

  • MIL-OSI: Toobit Obtains VASP License in Poland

    Source: GlobeNewswire (MIL-OSI)

    GEORGE TOWN, Cayman Islands, March 19, 2025 (GLOBE NEWSWIRE) — Toobit, the award-winning cryptocurrency derivatives trading platform, has successfully secured the Poland VASP (Virtual Asset Service Provider) license from the Polish Financial Supervision Authority (KNF).

    As part of its registration, the leading global exchange was assessed on its anti-money laundering measures and know-your-customer processes, both which currently align with the EU’s latest financial standards.

    “Obtaining the Polish VASP license is a representation of our commitment to operating within a regulated framework,” said Mike Williams, Chief Communication Officer of Toobit, “With the European Union preparing to roll out MiCA, this milestone is especially significant as it puts us ahead in regulatory compliance.”

    With the license, the exchange expects continued growth in Poland, a growing crypto market with increasing adoption of digital assets. Statista indicates that the number of cryptocurrency users in the region is projected to reach 7.91m users by 2025. Projected revenue in the cryptocurrency markets in Poland is expected to reach US$514.2m as a result.

    The Polish VASP (Virtual Asset Service Provider) license is issued by the Ministry of Finance of Poland and regulated by the KNF. Licensed VASPs are required to comply with Poland’s AML (Anti-Money Laundering) and Counter-Terrorist Financing (CTF) regulations

    About Toobit

    Toobit is where the future of crypto trading unfolds—an award-winning cryptocurrency derivatives exchange built for those who thrive exploring new frontiers. With deep liquidity and cutting-edge technology, Toobit empowers traders worldwide to navigate the digital asset markets with confidence. We offer a fair, secure, seamless, and transparent trading experience, ensuring every trade is an opportunity to discover what’s next.

    For more information about Toobit, visit: Website | X | Telegram | LinkedIn | Discord | Instagram

    Contact: Davin C.

    Email: market@toobit.com

    Website: www.toobit.com

    Disclaimer: This press release is provided by Toobit. 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/aac03e62-d5c8-4274-975d-812e0c9148c9

    The MIL Network –

  • MIL-OSI: Vocodia Holdings Corp. Announces Engagement of Alpine Securities Corporation as Investment Banker

    Source: GlobeNewswire (MIL-OSI)

    BOCA RATON, Fla., March 19, 2025 (GLOBE NEWSWIRE) — Vocodia Holdings Corp. (OTC: VHAI) (“Vocodia”), a leader in AI software development focusing on practical AI applications, is pleased to announce the engagement of Alpine Securities Corporation (“Alpine”) as its new investment banker. This strategic partnership aims to enhance Vocodia’s financial strategies and support its continued growth in the AI industry.

    Alpine Securities Corporation is a broker-dealer and boutique investment firm known for its expertise in providing tailored financial solutions to emerging companies. Their commitment to understanding the unique needs of their clients aligns with Vocodia’s innovative approach to AI technology

    Brian Podolak, CEO of Vocodia, commented on the engagement: “​Partnering with Alpine Securities Corporation represents a significant step forward in our mission to revolutionize the AI landscape. Their deep industry knowledge and personalized approach to investment banking will be invaluable as we continue to expand our offerings and reach new markets.”

    This engagement underscores Vocodia’s commitment to leveraging strategic partnerships to drive growth and innovation in the AI sector. The company looks forward to a fruitful collaboration with Alpine Securities Corporation

    About Vocodia Holdings Corp.

    Vocodia is an AI software company that develops practical AI solutions, making them easily accessible for businesses through cloud-based platforms. These solutions are cost-effective and scalable to enterprise levels. Vocodia specializes in conversational AI, providing scalable enterprise-level AI sales and customer service solutions. Their Digital Intelligent Sales Agents (DISAs) are designed to sound and feel human, performing tasks that require human-like conversation, thereby reducing labor costs and enhancing communication effectiveness. For more information, please visit: http://www.vocodia.com

    About Alpine Securities Corporation

    Alpine Securities Corporation is a broker-dealer and boutique investment firm offering a range of financial services, including investment banking, brokerage, and advisory services. With a focus on personalized client solutions, Alpine is committed to supporting the growth and success of emerging companies across various industries.​ 

    Forward-Looking Statements

    This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” strategy,” “future,” “likely,” “may,”, “should,” “will” and similar references to future periods. 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, the risks and uncertainties more fully in the section captioned “Risk Factors” in the Company’s Registration Statement on Form S-1 related to the public offering (SEC File No. File No. 333-269489) and other reports we file with the SEC. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, our actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. Forward-looking statements contained in this announcement are made as of this date and undertake no duty to update such information except as required under applicable law.

    Investor Relations Contact: 
    650-789-6556
    ir@vocodia.com

    Investors can also call Vocodia’s Investor Relations (IR) line, DISA, 24×7 at 650-789-6556 for inquiries.

    The MIL Network –

  • MIL-OSI: Reliance Global Group Launches RELI Auto Leasing—Delivering ANY Vehicle to ANY Location in the United States

    Source: GlobeNewswire (MIL-OSI)

    LAKEWOOD, NJ, March 19, 2025 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today announced the launch of RELI Auto Leasing, a groundbreaking service that enables RELI Exchange Agency Partners to seamlessly offer vehicle leasing to their clients while earning commissions on both the lease and the residual insurance policy. This innovative initiative reinforces the Company’s commitment to expanding revenue opportunities for agency partners while maintaining a strong focus on insurance services.

    Home and auto policies are the core products of personal lines insurance. When clients seek a new vehicle, their insurance agent is often part of the discussion, advising on coverage options and facilitating policy transitions. After a vehicular accident, clients often look toward their insurance agent to discuss how to approach their replacement vehicle. Using our newly launched RELI Auto Leasing, insurance agents can now connect clients to vehicle leasing options without stepping outside their core business.

    “One of the most important aspects of RELI Auto Leasing, is that our agency partners can earn more commissions without becoming trained in auto leasing. Instead, the agency partner seamlessly connects their clients with our trusted leasing partners from within their agent dashboard,” said Ezra Beyman, Chairman and CEO of Reliance Global Group. “This initiative is a game-changer for independent agents, enabling them to offer an added service without losing focus on their core insurance business. By incorporating auto leasing into client conversations, agents not only enhance their value proposition but also unlock new revenue streams that complement their existing insurance offerings. The leasing pricing is both competitive and convenient, making it an attractive choice for clients exploring vehicle lease options. Our agency partners have provided outstanding feedback on our advanced Insurtech white-labelled quoting engine and CRM, positioning RELI Exchange as the obvious choice as an insurance partner. We believe this additional path of revenue for our agency partners furthers our positive differentiator in the insurance industry.”

    Clients benefit from a wide selection of vehicles, all available for delivery anywhere in the U.S., offering unmatched convenience. Whether seeking a new lease or upgrading a current vehicle, clients are now able to enjoy a streamlined process with guidance from a trusted insurance advisor. By bridging the gap between auto leasing and insurance, RELI Exchange empowers agency partners to deepen client relationships, foster long-term loyalty, and generate additional income—without added complexity.

    Moshe Fishman, Director of Insurtech and Operations said, “RELI Auto Leasing is another win for our RELI Exchange Agency Partners, enabling them to strengthen their client relationships while earning additional commissions. When consumers are in the market for a new car, they often overlook how the make and model of their new car can impact their auto insurance premium. When clients include their RELI Exchange agency partner in the car buying process, they can project the effect that each car will have to their insurance premium. This proactive approach eliminates the surprise that happens all too often in the industry when someone gets a new car, only to learn later that their insurance premium increased far more than anticipated. We are proud that RELI Exchange agency partners are adding even more peace of mind to their clients.”

    “Our vision for RELI Exchange has always been to maximize opportunities for our agency partners by providing a comprehensive suite of solutions aligned with their business model,” added Mr. Beyman. “RELI Auto Leasing is another step in our commitment to innovation—empowering independent agents to compete on a national scale through technology and strategic partnerships. As we continue expanding our ecosystem, we remain dedicated to delivering cutting-edge tools and services that drive success for our partners while enhancing the customer experience.”

    About Reliance Global Group, Inc.

    Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, while reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as the Company having built a best-in-class InsurTech platform, making RELI Exchange an even more compelling value proposition and further accelerating growth of the platform, rolling out several other services in the near future to RELI Exchange agency partners, building RELI Exchange into the largest agency partner network in the U.S., the Company moving in the right direction and the Company’s highly scalable business model driving significant shareholder value. 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 our filings with the Securities and Exchange Commission and elsewhere ,and risks and uncertainties related to the Company’s ability to generate the revenue anticipated and the ability to build the RELI Exchange into the largest agency partner network in the U.S., and the other factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as the same may be updated from time to time. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, the Company’s Quarterly Reports on Form 10-Q, the Company’s Current Reports on Form 8-K and subsequent filings with the Securities and Exchange Commission. The Company 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:
    Crescendo Communications, LLC
    Tel: +1 (212) 671-1020
    Email: RELI@crescendo-ir.com

    The MIL Network –

  • MIL-OSI: Global Expansion of Turbo Energy Gains Momentum with Launch of Turbo Energy Solutions’ New Business Line in Latin America

    Source: GlobeNewswire (MIL-OSI)

    Introduces New Energy-as-a-Service (EaaS) Financing Model to Mitigate Large Initial Investments in Sustainable Energy Technologies by Customers in Chile

    Performance of the First SUNBOX Industry Installation in Temuco, Chile Successfully Put to the Test During Recent Massive Country-Wide Blackout Just Days After Activation

    VALENCIA, Spain, March 19, 2025 (GLOBE NEWSWIRE) — Turbo Energy, S.A. (NASDAQ:TURB) (“Turbo Energy” or the “Company”), a global provider of leading-edge, AI-optimized solar energy storage technologies and solutions, today proudly announced its expansion into Latin America with the formation of Turbo Energy Solutions (“TES”), a wholly owned subsidiary of the Company created to offer advanced, fully integrated, end-to-end solutions for scalable generation, storage and intelligent AI-optimized management of solar energy for commercial and industrial (“C&I”) customers in Chile.

    Turbo Energy Solutions, in collaboration with the Molina Brothers’ Smart Dock group, complete installation of Latin America’s first fully integrated solar generation, storage and AI-optimized energy management system at Alto Labranzo Shopping Center in Chile

    Through TES, the Company has also introduced its new Energy-as-a-Service financing program, which enables C&I customers in Chile to acquire, deploy and capitalize on advanced solar energy production systems integrated with SUNBOX Industry and its innovative AI-powered energy management system, without the need to make large upfront investments in equipment. Customers benefit from an optimized, efficient and sustainable energy supply while also taking full economic advantage of a payment system based on SUNBOX Industry’s AI-powered energy management performance. The EaaS financing program represents a potentially lucrative new recurring revenue stream for Turbo Energy that is expected to fuel exponential growth for the Company as market acceptance and adoption of SUNBOX Industry gains momentum in the region.

    Senior officials from Turbo Energy Solutions and the Smart Dock industrial group: (left to right) Andres Molina, TES Business Partner; Rafael Gonzalez, TES Solar Self-Consumption Director; Agustin Molina, TES Business Partner; Santiago Molina, TES Business Partner; Felipe Bozzo, TES LATAM Strategy Director; Javier Ferrer, TES Business Development Manager, SUNBOX Industry

    Marking the first project in partnership with the Smart Dock industrial group, an enterprise owned and operated by Chile’s prominent Molina Garcia family, TES completed the debut installation of the SUNBOX Industry smart energy storage system in the Alto Labranza shopping center located in Temuco, Chile. The full project involved the implementation of a hybrid solar generation and active storage system consisting of a photovoltaic installation integrated with the SUNBOX Industry system featuring 102.4 kWh of capacity and supported by Turbo Energy’s AI-optimized energy management system. It is estimated that Alto Labranza will produce more than 147 MWh of clean energy annually, while optimizing its energy efficiency.

    Within days following the live activation of the system at Alto Labranza, on February 26, 2025, Chile suffered a massive blackout that affected much of the country, from Arica to the Los Lagos region, including the nation’s capital, Santiago. Despite the widespread power outage, the Alto Labranza shopping center remained fully operational without interruptions, validating the viability, reliability and efficiency of renewable energy and smart storage in the operation of commercial facilities.

    “The installation in the Labranza center signifies the achievement of double milestones for our Company. On the one hand, it represents Turbo Energy’s entry into a leading country in renewable energy with an innovative business model, further demonstrating that execution of our planned global expansion initiative is on track and gaining traction. On the other hand, it represents the first smart storage system implemented in Latin America, setting a precedent for the incorporation of new models that promote the economic decarbonization of this high growth region,” said Mariano Soria, CEO of Turbo Energy.

    For more information on SUNBOX Industry smart energy storage solutions, please email Turbo Energy at sales@Turbo-e.com.  

    About Turbo Energy, S.A.

    Founded in 2013, Turbo Energy is a globally recognized pioneer of proprietary solar energy storage technologies and solutions managed through Artificial Intelligence. Turbo Energy’s elegant all-in-one and scalable, modular energy storage systems empower residential, commercial and industrial users expanding across Europe, North America and Latin America to materially reduce dependence on traditional energy sources, helping to lower electricity costs, provide peak shaving and uninterruptible power supply and realize a more sustainable, energy-efficient future. A testament to the Company’s commitment to innovation and industry disruption, Turbo Energy’s introduction of its flagship SUNBOX represents one of the world’s first high performance, competitively priced, all-in-one home solar energy storage systems, which also incorporates patented EV charging capability and powerful AI processes to optimize solar energy management.  Turbo Energy is a proud subsidiary of publicly traded Umbrella Global Energy, S.A., a vertically integrated, global collective of solar energy-focused companies.  For more information, please visit www.turbo-e.com. 

    Forward-Looking Statements

    Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. 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, including the risks described in our registration statements and annual report under the heading “Risk Factors” as filed with the Securities and Exchange Commission. 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. Any forward-looking statements contained in this press release speak only as of the date hereof, and Turbo Energy, S.A. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

    For more information, please contact:
    At Turbo Energy, S.A.                                                 
    Dodi Handy, Director of Communications                       
    Phone: 407-960-4636                                                   
    Email: dodihandy@turbo-e.com 

    Attachments

    The MIL Network –

  • MIL-OSI: BOS Announces the Appointment of Osnat Gur as Board Chair and Avi Dadon as Independent Director

    Source: GlobeNewswire (MIL-OSI)

    RISHON LE ZION, Israel, March 19, 2025 (GLOBE NEWSWIRE) — BOS Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), a global integrator of supply chain technologies, today announced the appointment of Osnat Gur, currently an independent director at BOS, as Board Chair, and Avi Dadon, former Head of Procurement for the Israeli Ministry of Defense, as a new independent director.

    Osnat Gur – Board Chair

    Ms. Gur has served on BOS’ Board of Directors since 2021 and brings extensive management experience in B2B marketing, technology, and manufacturing. She previously held key leadership positions, including:

    • CEO of Oz Global B2B, a global B2B marketing agency.
    • CEO of Tadbik TAT, an RFID technology company.
    • CEO of Anlit Ltd., a producer of high-quality children’s dietary supplements.
    • Deputy CEO of Altman Health, a leading provider of dietary supplements.

    In addition to her role at BOS, Ms. Gur serves as a board director in multiple Israeli companies. She holds an M.A. in Organizational Sociology from Tel Aviv University and a B.A. in Behavioral Sciences from Bar-Ilan University.

    Avi Dadon – Independent Director

    Mr. Dadon was the Head of Procurement for the Israeli Ministry of Defense from 2017 to 2023, overseeing procurement and production operations for the Israeli Defense Forces (IDF). He brings extensive expertise in defense procurement, supply chain management, and logistics.

    A retired Colonel with 28 years of military service, Mr. Dadon holds:

    • M.Sc. in Logistics Management from Florida Institute of Technology.
    • B.A. in Economics and Society from Bar-Ilan University.
    • Wexner Senior Leadership Program at Harvard University.
    • Governance and Directors Course at Tel Aviv University.

    “I am grateful for the confidence of my fellow Board members in appointing me as Chair, and I look forward to working closely with BOS’ leadership team to drive growth in revenue and earnings for the benefit of our stockholders,” said Osnat Gur. “Additionally, I am excited to welcome Avi to our Board and look forward to leveraging his decades of experience with the IDF and Ministry of Defense procurement to support BOS’ continued success.”

    About BOS Better Online Solutions Ltd.

    BOS integrates cutting-edge technologies to streamline and enhance supply chain operations across three specialized divisions:

    • Intelligent Robotics Division: Automates industrial and logistics inventory processes through advanced robotics technologies, improving efficiency and precision.
    • RFID Division: Optimizes inventory management with state-of-the-art solutions for marking and tracking, ensuring real-time visibility and control.
    • Supply Chain Division: Integrates franchised components directly into customer products, meeting their evolving needs for developing cutting-edge products.

    Safe Harbor Regarding Forward-Looking Statements

    The forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions, the continued availability of financing for working capital purposes and to refinance outstanding indebtedness; and additional risks and uncertainties detailed in BOS’ periodic reports and registration statements filed with the US Securities and Exchange Commission.

    In October 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas also launched extensive rocket attacks on Israeli population and industrial centers located along Israel’s border with the Gaza Strip and in other areas within the State of Israel. Following the attack, Israel’s security cabinet declared war against Hamas and a military campaign against these terrorist organizations commenced in parallel to their continued rocket and terror attacks. Moreover, in response to extensive rocket attacks by Hezbollah on Israel, Israel has launched a military campaign in Lebanon. The clash between Israel and Hezbollah in Lebanon, may escalate in the future into a greater regional conflict. It is currently not possible to predict the duration or severity of the ongoing conflicts or their long term effects on our business, operations and financial conditions. The ongoing conflicts are rapidly evolving and developing, and could disrupt our business and operations, interrupt our sources and availability of supply and hamper our ability to raise additional funds or sell our securities, among others.

    BOS undertakes no obligation to publicly update or revise any forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

    The MIL Network –

  • MIL-OSI: Annual Report for the year ended 30 November 2024 and Notice of Meeting

    Source: GlobeNewswire (MIL-OSI)

    OCTOPUS AIM VCT 2 PLC

    Annual Report for the year ended 30 November 2024 and Notice of Meeting

    Further to the announcement of annual results for the year ended 30 November 2024, Octopus AIM VCT 2 plc (the ‘Company’) announces that the Annual Report has been posted or otherwise made available to shareholders. A copy of the Annual Report is also available to view on the Company’s website at http://www.octopusinvestments.com

    The Annual Report includes the Notice of Meeting for the Annual General Meeting of the Company to be held on 23 May 2025.

    The Annual Report, together with the Form of Proxy, has been submitted to the Financial Conduct Authority’s Electronic Submission System and is available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

    For further information please contact:

    Rachel Peat

    Octopus Company Secretarial Services Limited
    Tel: +44 (0)80 0316 2067

    LEI: 213800BW27BKJCI35L17

    The MIL Network –

  • MIL-OSI: Standard Lithium Appoints Karen G. Narwold to the Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 19, 2025 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE American:SLI), a leading near-commercial lithium company, is pleased to announce the appointment of Karen G. Narwold, NACD.DC as an independent member of its board of directors.

    Robert Cross, Non-Executive Chairman of the Board of Directors, commented, “The Standard Lithium Board is excited to welcome Karen as an independent director. Karen brings over 30 years of executive leadership experience within the manufacturing and chemicals space, including most recently as Chief Administrative Officer, General Counsel and Corporate Secretary at Albemarle Corporation. Her significant experience in legal, governance, regulatory and government affairs and operational matters will be invaluable as Standard Lithium seeks to develop its world class projects across the Smackover.”

    “Karen is an accomplished senior executive with an impressive breadth of experience that will be a significant addition to Standard’s board,” said David Park, Chief Executive Officer and Director of Standard Lithium. “Her leadership at Albemarle was critical as they transformed into a global leader in lithium production, and we expect her experience will be crucial as Standard Lithium seeks to do the same.”

    Ms. Narwold brings over 30 years of experience leading legal, compliance, external affairs, governance, human resources and corporate development functions for multinational companies. Prior to her service at Albemarle, from which she retired in 2023, Ms. Narwold served as Vice President and Strategic Counsel of Barzel Industries, and as Vice President, General Counsel, Human Resources and Corporate Secretary for GrafTech International. Ms. Narwold currently serves on the Board of Directors for Ingevity Corporation, where she is a member of the Audit Committee and the Chair of the Sustainability & Safety Committee.

    Ms. Narwold is NACD Directorship Certified® and holds a Bachelor of Arts in political science from the University of Connecticut and a Juris Doctor from the University of Connecticut School of Law.

    About Standard Lithium Ltd.

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium trades on both the TSX Venture Exchange (the “TSXV”) and the NYSE American under the symbol “SLI”. For more information on Standard Lithium, please visit the Company’s website at www.standardlithium.com.

    Investor and Media Inquiries

    Chris Lang
    Standard Lithium Ltd.
    +1 604 409 8154
    investors@standardlithium.com

    Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward looking information” within the meaning of applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “will”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, outcomes of commercialization, regulatory or government requirements or approvals, the reliability of third party information, continued production of lithium chloride solutions, consistent ongoing lithium recovery quantities, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

    The MIL Network –

  • MIL-OSI: Newly awarded public tender: Establishment and operation of an external hosting environment for Brugerklubben SBSYS

    Source: GlobeNewswire (MIL-OSI)

    Press release

    Newly awarded public tender: Establishment and operation of an external hosting environment for Brugerklubben SBSYS

    Aalborg, 19 March 2025 – Contain by Netic, a Trifork subsidiary, has recently been awarded a public tender for the establishment and operation of an external hosting environment for Brugerklubben SBSYS. Brugerklubben SBSYS is a Danish association of 41 municipalities and 2 regions that oversees the development of the Electronic Document and Records Management Systems (EDRMS), SBSYS, and SBSIP, which in total support the daily workflow for more than 50,000 users.

    Contain by Netic has been selected to establish and operate an external operating environment that will facilitate the operation of SBSYS and SBSIP for all members. The project involves migrating key components from Hetzner in Germany to Contain by Netic’s Danish infrastructure. Additionally, operations will be consolidated from members’ decentralized environments into a centralized, external hosting environment in Netic’s data center.

    As part of the agreement, Contain by Netic is delivering a PaaS (Platform as a Service) solution based on Managed Kubernetes. This enables Brugerklubben SBSYS to offload all complexity to Contain by Netic while maintaining the flexibility to scale as needed.

    Claus Hansen, CCO at Netic, comments on the agreement:

    “It is a great recognition of our expertise that Brugerklubben SBSYS has chosen Contain by Netic as the managed platform for their critical EDRM systems. With more than 50,000 daily users, reliability and scalability are paramount, and we are proud to take on this critical responsibility. As part of the project, we are moving key components from Germany to a Danish public cloud hosted in Netic’s local data center – an essential step for data protection and compliance. We appreciate the trust placed in us and look forward to a strong four-year partnership, where we will provide modern, secure, and future-proof operations for Brugerklubben SBSYS.”

    The contract has a duration of 48 months. During this period, Contain by Netic will ensure stable and consistent operations while maintaining seamless collaboration with Brugerklubben SBSYS’s other vendors.

    Investor and media contact

    Frederik Svanholm
    Group Investment Director, Head of IR & PR
    frsv@trifork.com, +41 79 357 7317

    About Trifork

    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Coalesce Expands Data Platform With CastorDoc Acquisition and Introduces Catalog

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, March 19, 2025 (GLOBE NEWSWIRE) — Coalesce, the data transformation company, has acquired CastorDoc, the AI-powered data catalog company. With the acquisition, CastorDoc is now Coalesce Catalog, an intuitive, AI-driven metadata management solution for modern data teams. While the name has changed, the product remains the same—continuing to deliver industry-leading data governance and discovery as part of the Coalesce product suite.

    This acquisition expands Coalesce’s data transformation platform with dynamic metadata management and AI-assisted discoverability features. The integration provides immediate benefits for all data consumers by offering full visibility into data flow from source to insight, while establishing a long-term vision of embedding governance into the data development process from the start, rather than as an afterthought.

    Coalesce Catalog’s AI-powered data catalog and intuitive documentation capabilities democratize data access, allowing technical and non-technical customers to understand and interact with information via AI agents. This acquisition aligns with Coalesce’s mission to simplify data transformation, bridging the gap between engineers, analysts, and business leaders to reduce complexity in the data ecosystem.

    “Maximizing value for every data practitioner is core to the Coalesce mission. We’re thrilled to be the first Modern Data Stack vendor to make a cross-category acquisition with CastorDoc, whose team and vision align perfectly with ours,” said Armon Petrossian, Co-founder and CEO of Coalesce. “This strategic move accelerates our innovation roadmap, offering customers and partners an integrated data transformation and governance solution that’s unmatched in today’s market.”

    A Defining Moment for the Modern Data Stack

    “This is a pivotal moment for the Modern Data Stack. While many have predicted consolidation, this is the first true example of two high-growth, early-stage companies joining forces across different parts of the stack,” said Sanjeev Mohan, Principal at SanjMo and former Research VP at Gartner. “By combining best-in-class capabilities across transformation and data governance, this move expands Coalesce’s total addressable market and sets a new precedent for how data teams utilize tightly integrated, multi-cloud solutions that span multiple stages of the data lifecycle.”

    A Phased Approach to Product Integration
    The strategic roadmap outlines an incremental approach to deepening product connectivity:

    • Short-term: Automated lineage tracking from source to business intelligence, improved discoverability, and AI-enabled metadata insights.
    • Long-term: A fully integrated platform with governance, observability, and intelligence capabilities embedded into the data transformation lifecycle. Powered by agentic AI, the platform will automate data management, adapt to business needs, and enhance decision-making at every stage, allowing people to build, manage, and consume trusted data efficiently.

    For current CastorDoc customers, nothing changes except the name—the product experience remains the same, and all existing functionality continues as is. With Coalesce, customers can expect significant investments in innovation and expanded capabilities—all enabled by AI automation.

    Expanding Coalesce’s Vision for Data Management
    This acquisition strengthens the Coalesce transformation platform beyond data teams—empowering more users with greater access to trusted data. This integration will:

    • Enable end-to-end data lineage & visibility: Track data transformations, dependencies, and historical context from ingestion to business intelligence apps, improving transparency and trust.
    • Strengthen AI-powered development & knowledge sharing: Empower teams to accelerate data transformation and collaboration using AI, making data more accessible and improving quality without compromising governance.
    • Embed governance into data workflows: Move governance from a disconnected, after-the-fact process to an integrated, proactive approach embedded directly into data transformation. By shifting governance left, business definitions and compliance policies become part of data development from the start—ensuring accuracy, trust, and collaboration between technical and business teams, without slowing them down.
    • Leverage dynamic metadata for smarter decisions: Move beyond static catalogs with dynamic metadata management, providing detailed context and enabling real-time decision-making, automation, and knowledge sharing.
    • Enhance collaboration across teams: Empower engineers, analysts, and business users to build, manage, and utilize data assets confidently within a shared, AI-enhanced environment.
    • Scale with an intelligent data transformation platform: Unify data pipeline development, discoverability, and governance into a single platform, allowing organizations to build, govern, and innovate at any scale.

    “We built CastorDoc to make data accessible to everyone by providing an AI-driven catalog that helps people document, discover, and navigate their data effortlessly,” said Tristan Mayer, Co-founder and CEO of CastorDoc. “Joining Coalesce allows us to accelerate this mission, empowering technical and non-technical professionals with trusted, high-quality data. We’re excited for what’s ahead.”

    For more information on this acquisition and what it means for customers, visit Building the Future of Data Together: Why Coalesce Acquired CastorDoc.

    About Coalesce
    Coalesce transforms how data teams work by simplifying data development and governance. The platform enables data practitioners of all skill levels to build, discover, and scale data projects with unprecedented speed and quality. Designed for flexibility, Coalesce empowers organizations to accelerate the delivery and consumption of trusted, enterprise-ready data—while reducing time and effort tenfold. Learn more at Coalesce.io.

    The MIL Network –

  • MIL-OSI: Western Communities Foundation Announces New Board Chair, President, and Secretary-Treasurer

    Source: GlobeNewswire (MIL-OSI)

    HIGH RIVER, Alberta, March 19, 2025 (GLOBE NEWSWIRE) — Western Communities Foundation is pleased to announce some leadership changes following the retirement of Kenny Nicholls, Western’s previous President and CEO and Foundation Board Chair. Grant Ostir, Chief Executive Officer, Western Financial Group, has been appointed Foundation President. Nancy Green-Bolton, Western’s Chief Operating Officer, will take on the role of Board Chair. Nancy previously held the Board position as Secretary and Treasurer, a role which will now be fulfilled by Jonathan Hoey, Western’s Chief Underwriting Officer.

    As Western Financial Group’s CEO, Grant leads with a deep commitment to purpose-driven leadership, ensuring both people and performance thrive, for the business and our local communities. At the helm of the company’s strategy and vision, Grant champions a culture where care meets operational excellence, a philosophy that will continue with his new Foundation role.

    “Western has a long-standing commitment to providing meaningful assistance to our people, our customers, partners and the communities in which we live and work,” said Grant. “I’m excited to build on that legacy, work with our communities and partners to create new opportunities for growth and positive impact from coast to coast.”

    As Western’s longest-standing board member, Nancy has been involved in the Communities Foundation Board of Directors since 2017, and joined Western Financial Group in 2007. In her role as Chief Operating Officer, she oversees all aspects of Western’s operations in partnership with our CEO Grant Ostir. Her work at the helm of the foundation will only help to strengthen our ability to continue reaching communities and groups in meaningful ways.

    “Over the years, I’ve seen first-hand the remarkable ways in which our people have given back to our communities, through all departments and geographies at Western, we live and breathe care at the core of all we do,” said Nancy. “It’s an honour to continue my involvement in this meaningful work and to lead the foundation to help even more communities and groups where we work and live.”

    As a caring first company, Western Financial Group is committed to not only supporting staff, customers, and partners, but also the communities in which we live, work and play. Founded in 2001, Western Communities Foundation has granted over $9 million to its local communities across Canada.

    “Giving back isn’t a corporate strategy for us, it’s part of our DNA,” said Michelle Mak, Communities Foundation Director. “We’re really pleased to be working with Grant and Nancy who are exceptionally passionate about caring for our communities. They will bring crucial expertise to help the Foundation reach even more communities with big impact.”

    To learn more about the Foundation, visit westernfinancialgroup.ca/Foundation-Who-We-Are.

    Western Financial Group Communities Foundation
    Founded in 2001, the Western Financial Group Communities Foundation serves to give back to the communities where Western employees live and work and play, and foster employee pride and engagement. The Foundation’s core donation programs include community Infrastructure Grants, the Western Inspirational Awards for graduating high school students, and the Matching Grants Program. Since its inception, the Western Communities Foundation has granted more than $9 million to support local communities.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c8df1651-447e-4992-bbcf-b0aa68621722

    The MIL Network –

  • MIL-OSI: SINTX Technologies Announces Publication of Study Confirming Superior Performance of Silicon Nitride in Cervical Spine Fusion

    Source: GlobeNewswire (MIL-OSI)

    SALT LAKE CITY, Utah, March 19, 2025 (GLOBE NEWSWIRE) — SINTX Technologies, Inc. (NASDAQ: SINT) (“SINTX” or the “Company”), a leader in advanced ceramics for medical device and technical applications, announced today the publication of a new peer-reviewed study demonstrating the biomechanical advantages of silicon nitride in anterior cervical discectomy and fusion (ACDF) procedures.

    The study, titled Biomechanical Evaluation of Cervical Interbody Fusion Cages for Anterior Cervical Discectomy and Fusion With Variations in Morphology, was conducted by researchers at SRM Institute of Science and Technology in collaboration with SINTX Technologies. Using finite element analysis, the study compared various cage designs and materials used in cervical spine fusion procedures. The results highlight silicon nitride’s superior biomechanical performance, particularly in reducing implant subsidence, improving load distribution, and enhancing spinal stability.

    Key Commercial Findings for Spinal Medical Devices

    The findings of this study complement key conclusions from previous studies of the silicon nitride biomaterial and reinforce the unique advantages of silicon nitride over traditional spinal implant biomaterials like PEEK (polyetheretherketone) and titanium, including:

    • Reduced Cage Subsidence – Silicon nitride exhibited exceptional load-bearing capability, minimizing the risk of implant subsidence, a common complication in spinal fusion surgery.
    • Improved Biomechanical Stability – The study confirmed that silicon nitride interbody fusion cages provide enhanced stress distribution and reduce the risk of adjacent segment degeneration.
    • Superior Osseointegration – Unlike PEEK, which is biologically inert and can induce formation of scar tissue at the implant interface, silicon nitride promotes stronger bone fusion due to its osteoconductive and antimicrobial properties.
    • Enhanced Imaging and Safety – Unlike metal implants, silicon nitride offers radiolucency, enabling better post-surgical imaging and reducing artifacts in MRI and CT scans.

    Implications for the Spinal Implant Market

    “This study provides more compelling evidence of the biomechanical and clinical benefits of silicon nitride for spinal fusion applications,” said Eric Olson, CEO of SINTX Technologies. “As the demand for advanced spinal implants grows, we believe our proprietary silicon nitride biomaterial presents a transformative solution for improving long-term patient outcomes while reducing surgical complications.”

    With global spinal fusion procedures expected to surpass $10 billion annually, the integration of silicon nitride into commercial spinal implant systems represents a significant market opportunity for SINTX. The company continues to engage with strategic partners to drive adoption of silicon nitride-based medical devices, including cervical interbody fusion cages and other orthopedic applications.

    For more information, please visit www.sintx.com

    About SINTX Technologies, Inc.

    Located in Salt Lake City, Utah, SINTX Technologies is an advanced ceramics company that develops and commercializes materials, components, and technologies for medical applications. SINTX is a global leader in the research, development, and manufacturing of silicon nitride, and its products have been implanted in humans since 2008. Over the past several years, SINTX has utilized strategic acquisitions and alliances to enter into new markets. For more information on SINTX Technologies or its materials platform, visit www.sintx.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”) that are subject to a number of risks and uncertainties. Forward-looking statements can be identified by words such as: “anticipate,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods.

    Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. 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. 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, difficulty in commercializing ceramic technologies and development of new product opportunities. A discussion of other risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements can be found in SINTX’s Risk Factors disclosure in its Annual Report on Form 10-K, filed with the SEC on March 27, 2024, and in SINTX’s other filings with the SEC. SINTX undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report, except as required by law.

    Business and Media Inquiries for SINTX:
    SINTX Technologies
    801.839.3502
    IR@sintx.com

    The MIL Network –

  • MIL-OSI: Oxbridge / SurancePlus Announces Partnership with Plume, Expanding Access to Millions of Potential Investors

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, March 19, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), through its subsidiary SurancePlus, is engaged in the tokenization of Real-World Assets (“RWAs”), initially with tokenized reinsurance securities, today announced SurancePlus’ partnership with Plume, a leading blockchain optimized for Real-World Asset Finance (RWAfi). This collaboration aims to significantly expand the distribution of SurancePlus’ 2025-2026 tokenized reinsurance securities – EtaCat Re and ZetaCat Re – which target annual returns of 20% and 42%, respectively.

    Plume provides an extensive ecosystem for distributing tokenized assets, making this collaboration a significant step toward increasing investor participation in high-yield, RWA backed securities. Plume provides seamless RWA distribution to over 18 million unique addresses, facilitating more than 280 million transactions, with $4.5 billion in committed assets on its platform. This underscores its influence in the tokenized finance space, presenting a valuable distribution opportunity for SurancePlus’ securities.

    Jay Madhu, CEO of Oxbridge, commented, “Announcing this partnership at Digital Assets Summit 2025 aligns perfectly with our vision of democratizing access to institutional-grade reinsurance investments. Plume’s ecosystem presents a strong opportunity to expand the distribution of our 2025 reinsurance securities and connect with a broader audience of investors seeking high yield opportunities that are uncorrelated to the capital markets. SurancePlus’ parent company, Nasdaq-listed Oxbridge, brings critical elements of compliance and transparency, bridging the gap between blockchain/RWAs and the SEC.”

    Chris Yin, CEO & Co-Founder of Plume, commented: “Plume is committed to bridging traditional finance and blockchain by offering access to yield-bearing real world assets. Working with SurancePlus aligns perfectly with our mission. Their balanced yield offering, EtaCat Re, and their high-yield offering, ZetaCat Re, represent exactly the type of opportunities our investors are looking for.”

    Why This Collaboration Matters

    • Expanded Investor Reach: Plume’s extensive ecosystem and DeFi infrastructure provide immediate access to millions of active users, significantly broadening the potential investor base for EtaCat Re and ZetaCat Re.
    • Efficient & Scalable Distribution: Plume’s full-stack, vertically integrated technology ensures seamless issuance, trading, and integration of RWAs, enhancing the liquidity and accessibility of SurancePlus’ tokenized securities.
    • Alignment with Institutional & Retail Demand: Plume specializes in connecting investors with yield-generating RWAs, ensuring that SurancePlus’ offerings reach the right audience – those seeking stable, transparent, and high-yield investment opportunities.

    By integrating with Plume, SurancePlus builds on its position as a leader in tokenized reinsurance securities, reinforcing its commitment to providing investors with access to fully collateralized, high-return digital securities backed by real-world reinsurance contracts.

    Disclaimer: This press release does not constitute an offer to sell nor a solicitation of an offer to buy the ZetaCat Re or EtaCat Re tokenenized reinsurance securities (the “Securities”). The Securities are not required to be, and have not been, registered under the United States Securities Act of 1933, as amended, in reliance on the exemptions provided by Regulation S and SEC Rule 506(c) thereunder. Offers and sales of the Securities are made only by, and pursuant to, the terms set forth in the Confidential Private Placement Memorandum relating to the Securities. The offering of the Securities is not being made to persons in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction.

    About Oxbridge Re Holdings Limited

    Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

    Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.

    Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non U.S. investors.

    Company Contact:
    Oxbridge Re Holdings Limited
    Jay Madhu, CEO
    +1 345-749-7570
    jmadhu@oxbridgere.com

    About Plume

    Plume is the first full-stack L1 RWA chain purpose-built for Real World Asset Finance (RWAfi), enabling the integration and adoption of real world assets through its ecosystem. With 180+ protocols building on the network and a $25M RWAfi Ecosystem Fund for early-stage projects, Plume offers a composable, EVM-compatible environment for onboarding and managing diverse real world assets. Coupled with an end-to-end tokenization engine and a network of financial infrastructure partners, Plume enables seamless DeFi integration for RWAs so anyone can tokenize real world assets, distribute them globally, and make them useful for blockchain native users.

    Learn More:
    https://plumenetwork.xyz and https://x.com/plumenetwork

    Company Contact:
    press@plumenetwork.xyz

    Forward-Looking Statements

    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2024 and in our other filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

    The MIL Network –

  • MIL-OSI: Magnite’s ClearLine Equips Cross Screen Media with the Tools to Maximize Voter Reach

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, March 19, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, announced an expanded partnership with Cross Screen Media following a successful 2024 election cycle. The adoption of ClearLine, Magnite’s self-service buying solution, helped Cross Screen Media bypass middlemen, put more spend toward working media, and drive incremental voter reach.

    In a 2024 statewide race, ClearLine was used in parallel with two DSPs and a linear TV schedule. Cross Screen Media’s measurement solution found that over a two-week period in October, ClearLine drove 4% incremental reach beyond the other digital and TV components, and 8% incremental reach beyond the DSPs alone.

    “It’s the job of every political advertiser to identify the voters that will swing an election and ensure your message is reaching them,” said Chauncey Southworth, CEO of Cross Screen Media. “Adding ClearLine removes intermediaries, creates a more direct line between campaign ad dollars and voters, and in combination with our cross-screen measurement solution, drives incremental reach that can be the difference in an election.”

    Founded in 2017, Cross Screen Media offers advertising technology built for politics, empowering agencies and their campaigns to win elections through data-driven media planning, activation, and measurement. With 40% of swing voters nationwide unreachable via linear TV, and elections often decided by fractions of a percent, direct avenues to CTV inventory are crucial to ensuring advertisers can maximize reach amongst likely voters. The fast-paced nature of politics means buyers need a responsive platform that makes it easy to adjust budgets, creatives, and targeting in an instant. Magnite’s ClearLine delivers on this by streamlining the buying process, establishing a more direct and efficient route to premium inventory, and significantly increasing spend allocated toward working media.

    “The savviest political advertisers are always seeking innovative, highly efficient, and measurable ways to connect with voters,” said Erik Brydges, Head of Political Demand at Magnite. “ClearLine helps Cross Screen Media and their agency customers accomplish this goal, and represents the future of how we believe CTV will be transacted. As CTV’s share of spend continues to grow, executing budgets directly within the supply side tech ecosystem provides immediate advantages to political campaigns.”

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    About Cross Screen Media
    Cross Screen Media is a leading CTV activation managed service for political and public affairs agencies, built on a proprietary technology platform that enables advertisers to plan and measure local advertising across Connected TV and audience-driven Linear TV. We seamlessly fit into existing workflows to help agencies scale, differentiate and deliver high-impact campaigns for their clients.

    Media Contact:
    Megan Hughes
    mhughes@magnite.com

    The MIL Network –

  • MIL-OSI: SpyCloud’s 2025 Identity Exposure Report Reveals Surging Identity-Based Threats as Stolen Identity Records Increase 22% from Last Year

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, March 19, 2025 (GLOBE NEWSWIRE) — SpyCloud, the leader in identity threat protection, today released its 2025 SpyCloud Annual Identity Exposure Report, uncovering the staggering scale of digital identity sprawl, the growing risks organizations face, and actionable insights to combat cyber threats before they escalate.

    SpyCloud has recaptured 53.3 billion distinct identity records, a 22% increase from 2023, underscoring the increasing prevalence of stolen data such as credentials and personally identifiable information (PII) circulating the darknet. These identity records, consisting of harvested employee, consumer, and supply chain data, are the fuel that power cyberattacks like ransomware, account takeover, and fraud – nearly 80% of breaches last year involved the use of stolen credentials. 

    Despite this surge in identity-based threats, many organizations remain unaware of the massive breadth of digital identity data stolen from users, traded among cybercriminals, and leveraged to infiltrate organizations.

    “Traditional security models focus on an isolated exposure data point, like a single stolen password or breached email, without accounting for the full picture of an individual’s digital footprint and other potential exposures,” said Damon Fleury, Chief Product Officer at SpyCloud. “But modern threats are far more complex. At SpyCloud, we’ve pioneered a holistic approach to identity security, mapping exposures across breaches, malware infections, phishing campaigns, and combolists to reveal the true scale of risk from compromised users. This shift is essential for defenders to proactively mitigate threats from stolen identity data before they escalate into full-scale cyberattacks.”

    Key Findings from the 2025 Annual Identity Exposure Report:

    The True Scale of Identity Exposure is Greater Than Previously Estimated

    By applying proprietary holistic identity matching, SpyCloud researchers discovered that the actual scale of exposure is, on average, more than twelve times larger than previously estimated – providing security teams with a clearer, more actionable picture of identity risk:

    • 146 identity records per corporate user → compared to just 11 using traditional methods
    • 141 stolen credential pairs per user → versus just 7 with legacy visibility
    • 74% of recaptured consumer records include location data, increasing risks of fraud and identity theft

    With a holistic approach to identity security, enterprises can move beyond isolated credential leaks and better understand their interconnected exposures – empowering them to act before an attack occurs.

    Infostealer Malware: The Primary Driver of Modern Cybercrime

    Infostealer malware – stealthy, highly efficient tools that extract user information, browser cookies, and system details from infected devices – has emerged as one of the most persistent and dangerous threats to enterprise security. SpyCloud recaptures data from more than 75 different malware families including LummaC2, Redline Stealer, and Vidar. This year’s research into the recaptured data from those families found that:

    • About 1 in 2 of corporate users were exposed through infostealer malware in the past year through a personal or corporate device
    • 7 million stolen credentials for third-party applications were recaptured—a 48% increase from last year. Trending third-party application targets include:
      • 895,802 stolen credentials for enterprise AI tools, exposing sensitive business insights and proprietary data
      • 159,313 stolen credentials from password managers, undermining critical security layers
    • 17 billion stolen cookies were recaptured, enabling attackers to side-step multi-factor authentication (MFA) and hijack active sessions

    Infostealers’ role in identity exposures has real, lasting effects on businesses and individuals. Last year, nearly one-third of companies that suffered a ransomware attack had previously experienced an infostealer infection.

    Phishing: A Growing Threat Fueled by AI and Phishing-as-a-Service (PhaaS)

    Phishing tactics evolved in 2024, becoming more sophisticated with AI-driven campaigns and turnkey PhaaS platforms. Attackers increasingly targeted high-value data, including personal and corporate credentials, financial accounts, and session cookies. SpyCloud’s 2025 research reveals:

    • 97% of recaptured phished data contains email addresses
    • 64% contains IP addresses
    • 51% contains city or postal codes, increasing risks of location-based fraud

    PII Exposure Surges, Fueling Identity Fraud

    The exposure of PII reached 44.8 billion recaptured records in 2024 – a 39% increase from the previous year – due in large part to breaches such as the Mother of All Breaches (MOAB) and the National Public Data Breach. Both exploding the available PII circulating the criminal underground and still providing cybercriminals with the raw materials to commit identity fraud and financial crimes. Key exposed PII data points include:

    • 3.05 billion Social Security and national ID numbers
    • 4.4 billion full names
    • 2.8 billion phone numbers
    • 42.97 million passport and driver’s license numbers
    • 36.97 million credit card numbers

    Cybercriminals are also capitalizing on sprawling digital identities and expanding their targets to include other forms of credentials. SpyCloud also recaptured 33.1 million exposed API keys and 147,132 compromised cryptowallet addresses, highlighting critical vulnerabilities in modern digital ecosystems.

    Weak Password Practices Continue to Undermine Security

    Despite growing awareness of identity threats, weak password practices remain a constant source of risk, making users easy targets for automated credential stuffing and account takeover attacks:

    • 3.1 billion exposed passwords were recaptured – a 125% increase from last year
    • 70% of users exposed in breaches last year reused previously-exposed passwords across multiple accounts, up from 61% in 2023
    • Most commonly exposed passwords include: “123456,” “Admin,” “Qwerty”
    • Pop culture continues to drive popular password choices. While these passwords are personal to the users, they are predictable and continue to reign as a top entry point for threat actors.
      • Almost 3 billion referenced the fall season
      • 7.5 million referenced major international events in tennis 
      • Over 7 million referenced cats 
      • Passwords influenced by video games surged, including passwords related to The Legend of Zelda (2 million), Super Mario Brothers (almost 1.5 million) and Fortnite (almost 1 million)
      • Passwords influenced by the year’s hottest artists such as Taylor Swift (1.5 million) and Charli XCX (295,000) were also common

    Looking Ahead: Proactive Identity Protection is Critical

    As identity threats continue to evolve, organizations must adopt a proactive, holistic approach to identity security. Defending against cybercrime requires continuous monitoring for dark web identity exposures, rapid and automated remediation of stolen identity data, and enhanced security measures to combat emerging threats.

    “The rise of infostealer malware and ever-evolving phishing attacks created a surge in the theft of sensitive identity data, but the size and scale of breaches like MOAB and NPD demonstrate traditional attack methods continue to be dangerous,” said Trevor Hilligoss, Senior Vice President of Security Research, SpyCloud Labs at SpyCloud. “In an era where identity data is cybercriminals’ most valuable currency, organizations must think beyond traditional security perimeters and leverage intelligence from the criminal underground to disrupt cybercrime before it strikes.”

    Read the full 2025 SpyCloud Identity Exposure Report here.

    About SpyCloud

    SpyCloud transforms recaptured darknet data to disrupt cybercrime. Its automated holistic identity threat protection solutions leverage advanced analytics to proactively prevent ransomware and account takeover, safeguard employee and consumer accounts, and accelerate cybercrime investigations. SpyCloud’s data from breaches, malware-infected devices, and successful phishes also powers many popular dark web monitoring and identity theft protection offerings. Customers include seven of the Fortune 10, along with hundreds of global enterprises, mid-sized companies, and government agencies worldwide. Headquartered in Austin, TX, SpyCloud is home to more than 200 cybersecurity experts whose mission is to protect businesses and consumers from the stolen identity data criminals are using to target them now.

    To learn more and see insights, users can visit spycloud.com.

    Contact:
    Emily Brown
    REQ on behalf of SpyCloud
    spycloud@req.co

    The MIL Network –

  • MIL-OSI: Coralogix Leverages Aporia Acquisition to Deliver True AI Observability, Detecting Hallucinations, Data Leakage, Toxicity and More

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, March 19, 2025 (GLOBE NEWSWIRE) — Coralogix, the leading full-stack observability platform, today launched its AI Center, which empowers organizations with real-time visibility into all of their AI applications. By delivering comprehensive, real-time insights into AI performance, quality, security, and governance within a single platform, the AI Center empowers businesses to accelerate AI adoption and manage AI agents with confidence.

    According to the National Institute of Standards and Technology (NIST), AI applications require rigorous oversight, as inadequate management can lead to unforeseen or inequitable outcomes. Existing AI observability approaches fall short by focusing on performance vs. other attributes that impact effective usage.

    Coralogix tackles this issue by observing with customizable evaluators that address the “grey areas,” i.e. when AI appears to perform correctly, but has issues related to its responses. Unlike other vendors, Coralogix reviews the content of the user and the AI to determine whether, for example, there is a chance that an exchange contains toxicity, the AI is hallucinating, or a bad actor is trying to breach the chatbot to steal customer data.

    With this addition, Coralogix is now the first cross-stack observability platform, transforming how businesses analyze their software, security, and AI systems. The company’s unique ability to analyze data in real-time as it’s ingested provides businesses with real-time monitoring, advanced analytics, and incident management, all while significantly reducing costs and time-to-insight.

    “AI is not just another technology layer; it’s a distinct stack with its own complexities and risks,” said Ariel Assaraf, CEO of Coralogix. “Our AI Center delivers real-time transparency into every aspect of that stack, ensuring organizations can monitor, troubleshoot, and secure their AI initiatives before minor errors become major crises. This launch represents a significant step forward in our mission to provide the most advanced cross-stack observability platform imaginable.”

    With over 2,000 enterprise customers globally, Coralogix has long led observability innovation. In December 2024, the company acquired Aporia, a leading provider of AI observability and guardrails. That acquisition fueled the rapid development of advanced AI solutions, culminating in today’s launch.

    Coralogix’s AI Center Provides:

    • AI Evaluation Engine: Allows users to evaluate AI applications for quality, correctness, security and compliance. Moreover, they can tailor specialized evaluators for each AI use case. The evaluators actively assess each interaction, scanning every prompt and response for potential risks or quality issues.
    • AI-SPM (Security Posture Management): Provides real-time, dedicated monitoring of the security and performance of AI agents across an organization. Its dashboards highlight risks such as prompt injections, data leaks, and PII leakage, allowing teams to pinpoint and address breaches or security risks.
    • Complete User Journey & Cost Tracking: Provides full visibility into user interactions, from conversation histories and logins to token usage. This granular tracking enables teams to pinpoint suspicious resource consumption, detect cost harvesting attempts, and optimize budgets without compromising performance.
    • Performance Metrics: Delivers in-depth insights into AI agent performance. It detects issues like poor response accuracy, latency spikes, and malicious user inputs, enabling teams to resolve underperforming agents before they impact the user experience. By focusing on AI-specific metrics, organizations can ensure a seamless, high-quality AI environment.

    “The launch of our AI Center unlocks a significant barrier faced by many AI teams – crossing the chasm from pilot to production,” commented Liran Hason, VP of AI, Coralogix and previously CEO of Aporia. “Having a centralized place to observe and manage all your AI applications for performance, quality and security is the key missing piece to launching AI apps safely.”

    “Acquiring Aporia enabled us to rapidly deliver real-time AI observability and establish our new AI Research Center,” said Yoni Farin, CTO and Co-founder of Coralogix. “This expansion goes beyond observability; we’re investing in top-tier talent to build the next generation of AI-driven solutions for our customers worldwide.”

    About Coralogix

    Coralogix is a modern, cross-stack observability platform that enables businesses to monitor and manage data in real time, providing instant insights without the need for complex storage solutions. The platform supports application performance monitoring (APM), security information and event management (SIEM), real user monitoring (RUM), and infrastructure monitoring, offering complete visibility into AI performance, security, and governance in a single solution. Coralogix offers a simple pricing model based on data volume, along with world-class support that ensures rapid response times and swift resolutions.

    Following the acquisition of Aporia in December 2024, Coralogix expanded into AI observability, giving businesses the ability to monitor and govern generative AI models with full transparency. To learn more about how Coralogix can help your business, visit www.coralogix.com.

    PR Contact

    Mark Prindle

    mark.prindle@fusionpr.com

    The MIL Network –

  • MIL-OSI: GigaOm Recognizes Infinidat as a Leader and a Fast Mover in Storage as a Service

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., March 19, 2025 (GLOBE NEWSWIRE) — Infinidat, a leading provider of enterprise storage solutions, today announced that GigaOm, a leading IT analyst firm, has recognized Infinidat as a Leader and a Fast Mover in the 2025 GigaOm Sonar Report for Storage as a Service (STaaS). GigaOm analysts cited Infinidat’s STaaS platform as “an excellent choice for enterprises requiring high-performance storage for mission-critical applications.” Details are available in the 2025 GigaOm Sonar Report for Storage as a Service.

    “It’s outstanding that Infinidat continues to be recognized for our innovation and our feature-rich platform for Storage as a Service,” said Eric Herzog, CMO at Infinidat. “We’re pleased that GigaOm’s independent analysis of Infinidat recognizes us as a Leader. Infinidat’s high performance, scalability, 100% availability and cyber storage resilience capabilities make our Storage as a Service platform ideal for enterprises requiring robust storage solutions capable of delivering reliable performance, real-time scaling, and cyber protection in large-scale operations. Infinidat offers an extremely competitive STaaS solution that is worthy of being in every conversation about storage services in high-end enterprises.”

    “Organizations with dynamic workloads will benefit from Infinidat’s scalability and AI-driven optimization,” said GigaOm Analyst James Brown. “Infinidat is particularly well suited for industries with high-performance storage needs, such as financial services, healthcare, and technology. Its ultra-low latency, robust reliability, cyber storage resilience, and cyber recovery capabilities make it ideal for real-time applications, including trading platforms, AI/ML workloads, and analytics. Enterprises with a focus on data security and regulatory compliance will appreciate Infinidat’s comprehensive cyber protection features, ensuring sensitive information is safeguarded at all times.”

    According to GigaOm, “Storage as a Service (STaaS) transforms how companies consume storage infrastructure by combining the elasticity and flexibility of cloud consumption models with the control and performance of on-premises solutions.” The analyst firm also states that STaaS is “a vital driver of digital transformation,” as more enterprises increasingly realize the benefits of hybrid approaches. STaaS provides SaaS-like, flexible consumption models, pay-as-you-go pricing, and dynamic storage capacity management. GigaOm calls STaaS “a game-changing cloud storage solution” with a quick deployment model that ensures “faster time-to-value.”

    GigaOm’s 2025 Sonar Report identifies the following as Infinidat’s greatest strengths for Storage as a Service:

    • Cost and billing granularity: Infinidat’s InfiniVerse® platform offers highly granular, daily usage tracking with transparent, predictable pricing.
    • Scalability for expansion: The platform supports real-time scaling with pre-provisioned resources, ensuring seamless performance under high demand.
    • Ease of use: Infinidat delivers predictable analytics and self-service provisioning tools that enhance user experience.

    GigaOm’s analysts wrote in the report: “Infinidat is classified as a Fast Mover in the Feature Play quadrant, demonstrating its ability to keep pace with evolving customer needs. With a focus on scalability, reliability, and performance, Infinidat has strengthened its position as a viable competitor in the STaaS market. By continuing to expand hybrid cloud capabilities and enhancing its feature set, Infinidat is well-positioned to address the demands of enterprise workloads.”

    The GigaOm report also highlights the Infinidat platform’s operational efficiency and hybrid multi-cloud support. As a standalone offering within Infinidat’s portfolio, the STaaS platform emphasizes operational efficiency through features such as proactive monitoring, intelligent tiering, and seamless scalability. It integrates well with hybrid multi-cloud environments with the InfuzeOS® Cloud Edition, supporting public cloud platforms such as AWS and Azure.

    To download the full analyst report, click the link below:

    About Infinidat
    Infinidat provides enterprises and service providers with a platform-native primary and secondary storage architecture that delivers comprehensive data services based on InfiniVerse®. This unique platform delivers outstanding IT operating benefits, support for modern workloads across on-premises and hybrid multi-cloud environments. Infinidat’s cyber resilient-by-design infrastructure, consumption-based performance, 100% availability, and cyber security guaranteed SLAs align with enterprise IT and business priorities. Infinidat’s award-winning platform-native data services and acclaimed white glove service are continuously recommended by customers. For more information, visit www.infinidat.com.

    Connect with Infinidat
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    Media Contact
    Infinidat
    Sapna Capoor
    Director of Global Communications
    scapoor@infinidat.com I Mobile: +44 (0) 7789684159

    The MIL Network –

  • MIL-OSI: Coop Pank 2024 audited Annual Report

    Source: GlobeNewswire (MIL-OSI)

    Management Board of Coop Pank has compiled 2024 audited Annual Report. There are no differences in the audited accounts as regards the financial results, compared to the unaudited financial results published on 13 February 2025.

    The consolidated annual report 2024 of Coop Pank AS has been enclosed to the announcement and will be made available on the bank’s homepage https://www.cooppank.ee/en/financial-reports

    Annual report will be presented for approval to general meeting of shareholders.

    Coop Pank’s business results for 2024 were positively impacted by solid business volume growth – both the number of customers and the loan portfolio showed strong growth. The overall economic and interest rate environment had a negative impact on business results.

    • By the end of 2024, the number of Coop Pank customers reached 208,000, of which 99,400 were active customers. Over the year, the number of Coop Pank customers increased by 26,000 (+14%) and the number of active customers increased by 17,400 (+21%).
    • By the end of 2024, deposits of Coop Pank reached 1.89 billion euros, increased by 164 million euros (+10%) over the year. The market share of the bank’s deposits increased from 6.0% to 6.1% over the year.
    • By the end of 2024, loan portfolio of Coop Pank reached 1.77 billion euros, increased by 283 million euros (+19%) over the year. The market share of the bank’s loans increased from 6.0% to 6.3% over the year.
    • Net profit of Coop Pank in 2024 was 32.2 million euros, decreased by 18% over the year.
    • Over the year the bank’s cost / income ratio increased from 41% to 50% and the return on equity decreased from the level from 23.5% to 16.2%.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 211,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.

    Additional information:
    Paavo Truu
    CFO
    Phone: +372 5160 231
    E-mail: paavo.truu@cooppank.ee

    Attachments

    The MIL Network –

  • MIL-OSI: NOTICE OF CALLING THE ANNUAL GENERAL MEETING OF SHAREHOLDERS

    Source: GlobeNewswire (MIL-OSI)

    The Management Board of Coop Pank AS (registry code 10237832, address Maakri 30, Tallinn, Estonia, 15014; hereinafter the Company) calls the annual General Meeting of Company’s shareholders on 16 April 2025 at 1:00 pm (Estonian time) held at Mövenpick Hotel Tallinn (previous L’Embitu hotel) conference room “Leiger” (Lembitu str 12, Tallinn, Estonia).

    According to the resolution of Company’s Supervisory Board, dated 19 March 2025, the agenda of Company’s annual General Meeting of shareholders with the proposals of Company’s Management Board and Supervisory Board to be adopted are as follows (whereas the Supervisory Board has proposed to vote for the submitted draft decisions of each item that requires voting in the agenda): 

    1. Approval of the consolidated Annual Report 2024 of Coop Pank AS

    To approve the Annual Report 2024 of Coop Pank AS, as submitted to the General Meeting.

    1. Profit allocation of Coop Pank AS for the financial year 2024

    To approve the proposal of the Management Board for allocating the net profit of Coop Pank AS in the amount of 32 178 thousand euros as follows:

    • To transfer 1 609 thousand euros to the legal reserve.
    • To pay dividends in the net amount of 7,00 eurocents per share. The list of shareholders entitled to receive dividends will be established as at 02.05.2025 COB. Consequently, the day of change of the rights related to the shares (ex-dividend date) is set to 30.04.2025. For shares acquired from this day onwards, the shareholder is not entitled to receive a dividend for the Company’s 2024 financial year. Dividends shall be disbursed to the shareholders on 06.05.2025.
    • To transfer the remaining part of the profit to retained earnings.
    1. Overview of the Chairman of the Management Board of the business environment and of the financial results for the first two months of 2025

    Chairman of the Management Board’s overview to the shareholders of the business environment and Company’s financial results for the first two months of 2025.

    1. Approval of Company’s share option program

    To approve the share option program of the Company for the period of 2025 – 2026 as submitted to the General Meeting.

    5. Exclusion of pre-emptive subscription rights
    The pre-emptive right to subscribe for new shares, issued under Article 3.3.5 of the Articles of Association, belongs to Company employees covered by the share option program, approved by the resolution of the 13 April 2022 general meeting of the Company, and with whom the Company has entered into relevant option agreements (Option Holders). To exclude the pre-emptive subscription rights of the existing shareholders for the shares issued to Option Holders in accordance with section 3.3.5 of the Articles of Association for the purpose of executing the share option program of Coop Pank AS.

    The circle of shareholders entitled to participate in the General Meeting is determined as of 7 days prior to the General Meeting, i.e. at the end of the working day of the Nasdaq CSD Estonian settlement system on 09 April 2025. Registration of participants will start an hour before the beginning of the meeting, i.e. at 12:00. We ask the shareholders and their representatives to arrive in good time, taking into account the time required to register the participants.

    For participating in the General Meeting:

    1. Individual shareholders should submit an identity document, their representatives should also hold a valid written authorisation;
    2. legal representatives of corporate shareholders should submit their identity document; the authorised representative should also hold a valid written authorisation document. In case the corporate shareholder is not registered in the Estonian Commercial Register, we ask to provide a valid extract from the relevant register where the legal person is registered and from which the representative’s right to represent the shareholder arises. The extract must be in English or translated into Estonian or English by a sworn translator or an official equivalent to sworn translator. The documents of a foreign shareholder must be legalised or authenticated by apostille, unless otherwise provided by an international agreement.

    The shareholder may notify the Company of the appointment of a representative and the revocation of the proxy by sending the documents to Company’s e-mail address info@cooppank.ee  or take the above documents to the Company’s office at Maakri 30, Tallinn, weekdays between 9:00 am – 5:00 pm no later than 14 April 2025 at 5:00 pm (Estonian time). The authorisation document templates are available on the Company´s website at https://www.cooppank.ee/en/general-meetings. If so desired, CEO of the Company Margus Rink may be appointed as a representative to vote at the General Meeting.

    Documents, concerning the General Meeting, draft decisions of the General Meeting and other documents submitted to the General Meeting pursuant to law (incl. the notice of calling the General Meeting, draft decisions, Annual Report 2024 of the Company, report of the supervisory board and Remuneration Report 2024), as well as other information subject to disclosure, are available for examination on the Company´s website https://www.cooppank.ee/en/general-meetings as well as on prior notice beginning from the notification of the General Meeting until the day of the General Meeting at Company’s headquarters in Tallinn, Maakri 30 on working days from 9:00 am till 5:00 pm. Please contact us in advance at info@cooppank.ee  to request access to the documents.

    Shareholders, whose shares represent at least 1/20 of the share capital of the Company, may demand the inclusion of additional items on the agenda of the annual General Meeting, if the corresponding request is filed in writing at least 15 days prior to the General Meeting, i.e. at the latest by 11:59 pm on 01 April 2025, at the e-mail address info@cooppank.ee or to the Company’s location at Maakri 30,Tallinn. A draft decision or rationale must be submitted at the same time as the proposal to supplement the agenda.

    Shareholders, whose shares represent at least 1/20 of the share capital of the Company, may submit to the Company in writing a draft resolution on each agenda item, by posting the draft to the e-mail address info@cooppank.ee or to the Company’s location at Maakri 30, Tallinn. The draft must be submitted in electronic form or by post so that it would be delivered to and received by the Company no later than 3 days before the General Meeting, i.e. by 11:59 pm on 13 April 2025 at the latest.

    At the General Meeting, shareholders are entitled to receive information on the activities of the Company from the management board. Management board may refuse to provide information if there are reasonable grounds for assuming that it may cause significant damage to the interests of the Company. In case the board refuses to provide information, the shareholder may require the General Meeting to decide on the lawfulness of the request or to submit within two weeks an application to the court in petition proceedings, to oblige the management board to disclose information.

    Questions on other organisational issues of the General Meeting are expected on the phone +372 669 0900 on working days or at e-mail address info@cooppank.ee.

    Sincerely

    Margus Rink                                                                                                                      
    Chairman of the Management Board

    Coop Pank AS

    The MIL Network –

  • MIL-OSI: One Stop Systems Reports Q4 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Strength in both segments contributed to consolidated year-over-year revenue growth for Q4 2024

    Consolidated revenue increased sequentially every quarter throughout 2024, reflecting the success of the Company’s transformation strategy to higher-growth markets

    Management expects double-digit consolidated revenue growth in 2025, driven by anticipated OSS segment revenue of over 20% and consolidated EBITDA break even for the year

    ESCONDIDO, Calif., March 19, 2025 (GLOBE NEWSWIRE) — One Stop Systems, Inc. (“OSS” or the “Company”) (Nasdaq: OSS), a leader in rugged Enterprise Class compute for artificial intelligence (AI), machine learning (ML) autonomy and sensor processing at the edge, reported results for the three- and twelve-month periods ended December 31, 2024. Comparisons for the three- and twelve-month periods are to the same year-ago periods unless otherwise noted.

    “I am pleased to report a return to consolidated year-over-year revenue growth for the fourth quarter, as sales from both our OSS and Bressner segments grew at double digit rates. Throughout 2024 we executed on our multi-year transformation, making significant progress in shifting our business toward higher-margin, higher-growth markets. We invested in our platform, strengthened our pipeline, and deepened collaboration with customers developing high-performance, Enterprise Class, edge computing solutions for both commercial and defense applications,” stated OSS President and CEO, Mike Knowles.

    “As efforts to reposition the Company for revenue growth gained momentum during 2024 and our business model evolved, we adjusted our legacy inventory and program costs to better align with our focus on improving efficiencies and increasing profitability. We believe the progress we made in 2024 strengthened our business, positioning the Company for higher sales and profitability in 2025 and beyond,” concluded Mr. Knowles.

    2024 Fourth-Quarter Financial Summary

    Consolidated revenue was $15.1 million, compared to $13.2 million in the fourth quarter of 2023. The 15.1% year-over-year increase was a result of a $1.3 million increase in Bressner segment revenue and a $642,000 year-over-year increase in OSS segment revenue. The 10% year-over-year increase in OSS segment revenue was primarily due to higher revenue from defense and commercial customers, as well as new customer-funded development orders, aligned directly with the Company’s strategic focus and plan.

    The following table sets forth net revenue by segment for the three months ended December 31, 2024, and December 31, 2023 (Dollars may not calculate due to rounding):

      Three Months Ended
    Entity: December 31, 
    2024
    		   % of Net
    Revenue
    		   December 31, 
    2023
    		   % of Net
    Revenue
    		   % Change  
    OSS $ 7,042,613   46.5 %   $ 6,401,047   48.7 %   10.0 %
    Bressner   8,097,533   53.5 %     6,754,161   51.3 %   19.9 %
    Total net revenue $ 15,140,146   100.0 %   $ 13,155,209   100.0 %   15.1 %
     

    During the fourth quarter ended December 31, 2024, the Company took a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2022.   This charge reduced reported gross margin, net income, and adjusted EBITDA for the three- and twelve-month periods ended December 31, 2024. Management does not currently foresee any further charges related to this customer-funded development contract.  

    Consolidated gross margin percentage was 15.7%, compared to 33.7% in the prior year quarter. Gross margin, excluding the one-time charges, was 23.8%, compared to 33.7% in the same period last year. The decrease in gross margin was primarily due to product mix.

    On a segment basis, the OSS segment had a gross margin of 9.4%, compared to 45.9% for the same period a year ago. OSS segment gross margin, excluding the one-time charges, was 26.8%, compared to 45.9%. The decrease from the same period last year was primarily driven by product mix. The Company’s Bressner segment had a gross margin percentage of 21.2%, compared to 22.2% in the same period last year.  

    Total operating expenses increased 15.1% to $5.5 million. This increase was predominantly attributable to higher general and administrative costs related to planned sales and program management investments made during the quarter.

    The Company reported a net loss of $3.1 million, or $(0.15) per share, as compared to a net loss of $278,000, or $(0.01) per share, in the prior year period.

    Adjusted EBITDA, a non-GAAP metric, was a loss of $2.3 million, inclusive of $1.2 million in one-time charges, compared to adjusted EBITDA of $322,000 in the prior year period.

    As of December 31, 2024, the Company reported cash and short-term investments of $10.0 million and total working capital of $24.0 million, compared to cash and short-term investments of $11.8 million and total working capital of $35.6 million at December 31, 2023. The reduction in cash and short-term investments was primarily driven by the paydown of $1 million of notes payable.  

    2024 Twelve Months Financial Summary

    Consolidated revenue was $54.7 million, compared to $60.9 million for the same period last year. The 10.2% year-over-year reduction in consolidated revenue was primarily a result of approximately $4.8 million related to a former media customer, for whom shipments ceased in the second quarter of 2023. This decrease was partially offset by higher sales to customers in the military and defense end markets. In addition, Bressner segment revenue declined by $2.0 million on a year-over-year basis, associated with slower economic activity in the German economy.  

    The following table sets forth net revenue by segment for the twelve months ended December 31, 2024, and December 31, 2023 (Dollars may not calculate due to rounding):

      Twelve Months Ended
    Entity: December 31, 
    2024
    		   % of Net
    Revenue
    		   December 31, 
    2023
    		   % of Net
    Revenue
    		   % Change
    OSS $ 24,558,809   44.9 %   $ 28,809,888   47.3 %   (14.8 )%
    Bressner   30,135,550   55.1 %     32,086,910   52.7 %   (6.1 )%
    Total net revenue $ 54,694,358   100.0 %   $ 60,896,798   100.0 %   (10.2 )%
                                 

    For the year ended December 31, 2024, the Company incurred a total of $8.3 million of one-time charges that reduced reported gross margin, net income, and adjusted EBITDA. During the fourth quarter of 2024, the Company took a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2022.   Additionally, during the year, OSS incurred $7.1 million of inventory charges related to obsolete and slow-moving inventory associated with the transition of the Company’s business model and operating strategies, as well as slower adoption and movement in certain commercial and defense edge compute markets. Management does not currently foresee any further significant adjustments to costs related to this customer-funded development contract or inventory charges, outside of historical trends.  

    Consolidated gross margin percentage was 14.1%, compared to 29.5% in the prior year. On a full year basis, consolidated gross margin, excluding one-time charges, was 29.3%, compared to 29.5% in 2023.

    On a segment basis, the Company’s OSS segment had a gross margin of 2.5%, compared to 35.6% for the same period a year ago. OSS segment gross margin, excluding one-time charges, was 36.4%, up from 35.6% for 2023. The Company’s Bressner segment had a gross margin of 23.5%, compared to 24.0% in the same period last year.  

    Total operating expenses decreased 18.6% to $21.1 million. This decrease was predominantly attributable to a charge of $5.6 million for an impairment of goodwill that occurred during the 2023 twelve-month period, the elimination of costs associated with organizational restructuring, timing of certain new product introduction activities and the deployment of engineering resources onto customer funded development efforts, partially offset by increased costs for personnel and for tradeshow participation.

    The Company reported a net loss of $13.6 million, or $(0.65) per share, as compared to a net loss of $6.7 million, or $(0.32) per share, in the prior year. Non-GAAP net loss and loss per share was $11.6 million, or $(0.56) per share, as compared to non-GAAP net loss and loss per share of $415,000, or $(0.02) per share, in the prior year period. Net loss and non-GAAP net loss for the period ended December 31, 2024, are inclusive of $8.3 million of one-time charges.

    Adjusted EBITDA, a non-GAAP metric, was a loss of $10.3 million, inclusive of $7.1 million of inventory-related charges and a $1.2 million contract loss related to a customer-funded development contract that was entered into in 2022, compared to adjusted EBITDA of $1.1 million in the prior year.

    2025 Full Year Outlook

    The Company anticipates consolidated revenue of $59 to $61 million for the full year of 2025. This includes expected OSS segment revenue of approximately $30 million, representing over 20% year-over-year growth in the OSS segment. In addition, the Company expects to be EBITDA break-even for the full year of 2025. Management expects revenue and profitability to improve at a higher rate in the second half of 2025 based on current trends and the Company’s expanding sales pipeline.   

    Conference Call

    OSS will hold a conference call to discuss its results for the fourth quarter of 2024, followed by a question-and-answer period.

    Date: Wednesday, March 19, 2025
    Time: 10:00 a.m. ET (7:00 a.m. PT)
    Toll-free dial-in: 1-800-717-1738
    International dial-in: 1-646-307-1865
    Conference ID: 35863 (required for entry)
    Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1706031&tp_key=7e52a82afd

    A replay of the call will be available after 1:00 p.m. ET on March 19, 2025, through April 2, 2025.

    Toll-free replay: 1-844-512-2921
    International replay: 1-412-317-6671
    Passcode: 1135863

    About One Stop Systems

    One Stop Systems, Inc. (Nasdaq: OSS) is a leader in AI enabled solutions for the demanding ‘edge’. OSS designs and manufactures Enterprise Class compute and storage products that enable rugged AI, sensor fusion and autonomous capabilities without compromise. These hardware and software platforms bring the latest data center performance to harsh and challenging applications, whether they are on land, sea or in the air.

    OSS products include ruggedized servers, compute accelerators, flash storage arrays, and storage acceleration software. These specialized compact products are used across multiple industries and applications, including autonomous trucking and farming, as well as aircraft, drones, ships and vehicles within the defense industry.

    OSS solutions address the entire AI workflow, from high-speed data acquisition to deep learning, training and large-scale inference, and have delivered many industry firsts for industrial OEM and government customers.

    As the fastest growing segment of the multi-billion-dollar edge computing market, AI enabled solutions require—and OSS delivers—the highest level of performance in the most challenging environments without compromise.

    OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com. You can also follow OSS on X, YouTube, and LinkedIn.

    Non-GAAP Financial Measures

    We believe that the use of adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, is helpful for an investor to assess the performance of the Company. The Company defines adjusted EBITDA as income (loss) before interest, taxes, depreciation, amortization, acquisition expense, impairment of long-lived assets, financing costs, government funded programs, fair value adjustments from purchase accounting, stock-based compensation expense, and expenses related to discontinued operations.

    Adjusted EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States, or GAAP. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash operating expenses, we believe that providing a non-GAAP financial measure that excludes non-cash and non-recurring expenses allows for meaningful comparisons between our core business operating results and those of other companies, as well as providing us with an important tool for financial and operational decision making and for evaluating our own core business operating results over different periods of time.

    Our adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring and unusual items. Our adjusted EBITDA is not a measurement of financial performance under GAAP, and should not be considered as an alternative to operating income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. We do not consider adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.

      For the Three Months Ended
    December 31,    		     For the Year Ended 
    December 31,    		  
      2024     2023     2024     2023  
    Net loss $ (3,134,782 )   $ (277,560 )   $ (13,634,333 )   $ (6,716,176 )
    Depreciation and amortization of intangibles   226,417       263,743       1,041,837       1,077,516  
    Amortization of right-of-use assets, net of changes in lease liability   (2,488 )     (30,208 )     29,885       22,592  
    Stock-based compensation expense   564,176       454,461       1,988,125       2,345,358  
    Interest expense   3,206       29,662       74,116       117,774  
    Interest income   (100,805 )     (159,487 )     (477,745 )     (544,958 )
    Impairment of goodwill   –       –       –       5,630,788  
    Employee retention credit (ERC)   –       –       –       (1,716,727 )
    Provision for income taxes   157,120       41,796       726,502       927,128  
    Adjusted EBITDA $ (2,287,156 )   $ 322,407     $ (10,251,613 )   $ 1,143,296  
                           

    FOOTNOTE: Adjusted EBITDA for the fourth quarter and full year ended December 31, 2024, included a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2023. Adjusted EBITDA for the full year ended December 31, 2024, also included inventory-related charges of $7.1 million.  

    (Dollars may not calculate due to rounding)

    Adjusted EPS excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP. We believe that exclusion of certain selected items assists in providing a more complete understanding of our underlying results and trends and allows for comparability with our peer company index and industry. We use this measure along with the corresponding GAAP financial measures to manage our business and to evaluate our performance compared to prior periods and the marketplace. The Company defines non-GAAP income (loss) as income or (loss) before amortization, government funded programs, impairment of long lived assets, stock-based compensation, expenses related to discontinued operations, and acquisition costs. Adjusted EPS expresses adjusted income (loss) on a per share basis using weighted average diluted shares outstanding.

    Adjusted EPS is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. We expect to continue to incur expenses similar to the adjusted income from continuing operations and adjusted EPS financial adjustments described above, and investors should not infer from our presentation of these non-GAAP financial measures that these costs are unusual, infrequent or non-recurring.

    The following table reconciles non-GAAP net income and basic and diluted earnings per share:

      For the Three Months Ended 
    December 31,    		     For the Full Year Ended
    December 31,    		  
      2024     2023     2024     2023  
    Net loss $ (3,134,782 )   $ (277,560 )   $ (13,634,333 )   $ (6,716,176 )
    Amortization of intangibles   –       –       –       42,154  
    Impairment of goodwill   –       –       –       5,630,788  
    Employee retention credit (ERC)   –       –       –       (1,716,727 )
    Stock-based compensation expense   564,176       454,461       1,988,125       2,345,358  
    Non-GAAP net loss $ (2,570,606 )   $ 176,901     $ (11,646,208 )   $ (414,603 )
    Non-GAAP net loss per share:                      
    Basic $ (0.12 )   $ 0.01     $ (0.56 )   $ (0.02 )
    Diluted $ (0.12 )   $ 0.01     $ (0.56 )   $ (0.02 )
    Weighted average common shares outstanding:                      
    Basic   21,120,396       20,632,300       20,953,397       20,854,777  
    Diluted   21,120,396       20,632,300       20,953,397       20,854,777  
                           

    FOOTNOTE: Non-GAAP net loss for the fourth quarter and full year ended December 31, 2024, included a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2023. Non-GAAP net loss for the full year ended December 31, 2024, also included an inventory charge of $6.1 million.  

    (Dollars may not calculate due to rounding)

    Forward-Looking Statements

    One Stop Systems cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by One Stop Systems or its partners that any of our plans or expectations will be achieved, including but not limited to, our ability to expand our product offerings and further penetrate our target markets, future demand for AI/ML integrations, expected or anticipated increase in revenues, and our business strategies. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our latest Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    Media Contacts:
    Robert Kalebaugh
    One Stop Systems, Inc.
    Tel (858) 518-6154
    Email contact

    Investor Relations:
    Andrew Berger
    Managing Director
    SM Berger & Company, Inc.
    Tel (216) 464-6400
    Email contact

    ONE STOP SYSTEMS, INC. (OSS)
    CONSOLIDATED BALANCE SHEETS
     
      Audited     Audited  
      December 31,     December 31,  
      2024     2023  
    ASSETS          
    Current assets          
    Cash and cash equivalents $ 6,794,093     $ 4,048,948  
    Short-term investments   3,217,065       7,771,820  
    Accounts receivable, net   8,177,371       8,318,247  
    Inventories, net   13,176,156       21,694,748  
    Prepaid expenses and other current assets   836,364       611,066  
    Total current assets   32,201,048       42,444,829  
    Property and equipment, net   1,669,026       2,370,224  
    Operating lease right-of use assets   1,536,094       1,922,784  
    Deposits and other   38,093       38,093  
    Goodwill   1,489,722       1,489,722  
    Total Assets $ 36,933,982     $ 48,265,652  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Current liabilities          
    Accounts payable $ 2,068,017     $ 1,201,781  
    Accrued expenses and other liabilities   4,806,675       3,202,519  
    Current portion of operating lease obligation   285,937       390,926  
    Current portion of notes payable   1,035,050       2,077,895  
    Total current liabilities   8,195,679       6,873,121  
    Deferred tax liability, net   52,574       44,673  
    Operating lease obligation, net of current portion   1,513,684       1,765,536  
    Total liabilities   9,761,937       8,683,330  
    Commitments and contingencies          
    Stockholders’ equity          
    Common stock, $0.0001 par value; 50,000,000 shares authorized; 21,148,810 and 20,661,341 shares issued and outstanding at December 31, 2024 and 2023, respectively   2,115       2,066  
    Additional paid-in capital   49,082,737       47,323,673  
    Accumulated other comprehensive income   140,254       675,310  
    Accumulated deficit   (22,053,061 )     (8,418,727 )
    Total stockholders’ equity   27,172,045       39,582,322  
    Total Liabilities and Stockholders’ Equity $ 36,933,982     $ 48,265,652  
               
    ONE STOP SYSTEMS, INC. (OSS)
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars may not calculate due to rounding)
     
      For the Three Months Ended
    December 31,    		     For the Year Ended
    December 31,    		  
      2024     2023     2024     2023  
    Revenue:                      
    Product $ 14,280,939     $ 12,335,554     $ 51,003,350     $ 59,200,580  
    Customer funded development   859,207       819,655       3,691,009       1,696,217  
        15,140,146       13,155,209       54,694,358       60,896,797  
    Cost of revenue:                      
    Product   10,829,859       8,229,397       42,953,344       41,907,604  
    Customer funded development   1,930,800       491,242       4,022,707       1,034,571  
        12,760,659       8,720,639       46,976,051       42,942,175  
    Gross (loss) profit   2,379,487       4,434,570       7,718,307       17,954,622  
    Operating expenses:                      
    General and administrative   2,413,102       1,970,746       8,971,909       9,264,447  
    Impairment of goodwill   –       –       –       5,630,788  
    Marketing and selling   1,821,918       1,667,765       8,005,982       6,651,516  
    Research and development   1,250,377       1,127,194       4,097,229       4,331,024  
    Total operating expenses   5,485,397       4,765,704       21,075,120       25,877,775  
    Loss from operations   (3,105,910 )     (331,134 )     (13,356,813 )     (7,923,153 )
    Other income (expense), net:                      
    Interest income   100,805       159,487       477,745       544,958  
    Interest expense   (3,206 )     (29,662 )     (74,116 )     (117,774 )
    Employee retention credit (ERC)   –       418,431       –       1,716,727  
    Other income (expense), net   30,647       (452,886 )     45,353       (9,806 )
    Total other income, net   128,246       95,370       448,982       2,134,105  
    Loss before income taxes   (2,977,664 )     (235,764 )     (12,907,831 )     (5,789,048 )
    Provision for income taxes   157,119       41,796       726,502       927,128  
    Net loss $ (3,134,783 )   $ (277,560 )   $ (13,634,333 )   $ (6,716,176 )
                           
    Net loss per share:                      
    Basic $ (0.15 )   $ (0.01 )   $ (0.65 )   $ (0.32 )
    Diluted $ (0.15 )   $ (0.01 )   $ (0.65 )   $ (0.32 )
                           
    Weighted average common shares outstanding:                      
    Basic   21,120,396       20,632,300       20,953,397       20,854,777  
    Diluted   21,120,396       20,632,300       20,953,397       20,854,777  
                                   
    ONE STOP SYSTEMS, INC. (OSS)
    UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
     
      For the Twelve Months Ended
    December 31,
      2024     2023 
    Cash flows from operating activities:        
    Net loss $ (13,634,333 )   $ (6,716,176 )
    Adjustments to reconcile net loss to net cash provided by operating activities:        
    Deferred income taxes   28,082       (95,496 )
    Loss (gain) on disposal of property and equipment   354       –  
    Provision for bad debt   85,447       4,160  
    Impairment of goodwill   –       5,630,788  
    Warranty reserves   (79,962 )     11,846  
    Amortization of intangibles   –       42,154  
    Depreciation   1,041,837       1,035,362  
    Amortization of right-of-use assets   377,206       1,241,445  
    Inventory reserves   7,348,390       962,458  
    Stock-based compensation expense   1,988,125       2,345,358  
    Employee retention credit   –       (1,716,727 )
    Changes in operating assets and liabilities:        
    Accounts receivable   (190,339 )     3,095,701  
    Inventories   658,303       (1,636,153 )
    Prepaid expenses and other current assets   (238,554 )     (100,848 )
    Accounts payable   926,231       (3,408,487 )
    Accrued expenses and other liabilities   1,928,436       83,789  
    Operating lease liabilities   (347,321 )     (1,218,853 )
    Net cash provided by operating activities   (108,098 )     (439,679 )
             
    Cash flows from investing activities:        
    Redemption of short-term investment grade securities   4,553,535       2,342,552  
    Purchases of property and equipment, including capitalization of labor   (362,748 )     (821,753 )
    Net cash provided by investing activities   4,190,787       1,520,799  
             
    Cash flows from financing activities:        
    Proceeds from exercise of stock options and warrants   237,749       62,422  
    Payment of payroll taxes on net issuance of employee stock options   (466,762 )     (597,856 )
    Repayments on notes payable   (954,939 )     (1,352,637 )
    Employee retention credit benefit   –       1,716,727  
    Net cash (used in) provided by financing activities   (1,183,952 )     (171,344 )
             
    Net change in cash and cash equivalents   2,898,737       909,776  
    Effect of exchange rates on cash   (153,592 )     26,977  
    Cash and cash equivalents, beginning of period   4,048,948       3,112,196  
    Cash and cash equivalents, end of period $ 6,794,093     $ 4,048,948  

    The MIL Network –

  • MIL-OSI: October Three Expands O3 PRIME to Address Shortcomings of Corporate Retirement Plans

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 19, 2025 (GLOBE NEWSWIRE) — October Three, an industry-leading retirement strategy, actuarial and administration consulting firm, announced the expansion of its O3 PRIME lifetime retirement income plan. PRIME stands for Personalized Retirement Income for My Employees (or, from the employee’s perspective, for ME).

    O3 PRIME provides security and flexibility by combining the best advantages of a defined benefit (DB) plan and a defined contribution (DC) plan. The result is a market-based cash balance plan tightly integrated with a 401(k) plan that reduces risk and complexity for businesses while producing up to 30 percent more lifetime income for employees compared to what a DC plan can provide. It is a win-win for employers and employees.

    October Three has been implementing market-based cash balance plans for over a decade and is the market leader in this design. In 2023, October Three constructed the PRIME design and began implementing it for several clients. Based on the success of this design, October Three rolled out a PRIME plan for its own staff in January.

    “Traditional retirement plans fail to meet the needs of a modern workforce,” said Jeff Stevenson, President and CEO of October Three. “O3 PRIME goes beyond traditional retirement savings methods to create a plan that effectively balances the needs of employers and employees, to help employees secure their retirement without exposing their employer to excessive risk.”

    Americans are finding it harder to save money for retirement through employer-sponsored 401(k) plans due to the current economic climate. According to the Employee Benefit Research Institute (EBRI), “83% of workers are concerned that the increasing cost of living will make it harder to save as much as they want.” As a result, only “two in 10 workers are very confident in having enough money to live comfortably in retirement.”

    “The plan design of O3 PRIME modernizes companies’ current retirement programs to make managing the plan easier for employers while delivering predictable monthly retirement income for their employees,” said Idan Shlesinger, Partner and Retirement Solutions Practice Leader at October Three. “PRIME provides incentives that are attractive to the modern workforce. This is a key piece of the strategy for companies to recruit and retain the best talent.”

    About October Three:

    October Three Consulting, LLC is a full service actuarial, consulting and technology firm that is re-engineering defined benefit plan strategy, management and administration to meet the needs of the modern and future workforce. The company’s O3 PRIME (Personalized Retirement Income for My Employees) plan is based on cutting-edge technology, risk analysis and data-driven insights that minimize financial risk and volatility while maximizing employees’ potential for predictable retirement income. For more information, follow October Three on LinkedIn and visit our website at octoberthree.com.

    Media Contact:
    Sean Harris
    October Three Consulting
    +1 512.553.6404
    sharris@octoberthree.com

    The MIL Network –

  • MIL-OSI: Southern Michigan Bancorp, Inc. Announces Increase in Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    COLDWATER, Mich., March 19, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) approved an increase to the quarterly cash dividend that will be paid in April 2025. The $0.16 per share dividend is an increase of $0.01 per share over the January 2025 cash dividend payment of $0.15 per share. The dividend is payable on April 18, 2025, to shareholders of record April 4, 2025. The annualized cash dividend of $0.64 per share represents a 3.37% dividend yield based on the current market price of $19.00 per share.

    Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 18 branches within Branch, Calhoun, Hillsdale, Jackson, Kalamazoo, and St. Joseph Counties, and a loan production office in Jackson County, providing a broad range of consumer, business, and wealth management services throughout the region. For more information, please visit the Southern Michigan Bank & Trust website, www.smb-t.com.

    This press release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Southern Michigan Bancorp, Inc. Although we currently expect to continue to pay a quarterly cash dividend, each future dividend will be considered and declared by the board of directors in its discretion. Whether the board of directors continues to declare dividends depends on a number of factors, including our future financial condition and profitability. Forward-looking statements are based upon current beliefs and expectations and involve substantial risks, uncertainties, and assumptions (“risk factors”), which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.   We undertake no obligation to update or revise our forward-looking statements to reflect developments that occur, or information obtained after the date of this report.

    The MIL Network –

  • MIL-OSI: Town of Lovell, Wyoming Settles Collective Intellectual Property Infringement Claims With Eastern Point Trust Company

    Source: GlobeNewswire (MIL-OSI)

    Cheyenne, March 19, 2025 (GLOBE NEWSWIRE) — Coal Creek Law of Cheyenne Wyoming announces, on behalf of its client Eastern Point Trust Company (Eastern Point), the final settlement and resolution of intellectual property infringement claims brought by Eastern Point against the Town of Lovell, Wyoming (Lovell). The settled claims included, but were not limited to, evidence of Lovell’s infringement of Eastern Point’s Collective Intellectual Property.

    Town Attorney Alexa Rolin of Copenhaver, Kitchen, and Kolpitcke is quoted in the March 6, 2025, Lovell Chronicle article (https://www.lovellchronicle.com/content/town-lovell-terminates-qsf-agreement-colorado-bank) as saying, “‘The town is no longer working with Flatirons in any capacity,’ she said. ‘The agreement is terminated.’” The same Chronicle article further stated, “In a follow-up interview on March 3, Rolin explained that the vote on the settlement agreement the previous week had the effect of an immediate termination of the QSF relationship with Flatirons Bank.”

    Sam Kott, Vice President and Corporate Counsel, commented, “Eastern Point invested heavily in its pioneering intellectual property and leads the Qualified Settlement Fund industry in innovation and proprietary process development. We are grateful to the Town of Lovell’s leadership for quickly resolving the matter and ceasing all associated activities.” Additionally, Mr. Kott noted, “Without exception, Eastern Point will vigorously defend its property rights and pursue all infringements to the fullest extent of the law, which provides relief and enforcement through both civil and contractual rights avenues.”

    In related comments, Edward “Ned” Armand, CEO and chairman of Eastern Point, observed, “Federal and state laws prohibit the misappropriation of trade secrets, industrial espionage, and related infringement activity. Eastern Point will, in every instance, enforce its rights using all available avenues and tools against all infringing parties.’ He stated, “No ethical businessperson will justify misappropriating or otherwise converting another business’s trade secrets and IP property as an allowable or defensible action.”

    For more information, please contact Sam Kott, as shown below.

    About Coal Creek Law

    Coal Creek Law (Evans, Bush, Coppede & Wilkens) is an experienced Rocky Mountain and Great Plains law firm in Cheyenne, Wyoming. It provides legal counsel in Wyoming, Colorado, and Nebraska. Coal Creek strives to provide results-oriented and value-driven legal support to individuals and businesses.

    About Eastern Point Trust Company

    Eastern Point Trust Company is a leading innovative trust and trust administration service provider that delivers personalized solutions for attorneys, individuals, families, and institutions. With a steadfast commitment to excellence and integrity, Eastern Point Trust Company offers a comprehensive range of trust-based and ministerial solutions. Moreover, it continues to lead the way in the trust and settlement administration industry, focusing on innovation, speed, and customer satisfaction. Eastern Point Trust Company is committed to delivering cutting-edge solutions that empower the Qualified Settlement Fund Administration and settlement industry to achieve its goals.

    Contact: 

    Sam Kott
    Phone: 855-222-7513 (#217)
    Email: SamKott@easternpointservices.com
    Website: www.easternpointtrust.com

    Disclaimer: The information in this press release is for informational purposes only. It does not constitute legal or investment advice, nor is it an offer to sell or a solicitation to purchase a security or service in any jurisdiction.

    The MIL Network –

  • MIL-OSI: New Flexera Report Finds that 84% of Organizations Struggle to Manage Cloud Spend

    Source: GlobeNewswire (MIL-OSI)

    ITASCA, Ill., March 19, 2025 (GLOBE NEWSWIRE) — Flexera, the global leader in technology spend and risk management, today announced the release of its 2025 State of the Cloud Report. The 14th annual report, which polled more than 750 technical professionals and executive leaders worldwide who were involved in the use of cloud, uncovered that 84% of respondents believe that managing cloud spend is the top cloud challenge for organizations today. With cloud spend expected to increase by 28% in the coming year, the report findings suggest that many respondents are rethinking their existing cloud cost management strategies.

    As organizations continue to invest in artificial intelligence (AI), nearly one-third (33%) of organizations are spending more than $12 million annually on the public cloud alone. With cloud budgets already exceeding limits by 17%, organizations are increasingly turning to managed service providers (60%) and expanding use of their FinOps teams to regain control over spending (59%). In fact, the number of respondents that use, or plan to use, a FinOps team increased by eight percentage points year over year.

    “AI is in its prime with no indication of losing momentum,” said Jay Litkey, Senior Vice President of Cloud and FinOps at Flexera and Governing Board Member at the FinOps Foundation. “I suspect we’ll see further acceleration of AI use as more organizations embrace their own AI investments and technology vendors introduce agentic AI into their existing toolsets. To stay on budget and accurately forecast for future needs, organizations need to fine-tune how to track and manage their cloud spend and use with FinOps now—or risk a significantly wasted investment.”

    While estimated wasted cloud spend is falling, the adoption of AI-related public cloud services is rising. In addition to an increase in the use of data warehouse services (76%), often leveraged to feed AI models, generative AI (GenAI) public cloud services use is booming with 72% of organizations reportedly using the technology either extensively or sparingly, as compared to 47% in 2024.

    “FinOps is taking center stage as many enterprises prepare for the onslaught of AI services to eat away at their cloud resources and budgets,” said Becky Trevino, Chief Product Officer at Flexera. “As we’re witnessing an increase in FinOps adoption, we’re simultaneously seeing estimated wasted cloud spend trending downward. This illustrates the power and promise of FinOps practices, proving it is a winning strategy for organizations worldwide.”

    Additional key findings include:

    • Cloud repatriation is starting to slowly unfold. Today, analysts and experts have indicated that some organizations are moving their workloads back to non-cloud environments (their own data centers and/or co-located/hosted environments). While this is beginning to happen, only a minority (21%) of cloud workloads have been repatriated. However, the ongoing migration to the cloud and net-new cloud workloads outstrip these cloud exits, resulting in continued cloud growth.
    • Cloud sustainability initiatives are becoming top-of-mind. Organizations are highly focused on fine-tuning their sustainability practices. Over half (57%) of respondents reported they have, or plan to have, a defined sustainability initiative in place within twelve months, including carbon footprint tracking of cloud use. Regardless, ​saving money is still top of mind given 57% said cost optimization takes priority over sustainability.
    • Cost efficiency continues to be the shining metric. Eighty-seven percent of respondents indicated that cost efficiency/savings is the number one metric used for assessing progress against cloud goals for the sixth year in a row, a 22-point increase from 2024. Organizations are also focused on the volume of workloads migrated (up from 36% in 2024 to 78% in 2025), and cost avoidance, which saw an uptick from 28% to 64%. This continues to validate the narrative that more workloads are moving to—or being developed in—the cloud, making a case for increased cost optimization tools.
    • Organizations are extending the scope of cloud costs to SaaS and software licensing. Those responsible for managing cloud use and costs are increasingly expanding their world beyond public cloud (IaaS/PaaS) to more effectively balance costs, usage and future spend. Seventy-nine percent of respondents indicated that they are now involved in cloud software decisions, with 69% involved in managing use and/or cost of SaaS applications and 64% are managing the use and/or costs of cloud licenses (or software running in the cloud).
    • Amazon Web Services (AWS) and Microsoft Azure competition remains heated. According to those surveyed, AWS and Azure continue to compete for the top spot regarding public cloud adoption. Recent data shows that AWS maintains a lead among SMBs—53% of SMBs reportedly use AWS, compared to 29% leveraging Azure. Google Cloud Platform holds the third spot, with just under half (46%) of all organizations running some or significant workloads on it.

    For more information on the Flexera 2025 State of the Cloud report, please visit: https://info.flexera.com/CM-REPORT-State-of-the-Cloud.

    Follow Flexera

    About Flexera
    Flexera helps organizations understand and maximize the value of their technology, saving billions of dollars in wasted spend. Powered by the Flexera Technology Intelligence Platform, our award-winning IT asset management, FinOps and SaaS management solutions provide comprehensive visibility and actionable insights on an organization’s entire IT ecosystem. This intelligence enables IT, finance, procurement, FinOps and cloud teams to address skyrocketing costs, optimize spend, mitigate risk and identify opportunities to create positive business outcomes. More than 50,000 global organizations rely on Flexera and its Technopedia reference library, the largest repository of technology asset data. Learn more at flexera.com.

    For more information, contact:
    Ciri Haugh
    Flexera
    publicrelations@flexera.com

    The MIL Network –

  • MIL-OSI: Blackford Capital Announces Hiring of Rick Lopez as Managing Director

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., March 19, 2025 (GLOBE NEWSWIRE) — Blackford Capital (“Blackford”), a leading private equity firm focused on investing in lower middle-market businesses, is pleased to announce the appointment of Rick Lopez as Managing Director. With over 25 years of experience in finance, investment banking, and private equity investing, Rick brings a wealth of expertise to the firm.

    In his new role, Rick will primarily oversee Blackford Capital’s fundraising efforts, while also contributing to transaction sourcing, investment analysis, portfolio construction and management, deal financing, and internal operations. He will be based in the firm’s Chicago office.

    “We are thrilled to welcome Rick to the Blackford Capital team,” said Martin Stein, Founder and Managing Director of Blackford Capital. “Rick’s extensive background in capital raising, deal structuring, and his deep understanding of both investment banking and private equity make him an ideal fit to help guide the firm through its next phase of growth.”

    Prior to joining Blackford Capital, Rick was a Partner and Co-Founder at Rush Street Capital, a middle-market investment bank specializing in capital raising for private equity firms and their portfolio companies. In this capacity, he led the capital markets group and was responsible for deal sourcing, execution, sponsor and capital provider relationship management, and deal structuring and negotiation. Rick co-managed six deal professionals and over a dozen interns in his time at Rush Street. Additionally, Rick worked closely with Rush Street’s investment arm assisting with deal sourcing, fundraising, diligence, the closing process, portfolio management, and served on the boards of the two portfolio companies. While at Rush Street Capital, Rick was involved with 93 total successful middle market raises totaling over $1.4 billion in capital commitments.

    Jeff Johnson, Managing Director of Blackford Capital, noted that, “Rick’s direct working experience with our team and our portfolio gives him a level of familiarity with Blackford Capital that has allowed him to be extremely effective since joining us.” Rick assisted Blackford Capital as an advisor while at Rush Street between 2016 and 2024. During that period, Rick successfully completed 18 different mandates for Blackford Capital raising over $367 million in capital. Rick completed raises for six of Blackford Capital’s current seven portfolio companies, including the initial platform investments for Helio Outdoors, Outova, PACIV, Security Fire Systems, and Design Environments. Rick also assisted with capital raises for key add-on acquisitions, such as Empire Distributing for Outova and Mortech Manufacturing for the recently exited Mopec investment.

    Rick’s extensive career also includes over 15 years at major financial institutions, including Chase Bank, LaSalle Bank, BMO, and Huntington Bank, where he gained valuable experience in retail banking and corporate bond units as well as commercial lending.

    Beyond his professional accomplishments, Rick is an active member of the business community, serving on several boards. He is also a board member and treasurer of the Kellogg Alumni Club of Chicago-Western Suburbs and actively participates in ACG Chicago’s Private Equity and M&A Committee.

    Rick earned his bachelor’s degree in business management from the University of Illinois at Chicago and his MBA from Northwestern University’s Kellogg School of Management. Outside of work, Rick enjoys family time, early morning F3 Naperville bootcamps, and spending time at Wrigley Field.

    “I am excited to join Blackford Capital and look forward to working with the team to help drive the firm’s mission of creating value for our investors and portfolio companies,” said Rick Lopez. “The firm’s strong track record and commitment to supporting industrial businesses in the lower middle-market space present great opportunities for growth, and I am eager to contribute to its continued success and lead our Chicago office.”

    About Blackford Capital
    Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023 and 2024, Blackford Capital was named to Inc’s list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit www.blackfordcapital.com.

    Media Contact:
    Lambert by LLYC
    Jennifer Hurson
    (845) 729-3100
    jhurson@lambert.com

    Jackson Lin
    (646) 717-4593
    jlin@lambert.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ba3b42a-a7d3-4c04-b62c-c1101dae6ee8

    The MIL Network –

  • MIL-OSI: GDS Holdings Limited Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, March 19, 2025 (GLOBE NEWSWIRE) — GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

    DayOne Data Centers Limited (“DayOne”), previously known as GDS International or GDSI, completed and closed its Series B equity raise on December 31, 2024. At closing, GDS’s equity interest in DayOne was diluted from 52.7% to 35.6%. Accordingly, GDS deconsolidated DayOne as a subsidiary and recognized DayOne as an equity investee. In the consolidated financial statements for the quarter and year ended December 31, 2024, DayOne’s operational results and cash flows have been excluded from the Company’s financial results from continuing operations and have been separately itemized under discontinued operations. Retrospective adjustments to the historical statements of operations and cash flows have also been made to provide a consistent basis of comparison for the financial results. Furthermore, retrospective adjustments were made to categorize and label DayOne’s assets and liabilities as “assets or liabilities of discontinued operations” on balance sheets for the comparative periods. Additionally, DayOne’s operating metrics have also been excluded from the Company’s operating metrics and have been separately itemized under discontinued operations.

    Fourth Quarter 2024 Financial Highlights For Continuing Operations

    • Net revenue increased by 9.1% year-over-year (“Y-o-Y”) to RMB2,690.7 million (US$368.6 million) in the fourth quarter of 2024 (4Q2023: RMB2,465.3 million).
    • Net loss from continuing operations was RMB173.4 million (US$23.8 million) in the fourth quarter of 2024 (4Q2023: RMB3,074.6 million).
    • Adjusted EBITDA (non-GAAP) increased by 13.9% Y-o-Y to RMB1,297.7 million (US$177.8 million) in the fourth quarter of 2024 (4Q2023: RMB1,139.2 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.
    • Adjusted EBITDA margin (non-GAAP) was 48.2% in the fourth quarter of 2024 (4Q2023: 46.2%).

    Full Year 2024 Financial Highlights For Continuing Operations

    • Net revenue increased by 5.5% Y-o-Y to RMB10,322.1 million (US$1,414.1 million) in 2024 (2023: RMB9,782.4 million).
    • Net loss from continuing operations was RMB770.9 million (US$105.6 million) in 2024 (2023: RMB3,926.0 million).
    • Adjusted EBITDA (non-GAAP) increased by 3.0% Y-o-Y to RMB4,876.4 million (US$668.1 million) in 2024 (2023: RMB4,733.0 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.
    • Adjusted EBITDA margin (non-GAAP) was 47.2% in 2024 (2023: 48.4%).

    Fourth Quarter and Full Year 2024 Operating Highlights For Continuing Operations

    • Total area committed and pre-committed increased by 1.8% Y-o-Y to 629,997 sqm as of December 31, 2024 (December 31, 2023: 618,942 sqm).
    • Area utilized increased by 11.8% Y-o-Y to 453,094 sqm as of December 31, 2024 (December 31, 2023: 405,302 sqm).
    • Utilization rate for area in service was 73.8% as of December 31, 2024 (December 31, 2023: 73.9%).

    “In 2024, we executed our business strategy in a disciplined way,” stated Mr. William Huang, Chairman and CEO of GDS. “We focused on backlog delivery while being selective on new commitments. At the same time, we made significant progress with our asset monetisation program with first ever data center ABS issue in China. Looking forward, we are well positioned strategically and financially to capture new business opportunities arising from AI.”

    Fourth Quarter 2024 Financial Results For Continuing Operations

    Net revenue in the fourth quarter of 2024 was RMB2,690.7 million (US$368.6 million), a 9.1% increase over the same period last year of RMB2,465.3 million. The Y-o-Y increase was mainly due to continued ramp-up of our data centers.

    Cost of revenue in the fourth quarter of 2024 was RMB2,112.5 million (US$289.4 million), a 3.9% increase over the same period last year of RMB2,032.4 million. The Y-o-Y increase was in line with the continued growth of our business.

    Gross profit was RMB578.1 million (US$79.2 million) in the fourth quarter of 2024, a 33.5% increase over the same period last year of RMB432.9 million.

    Gross profit margin was 21.5% in the fourth quarter of 2024, compared with 17.6% in the same period last year. The Y-o-Y increase was mainly due to a lower level of depreciation and amortization costs as percentage of net revenue as the data centers continue to ramp up.

    Adjusted Gross Profit (“Adjusted GP”) (non-GAAP) is defined as gross profit excluding depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue. Adjusted GP was RMB1,396.7 million (US$191.3 million) in the fourth quarter of 2024, an 11.8% increase over the same period last year of RMB1,249.3 million. See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.

    Adjusted GP margin (non-GAAP) was 51.9% in the fourth quarter of 2024, compared with 50.7% in the same period last year. The Y-o-Y increase was mainly due to a lower level of cash cost components as percentage of net revenue.

    Selling and marketing expenses, excluding share-based compensation expenses of RMB6.9 million (US$0.9 million), were RMB23.7 million (US$3.2 million) in the fourth quarter of 2024, a 4.1% decrease over the same period last year of RMB24.7 million (excluding share-based compensation of RMB9.3 million). The Y-o-Y decrease was mainly due to less marketing activities.

    General and administrative expenses, excluding share-based compensation expenses of RMB55.9 million (US$7.7 million), depreciation and amortization expenses of RMB79.0 million (US$10.8 million) and operating lease cost relating to prepaid land use rights of RMB15.6 million (US$2.1 million), were RMB108.5 million (US$14.9 million) in the fourth quarter of 2024, a 3.3% increase over the same period last year of RMB105.1 million (excluding share-based compensation expenses of RMB35.8 million, depreciation and amortization expenses of RMB88.9 million and operating lease cost relating to prepaid land use rights of RMB16.6 million). The Y-o-Y increase was due to an increase in corporate activities as business continues to grow.

    Research and development costs were RMB6.9 million (US$0.9 million) in the fourth quarter of 2024, compared with RMB12.8 million in the same period last year.

    Impairment losses of long-lived assets was zero in the fourth quarter of 2024, compared with RMB3,013.4 million in the same period last year.

    Net interest expenses for the fourth quarter of 2024 were RMB458.7 million (US$62.8 million), a 1.8% increase over the same period last year of RMB450.7 million. The Y-o-Y increase was mainly due to a higher level of total borrowings.

    Foreign currency exchange gain for the fourth quarter of 2024 was RMB8.1 million (US$1.1 million), compared with a loss of RMB6.0 million in the same period last year.

    Others, net for the fourth quarter of 2024 was RMB29.7 million (US$4.1 million), compared with RMB30.3 million in the same period last year.

    Income tax expenses for the fourth quarter of 2024 were RMB34.1 million (US$4.7 million), compared with income tax benefits of RMB225.3 million in the same period last year.

    Net loss from continuing operations in the fourth quarter of 2024 was RMB173.4 million (US$23.8 million), compared with RMB3,074.6 million in the same period last year.

    Adjusted EBITDA (non-GAAP) is defined as net income (loss) excluding income (loss) from discontinued operations, net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment and impairment losses of long-lived assets. Adjusted EBITDA was RMB1,297.7 million (US$177.8 million) in the fourth quarter of 2024, a 13.9% increase over the same period last year of RMB1,139.2 million.

    Adjusted EBITDA margin (non-GAAP) was 48.2% in the fourth quarter of 2024, compared with 46.2% in the same period last year. The Y-o-Y increase was mainly due to a lower level of cash cost components as percentage of net revenue and a decrease in corporate expenses as percentage of net revenue.

    Full Year 2024 Financial Results For Continuing Operations

    Net revenue in 2024 was RMB10,322.1 million (US$1,414.1 million), a 5.5% increase from RMB9,782.4 million in 2023, or a 6.3% increase excluding previously disclosed one-time items in 2023.

    Cost of revenue in 2024 was RMB8,099.4 million (US$1,109.6 million), a 3.4% increase from RMB7,831.2 million in 2023.

    Gross profit was RMB2,222.6 million (US$304.5 million) in 2024, a 13.9% increase from RMB1,951.2 million in 2023. Gross profit margin was 21.5% in 2024, compared with 19.9% in 2023.

    Selling and marketing expenses, excluding share-based compensation expenses of RMB25.0 million (US$3.4 million), were RMB91.4 million (US$12.5 million) in 2024, a 5.9% decrease from RMB97.1 million (excluding share-based compensation of RMB43.8 million) in 2023.

    General and administrative expenses, excluding share-based compensation expenses of RMB165.6 million (US$22.7 million), depreciation and amortization expenses of RMB291.7 million (US$40.0 million) and operating lease cost relating to prepaid land use rights of RMB65.3 million (US$8.9 million), were RMB395.3 million (US$54.2 million) in 2024, a 13.9% increase from RMB347.1 million (excluding share-based compensation expenses of RMB162.9 million, depreciation and amortization expenses of RMB387.8 million and operating lease cost relating to prepaid land use rights of RMB68.2 million) in 2023.

    Research and development costs were RMB36.3 million (US$5.0 million) in 2024, compared with RMB38.2 million in 2023.

    Impairment losses of long-lived assets was zero in 2024, compared with RMB3,013.4 million in 2023.

    Net interest expenses were RMB1,834.9 million (US$251.4 million) in 2024, a 0.4% decrease from RMB1,842.5 million in 2023.

    Others, net was RMB49.1 million (US$6.7 million) in 2024, compared with RMB109.7 million in 2023.

    Net loss from continuing operations was RMB770.9 million (US$105.6 million) in 2024, compared with RMB3,926.0 million in 2023.

    Adjusted EBITDA (non-GAAP) was RMB4,876.4 million (US$668.1 million) in 2024, a 3.0% increase from RMB4,733.0 million in 2023, or a 5.1% increase excluding previously disclosed one-time items in 2023.

    Adjusted EBITDA margin (non-GAAP) was 47.2% in 2024, compared with 48.4% in 2023, or 47.8% excluding previously disclosed one-time items in 2023.

    Fourth Quarter and Full Year 2024 Financial Results for Discontinued Operations

    Net revenue was RMB443.4 million (US$60.7 million) in the fourth quarter of 2024, a 331.1% increase from RMB102.9 million in the same period last year. For the full year 2024, net revenue was RMB1,262.1 million (US$172.9 million), a 618.2% increase from RMB175.7 million in 2023.

    Loss from operations of discontinued operations, net of income taxes in the fourth quarter of 2024 was RMB190.5 million (US$26.1 million), compared with RMB90.0 million in the same period last year. Loss from operations of discontinued operations, net of income taxes in 2024 was RMB400.8 million (US$54.9 million), compared with RMB359.4 million in 2023.

    Adjusted EBITDA (non-GAAP) for discontinued operations is defined as loss from operations of discontinued operations, net of income taxes excluding net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs. Adjusted EBITDA (non-GAAP) was RMB109.7 million (US$15.0 million) in the fourth quarter of 2024, compared with RMB3.8 million in the same period last year. For the full year 2024, Adjusted EBITDA (non-GAAP) was RMB332.3 million (US$45.5 million), compared with negative RMB98.5 million in 2023.

    Adjusted EBITDA margin (non-GAAP) was 24.7% in the fourth quarter of 2024, compared with 3.7% in the same period last year. For the full year 2024, adjusted EBITDA margin (non-GAAP) was 26.3% compared with negative 56.1% in 2023.

    Gain on Deconsolidation of Subsidiaries

    Gain on deconsolidation of subsidiaries in the fourth quarter of 2024 and full year of 2024 was RMB4,475.5 million (US$613.1 million), arising from the difference between the aggregate of the fair value of retained non-controlling equity interest and the carrying amount of equity interest owned by other investors in former subsidiaries at the date of deconsolidation, and the carrying amount of the deconsolidated subsidiaries’ assets and liabilities.

    Net Income

    Net income in the fourth quarter of 2024 was RMB4,111.6 million (US$563.3 million), compared with a net loss of RMB3,164.6 million in the same period last year.

    Net income was RMB3,303.8 million (US$452.6 million) in 2024, compared with a net loss of RMB4,285.4 million in 2023.

    Basic and diluted income per ordinary share in the fourth quarter of 2024 was RMB2.81 (US$0.39), compared with loss of RMB2.16 in the same period last year.

    Basic and diluted income per American Depositary Share (“ADS”) in the fourth quarter of 2024 was RMB22.51 (US$3.08), compared with loss of RMB17.30 in the same period last year.

    Basic and diluted income per ordinary share was RMB2.29 (US$0.31) in 2024, compared with loss of RMB2.96 in 2023.

    Basic and diluted income per ADS was RMB18.28 (US$2.50) in 2024, compared with loss of RMB23.67 in 2023.

    Liquidity for GDS Excluding DayOne

    GDS deconsolidated DayOne as a subsidiary on December 31, 2024. As a result, the following financial information excludes DayOne’s assets and liabilities.

    As of December 31, 2024, cash was RMB7,867.7 million (US$1,077.9 million).

    Total short-term debt was RMB4,978.4 million (US$682.0 million), comprised of short-term borrowings and the current portion of long-term borrowings of RMB4,341.6 million (US$594.8 million), the current portion of convertible bonds payable of RMB575 thousand (US$79 thousand) and the current portion of finance lease and other financing obligations of RMB636.2 million (US$87.2 million). Total long-term debt was RMB38,084.2 million (US$5,217.5 million), comprised of long-term borrowings (excluding current portion) of RMB21,906.0 million (US$3,001.1 million), the non-current portion of convertible bonds payable of RMB8,576.6 million (US$1,175.0 million) and the non-current portion of finance lease and other financing obligations of RMB7,601.7 million (US$1,041.4 million).

    During the fourth quarter of 2024, the Company obtained new debt financing and refinancing facilities of RMB960.0 million (US$131.5 million) for continuing operations.

    During the full year of 2024, the Company obtained new debt financing and refinancing facilities of RMB5,734.0 million (US$785.5 million) for continuing operations.

    Liquidity For DayOne

    As of December 31, 2024, upon deconsolidation, cash was RMB9,930.9 million (US$1,360.5 million). Total gross debt, including borrowings and finance lease and other financing obligations, was RMB10,417.6 million (US$1,427.2 million).

    Fourth Quarter and Full Year 2024 Operating Results For Continuing Operations

    Sales

    Total area committed and pre-committed at the end of the fourth quarter of 2024 was 629,997 sqm, compared with 618,942 sqm at the end of the fourth quarter of 2023 and 626,783 sqm at the end of the third quarter of 2024, an increase of 1.8% Y-o-Y and 0.5% quarter-over-quarter (“Q-o-Q”), respectively. In the fourth quarter of 2024, gross additional total area committed was 9,387 sqm, mainly contributed by data centers in Shanghai. Net additional total area committed was 3,214 sqm. In the full year of 2024, gross additional total area committed was 49,452 sqm, and net additional total area committed was 11,055 sqm.

    Data Center Resources

    Area in service at the end of the fourth quarter of 2024 was 613,583 sqm, compared with 548,352 sqm at the end of the fourth quarter of 2023 and 595,606 sqm at the end of the third quarter of 2024, an increase of 11.9% Y-o-Y and 3.0% Q-o-Q. In the fourth quarter of 2024, net additional area in service for China was 17,977 sqm, mainly from data centers in Changshu, Langfang and Huizhou.

    Area under construction at the end of the fourth quarter of 2024 was 102,691 sqm, compared with 151,602 sqm at the end of the fourth quarter of 2023 and 120,422 sqm at the end of the third quarter of 2024, a decrease of 32.3% Y-o-Y and 14.7% Q-o-Q, respectively.

    Commitment rate for area in service was 91.9% at the end of the fourth quarter of 2024, compared with 92.5% at the end of the fourth quarter of 2023 and 92.1% at the end of the third quarter of 2024. Pre-commitment rate for area under construction was 64.1% at the end of the fourth quarter of 2024, compared with 73.8% at the end of the fourth quarter of 2023 and 65.1% at the end of the third quarter of 2024.

    Move-In

    Area utilized at the end of the fourth quarter of 2024 was 453,094 sqm, compared with 405,302 sqm at the end of the fourth quarter of 2023 and 438,654 sqm at the end of the third quarter of 2024, an increase of 11.8% Y-o-Y and 3.3% Q-o-Q. In the fourth quarter of 2024, gross additional area utilized was 16,390 sqm, mainly contributed by data centers in Langfang, Huizhou and Shanghai. Net additional area utilized was 14,440 sqm. In the full year of 2024, gross additional area utilized was 79,431 sqm, and net additional area utilized was 47,792 sqm.

    Utilization rate for area in service was 73.8% at the end of the fourth quarter of 2024, compared with 73.9% at the end of the fourth quarter of 2023 and 73.6% at the end of the third quarter of 2024.

    Fourth Quarter and Full Year 2024 Operating Results for Discontinued Operations

    Total power committed was 469 MW as of December 31, 2024, an increase from 433 MW as of September 30, 2024. The contribution was mainly from the two sites in Johor, Malaysia.

    Power Capacity in Service was 132 MW as of December 31, 2024, compared to 131 MW as of September 30, 2024. Power Capacity Under Construction was 369 MW as of December 31, 2024, an increase from 320 MW as of September 30, 2024. This increase was primarily driven by the progress of two new data centers under construction in Johor sites.

    Power utilized was 123 MW as of December 31, 2024, an increase from 105 MW as of September 30, 2024. Utilization Rate was 93.6% as of December 31, 2024.

    Recent Development

    Reference is made to the Company’s press release on March 10, 2025 where it announced that it has entered into definitive agreements to monetize, on a net basis, a 70% equity interest in certain of its data centers, at an implied enterprise value (“EV”) to EBITDA multiple of around 13 times. In such transaction, GDS is selling a 100% equity interest in certain data center project companies to a purchaser which is special purpose vehicle involving the issue of an Asset Backed Security (“ABS”). The ABS is 70% subscribed by top tier institutional investors in China, led by China Life Insurance Company Limited (“China Life”), whilst GDS subscribes for the remaining 30% and retains the rights for on-going operation of the underlying data centers. The ABS will be registered on the Shanghai Stock Exchange as a privately-held standardized security product. The ABS is specifically designed to facilitate an eventual injection into a public REIT vehicle (commonly referred to as “C-REIT”) for public offering and listing in the future, when certain qualification requirements under the ABS scheme are satisfied. Notwithstanding the above, such potential injection remains subject to, among other things, the satisfaction of relevant regulatory and disclosure requirements (including but not limited to the Hong Kong Listing Rules requirement on spin-off listing) and there is currently no concrete or definitive plan in this regard.

    Business Outlook For Continuing Operations

    For the full year of 2025, the Company expects its total revenues to be between RMB11,290 million to RMB11,590 million, implying a year-on-year increase of between approximately 9.4% to 12.3%; and its Adjusted EBITDA to be between RMB5,190 million to RMB5,390 million, implying a year-on-year increase of between approximately 6.4% to 10.5%. In addition, the Company expects capex to be around RMB4,300 million for the full year of 2025.

    This forecast assumes completion of the ABS transaction and deconsolidation of the underlying data center project companies. However, the gain on sale is not included in Adjusted EBITDA.

    This forecast reflects the Company’s preliminary view on the current business situation and market conditions, which are subject to change.

    Conference Call

    Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on March 19, 2025 (8:00 p.m. Beijing Time on March 19, 2025) to discuss financial results and answer questions from investors and analysts.

    Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

    Participant Online Registration:
    https://register-conf.media-server.com/register/BI4cc739e1f3c748ffa22f7df4125e5079

    A live and archived webcast of the conference call will be available on the Company’s investor relations website at investors.gds-services.com.

    Non-GAAP Disclosure

    Our management and board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted GP margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. We believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance. In particular, we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the trend in our operating performance by excluding from our operating results the impact of our capital structure (primarily interest expense), asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and impairment losses of long-lived assets), other non-cash expenses (primarily share-based compensation expenses), and other income and expenses which we believe are not reflective of our operating performance, whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs) and other non-cash expenses (primarily share-based compensation expenses) included in cost of revenue. In addition, we exclude the income (loss) from discontinued operation from our Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance from continuing operations, which will be consistent with our future financial performance disclosure.

    We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service. However, it usually takes several years for new data centers to reach high levels of utilization and profitability. The Company incurs significant depreciation and amortization costs for its early stage data center assets. Accordingly, gross profit, which is a measure of profitability after taking into account depreciation and amortization, does not accurately reflect the Company’s core operating performance.

    We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry.

    These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures instead of their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP, and Adjusted GP margin are not substitutes for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of income (loss) from discontinued operations, net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment and impairment losses of long-lived assets, each of which have been and may continue to be incurred in our business.

    We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We do not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, share-based compensation and net income (loss); the impact of such data and related adjustments can be significant. As a result, we are not able to provide a reconciliation of forward-looking U.S. GAAP to forward-looking non-GAAP financial measures without unreasonable effort. Such forward-looking non-GAAP financial measures include the forecast for Adjusted EBITDA in the section captioned “Business Outlook For Continuing Operations” set forth in this press release.

    For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.

    Exchange Rate

    This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all.

    Statement Regarding Preliminary Unaudited Financial Information

    The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.

    About GDS Holdings Limited

    GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 24-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings’ actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings’ goals and strategies; GDS Holdings’ future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS’ major equity investees operate, such as South East Asia; GDS Holdings’ expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings’ expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of our significant equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings’ business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings’ ability to maintain or grow its revenue or business; fluctuations in GDS Holdings’ operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings’ business operations and those of its major equity investees; competition in GDS Holdings’ industry in China and in markets that affect the business of our major equity investees, such as South East Asia; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings’ filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    GDS Holdings Limited
    Laura Chen
    Phone: +86 (21) 2029-2203
    Email: ir@gds-services.com

    Piacente Financial Communications
    Ross Warner
    Phone: +86 (10) 6508-0677
    Email: GDS@tpg-ir.com

    Brandi Piacente
    Phone: +1 (212) 481-2050
    Email: GDS@tpg-ir.com

    GDS Holdings Limited

    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
        As of December 31, 2023 As of December 31, 2024
        RMB RMB US$
             
      Assets      
    Current assets      
      Cash 7,354,809   7,867,659   1,077,865  
      Accounts receivable, net of allowance for credit losses 2,493,059   3,021,956   414,006  
      Value-added-tax (“VAT”) recoverable 214,385   240,506   32,949  
      Prepaid expenses and other current assets 483,833   482,950   66,164  
      Current assets of discontinued operations 437,567   0   0  
      Total current assets 10,983,653   11,613,071   1,590,984  
             
    Non-current assets      
      Long-term investments in equity investees 7,298   7,544,555   1,033,600  
      Property and equipment, net 40,098,423   40,204,133   5,507,944  
      Prepaid land use rights, net 22,388   21,774   2,983  
      Operating lease right-of-use assets 5,310,723   5,193,408   711,494  
      Goodwill and intangible assets, net 6,574,669   6,367,493   872,343  
      Other non-current assets 2,538,542   2,704,194   370,473  
      Non-current assets of discontinued operations 8,910,994   0   0  
      Total non-current assets 63,463,037   62,035,557   8,498,837  
      Total assets 74,446,690   73,648,628   10,089,821  
             
      Liabilities, Mezzanine Equity and Equity      
    Current liabilities      
      Short-term borrowings and current portion of long-term borrowings 2,582,350   4,341,649   594,803  
      Convertible bonds payable, current 0   575   79  
      Accounts payable 2,749,896   2,593,305   355,281  
      Accrued expenses and other payables 1,265,259   1,389,072   190,302  
      Operating lease liabilities, current 132,811   117,345   16,076  
      Finance lease and other financing obligations, current 547,847   636,152   87,152  
      Current liabilities of discontinued operations 1,027,313   0   0  
      Total current liabilities 8,305,476   9,078,098   1,243,693  
             
    Non-current liabilities      
      Long-term borrowings, excluding current portion 23,088,055   21,905,985   3,001,108  
      Convertible bonds payable, non-current 8,434,766   8,576,583   1,174,987  
      Operating lease liabilities, non-current 1,344,264   1,279,726   175,322  
      Finance lease and other financing obligations, non-current 7,894,185   7,601,651   1,041,422  
      Other long-term liabilities 1,586,012   1,537,952   210,699  
      Non-current liabilities of discontinued operations 3,670,129   0   0  
      Total non-current liabilities 46,017,411   40,901,897   5,603,538  
      Total liabilities 54,322,887   49,979,995   6,847,231  
             
    Mezzanine equity      
      Redeemable preferred shares 1,064,766   1,080,656   148,049  
      Total mezzanine equity 1,064,766   1,080,656   148,049  
             
    GDS Holdings Limited shareholders’ equity      
      Ordinary shares 516   527   72  
      Additional paid-in capital 29,337,095   29,596,268   4,054,672  
      Accumulated other comprehensive loss (974,393 ) (1,094,377 ) (149,929 )
      Accumulated deficit (9,469,758 ) (6,044,372 ) (828,075 )
      Total GDS Holdings Limited shareholders’ equity 18,893,460   22,458,046   3,076,740  
    Non-controlling interests 165,577   129,931   17,801  
      Total equity 19,059,037   22,587,977   3,094,541  
             
      Total liabilities, mezzanine equity and equity 74,446,690   73,648,628   10,089,821  
                   
    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for number of shares and per share data)
     
        Three months ended   Year ended  
        December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
        RMB RMB RMB US$   RMB RMB US$
                       
    Net revenue                
    Service revenue 2,465,283   2,619,578   2,690,482   368,595     9,781,884   10,321,888   1,414,093  
    Equipment sales 0   0   180   25     564   180   25  
    Total net revenue 2,465,283   2,619,578   2,690,662   368,620     9,782,448   10,322,068   1,414,118  
    Cost of revenue (2,032,352 ) (2,061,995 ) (2,112,545 ) (289,417 )   (7,831,222 ) (8,099,439 ) (1,109,619 )
    Gross profit 432,931   557,583   578,117   79,203     1,951,226   2,222,629   304,499  
                       
    Operating expenses                
      Selling and marketing expenses (34,050 ) (32,356 ) (30,571 ) (4,188 )   (140,890 ) (116,440 ) (15,952 )
      General and administrative expenses (246,274 ) (211,392 ) (259,048 ) (35,490 )   (965,982 ) (917,877 ) (125,748 )
      Research and development expenses (12,800 ) (8,588 ) (6,862 ) (940 )   (38,159 ) (36,319 ) (4,976 )
      Impairment losses of long-lived assets (3,013,416 ) 0   0   0     (3,013,416 ) 0   0  
    (Loss) income from continuing operations (2,873,609 ) 305,247   281,636   38,585     (2,207,221 ) 1,151,993   157,823  
    Other income (expenses):              
      Net interest expenses (450,700 ) (463,327 ) (458,745 ) (62,848 )   (1,842,529 ) (1,834,851 ) (251,374 )
      Foreign currency exchange (loss) gain, net (5,991 ) 586   8,117   1,112     (1,573 ) 18,942   2,595  
      Others, net 30,347   5,001   29,727   4,072     109,729   49,057   6,721  
    Loss from continuing operations before income taxes (3,299,953 ) (152,493 ) (139,265 ) (19,079 )   (3,941,594 ) (614,859 ) (84,235 )
    Income tax benefits (expenses) 225,342   347   (34,144 ) (4,678 )   15,577   (156,053 ) (21,379 )
    Net loss from continuing operations (3,074,611 ) (152,146 ) (173,409 ) (23,757 )   (3,926,017 ) (770,912 ) (105,614 )
                       
    Discontinued operations                
      Loss from operations of discontinued operations, net of income taxes (90,033 ) (78,963 ) (190,491 ) (26,097 )   (359,376 ) (400,796 ) (54,909 )
      Gain on deconsolidation of subsidiaries 0   0   4,475,539   613,146     0   4,475,539   613,146  
    (Loss) income from discontinued operations (90,033 ) (78,963 ) 4,285,048   587,049     (359,376 ) 4,074,743   558,237  
                       
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
                       
    Net loss from continuing operations (3,074,611 ) (152,146 ) (173,409 ) (23,757 )   (3,926,017 ) (770,912 ) (105,614 )
    Net income from continuing operations attributable to non-controlling interests (1,676 ) (1,755 ) (1,268 ) (174 )   (5,026 ) (6,209 ) (851 )
    Net loss from continuing operations attributable to GDS Holdings Limited shareholders (3,076,287 ) (153,901 ) (174,677 ) (23,931 )   (3,931,043 ) (777,121 ) (106,465 )
                       
    (Loss) income from discontinued operations (90,033 ) (78,963 ) 4,285,048   587,049     (359,376 ) 4,074,743   558,237  
    Net loss from discontinued operations attributable to non-controlling interests 366   5,092   3,373   462     366   7,317   1,003  
    Net loss from discontinued operations attributable to redeemable non-controlling interests 0   35,432   75,550   10,350     0   120,447   16,501  
    Net (loss) income from discontinued operations attributable to GDS Holdings Limited shareholders (89,667 ) (38,439 ) 4,363,971   597,861     (359,010 ) 4,202,507   575,741  
                       
    Net (loss) income attributable to GDS Holdings Limited shareholders (3,165,954 ) (192,340 ) 4,189,294   573,930     (4,290,053 ) 3,425,386   469,276  
    Cumulative dividend on redeemable preferred shares (13,679 ) (13,618 ) (13,679 ) (1,874 )   (53,625 ) (54,232 ) (7,430 )
    Net (loss) income available to GDS Holdings Limited ordinary shareholders (3,179,633 ) (205,958 ) 4,175,615   572,056     (4,343,678 ) 3,371,154   461,846  
                       
    (Loss) income per ordinary share              
    Basic and diluted (2.16 ) (0.14 ) 2.81   0.39     (2.96 ) 2.29   0.31  
                       
    Weighted average number of ordinary share outstanding              
    Basic and diluted 1,469,982,015   1,476,130,132   1,484,083,188   1,484,083,188     1,468,187,956   1,475,079,754   1,475,079,754  
                                   
    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
      Three months ended   Year ended
      December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
    Foreign currency translation adjustments, net of nil tax 117,674   538,739   (391,639 ) (53,654 )   (125,118 ) 74,741   10,239  
    Defined benefit plan, net of nil tax 0   0   (41 ) (6 )   0   (41 ) (6 )
    Amounts reclassified from accumulated other comprehensive loss 0   0   (96,957 ) (13,283 )   0   (96,957 ) (13,283 )
    Comprehensive (loss) income (3,046,970 ) 307,630   3,623,002   496,349     (4,410,511 ) 3,281,574   449,573  
    Comprehensive (income) loss attributable to non-controlling interests (1,678 ) (5,287 ) 6,631   908     (5,575 ) (1,076 ) (147 )
    Comprehensive (income) loss attributable to redeemable non-controlling interests 0   (107,365 ) 126,721   17,361     0   24,904   3,412  
    Comprehensive (loss) income attributable to GDS Holdings Limited shareholders (3,048,648 ) 194,978   3,756,354   514,618     (4,416,086 ) 3,305,402   452,838  
                                   
    GDS HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
      Three months ended   Year ended
      December
    31, 2023    		 September
    30, 2024    		 December 31, 2024   December 31,
    2023    		 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
    Net loss (income) from discontinued operations 90,033   78,963   (4,285,048 ) (587,049 )   359,376   (4,074,743 ) (558,237 )
    Depreciation and amortization 865,485   803,535   865,896   118,627     3,368,474   3,243,004   444,290  
    Amortization of debt issuance cost and debt discount 34,010   33,467   18,290   2,506     140,625   110,724   15,169  
    Share-based compensation expense 80,765   61,194   82,965   11,366     336,616   296,487   40,619  
    Impairment losses of long-lived assets 3,013,416   0   0   0     3,013,416   0   0  
    Others (202,637 ) (63,810 ) (29,703 ) (4,069 )   (187,844 ) (115,941 ) (15,884 )
    Changes in operating assets and liabilities 326,171   (42,362 ) 315,821   43,267     (385,994 ) (543,700 ) (74,487 )
    Net cash provided by operating activities from continuing operations 1,042,599   639,878   1,079,860   147,940     2,359,276   2,219,662   304,093  
    Net cash (used in) provided by operating activities from discontinued operations (93,209 ) 1,636   (150,554 ) (20,626 )   (294,019 ) (281,297 ) (38,538 )
    Net cash provided by operating activities 949,390   641,514   929,306   127,314     2,065,257   1,938,365   265,555  
                     
    Purchase of property and equipment and land use rights (282,591 ) (788,123 ) (381,382 ) (52,249 )   (3,175,406 ) (2,965,384 ) (406,256 )
    (Payments) receipts related to acquisitions and investments (396,051 ) 0   27,000   3,699     (1,339,639 ) 1,125,023   154,128  
    Net cash used in investing activities from continuing operations (678,642 ) (788,123 ) (354,382 ) (48,550 )   (4,515,045 ) (1,840,361 ) (252,128 )
    Net cash used in investing activities from discontinued operations (784,990 ) (2,110,682 ) (3,011,040 ) (412,511 )   (2,827,863 ) (6,920,177 ) (948,060 )
    Net cash used in investing activities (1,463,632 ) (2,898,805 ) (3,365,422 ) (461,061 )   (7,342,908 ) (8,760,538 ) (1,200,188 )
                     
    Net cash (used in) provided by financing activities from continuing operations (271,778 ) (392,325 ) (612,447 ) (83,905 )   1,266,936   174,295   23,878  
    Net cash provided by financing activities from discontinued operations 958,799   2,334,112   11,441,448   1,567,472     2,892,824   16,883,042   2,312,967  
    Net cash provided by financing activities 687,021   1,941,787   10,829,001   1,483,567     4,159,760   17,057,337   2,336,845  
    Effect of exchange rate changes on cash and restricted cash 4,705   (28,109 ) (6,457 ) (885 )   154,302   (13,592 ) (1,862 )
                     
    Net increase (decrease) of cash and restricted cash 177,484   (343,613 ) 8,386,428   1,148,935     (963,589 ) 10,221,572   1,400,350  
    Cash and restricted cash at beginning of period 7,740,395   10,096,689   9,753,076   1,336,166     8,882,066   7,917,932   1,084,752  
    Reclassification as assets of disposal group classified as held for sale 53   0   0   0     (545 ) 0   0  
    Cash and restricted cash at end of period 7,917,932   9,753,076   18,139,504   2,485,101     7,917,932   18,139,504   2,485,102  
    Less: Cash and restricted cash of discontinued operations at end of period or deconsolidation date (420,610 ) (1,760,719 ) (10,045,974 ) (1,376,293 )   (420,610 ) (10,045,974 ) (1,376,293 )
    Cash and restricted cash of continuing operations at end of period 7,497,322   7,992,357   8,093,530   1,108,808     7,497,322   8,093,530   1,108,809  
                                   
    GDS HOLDINGS LIMITED
    RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for percentage data)
     
      Three months ended   Year ended
      December 31,
    2023    		 September 30,
    2024    		 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Gross profit 432,931   557,583   578,117   79,203     1,951,226   2,222,629   304,499  
    Depreciation and amortization 775,122   731,630   786,869   107,801     2,974,546   2,947,444   403,798  
    Operating lease cost relating to prepaid land use rights 10,615   11,536   11,996   1,643     38,792   44,872   6,147  
    Accretion expenses for asset retirement costs 1,588   1,730   1,709   234     6,599   6,827   935  
    Share-based compensation expenses 29,066   20,549   18,002   2,466     116,467   92,402   12,659  
    Adjusted GP 1,249,322   1,323,028   1,396,693   191,347     5,087,630   5,314,174   728,038  
    Adjusted GP margin 50.7%   50.5%   51.9%   51.9%     52.0%   51.5%   51.5%  
                                   
    GDS HOLDINGS LIMITED
    RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for percentage data)
     
      Three months ended   Year ended
      December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net (loss) income (3,164,644 ) (231,109 ) 4,111,639   563,292     (4,285,393 ) 3,303,831   452,623  
    Loss (income) from discontinued operations 90,033   78,963   (4,285,048 ) (587,049 )   359,376   (4,074,743 ) (558,237 )
    Net loss from continuing operations (3,074,611 ) (152,146 ) (173,409 ) (23,757 )   (3,926,017 ) (770,912 ) (105,614 )
    Net interest expenses 450,700   463,327   458,745   62,848     1,842,529   1,834,851   251,374  
    Income tax (benefits) expenses (225,342 ) (347 ) 34,144   4,678     (15,577 ) 156,053   21,379  
    Depreciation and amortization 865,485   803,535   865,896   118,627     3,368,474   3,243,004   444,290  
    Operating lease cost relating to prepaid land use rights 27,199   27,602   27,609   3,782     106,964   110,126   15,087  
    Accretion expenses for asset retirement costs 1,588   1,730   1,709   234     6,599   6,827   935  
    Share-based compensation expenses 80,765   61,194   82,965   11,366     336,616   296,487   40,619  
    Impairment losses of long-lived assets 3,013,416   0   0   0     3,013,416   0   0  
    Adjusted EBITDA 1,139,200   1,204,895   1,297,659   177,778     4,733,004   4,876,436   668,070  
    Adjusted EBITDA margin 46.2%   46.0%   48.2%   48.2%     48.4%   47.2%   47.2%  
    Additional Information for Discontinued Operations
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
     
      As of December
    31, 2023    		 As of December 31, 2024
      RMB RMB US$
    Property and equipment, net 7,401,071 16,646,191 2,280,519
    Cash 355,902 9,930,915 1,360,530
    Gross debt 5,169,734 (1) 10,417,647 1,427,212

    Note:

    1. Including amounts due to GDSH.
    Additional Information for Discontinued Operations Cont’d
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
    except for percentage data)
     
      Three months ended   Year ended
      December 31, 2023 September 30, 2024 December 31, 2024   December 31, 2023 December 31, 2024
      RMB RMB RMB US$   RMB RMB US$
                     
    Net revenue 102,853   363,209   443,413   60,747     175,737   1,262,063   172,902  
    Cost of revenue (90,862)   (252,211)   (290,131)   (39,748)     (194,570)   (859,254)   (117,717)  
    Operating expenses (66,214)   (88,776)   (150,543)   (20,624)     (233,249)   (400,336)   (54,846)  
    (Loss) income from operations (54,223)   22,222   2,739   375     (252,082)   2,473   339  
    Other expenses, net (35,020)   (110,846)   (126,457)   (17,324)     (106,494)   (346,145)   (47,422)  
    Loss from operations of discontinued operations before income taxes (89,243)   (88,624)   (123,718)   (16,949)     (358,576)   (343,672)   (47,083)  
    Income tax (expenses) benefits (790)   9,661   (66,773)   (9,148)     (800)   (57,124)   (7,826)  
    Loss from operations of discontinued operations, net of income taxes (90,033)   (78,963)   (190,491)   (26,097)     (359,376)   (400,796)   (54,909)  
    Net interest expenses 42,060   76,069   102,991   14,110     107,286   280,652   38,449  
    Income tax expenses (benefits) 790   (9,661)   66,773   9,148     800   57,124   7,826  
    Depreciation and amortization 50,650   107,739   128,662   17,627     151,271   393,735   53,941  
    Operating lease cost relating to prepaid land use rights 295   0   1,778   244     1,290   1,782   244  
    Accretion expenses for asset retirement costs 52   0   (1)   0     206   (211)   (29)  
    Adjusted EBITDA 3,814   95,184   109,712   15,032     (98,523)   332,286   45,522  
    Adjusted EBITDA margin 3.7%   26.2%   24.7%   24.7%     (56.1)%   26.3%   26.3%  
                     
    Net cash (used in) provided by operating activities (93,209)   1,636   (150,554)   (20,626)     (294,019)   (281,297)   (38,538)  
    Net cash used in investing activities (784,990)   (2,110,682)   (3,011,040)   (412,511)     (2,827,863)   (6,920,177)   (948,060)  
    Net cash provided by financing activities 958,799   2,334,112   11,441,448   1,567,472     2,892,824   16,883,042   2,312,967  
                                   

    The MIL Network –