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Category: GlobeNewswire

  • MIL-OSI: KE Holdings Inc. Upgraded to ‘A’ in MSCI ESG Rating

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, Feb. 28, 2025 (GLOBE NEWSWIRE) — KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, is pleased to announce today a significant upgrade in its Environmental, Social and Governance (ESG) rating by Morgan Stanley Capital International (“MSCI”) from “BBB” to “A.” This achievement marks the second consecutive year of improvement for Beike, reflecting its steadfast commitment to excellence in ESG practices within the industry.

    In MSCI’s latest evaluation, Beike earned an impressive overall score of 7.2 in the ESG social category, outperforming the global industry average of 4.3. This accomplishment is attributed to the Company’s continuous efforts in human capital development through tailored vocational training programs and structured career paths for service providers, together with its robust privacy and data security measures. Additionally, Beike made notable strides in exploring opportunities in incorporating green concepts across various business scenarios, such as establishing the “Lianjia Green Store Standard” to regulate eco-friendly renovations, material recycling, and smart energy control installations for the brokerage stores. These efforts contributed to a remarkable 1.8-point increase in the ESG environmental category from the previous year.

    The MSCI ESG Rating, developed by a leading provider of critical decision support tools and services for the global investment community, MSCI, serves as a benchmark for institutional investors to measure a company’s resilience to financially material ESG risks and to deploy capital in ways that maximize investment return over their time horizon.

    With its mission of “admirable service, joyful living,” Beike is dedicated to creating long-term, sustainable value by reshaping China’s residential services industry through its infrastructure transformation and technology-driven innovation. This commitment empowers service providers to enhance their professional growth and deliver exceptional living experiences for consumers.

    About KE Holdings Inc.

    KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

    Safe Harbor Statement

    This press release contains statements that may constitute “forward-looking” statements pursuant to 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 “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; 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 is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For more information, please visit: https://investors.ke.com.

    For investor and media inquiries, please contact:

    In China:
    KE Holdings Inc.
    Investor Relations
    Siting Li
    E-mail: ir@ke.com

    Piacente Financial Communications
    Jenny Cai
    Tel: +86-10-6508-0677
    E-mail: ke@tpg-ir.com

    In the United States:
    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    E-mail: ke@tpg-ir.com

    The MIL Network –

  • MIL-OSI: SUNation Energy Announces Initial Closing of Registered Direct Offering Generating Gross Proceeds of $15 Million

    Source: GlobeNewswire (MIL-OSI)

    RONKONKOMA, N.Y., Feb. 28, 2025 (GLOBE NEWSWIRE) — SUNation Energy, Inc. (Nasdaq: SUNE), a leading provider of sustainable solar energy and backup power solutions for households, businesses, and municipalities, today announced the initial closing of its previously announced securities purchase agreement with certain institutional investors for the purchase and sale of 17,391,306 shares of the Company’s common stock (or common stock equivalents in lieu thereof), Series A warrants to purchase up to an aggregate 17,391,306 shares of the Company’s common stock and Series B warrants to purchase up to an aggregate 17,391,306 shares of the Company’s common stock at an effective purchase price of $1.15 per share (or common stock equivalents in lieu thereof) and associated warrants in a registered direct offering (the “offering”) priced at-the-market under Nasdaq rules.

    The initial closing of the offering generated gross proceeds to the Company of approximately $15 million through the issuance of an aggregate of 13,043,480 shares of common stock (or common stock equivalents) consisting of (i) 1,965,000 shares of common stock (the “Shares”), and (ii) pre-funded warrants to purchase up to 11,078,480 shares of common stock (the “Pre-Funded Warrants”).

    The second closing of the offering is expected to generate gross proceeds of up to $5 million consisting of (iii) 4,347,826 shares of Common Stock (or common stock equivalents), (iv) Series A warrants to purchase up to 17,391,306 shares of common stock, and (v) Series B warrants to purchase up to 17,391,306 shares of common stock. The second closing of the offering is expected to occur upon the satisfaction of customary closing conditions, including receipt of approval by the Company’s stockholders in a specially called stockholder meeting to approve the issuance of the series A common stock warrants, series B common stock warrants and the shares of common stock underlying such warrants, in addition to other matters.

    The gross proceeds from the offering, assuming the second closing is consummated, are expected to be approximately $20 million before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering to fund its operations, including for working capital, potential strategic transactions, payment of certain debt obligations and for other general corporate purposes. 

    Roth Capital Partners, LLC is acting as the exclusive placement agent for the registered direct offering.

    The Series A warrants will have an exercise price of $1.725 per share subject to standard adjustments for dividends, splits and similar events; a one-time adjustment on the date of issuance (as described in the warrants), subject to a floor price described therein; and also subject to adjustment upon a Dilutive Issuance (as described in the warrants), subject to a floor price described therein. The Series A warrants will be issued at the second closing and will be exercisable immediately after issuance and have a term of exercise equal to 5 years from the date of issuance.

    The Series B warrants will have an exercise price of $2.875 per share subject to standard adjustments for dividends, splits and similar events; a one-time adjustment on the date of issuance (as described in the warrants), subject to a floor price described therein; and also subject to adjustment upon a Dilutive Issuance (as described in the warrants), subject to a floor price described therein. The Series B warrants will be issued at the second closing and will be exercisable immediately after issuance and have a term of exercise equal to 5 years from the date of issuance. The Series B warrants may also be exercised on an alternative cashless basis pursuant to which the holder may exchange each warrant for 3 shares of common stock.

    The securities in the offering described above are being offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-267066) previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on September 2, 2022. The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement, relating to the offering that will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting Roth Capital Partners, LLC at 888 San Clemente Drive, Newport Beach CA 92660, by email at rothecm@roth.com.

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

    About SUNation Energy, Inc.

    SUNation Energy, Inc. is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear) provide homeowners and businesses of all sizes with an end-to-end product offering spanning solar, battery storage, and grid services. SUNation Energy, Inc.’s largest markets include New York, Florida, and Hawaii, and the company operates in three (3) states.

    Forward Looking Statements 

    This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. While the Company believes its plans, intentions, and expectations reflected in those forward-looking statements are reasonable, these plans, intentions, or expectations may not be achieved. For information about the factors that could cause such differences, please refer to the Company’s filings with the Securities and Exchange Commission, including, without limitation, the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequent filings. The Company does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.

    Safe Harbor Statement

    Our prospects here at SUNation Energy Inc. are subject to uncertainties and risks. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at www.sec.gov.

    Contacts:
    Scott Maskin
    Chief Executive Officer
    +1 (631) 823-7131
    smaskin@sunation.com

    SUNation Energy Investor Relations
    +1 (212) 836-9600
    IR@sunation.com

    The MIL Network –

  • MIL-OSI: The Now Corporation (OTC: NWPN) Announces Launch of New Website: GreenRainEnergy.com

    Source: GlobeNewswire (MIL-OSI)

    PASADENA, Calif., Feb. 28, 2025 (GLOBE NEWSWIRE) — The Now Corporation (OTC: NWPN) is pleased to announce the launch of its new official website, www.GreenRainEnergy.com. This platform will serve as the primary source for all corporate updates, project developments, and official filings.

    GreenRainEnergy.com will provide shareholders, investors, and the public with real-time access to The Now Corporation’s latest initiatives, including its focus on renewable energy through Green Rain Solar Inc. and other key subsidiaries. The website will also feature direct links to all official social media channels, ensuring streamlined communication and easy access to company announcements.

    “The launch of GreenRainEnergy.com reflects our commitment to transparency and engagement with our stakeholders,” said Alfredo Papadakis, CEO of The Now Corporation. “This website will be the central hub for corporate disclosures, project updates, regulatory filings, and social media connections.”

    For more information, please visit www.GreenRainEnergy.com.

    About The Now Corporation:
    The Now Corporation (OTC: NWPN) is committed to advancing clean energy solutions through its subsidiary, Green Rain Solar Inc. Green Rain Solar focuses on urban rooftop solar installations and grid-connected power solutions, targeting markets with high energy costs. By combining state-of-the-art solar and battery technologies, The Now Corporation is dedicated to driving innovation and sustainability in renewable energy sector.

    Legal Notice Regarding Forward-Looking Statements:
    This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward- looking in nature and subject to risks and uncertainties. This includes the possibility that the business outlined in this press release may not be concluded due to unforeseen technical, installation, permitting, or other challenges. Such forward-looking statements involve risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of The Now Corporation to differ materially from those expressed herein. Except as required under U.S. federal securities laws, The Now Corporation undertakes no obligation to publicly update any forward-looking statements as a result of new information, future events, or otherwise.

    For press inquiries, please contact:
    Michael Cimino
    Michael@pubcopr.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/13cff741-da70-4e9a-8a2d-3309c8b0f79f

    The MIL Network –

  • MIL-OSI: Inuvo, Inc. Announces Charles D. Morgan’s Retirement; Rob Buchner Joins Board

    Source: GlobeNewswire (MIL-OSI)

    LITTLE ROCK, Ark., Feb. 28, 2025 (GLOBE NEWSWIRE) — Inuvo, Inc. (NYSE American: INUV), a leading provider of artificial intelligence AdTech solutions, announced today that Charles D. Morgan has retired from the Company’s Board of Directors (the “Board”) effective February 27, 2025. Mr. Morgan joined the Board in 2009 and has remained a significant investor in the Company. Concurrently with Mr. Morgan’s retirement, Rob Buchner was appointed, effective February 27th, as a Class III Director of the Company to fill the vacancy created by Mr. Morgan’s departure.

    Richard Howe, Chairman and CEO of Inuvo, stated, “Charles is a visionary leader who has shaped numerous successful companies, including industry giants like Acxiom and more recently, First Orion. His wisdom, vast experience, and sharp decision-making have been instrumental in building Inuvo into the company it is today. I want to express my profound appreciation for his service and leadership.”

    Mr. Morgan commented, “Inuvo’s generative AI technology has the potential to revolutionize modern marketing, much like Acxiom’s consumer data did. It’s been a privilege to contribute to this evolution in audience discovery and targeting. Rich and the team have created something truly groundbreaking, and I’m excited to watch them continue to succeed.”

    Mr. Howe added, “We are pleased to welcome Rob to our board. Rob’s impressive leadership experience at prominent agencies, including Campbell Mithun and Fallon Worldwide, where he was CEO and CMO, makes him a valuable addition to our Board. His expertise in founding and managing companies, as well as his track-record in business growth and transformation, will be a strong asset to Inuvo.”

    Mr. Buchner remarked, “My interactions with Inuvo’s board and executives over the past six months have been incredibly exciting. Their talented team, innovative AI, and disruptive potential make this a truly compelling opportunity. I’m honored to be a part of Inuvo’s future and eager to contribute to its growth.”

    Mr. Buchner is currently Chief Marketing Officer at Covet™, a fintech leveraging AI for personal asset management. Previously, he was CEO of Campbell Mithun (Interpublic Group), where he restructured the agency around data-driven marketing. Prior to that, Mr. Buchner was CMO of Fallon Worldwide, where he led business growth, adding $80 million in net recurring revenue. He also played a key role in developing Fallon’s digital and entertainment practices, earning acclaim for Amazon Theater and BMW Films. He holds a Bachelor of Science from the University of Illinois, Urbana-Champaign.

    About Inuvo
    Inuvo®, Inc. (NYSE American: INUV) is a market leader in Artificial Intelligence built for advertising. Its IntentKey AI solution is a first-of-its-kind proprietary and patented technology capable of identifying and actioning to the reasons why consumers are interested in products, services, or brands, not who those consumers are. To learn more, visit www.inuvo.com.

    Safe Harbor / Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, without limitation risks detailed from time to time in our filings with the Securities and Exchange Commission (the “SEC”), and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Inuvo, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed on February 27, 2025, and our other filings with the SEC. Inuvo cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Inuvo does not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. Inuvo further expressly disclaims any written or oral statements made by a third-party regarding the subject matter of this press release. The information which appears on our websites and our social media platforms is not part of this press release.

    Inuvo Company Contact:
    Wally Ruiz
    Chief Financial Officer
    wallace.ruiz@inuvo.com

    Investor Relations :
    David Waldman / Natalya Rudman
    Crescendo Communications, LLC
    Tel: (212) 671-1020
    inuv@crescendo-ir.com

    The MIL Network –

  • MIL-OSI: Hallador Energy Company Schedules Fourth Quarter & Full Year 2024 Conference Call for March 17, 2025 at 5:30 p.m. ET

    Source: GlobeNewswire (MIL-OSI)

    TERRE HAUTE, Ind., Feb. 28, 2025 (GLOBE NEWSWIRE) — Hallador Energy Company (Nasdaq: HNRG) (“Hallador” or the “Company”), will host a conference call on Monday, March 17, 2025, at 5:30 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2024. The Company’s results will be reported in a press release prior to the call.

    Hallador’s management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions prior to the call by emailing the Company’s investor relations team, Elevate IR, at HNRG@elevate-ir.com.

    Date: Monday, March 17, 2025
    Time: 5:30 p.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    The conference call will also be broadcast live and available for replay in the investor relations section of the Company’s website at www.halladorenergy.com.

    About Hallador Energy Company

    Hallador Energy Company (Nasdaq: HNRG) is a vertically-integrated Independent Power Producer (IPP) based in Terre Haute, Indiana. The Company has two core businesses: Hallador Power Company, LLC, which produces electricity and capacity at its one-Gigawatt (GW) Merom Generating Station, and Sunrise Coal, LLC, which produces and supplies fuel to the Merom Generating Station and other companies. To learn more about Hallador, visit the Company’s website at www.halladorenergy.com.

    Company Contact

    Marjorie Hargrave
    Chief Financial Officer
    (303) 917-0777
    MHargrave@halladorenergy.com

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    (720) 330-2829
    HNRG@elevate-ir.com

    The MIL Network –

  • MIL-OSI: Jamf Announces Upcoming Conferences Participation

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Feb. 28, 2025 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, announced today that members of its management team will present at the following investor conferences:

    • The Citizens JMP Technology Conference on Tuesday, March 4, 2025, at 12:30pm Pacific Time
    • Morgan Stanley Technology, Media & Telecom Conference on Wednesday, March 5, 2025, at 1:50pm Pacific Time

    Webcast of these events will be available on the investor relations section of the Company’s website at https://ir.jamf.com/.

    About Jamf
    Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment designed to be enterprise secure, consumer simple and protect personal privacy. To learn more, visit: www.jamf.com.

    Investor Contacts:
    Jennifer Gaumond
    ir@jamf.com

    The MIL Network –

  • MIL-OSI: Jagat Launches ‘Jagat Coin Hunt’, Redefining Real-World Connections for GenZs and the Future of Social Networking

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 28, 2025 (GLOBE NEWSWIRE) — Jagat, a rapidly growing location-based social networking app, is redefining how Generation Z connects by integrating gamification with real-world exploration. With its innovative approach, Jagat encourages users to engage with friends in person rather than solely online.

    Jagat’s core functionality focuses on strengthening real-world connections. The app’s main interface displays friends’ real-time locations, battery levels, and daily footprints, fostering closer and more meaningful interactions. While reminiscent of the now-discontinued Zenly, Jagat distinguishes itself with original features, such as Jagat Coin Hunt, which enhances social engagement through interactive gameplay.

    Jagat Coin Hunt: Gamifying Social Interactions and Real-World Exploration

    Jagat Coin Hunt, an interactive geolocation-based game, has quickly gained popularity among young users. The game transforms everyday movement into an engaging treasure hunt, where users collect virtual coins hidden in real-world locations. By blending gaming with location sharing, Jagat Coin Hunt incentivizes users to explore new places and engage more actively with their surroundings.

    Since its launch, Jagat has topped social networking and overall app download charts in multiple countries, amassing a global user base of over 22 million. The app has emerged as a leading location-based social platform, resonating with users who seek both entertainment and meaningful connections. 

    Promoting Social Good in public spaces

    Beyond entertainment, Jagat is collaborating with governments and organizations to leverage Coin Hunt as a tool for community engagement. By incorporating public welfare initiatives into gameplay, Jagat aims to encourage young people to spend more time outdoors, explore their local communities, and engage in socially responsible activities.

    “Jagat Coin Hunt is more than just a game; it’s a new way of socializing,” said Barry Beagen, Co-founder and President of Jagat. “We want users to discover joy in the real world, create memorable experiences with friends, and foster a sense of community. At the same time, we encourage players to contribute to a safe, sustainable, and inclusive social environment.”

    Jagat continues to innovate at the intersection of social networking and real-world interaction, redefining how digital communities engage beyond the screen.

    References:

    Media Contact

    Company: Jagat

    Contact: Media Team

    Email: marketing@jagat.io

    Website: https://www.jagat.io/

    SOURCE: Jagat

    The MIL Network –

  • MIL-OSI: AMD Unveils Next-Generation AMD RDNA™ 4 Architecture with the Launch of AMD Radeon™ RX 9000 Series Graphics Cards

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Feb. 28, 2025 (GLOBE NEWSWIRE) — AMD (NASDAQ: AMD) today unveiled the highly-anticipated AMD RDNA™ 4 graphics architecture with the launch of the AMD Radeon™ RX 9070 XT and RX 9070 graphics cards as a part of the Radeon™ RX 9000 Series. The new graphics cards feature 16GB of memory and extensive improvements designed for high-quality gaming graphics, including re-vamped raytracing accelerators and powerful AI accelerators for ultra-fast, cutting-edge performance, and breakthrough gaming experiences.

    In a YouTube livestream, David McAfee, CVP and GM, Ryzen CPU and Radeon Graphics AMD, was joined by Andrej Zdravkovic, SVP of GPU Technologies and Engineering and Chief Software Officer, AMD, as well as Andy Pomianowski, CVP of Silicon Design Engineering, AMD, to discuss the outstanding performance and value proposition of the Radeon RX 9000 Series. In a related event in Zhuhai, China, Jack Huynh, SVP of the Client and Graphics Group, AMD, led a regional event for the new products. Huynh was joined by David Wang, SVP of GPU Technology and Engineering, AMD, and Lanzhi Wang, Senior Director of Product Management,  AMD. The celebration was also marked by a customer celebration with Darren Grasby, EVP and Chief Sales Officer, AMD; Spencer Pan, President of AMD China, and partners including Asrock, ASUS, Gigabyte, Sapphire, Tul, Vastarmor, Veston, and XFX.

    “Today, we’re thrilled to unveil the AMD Radeon™ RX 9000 Series, a significant leap forward in graphics performance powered by our next-generation AMD RDNA™ 4 architecture,” said McAfee. “These GPUs are designed to meet the demands of today’s games, delivering enthusiast-class gaming experiences to gamers everywhere, while ready to support tomorrow’s innovations. Through the power of advanced AI and Raytracing accelerators, we’re not just improving frame rates – we’re fundamentally enhancing the gaming experience. Offering incredible performance, AI-powered features, and next-gen display support at competitive price points, the Radeon RX 9000 Series delivers exceptional value for gamers looking to upgrade their systems.”

    The RX 9000 Series, powered by the new AMD RDNA™ 4 architecture, offers gamers and creators a powerful blend of performance, visuals, and value. These advanced graphics cards redefine incredibly fast, high-resolution gaming with third-generation raytracing technology enabling realistic lighting, shadows, and reflections to deliver immersive gaming experiences while integrating a suite of AMD features to maximize hardware utilization. Beyond gaming, the RX 9000 Series GPUs leverage new second-generation AI accelerators with up to 8x INT8 throughput per AI accelerator (for sparse matrices) to enhance creative applications and effectively run generative AI applications (vs. RDNA 3).1 The RX 9000 Series GPUs also implement the newly redesigned AMD Radiance Display™ Engine & Enhanced Media Engine for broad display support and elevated quality in both recording and streaming.

    Gaming For Today and Tomorrow
    The Radeon RX 9000 Series unlocks new levels of performance while delivering a suite of new and enhanced features that improve the gaming experience. The Radeon RX 9070 Series offers 16GB of GDDR6 memory, allowing gamers to render the most exciting games of today and tomorrow at max settings. Compared to the previous generation RX 7900 GRE, the latest AMD Radeon RX 9070 is able to deliver over 20% more performance on average when gaming at 1440,2 with the AMD Radeon RX 9070 XT extending that lead to over 40% on average.3

    Both graphics cards make smart upgrades for gamers looking to future-proof their systems with a suite of next-gen features that will keep their experiences feeling fresh for years to come. Key features include:

    • Unified AMD RDNA™ 4 Compute Units – Features up to 64 advanced AMD RDNA™ 4 compute units delivering up to 40% higher gaming performance than the previous-generation AMD RDNA™ 3 architecture.3
    • High-Performance Raytracing – With 3rd generation Raytracing Accelerators, AMD RDNA 4 is able to deliver over 2x the Raytracing throughput per compute unit when compared to our previous generation.1 Gamers with the latest AMD Radeon RX 9000 Series are ready for immersive gaming experiences with high-quality graphics, including realistic lighting, shadows, and reflections.
    • Supercharged AI Acceleration – 2nd Generation AI Accelerators received several enhancements, allowing AMD RDNA™ 4 to efficiently process advanced AI models much faster than what was possible with RDNA 3,4 through a combination of additional math pipelines for AI calculations, expanding the capabilities of the AI Accelerator to support new emerging data types such as FP8, and support for inference optimization techniques such as structured sparsity. These changes deliver up to 8x INT8 throughput per AI accelerator (for sparse matrices) per compute unit vs the previous generation.1
    • AMD FidelityFX™ Super Resolution Technology 4 (FSR 4) – AMD’s new cutting-edge ML-powered upscaling technology delivers high-quality boosted frames under even the most demanding workloads, such as 4K gaming with maximum raytracing settings and will be supported in over 30 games at launch.
    • Innovative suite of features through HYPR-RX – Gamers can instantly improve their experience by activating AMD HYPR-RX and the suite of features within AMD Software, including AMD Radeon™ Super Resolution, AMD Fluid Motion Frames 2.1, AMD Radeon™ Anti-Lag, and AMD Radeon™ Boost. These features can all be tailored to gamers’ hardware and preferences within AMD Software: Adrenalin Edition™ to drive increased FPS, responsiveness and efficiency.
    • AI-Enhanced AMD Software: Adrenalin Edition™ Application – A new suite of software and resources designed to deliver an industry-leading AI user experience with AMD Radeon RX 9070 Series graphics cards. Keep your drivers and AI software up to date with the new Software Manager. Find the answers to your questions about all things AMD or create free and private text and images with AMD Chat. Discover, download and install new and exciting AMD-partnered AI applications with the App Portal, and leverage AI to improve software quality with the AMD Image Inspector.
    • Ready for Next-Generation Displays – AMD Radiance Display™ Engine supports the latest DisplayPort™ 2.1a and HDMI® 2.1b connections, enabling ultra-high resolutions and refresh rates up to 8K 144Hz, with 12-bit HDR and full REC2020 Color Space for incredible color accuracy. Paired with AMD FreeSync™ technology, gamers can enjoy tear-free, stutter-free gaming experiences on over 4000 compatible displays, including upcoming 4K 240Hz and 8K 144Hz DisplayPort™ 2.1 monitors.5

    ML-Powered AMD FidelityFX™ Super Resolution 4 (AMD FSR 4) Upgrade

    • Available exclusively on AMD Radeon™ RX 9000 Series graphics cards, AMD Software: Adrenalin Edition™ adds a new easy-to-use AMD FidelityFX™ Super Resolution 4 (AMD FSR 4) Upgrade feature that helps maximize performance at maximum quality in over 30 games at launch, with 75 coming later this year. AMD FSR 4 delivers a substantial image quality improvement over AMD FSR 3.1 upscaling, with the new ML-based algorithm helping to improve temporal stability, better preserve detail, and reduce ghosting. 
    • Utilizing features already built into the AMD FidelityFX™ API added when game developers integrate AMD FSR 3.1 into their games, AMD FSR 4 enables an easy upgrade for supported FSR 3.1 games and can be combined with existing in-game AMD FSR 3.1 advanced frame-generation and AMD Radeon™ Anti-Lag 2 for ultra-smooth, ultra-responsive gaming at incredible frame rates on AMD Radeon RX 9070 Series graphics cards.
    • The new ML-accelerated AMD FSR 4 upscaling algorithm is trained using high-quality ground truth game data on AMD Instinct™ Accelerators and uses the hardware-accelerated FP8 Wave Matrix Multiply Accumulate (WMMA) feature of the AMD RDNA™ 4 architecture to ensure maximum upscaling quality while still providing a substantial game performance boost.

    AMD Radeon RX 9000 Series Product Specifications

    Model Compute Units GDDR6 Game Clock (GHz) Boost Clock6 (GHz) Memory Interface Infinity Cache TBP Price
    (USD SEP)
    AMD Radeon RX 9070 XT 64 16 GB 2.4 Up to 3.0 256-bit 64 MB 304W $599
    AMD Radeon RX 9070 56 16 GB 2.1 Up to 2.5 256-bit 64 MB 220W $549


    Pricing and Availability
    AMD Radeon RX 9000 Series graphics cards are expected to be available from leading board partners including Acer, ASRock, ASUS, Gigabyte, PowerColor, Sapphire, Vastarmor, XFX and Yeston beginning March 6th, 2025. The AMD Radeon RX 9070 XT has an SEP of $599 USD, while the AMD Radeon RX 9070 has an SEP of $549 USD.

    Supporting Resources

    • Learn more AMD Radeon Graphics cards here
    • Learn about RDNA 4 here
    • Learn more about AMD FidelityFX Super Resolution here
    • Follow AMD on LinkedIn
    • Follow AMD on X

    About AMD
    For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

    Cautionary Statement
    This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as the features, functionality, performance, availability, timing and expected benefits of AMD products including the AMD Radeon™ RX 9000 Series graphics cards, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD’s control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: Intel Corporation’s dominance of the microprocessor market and its aggressive business practices; Nvidia’s dominance in the graphics processing unit market and its aggressive business practices; competitive markets in which AMD’s products are sold; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; AMD’s ability to introduce products on a timely basis with expected features and performance levels; loss of a significant customer; economic and market uncertainty; quarterly and seasonal sales patterns; AMD’s ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD’s products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD’s ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD’s reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD’s reliance on Microsoft and other software vendors’ support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD’s supply chain; AMD’s ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; long-term impact of climate change on AMD’s business; impact of government actions and regulations such as export regulations, tariffs and trade protection measures; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit agreement; impact of acquisitions, joint ventures and/or strategic investments on AMD’s business and AMD’s ability to integrate acquired businesses; our ability to complete the acquisition of ZT Systems; impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain qualified personnel; and AMD’s stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q.

    © 2025 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo, AMD Software: Adrenalin Edition, AMD RDNA, FidelityFX, Radeon, Ryzen, and combinations thereof are trademarks of Advanced Micro Devices, Inc. Other product names used in this publication are for identification purposes only and may be trademarks of their respective owners. Certain AMD technologies may require third-party enablement or activation. Supported features may vary by operating system. Please confirm with the system manufacturer for specific features. No technology or product can be completely secure.

    1 Based on specifications of AMD RDNA 4 architecture compared to AMD RDNA 3 architecture as of December 2024. RX-1143
    2 Testing done by AMD performance labs February 2025, on a test system configured with Ryzen 7 9800X3D CPU, 32 GB DDR5-6000 Memory, Windows 11 Pro and Radeon RX 9070 (Driver 25.3.1 RC 31) vs. a similarly configured system with an RX 7900 GRE (Driver 25.3.1 RC31) comparing gaming performance at 4K in the following applications: Cyberpunk 2077 (DX12, Ultra), Cyberpunk 2077 (DX12, RT Ultra), Assassin’s Creed Mirage (DX12, Ultra High), F1 24 (DX12, Ultra High), F1 24 (DX12, Ultra High RT), Starfield (DX12, Ultra), Far Cry 6 (DX12, Ultra), Far Cry 6 (DX12, Ultra RT), Forza Horizon 5 (DX12, Extreme), Forza Horizon 5 (DX12, RT Extreme), Watch Dogs Legion (DX12, Ultra), Watch Dogs Legion (DX12, RT Ultra), Horizon Forbidden West (DX12, Maxed), Horizon Zero Dawn Remastered (DX12, Maxed), God of War: Ragnarok (DX12, Ultra), Call of Duty: Black Ops 6 (DX12, Extreme), DOOM Eternal (Vulkan, Ultra Nightmare), DOOM Eternal (Vulkan, Ultra Nightmare RT), Total War: Warhammer 3 (DX11, Ultra), Dying Light 2 (DX12, High), Dying Light 2 (DX12, High Raytracing), Alan Wake 2 (DX12, High), Alan Wake 2 (DX12, High w/Med RT), Avatar: Frontiers of Pandora (DX12, Ultra), Hitman 3 (DX12, Ultra), Hitman 3 (DX12, Ultra RT), The Witcher 3 (DX12, Ultra+), The Witcher 3 (DX12, RT Ultra), Metro Exodus Enhanced Edition (DX12, Extreme), Black Myth: Wukong (DX12, Cinematic), Black Myth: Wukong (DX12, Cinematic RT) Baldur’s Gate 3 (DX11, Ultra), Ghost of Tsushima (DX12, Very High), Star Wars Outlaws (DX12, Ultra RT), Warhammer 40,000: Space Marine 2 (DX12, Ultra), Control (DX12, High), Control (DX12, High RT), Dragon Age: The Veilguard (DX12, Ultra), Dragon Age: The Veilguard (DX12, Ultra RT), Resident Evil 4 (DX12, Max), Resident Evil 4 (DX12, Max RT), Marvel’s Spider-Man 2 (DX12, Maxed), Marvel’s Spiderman 2 (DX12, Maxed RT), Microsoft Flight Simulator 2024 (DX12, Ultra), The Last of Us: Part 1 (DX12, Ultra), S.T.A.L.K.E.R. 2: Heart of Chornobyl (DX12, Epic), Final Fantasy XVI Demo (DX12, Ultra). Testing conducted with latest game builds as of February 5, 2025 (Marvel’s Spider-Man 2, Microsoft Flight Simulator 2024, The Last of Us: Part 1, and Forza Horizon 5 using latest builds as of February 14th, 2025). System manufacturers may vary configurations, yielding different results. RX-1176.
    3 Testing done by AMD performance labs February 2025, on a test system configured with Ryzen 7 9800X3D CPU, 32 GB DDR5-6000 Memory, Windows 11 Pro and Radeon RX 9070 XT (Driver 25.3.1 RC 31) vs. a similarly configured system with an RX 7900 GRE (Driver 25.3.1 RC31) comparing gaming performance at 4K in the following applications: Cyberpunk 2077 (DX12, Ultra), Cyberpunk 2077 (DX12, RT Ultra), Assassin’s Creed Mirage (DX12, Ultra High), F1 24 (DX12, Ultra High), F1 24 (DX12, Ultra High RT), Starfield (DX12, Ultra), Far Cry 6 (DX12, Ultra), Far Cry 6 (DX12, Ultra RT), Forza Horizon 5 (DX12, Extreme), Forza Horizon 5 (DX12, RT Extreme), Watch Dogs Legion (DX12, Ultra), Watch Dogs Legion (DX12, RT Ultra), Horizon Forbidden West (DX12, Maxed), Horizon Zero Dawn Remastered (DX12, Maxed), God of War: Ragnarok (DX12, Ultra), Call of Duty: Black Ops 6 (DX12, Extreme), DOOM Eternal (Vulkan, Ultra Nightmare), DOOM Eternal (Vulkan, Ultra Nightmare RT), Total War: Warhammer 3 (DX11, Ultra), Dying Light 2 (DX12, High), Dying Light 2 (DX12, High Raytracing), Alan Wake 2 (DX12, High), Alan Wake 2 (DX12, High w/Med RT), Avatar: Frontiers of Pandora (DX12, Ultra), Hitman 3 (DX12, Ultra), Hitman 3 (DX12, Ultra RT), The Witcher 3 (DX12, Ultra+), The Witcher 3 (DX12, RT Ultra), Metro Exodus Enhanced Edition (DX12, Extreme), Black Myth: Wukong (DX12, Cinematic), Black Myth: Wukong (DX12, Cinematic RT) Baldur’s Gate 3 (DX11, Ultra), Ghost of Tsushima (DX12, Very High), Star Wars Outlaws (DX12, Ultra RT), Warhammer 40,000: Space Marine 2 (DX12, Ultra), Control (DX12, High), Control (DX12, High RT), Dragon Age: The Veilguard (DX12, Ultra), Dragon Age: The Veilguard (DX12, Ultra RT), Resident Evil 4 (DX12, Max), Resident Evil 4 (DX12, Max RT), Marvel’s Spider-Man 2 (DX12, Maxed), Marvel’s Spiderman 2 (DX12, Maxed RT), Microsoft Flight Simulator 2024 (DX12 Ultra), The Last of Us: Part 1 (DX12, Ultra), S.T.A.L.K.E.R. 2: Heart of Chornobyl (DX12, Epic), Final Fantasy XVI Demo (DX12, Ultra). Testing conducted with latest game builds as of February 5, 2025 (Marvel’s Spider-Man 2, Microsoft Flight Simulator 2024, The Last of Us: Part 1, and Forza Horizon 5 using latest builds as of February 14th, 2025). System manufacturers may vary configurations, yielding different results. RX-1179.
    4 Testing by AMD, as of February 2025 using Amuse 2.3.15 and Procyon 2.10.1542 64. Models used: SD 1.5, SDXL, ComputerVision FP16, and FLUX Schnell. System configuration: AMD Ryzen 7 9800X3D, 32GB 6000 MT/s DDR5 RAM, 2TB SSD with an AMD Radeon RX 9070 XT GPU vs. a similarly configured system with a Radeon RX 7900 GRE GPU. Driver 25.3.1 RC 31. Performance may vary. RX-1168.
    5 AMD FreeSync/FreeSync Premium/FreeSync Premium Pro technology requires AMD Radeon graphics and a display certified by AMD. See www.amd.com/freesync for complete details. Confirm capability with your system or display manufacturer before purchase. GD-127.
    6 Boost Clock Frequency is the maximum frequency achievable on the GPU running a bursty workload. Boost clock achievability, frequency, and sustainability will vary based on several factors, including but not limited to: thermal conditions and variation in applications and workloads. GD-151.

    Contact:
    Stacy MacDiarmid
    AMD Communications
    +1 512-658-2265
    Stacy.MacDiarmid@amd.com

    Matt Ramsay
     AMD Investor Relations
    +1 512-496-0197
    Matthew.Ramsay@amd.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d4e6957f-0945-483c-9795-cf97039270b9

    The MIL Network –

  • MIL-OSI: Fluent Announces Unaudited Fourth Quarter and Full-Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Revenue of $65.4 million for Q4 2024 and $254.6 million for FY 2024
    • Q4 2024 Commerce Media Solutions revenue grew 139% to $17.2 million (26% of consolidated revenue) from $7.2 million (10% of revenue) in Q4 2023 with gross profit margin (exclusive of depreciation and amortization) of 39% in Q4 2024 compared to 21% for the consolidated business
    • Commerce Media Solutions annual revenue run rate currently exceeds $60 million, representing a 20% quarter-over-quarter increase, which demonstrates strong traction in executing a strategic pivot to a fast-growing market

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT), a commerce media solutions company, today reported unaudited results for the fourth quarter and fiscal year ended December 31, 2024. These results are preliminary and subject to ongoing audit procedures.

    Donald Patrick, Fluent’s Chief Executive Officer, commented, “In the fourth quarter and full year 2024 we continued to execute on our strategic pivot into our Commerce Media Solutions business. As part of this repositioning, we discontinued the ACA business in the third quarter of 2024, and due to a change in estimate driven by a higher than anticipated attrition rate partly related to the continuing impacts of regulatory challenges in the marketplace, we recorded a write-down of accounts receivables and an equal offset of revenue of $2.5 million in Q4. The impact of this $2.5 million write-down is reflected equally in consolidated revenue, gross profit, and net loss. Most important, the core driver to our evolving business model – Commerce Media Solutions – is performing exceptionally well, with revenue increasing 139% year-over-year to $17.2 million in the fourth quarter, and 284% over full year 2023 to $41.3 million supported by the addition of top-tier media partners throughout 2024. With our visibility today, we expect to continue the trend of triple-digit year-over-year revenue growth of our Commerce Media Solutions business in 2025.”

    Mr. Patrick concluded, “We are pleased with the increasing momentum of our growth strategies this year and are confident about the trajectory of our business as we build a more predictable, profitable and valuable business over time.”

    Fourth Quarter Highlights (Unaudited)

    • Revenue of $65.4 million, a decrease of 10.1% compared to $72.8 million in Q4 2023.
      • Owned and Operated revenue decreased 23% to $38.2 million compared to $49.9 million in Q4 2023 as the Company executed its shift in focus and revenue mix to higher margin Commerce Media Solutions
      • Commerce Media Solutions revenue increased 139% to $17.2 million compared to $7.2 million in Q4 2023
    • Net loss of $3.4 million, or $0.19 per share, compared to net loss of $1.9 million, or $0.14 per share, for Q4 2023. Net loss represented 5.2% of revenue for Q4 2024.
    • Gross profit (exclusive of depreciation and amortization) of $13.9 million, a decrease of 33.3% over Q4 2023 and representing 21% of revenue. The Company’s growing Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $6.7 million, representing 39% of revenue, for Q4 2024, up from 18% of revenue in Q4 2023.
    • Media margin of $16.5 million, a decrease of 31.4% over Q4 2023 and representing 25.3% of revenue. The Company’s growing Commerce Media Solutions business reported media margins of 39.3% for Q4 2024, up from 18.5% in Q4 2023.
    • Adjusted EBITDA of negative $1.7 million, a decrease of $4.2 million compared to Q4 2023 and representing 2.6% of revenue
    • Adjusted net loss of $3.3 million, or $0.18 per share, compared to adjusted net loss of $0.4 million, or $0.03 per share, for Q4 2023
    • Revenue, net loss, gross profit, media margin, adjusted EBITDA and adjusted net loss were all impacted by a $2.5 million write-down during the fourth quarter associated with the previously discontinued ACA business. This write-down caused adjusted EBITDA to be negative for the quarter. 

    Full-Year 2024 Highlights (Unaudited)

    • Revenue of $254.6 million, a decrease of 14.7% compared to $298.4 million in 2023.
      • Owned and Operated revenue decreased 29% to $168.4 million compared to $235.7 million in 2023 as the Company executed its shift in focus and revenue mix to higher margin Commerce Media Solutions
      • Commerce Media Solutions revenue increased 284% to $41.3 million compared to $10.7 million in 2023
    • Net loss of $29.3 million, or $1.80 per share, compared to net loss of $63.2 million, or $4.59 per share, for the prior year. Net loss represented 11.5% of revenue for  2024.
    • Gross profit (exclusive of depreciation and amortization) of $60.8 million, a decrease of 22.6% over 2023 and representing 24% of revenue. The Company’s growing Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $14.3 million, representing 35% of revenue, for the twelve months ended December 31, 2024, up from 8% of revenue, for the twelve months ended December 31, 2023.
    • Media margin of $72.5 million, a decrease of 20.6% over prior year and representing 28.5% of revenue. The Company’s growing Commerce Media Solutions business reported media margins of 35.1% for 2024, up from 8.5% for 2023.
    • Adjusted EBITDA of negative $5.6 million, a decrease of $12.4 million compared to 2023 and representing 2.2% of revenue
    • Adjusted net loss of $18.5 million, or $1.14 per share, compared to adjusted net income of $7.2 million, or $0.52 per share, for the prior year 

    Media margin, adjusted EBITDA, and adjusted net income are non-GAAP financial measures, as defined and reconciled below. 

    Business Outlook & Goals

    • Further establish Fluent’s Commerce Media Solutions business as a leader in the performance marketing sector among both media partners and advertisers to capitalize on the growing demand for this advertising channel across numerous high volume market verticals.
    • Drive double-digit revenue growth, improvement in net loss as compared to 2024, and positive adjusted EBITDA for full-year 2025 supported by the growth of Fluent’s Commerce Media Solutions. These improvements are expected to occur in the second half of 2025 as Commerce Media Solutions continues to scale as a percentage of consolidated revenue.
    • Leverage 14-year leadership position at the forefront of customer acquisition and robust database of first-party user data to differentiate Fluent from competitors in the commerce media space.

    Update on SLR Credit Facility

    On January 30, 2025, we entered into a letter agreement with Crystal Financial LLC D/B/A SLR Credit Solutions, as administrative agent, lead arranger and bookrunner (“SLR”), pursuant to which SLR extended the deadline for delivery of the compliance certificate required under the credit agreement for the fiscal month ended December 31, 2024, and the related notice of default, to March 4, 2025, while the parties negotiate a fourth amendment to the credit agreement.

    While we expect to enter into a fourth amendment to the credit agreement, there can be no assurance that we will be able to enter into definitive agreements for such amendment prior to March 4, 2025 or that such deadline will be extended if we are unable to enter into any such agreement. We have not always met our projections in recent quarters, and we do not expect to be in compliance with the existing financial covenants during the next twelve months under our current credit agreement. In the near term, we expect we will need to raise additional capital, but there can be no assurance that additional capital will be available when needed.

    The financial statements included in our Form 10-Q for the three months ended September 30, 2024 contained a note expressing substantial doubt about our ability to continue as a going concern over the subsequent twelve months. This determination will be reevaluated at the issuance date of our Form 10-K for the fiscal year ended December 31, 2024 based on the status of the credit agreement, as potentially amended, in place at that time, our anticipated ability to satisfy covenants contained in such agreement, and other factors consistent with GAAP.

    Conference Call

    Fluent, Inc. will host a conference call on Friday, February 28, 2025, at 9:00 AM ET to discuss its 2024 fourth quarter and full-year financial results. The conference call can be accessed by phone after registering online at https://register.vevent.com/register/BI37035592191f4c689c3ed890713040ab. The call will also be webcast simultaneously on the Fluent website at https://investors.fluentco.com/. Following the completion of the earnings call, a recorded replay of the webcast will be available for those unable to participate. To listen to the telephone replay, please connect via https://edge.media-server.com/mmc/p/rudtccas. The replay will be available for one year, via the Fluent website https://investors.fluentco.com. 

    About Fluent, Inc.

    Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging diverse ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights visit http://www.fluentco.com/.

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

    The matters contained in this press release may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Those statements include statements regarding the intent, belief or current expectations or anticipations of Fluent and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following:

    • Compliance with a significant number of governmental laws and regulations, including those regarding telemarketing, text messaging, privacy, and data; 
    • The financial impact of compliance changes to our business, including changes to our employment opportunities marketplace and programmatic advertising businesses, and whether and when our competitors will implement similar changes;
    • The outcome of litigation, regulatory investigations, or other legal proceedings in which we are involved or may become involved;
    • Failure to safeguard the personal information and other data contained in our database;
    • Unfavorable publicity and negative public perception about the digital marketing industry;
    • Failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights;
    • Unfavorable global economic conditions, including as a result of health concerns, terrorist attacks or civil unrest;
    • Dependence on our key personnel and ability to attract or retain employees;
    • Dependence on and liability related to actions of third-party service providers;
    • A decline in the supply or increase in the price of media available;
    • Ability to compete in an industry characterized by rapidly-evolving standards and internet media and advertising technology;
    • Failure to compete effectively against other online marketing and advertising companies or respond to changing user demands;
    • Competition for web traffic and dependence on third-party publishers, internet search providers and social media platforms for a significant portion of visitors to our websites;
    • Dependence on emails, text messages, and telephone calls, among other channels, to reach users for marketing purposes;
    • Credit risk from certain clients;
    • Limitations on our or our third-party publishers’ ability to collect and use data derived from user activities;
    • Ability to remain competitive with the shift to mobile applications;
    • Failure to detect click-through or other fraud on advertisements;
    • Fluctuations in fulfillment costs; 
    • Dependence on the gaming industry;
    • Failure to meet our clients’ performance metrics or changing needs; 
    • Pricing pressure by certain clients and the ability of our marketplace to respond through allocating traffic to higher paying clients;
    • Compliance with the covenants of our credit agreement in light of current business conditions, the current uncertainty of which raises substantial doubt about our ability to continue as a going concern;
    • Our likely need to raise capital to address non-compliance with covenants in our credit agreement with SLR and/or otherwise fund our operations;
    • Ability to timely enter into a fourth amendment to the credit agreement with SLR;
    • Potential limitations on the use of the revolving credit line under our credit agreement to fund operating expenses based on the amount and character of accounts receivable at any given time and our ability to meet our financial forecast;
    • Potential for failures in our internal control over financial reporting;
    • Ability to maintain listing of our securities on the Nasdaq Capital Market; and
    • Management of the growth of our operations, including international expansion and the integration of acquired business units or personnel.

    These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in our other filings with the Securities and Exchange Commission. Fluent undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.

    FLUENT, INC.
    CONSOLIDATED BALANCE SHEETS
    (Amounts in thousands, except share and per share data)
    (unaudited)
     
      December 31, 2024     December 31, 2023  
    ASSETS:              
    Cash and cash equivalents $ 9,439     $ 15,804  
    Accounts receivable, net of allowance for credit losses of $487 and $231, respectively   46,532       56,531  
    Prepaid expenses and other current assets   8,729       6,071  
    Restricted cash   1,255       —  
    Total current assets   65,955       78,406  
    Property and equipment, net   304       591  
    Operating lease right-of-use assets   1,570       3,395  
    Intangible assets, net   21,797       26,809  
    Goodwill   —       1,261  
    Other non-current assets   3,991       1,405  
    Total assets $ 93,617     $ 111,867  
    LIABILITIES AND SHAREHOLDERS’ EQUITY:              
    Accounts payable $ 8,776     $ 10,954  
    Accrued expenses and other current liabilities   21,905       30,534  
    Deferred revenue   556       430  
    Current portion of long-term debt   31,609       5,000  
    Current portion of operating lease liability   1,836       2,296  
    Total current liabilities   64,682       49,214  
    Long-term debt, net   250       25,488  
    Convertible Notes, at fair value with related parties   3,720       —  
    Operating lease liability, net   9       1,699  
    Other non-current liabilities   1       1,062  
    Total liabilities   68,662       77,463  
    Contingencies               
    Shareholders’ equity:              
    Preferred stock — $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods   —       —  
    Common stock — $0.0005 par value, 200,000,000 Shares authorized; Shares issued — 20,791,431 and 14,384,936, respectively; and Shares outstanding — 20,022,836 and 13,616,341, respectively   47       43  
    Treasury stock, at cost — 768,595 and 768,595 shares, respectively   (11,407 )     (11,407 )
    Additional paid-in capital   447,110       427,286  
    Accumulated deficit   (410,795 )     (381,518 )
    Total shareholders’ equity   24,955       34,404  
    Total liabilities and shareholders’ equity $ 93,617     $ 111,867  
                   

    (1) Debt classification conforms to presentation at September 30, 2024, which was based on the Company not expecting to be in compliance with certain financial covenants under its credit agreement during certain quarters in the twelve months following the issuance date of the September 30, 2024 financial statements. This classification will be reevaluated at the issuance date of the Company’s audited financial statements as of December 31, 2024 and 2023 and for fiscal years then ending.

    FLUENT, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Amounts in thousands, except share and per share data)
    (unaudited)
     
        Three Months Ended December 31,     Year Ended December 31,  
        2024     2023     2024     2023  
    Revenue   $ 65,407     $ 72,761     $ 254,623     $ 298,399  
    Costs and expenses:                                
    Cost of revenue (exclusive of depreciation and amortization)     51,503       51,924       193,821       219,884  
    Sales and marketing (1)     3,917       5,122       17,317       18,576  
    Product development (1)     3,600       4,390       17,281       18,454  
    General and administrative (1)     9,409       10,343       37,697       35,334  
    Depreciation and amortization     2,419       2,764       9,926       10,876  
    Goodwill and intangible assets impairment     —       —       2,241       55,405  
    Total costs and expenses     70,848       74,543       278,283       358,529  
    Loss from operations     (5,441 )     (1,782 )     (23,660 )     (60,130 )
    Interest expense, net     (1,038 )     (784 )     (4,749 )     (3,204 )
    Fair value adjustment of Convertible Notes, with related parties     1,140       —       (1,670 )     —  
    Loss on early extinguishment of debt     —       —       (1,009 )     —  
    Loss before income taxes     (5,339 )     (2,566 )     (31,088 )     (63,334 )
    Income tax (expense) benefit     1,909       667       1,811       116  
    Net loss   $ (3,430 )   $ (1,899 )   $ (29,277 )   $ (63,218 )
    Basic and diluted loss per share:                                
    Basic   $ (0.19 )   $ (0.14 )   $ (1.80 )   $ (4.59 )
    Diluted   $ (0.19 )   $ (0.14 )   $ (1.80 )   $ (4.59 )
    Weighted average number of shares outstanding:                                
    Basic     18,352,940       13,827,339       16,259,943       13,770,356  
    Diluted     18,352,940       13,827,339       16,259,943       13,770,356  
                                     
    (1) Amounts include share-based compensation expense as follows:                                
    Sales and marketing   $ 55     $ 124     $ 218     $ 543  
    Product development     65       141       239       626  
    General and administrative     360       526       1,506       2,640  
    Total share-based compensation expense   $ 480     $ 791     $ 1,963     $ 3,809  
                                     
    FLUENT, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Amounts in thousands)
    (unaudited)
     
      Year Ended December 31,  
      2024     2023  
    CASH FLOWS FROM OPERATING ACTIVITIES:              
    Net loss $ (29,277 )   $ (63,218 )
    Adjustments to reconcile net loss to net cash provided by operating activities:              
    Depreciation and amortization   9,926       10,876  
    Non-cash loan amortization expense   1,371       426  
    Non-cash gain on contingent consideration   (250 )     —  
    Non-cash loss on early extinguishment of debt   1,009       —  
    Share-based compensation expense   1,970       3,756  
    Fair value adjustment of Convertible Notes, with related parties   1,670       —  
    Goodwill impairment   1,261       55,405  
    Impairment of intangible assets   980       —  
    Allowance for credit losses   401       124  
    Deferred income taxes   (276 )     (145 )
    Changes in assets and liabilities, net of business acquisition:              
    Accounts receivable   9,473       6,509  
    Prepaid expenses and other current assets   (3,211 )     (2,565 )
    Other non-current assets   (51 )     325  
    Operating lease assets and liabilities, net   (325 )     (330 )
    Accounts payable   (2,178 )     4,764  
    Accrued expenses and other current liabilities   (5,878 )     (6,088 )
    Deferred revenue   313       (584 )
    Other   (1,032 )     (1,117 )
    Net cash provided by (used in) operating activities   (14,104 )     8,138  
    CASH FLOWS FROM INVESTING ACTIVITIES:              
    Business acquisition/consolidation, net of cash acquired   —       (1,250 )
    Capitalized costs included in intangible assets   (6,198 )     (5,838 )
    Acquisition of property and equipment   (13 )     (25 )
    Net cash used in investing activities   (6,211 )     (7,113 )
    CASH FLOWS FROM FINANCING ACTIVITIES:              
    Proceeds from issuance of long-term debt, net of debt financing costs   65,440       —  
    Repayments of long-term debt   (68,228 )     (10,000 )
    Debt financing costs   (1,875 )     (532 )
    Proceeds from issuance of warrants   12,627       —  
    Proceeds from exercise of warrants   2       —  
    Proceeds from Convertible Notes, with related parties   2,050       —  
    Proceeds from Direct Offering   5,189       —  
    Taxes paid related to net share settlement of vesting of restricted stock units   —       (236 )
    Net cash provided by (used in) financing activities   15,205       (10,768 )
    Net decrease in cash, cash equivalents, and restricted cash   (5,110 )     (9,743 )
    Cash, cash equivalents, and restricted cash at beginning of period   15,804       25,547  
    Cash, cash equivalents, and restricted cash at end of period $ 10,694     $ 15,804  
                   

    Definitions, Reconciliations and Uses of Non-GAAP Financial Measures

    The following non-GAAP measures are used in this release:

    Media margin is defined as that portion of gross profit (exclusive of depreciation and amortization) reflecting variable costs paid for media and related expenses and excluding non-media cost of revenue. Gross profit (exclusive of depreciation and amortization) represents revenue minus cost of revenue (exclusive of depreciation and amortization). Media margin is also presented as a percentage of revenue.

    Adjusted EBITDA is defined as net income (loss), excluding (1) income taxes, (2) interest expense, net, (3) depreciation and amortization, (4) share-based compensation expense, (5) loss on early extinguishment of debt, (6) accrued compensation expense for Put/Call Consideration, (7) goodwill impairment, (8) impairment of intangible assets, (9) loss (gain) on disposal of property and equipment, (10) fair value adjustment of Convertible Notes with related parties, (11) acquisition-related costs, (12) restructuring and other severance costs, and (13) certain litigation and other related costs.

    Adjusted net income is defined as net income (loss) excluding (1) Share-based compensation expense, (2) loss on early extinguishment of debt, (3) accrued compensation expense for Put/Call Consideration, (4) goodwill impairment, (5) impairment of intangible assets, (6) loss (gain) on disposal of property and equipment, (7) fair value adjustment of Convertible Notes with related parties (8) acquisition-related costs, (9) restructuring and other severance costs, and (10) certain litigation and other related costs. Adjusted net income is also presented on a per share (basic and diluted) basis.

    Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure.

      Three Months Ended December 31,     Year Ended December 31,  
    (In thousands, except percentages) 2024     2023     2024     2023  
    Revenue $ 65,407     $ 72,761     $ 254,623     $ 298,399  
    Less: Cost of revenue (exclusive of depreciation and amortization)   51,503       51,924       193,821       219,884  
    Gross Profit (exclusive of depreciation and amortization)   13,904       20,837       60,802       78,515  
    Gross Profit (exclusive of depreciation and amortization) % of revenue   21 %     29 %     24 %     26 %
    Non-media cost of revenue (1)   2,644       3,275       11,710       12,785  
    Media margin $ 16,548     $ 24,112     $ 72,512     $ 91,300  
    Media margin % of revenue   25.3 %     33.1 %     28.5 %     30.6 %
                                   

    (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

    Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure, for Commerce Media Solutions.

                                     
        Three Months Ended December 31,     Year Ended December 31,  
    (In thousands, except percentages)   2024     2023     2024     2023  
    Revenue   $ 17,235     $ 7,211     $ 41,267     $ 10,745  
    Less: Cost of revenue (exclusive of depreciation and amortization)     10,501       5,921       26,988       9,895  
    Gross profit (exclusive of depreciation and amortization)   $ 6,734     $ 1,290     $ 14,279     $ 850  
    Gross profit (exclusive of depreciation and amortization) % of revenue     39 %     18 %     35 %     8 %
    Non-media cost of revenue (1)     32       43       193       62  
    Media margin   $ 6,766     $ 1,333     $ 14,472     $ 912  
    Media margin % of revenue     39.3 %     18.5 %     35.1 %     8.5 %
                                     

    (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

    Below is a reconciliation of adjusted EBITDA from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

        Three Months Ended December 31,     Year Ended December 31,  
    (In thousands)   2024     2023     2024     2023  
    Net loss   $ (3,430 )   $ (1,899 )   $ (29,277 )   $ (63,218 )
    Income tax expense (benefit)     (1,909 )     (667 )     (1,811 )     (116 )
    Interest expense, net     1,038       784       4,749       3,204  
    Depreciation and amortization     2,419       2,764       9,926       10,876  
    Share-based compensation expense     480       798       1,970       3,756  
    Loss on early extinguishment of debt     —       —       1,009       —  
    Goodwill impairment     —       —       1,261       55,405  
    Impairment of intangible assets     —       —       980       —  
    Fair value adjustment of Convertible Notes, with related parties     (1,140 )     —       1,670       —  
    Acquisition-related costs (1)     833       1,044       2,083       2,745  
    Restructuring and certain severance costs     —       —       1,821       456  
    Certain litigation and other related costs     —       (329 )     —       (6,311 )
    Adjusted EBITDA   $ (1,709 )   $ 2,495     $ (5,619 )   $ 6,797  
                                     

    (1) Balance includes compensation expense related to non-competition agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($57) and $345 for the three months ended December 31, 2024 and 2023, respectively, and $110 and $434 for the years ended December 31, 2024 and 2023, respectively.

    Below is a reconciliation of adjusted net income and the related measure of adjusted net income per share from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

        Three Months Ended December 31,     Year Ended December 31,  
    (In thousands, except share and per share data)   2024     2023     2024     2023  
    Net loss   $ (3,430 )   $ (1,899 )   $ (29,277 )   $ (63,218 )
    Share-based compensation expense     480       798       1,970       3,756  
    Loss on early extinguishment of debt     —       —       1,009       —  
    Goodwill impairment     —       —       1,261       55,405  
    Impairment of intangible assets     —       —       980       —  
    Fair value adjustment of Convertible Notes, with related parties     (1,140 )     —       1,670       —  
    Acquisition-related costs (1)     833       1,044       2,083       2,745  
    Restructuring and certain severance costs     —       —       1,821       456  
    Certain litigation and other related costs     —       (329 )     —       (6,311 )
    Adjusted net income (loss)   $ (3,257 )   $ (386 )   $ (18,483 )   $ (7,167 )
    Adjusted net income (loss) per share:                                
    Basic   $ (0.18 )   $ (0.03 )   $ (1.14 )   $ (0.52 )
    Diluted   $ (0.18 )   $ (0.03 )   $ (1.14 )   $ (0.52 )
    Adjusted weighted average number of shares outstanding:                                
    Basic     18,352,940       13,827,339       16,259,943       13,770,355  
    Diluted     18,352,940       13,827,339       16,259,943       13,770,355  
                                     

    (1) Balance includes compensation expense related to non-competition agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($57) and $345 for the three months ended December 31, 2024 and 2023, respectively, and $110 and $434 for the years ended December 31, 2024 and 2023, respectively.

    We present media margin, adjusted EBITDA, and adjusted net income as supplemental measures of our financial and operating performance because we believe they provide useful information to investors. More specifically:

    Media margin, as defined above, is a measure of the efficiency of the Company’s operating model. We use media margin and the related measure of media margin as a percentage of revenue as primary metrics to measure the financial return on our media and related costs, specifically to measure the degree by which the revenue generated from our digital marketing services exceeds the cost to attract the consumers to whom offers are made through our services. Media margin is used extensively by our management to manage our operating performance, including evaluating operational performance against budgeted media margin and understanding the efficiency of our media and related expenditures. We also use media margin for performance evaluations and compensation decisions regarding certain personnel.

    Adjusted EBITDA, as defined above, is another primary metric by which we evaluate the operating performance of our business, on which certain operating expenditures and internal budgets are based and by which, in addition to media margin and other factors, our senior management is compensated. The first three adjustments represent the conventional definition of EBITDA, and the remaining adjustments are items recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. These adjustments include certain litigation and other related costs associated with legal matters outside the ordinary course of business. We consider items one-time in nature if they are non-recurring, infrequent or unusual and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. There were no adjustments for one-time items in the periods presented.

    Adjusted net income, as defined above, excludes certain items that are recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. We believe adjusted net income affords investors a different view of the overall financial performance of the Company than adjusted EBITDA and the U.S. GAAP measure of net (loss) income.

    Media margin, adjusted EBITDA, adjusted net income, and adjusted net income per share are non-GAAP financial measures with certain limitations regarding their usefulness. They do not reflect our financial results in accordance with U.S. GAAP, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Accordingly, these metrics are not indicative of our overall results or indicators of past or future financial performance. Further, they are not financial measures of profitability and are neither intended to be used as a proxy for the profitability of our business nor to imply profitability. The way we measure media margin, adjusted EBITDA, and adjusted net income may not be comparable to similarly titled measures presented by other companies and may not be identical to corresponding measures used in our various agreements.

    Annual Revenue Run Rate

     Annual Revenue Run Rate is an operational metric that represents the annualized revenue of the Company’s media partnerships at current monetization levels, as of the end of the reporting period. The Company calculates Annual Revenue Run Rate as follows:

    • Media partners within Commerce Media Solutions with an active contract are assessed and assigned an annual media volume estimate based on the active term of the contract and the monetization rate at the end of the reporting period. The Company considers a media partner contract to be active when the contractual term commences (the “start date”) until its right to serve the partner’s commerce traffic ends. Even if the contract with the customer is executed before the start date, the contract will not count toward Annual Revenue Run Rate until the media partner’s right to receive the benefit of the services has commenced.
    • As Annual Revenue Run Rate includes only contracts that are active at the end of the reporting period, it does not reflect assumptions or estimates regarding new business. For contracts expiring within 12 months of the period-end calculation date, Annual Revenue Run Rate does reflect expectations of renewal.
    • The Company’s Commerce Media Solutions platform provides the technology to effectively monetize the partner’s media by placing relevant ads at a contracted moment of consumer engagement. Although from inception to date, improvements in the platform’s AI-powered technology have consistently driven increased rates of monetization, for the purpose of Annual Revenue Run Rate, the Company assumes a consistent monetization level to that as measured on each media partner at the end of the reporting period.

    The way the Company measures Annual Revenue Run Rate may not be comparable to similarly titled measures presented by other companies and should not be viewed as a projection of future revenue.

    Contact Information: 
    Investor Relations
    Fluent, Inc.
    InvestorRelations@fluentco.com

    The MIL Network –

  • MIL-OSI: Orderly Integrates Berachain to Enhance Access to Omnichain Liquidity

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 28, 2025 (GLOBE NEWSWIRE) — Permissionless liquidity layer Orderly has announced the integration of its omnichain infrastructure with Berachain, the Layer 1 blockchain powered by a novel Proof-of-Liquidity consensus mechanism. This will enable projects building within the Berachain ecosystem, including DEXes and perps protocols, to instantly access deep cross-chain liquidity.

    Leveraging Orderly’s advanced liquidity infrastructure, developers on Berachain can now integrate a robust SDK and connect to a single, unified order book that aggregates liquidity across multiple chains. Backed by over 20 professional market makers including Wintermute and Riverside, Orderly provides deep market depth and tight spreads, ensuring an optimal trading experience for DeFi users.

    Orderly currently supports a broad range of EVM and non-EVM chains including Ethereum, Polygon, Arbitrum, Optimism, Base, Mantle, and Solana. Integrating with Berachain advances Orderly’s goal of supporting high-performance blockchains at an early stage, ensuring DeFi builders and traders can access seamless cross-chain liquidity.

    Orderly Co-Founder Ran Yi said: “Berachain’s Proof-of-Liquidity model represents an evolution in blockchain consensus, directly aligning network security with DeFi liquidity. Integrating Orderly’s omnichain liquidity layer adds the final piece to the puzzle, empowering Berachain projects to rapidly go from zero to one. With endless liquidity and reliable trading infrastructure taken care of, Berachain builders are free to focus on creating awesome apps that users will love.”

    Berachain has gained rapid traction since launching due to its innovative Proof-of-Liquidity (PoL) model, which aligns validator incentives with deep liquidity provisioning. Through this integration, projects on Berachain can now tap into Orderly’s omnichain order book, removing liquidity fragmentation and unlocking a frictionless trading experience.

    About Orderly
    Orderly is the infrastructure that lets people trade anything, anywhere via a permissionless liquidity layer that delivers deep, unified liquidity across all blockchains through a single orderbook. Orderly ensures robust liquidity across major chains such as Solana, Sonic, Arbitrum, Base, Mantle, Ethereum Mainnet, OP, and Polygon, and grants traders and exchanges access to over 100 markets through their unified trading infrastructure.
    Learn more: https://orderly.network/

    About Berachain
    Berachain is an EVM-identical Layer 1 (L1) blockchain that uses the novel Proof of Liquidity (PoL) consensus mechanism to align liquidity and security at the network level. PoL enables users to earn directly from the network for contributing liquidity or performing incentivized actions—transforming the chain’s inflation into fuel for its applications and their users. This model aligns incentives with users who support the network over the long term, creating a sustainable ecosystem where the network’s growth and liquidity reinforce each other.
    Learn more: https://www.berachain.com/

    Please find supporting imagery here

    For more information, please contact:
    Anabela Rea, PR Manager, Orderly
    anabela@orderly.network

    A photo accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/3530248a-bca1-4b48-addf-61ad82fc0580

    The MIL Network –

  • MIL-OSI: Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended December 31, 2024 and Declaration of Distributions on Common Stock for the Months Ending April 30, May 31, and June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Feb. 28, 2025 (GLOBE NEWSWIRE) — Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended December 31, 2024.

    • On February 27, 2025, our Board of Directors declared the following distributions on our common stock:
    Month Ending Record Date Payment Date Amount Per Share
    April 30, 2025 April 16, 2025 April 30, 2025 $0.035
    May 31, 2025 May 16, 2025 May 30, 2025 $0.035
    June 30, 2025 June 16, 2025 June 30, 2025 $0.035
    • Net asset value (“NAV”) per share as of December 31, 2024 stood at $2.30, compared with a NAV per share on September 30, 2024 of $2.35.
    • Net investment income (“NII”) was approximately $6.0 million, or $0.09 per share, for the quarter ended December 31, 2024, compared with approximately $6.2 million, or $0.10 per share, for the quarter ended September 30, 2024.
    • Total investment income for the quarter ended December 31, 2024 amounted to approximately $10.2 million, compared with approximately $10.3 million for the quarter ended September 30, 2024.
      • For the quarter ended December 31, 2024 we recorded investment income from our portfolio as follows:
        • $5.4 million from our debt investments;
        • $4.1 million from our CLO equity investments; and
        • $0.8 million from other income.
    • Our total expenses for the quarter ended December 31, 2024 were approximately $4.2 million, which was approximately the same as the quarter ended September 30, 2024.
    • As of December 31, 2024, the following metrics applied (note that none of these metrics represented a total return to shareholders):
      • The weighted average yield of our debt investments was 15.8% at current cost, compared with 14.5% as of September 30, 2024;
      • The weighted average effective yield of our CLO equity investments at current (start of quarter for existing investments) cost was 8.8%, compared with 9.6% as of September 30, 2024; and
      • The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 16.2%, compared with 15.3% as of September 30, 2024.
    • For the quarter ended December 31, 2024, we recorded a net increase in net assets resulting from operations of approximately $3.3 million, consisting of:
      • NII of approximately $6.0 million;
      • Net realized losses of approximately $44.8 million; and
      • Net unrealized appreciation of approximately $42.1 million.
    • During the fourth quarter of 2024, we made investments of approximately $25.1 million and received approximately $22.0 million from sales and repayments of investments.
    • Our weighted average credit rating was 2.3 based on total fair value and 2.4 based on total principal amount as of December 31, 2024, compared with a weighted average credit rating of 2.4 based on total fair value and 2.8 based on total principal amount as of September 30, 2024.
    • As of December 31, 2024, we had one debt investment in one portfolio company on non-accrual status, with a fair value of approximately $0.5 million. Also, as of December 31, 2024, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $4.6 million.
    • For the quarter ended December 31, 2024, we issued a total of approximately 1.8 million shares of common stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses, this resulted in net proceeds of approximately $5.0 million. As of December 31, 2024, we had approximately 69.8 million shares of common stock outstanding.

    We will hold a conference call to discuss fourth quarter results today, Friday, February 28th, 2025 at 9:00 AM ET. The toll-free dial-in number is 1-800-549-8228. There will be a recording available for 30 days. If you are interested in hearing the recording, please dial 1-888-660-6264. The replay pass-code number is 06523#.

    A presentation containing further detail regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordsquarecapital.com.

     
    OXFORD SQUARE CAPITAL CORP.

    STATEMENTS OF ASSETS AND LIABILITIES
             
        December 31,
    2024    		   December 31,
    2023
        (Unaudited)    
    ASSETS                
    Non-affiliated/non-control investments (cost: $358,356,496 and $440,069,822, respectively)   $ 256,238,759     $ 261,614,335  
    Affiliated investments (cost: $16,836,822 and $16,836,822, respectively)     4,614,100       5,276,092  
    Cash and cash equivalents     34,926,468       5,740,553  
    Interest and distributions receivable     2,724,049       3,976,408  
    Other assets     1,227,598       1,060,384  
    Total assets   $ 299,730,974     $ 277,667,772  
    LIABILITIES                
    Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $309,812 and $543,609, respectively     44,480,938       44,247,141  
    Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $1,381,619 and $1,768,219, respectively     79,118,381       78,731,781  
    Securities purchased, not settled     12,027,463       —  
    Base Fee and Net Investment Income Incentive Fee payable to affiliate     1,215,964       1,012,389  
    Accrued interest payable     1,204,487       1,204,487  
    Accrued expenses     1,018,261       1,163,349  
    Total liabilities     139,065,494       126,359,147  
                     
    NET ASSETS                
    Common stock, $0.01 par value, 100,000,000 shares authorized; 69,758,938 and 59,300,472 shares issued and outstanding, respectively     697,590       593,005  
    Capital in excess of par value     487,943,476       458,121,381  
    Total distributable earnings/(accumulated losses)     (327,975,586 )     (307,405,761 )
    Total net assets     160,665,480       151,308,625  
    Total liabilities and net assets   $ 299,730,974     $ 277,667,772  
    Net asset value per common share   $ 2.30     $ 2.55  
                 
    OXFORD SQUARE CAPITAL CORP.

    STATEMENTS OF OPERATIONS
        Year Ended
    December 31,
    2024    		   Year Ended
    December 31,
    2023    		   Year Ended
    December 31,
    2022
          (Unaudited)                  
    INVESTMENT INCOME                        
    From non-affiliated/non-control investments:                        
    Interest income – debt investments   $ 24,929,287     $ 33,592,166     $ 25,234,315  
    Income from securitization vehicles and investments     15,403,586       16,796,699       17,093,203  
    Other income     2,350,332       1,435,316       790,594  
    Total investment income from non-affiliated/non-control investments     42,683,205       51,824,181       43,118,112  
    Total investment income     42,683,205       51,824,181       43,118,112  
    EXPENSES                        
    Interest expense     7,847,320       10,825,877       12,354,392  
    Base Fee     4,310,484       4,613,664       5,903,986  
    Professional fees     1,537,434       1,426,098       1,393,116  
    Compensation expense     746,762       825,226       915,583  
    Director’s fees     417,500       429,500       417,500  
    Insurance expense     308,552       329,892       378,804  
    Transfer agent and custodian fees     260,330       246,562       231,241  
    Excise tax     216,528       1,423,686       252,172  
    General and administrative     597,883       638,350       583,740  
    Total expenses before incentive fees     16,242,793       20,758,855       22,430,534  
    Net Investment Income Incentive Fees     —       3,705,387       —  
    Capital gains incentive fees     —       —       —  
    Total incentive fees     —       3,705,387       —  
    Total expenses     16,242,793       24,464,242       22,430,534  
    Net investment income     26,440,412       27,359,939       20,687,578  
    NET UNREALIZED APPRECIATION/(DEPRECIATION) AND REALIZED LOSSES ON INVESTMENT TRANSACTIONS                        
    Net change in unrealized appreciation/(depreciation) on investments:                        
    Non-Affiliate/non-control investments     76,337,750       6,198,413       (109,479,985 )
    Affiliated investments     (661,992 )     926,274       3,577,327  
    Total net change in unrealized appreciation/(depreciation) on investments     75,675,758       7,124,687       (105,902,658 )
    Net realized losses:                        
    Non-affiliated/non-control investments     (96,236,489 )     (17,056,245 )     (339,819 )
    Extinguishment of debt     —       (190,353 )     —  
    Total net realized losses     (96,236,489 )     (17,246,598 )     (339,819 )
    Net unrealized and realized losses     (20,560,731 )     (10,121,911 )     (106,242,477 )
    Net increase/(decrease) in net assets resulting from operations   $ 5,879,681     $ 17,238,028     $ (85,554,899 )
    Net increase in net assets resulting from net investment income per common share (Basic and Diluted):   $ 0.42     $ 0.51     $ 0.42  
    Net increase/(decrease) in net assets resulting from operations per common share (Basic and Diluted):   $ 0.09     $ 0.32     $ (1.72 )
    Weighted average shares of common stock outstanding (Basic and Diluted):     63,465,255       53,919,104       49,757,122  
     
    FINANCIAL HIGHLIGHTS
     
        Year Ended
    December 31,
    2024    		   Year Ended
    December 31,
    2023    		   Year Ended
    December 31,
    2022    		   Year Ended
    December 31,
    2021    		   Year Ended
    December 31,
    2020
        (Unaudited)                
    Per Share Data                                        
    Net asset value at beginning of year   $ 2.55     $ 2.78     $ 4.92     $ 4.55     $ 5.12  
    Net investment income(1)     0.42       0.51       0.42       0.32       0.40  
    Net realized and unrealized gains (losses)(2)     (0.33 )     (0.19 )     (2.14 )     0.47       (0.36 )
    Net change in net asset value from
    operations    		     0.09       0.32       (1.72 )     0.79       0.04  
    Distributions per share from net investment income     (0.42 )     (0.54)       (0.42)       (0.42)       (0.61 )
    Distributions based on weighted average share impact     —       (0.01 )     —       —       —  
    Tax return of capital distributions     —       —       —       —       —  
    Total distributions(3)     (0.42 )     (0.55 )     (0.42 )     (0.42 )     (0.61 )
    Effect of shares issued, net of offering expenses     0.08       —       —       —       —  
    Effect of shares issued/repurchased, gross     —       —       —       —       —  
    Net asset value at end of year   $ 2.30     $ 2.55     $ 2.78     $ 4.92     $ 4.55  
    Per share market value at beginning of year   $ 2.86     $ 3.12     $ 4.08     $ 3.05     $ 5.44  
    Per share market value at end of year   $ 2.44     $ 2.86     $ 3.12     $ 4.08     $ 3.05  
    Total return based on Market Value(4)     (1.64 )%     9.34 %     (14.11 )%     47.38 %     (31.75 )%
    Total return based on Net Asset Value(5)     6.67 %     11.15 %     (34.96 )%     17.36 %     0.82 %
    Shares outstanding at end of year     69,758,938       59,300,472       49,844,796       49,690,059       49,589,607  
    Ratios/Supplemental Data(7)                                        
    Net assets at end of year (000’s)   $ 160,665     $ 151,309     $ 138,672     $ 244,595     $ 225,427  
    Average net assets (000’s)   $ 152,362     $ 149,944     $ 192,785     $ 242,589     $ 192,137 %
    Ratio of expenses to average net assets     10.66 %     16.32 %     11.64 %     8.69 %     8.45 %
    Ratio of net investment income to average net assets     17.35 %     18.25 %     10.73 %     6.64 %     10.26 %
    Portfolio turnover rate(6)     33.66 %     3.85 %     17.09 %     11.09 %     23.72 %
                                             
    (1)      Represents per share net investment income for the period, based upon weighted average shares outstanding.
    (2)      Net realized and unrealized gains include rounding adjustments to reconcile change in net asset value per share.
    (3)      Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the fiscal year.
    (4)      Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan, excluding any discounts divided by the beginning market value per share.
    (5)      Total return based on net asset value equals the increase or decrease of ending net asset value over beginning net asset value, plus distributions, divided by the beginning net asset value.
    (6)      Portfolio turnover rate is calculated using the lesser of the annual investment sales and repayments of principal or annual investment purchases over the average of the total investments at fair value.
    (7)      The following table provides supplemental performance ratios measured for the years ended December 31, 2024, 2023, 2022, 2021, and 2020:
                       
        Year Ended
    December 31,
    2024    		   Year Ended
    December 31,
    2023    		   Year Ended
    December 31,
    2022    		   Year Ended
    December 31,
    2021    		 Year Ended
    December 31,
    2020
        (Unaudited)              
    Ratio of expenses to average net assets:                                      
    Expenses before incentive
    fees    		   10.66 %     13.84 %     11.64 %     8.69 %     8.45 %
    Net Investment Income Incentive Fees   — %     2.47 %     — %     — %     — %
    Capital Gains Incentive
    Fees    		   — %     — %     — %     — %     — %
    Ratio of expenses, excluding interest expense, to average net assets   5.51 %     9.10 %     5.23 %     4.36 %     4.35 %
                                           

    About Oxford Square Capital Corp.

    Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and, to a lesser extent, debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

    Forward-Looking Statements

    This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

    Contact:
    Bruce Rubin
    203-983-5280

    The MIL Network –

  • MIL-OSI: SailPoint Announces Date of Fiscal Q4 and Full Year 2025 Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Feb. 28, 2025 (GLOBE NEWSWIRE) — SailPoint, Inc. (Nasdaq: SAIL), a leader in enterprise identity security, will report its fiscal fourth quarter and full year 2025 financial results before the US markets open on Wednesday, March 26, 2025.

    SailPoint will host a conference call that day at 8:30 a.m. Eastern Time to discuss the results. A live webcast of the conference call and the financial results press release will be available on SailPoint’s website at https://investors.sailpoint.com. 

    An audio replay of the conference call will be available on the investor relations website for one year. 

    About SailPoint
    SailPoint, Inc. (Nasdaq: SAIL) equips the modern enterprise to seamlessly manage and secure access to applications and data through the lens of identity – at speed and scale. As a category leader, we continuously reinvent identity security as the foundation of the secure enterprise. SailPoint delivers a unified, intelligent, extensible platform built to defend against today’s dynamic, identity-centric cyber threats while enhancing productivity and efficiency. SailPoint helps many of the world’s most complex, sophisticated enterprises create a secure technology ecosystem that fuels business transformation.

    Investor Relations Contact
    Scott Schmitz, SVP IR
    ir@sailpoint.com

    Media Relations Contact
    Samantha Person, Senior Manager, Corporate Communications
    Samantha.Person@sailpoint.com

    The MIL Network –

  • MIL-OSI: Bitget Spreads Kindness This Ramadan by Providing 100,000 Meals to Those in Need

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 28, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, is partnering with world-renowned humanitarian organizations, including the UN Refugee Agency, UN World Food Programme, ShareTheMeal, and the One Billion Meals Endowment, to distribute up to 100,000 meals to individuals in need during Ramadan. This initiative targets vulnerable communities in regions facing significant challenges, aiming to alleviate hunger during the holy month.

    Each meal will support families and individuals during the holy month. The effort is strengthened by contributions from the Bitget community, emphasizing collective action and compassion. To achieve the fundraising target, Bitget has introduced initiatives encouraging participation from users, VIP clients, and influencer partners.

    Bitget will first pledge 10,000 meals to the people in need, followed by a series of Iftar dinners in key locations, including Dubai and Istanbul, fostering unity and philanthropy. Attendees can contribute through donations, with Bitget matching each dollar raised. Exclusive auctions featuring memorabilia from partnerships with La Liga will also contribute to the fundraising, and Bitget will direct all proceeds toward the cause. 100% of the proceeds will go towards the fundraiser.

    “Ramadan is a time for generosity and unity,” said Vugar Usi Zade, COO of Bitget. “By leveraging our global network, we aim to create a meaningful impact in communities facing adversity. This initiative demonstrates kindness from the crypto space and aligns with our mission to drive positive change through collaborative efforts.”

    The campaign, featuring the 10,000-meal pledge from Bitget, donation matching, and exclusive auctions, will be supported by local teams organizing community engagement events. It is set to launch on the first day of Ramadan, in alignment with the Islamic calendar.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a48343fc-044d-45ce-afe2-a4ff26395657

    The MIL Network –

  • MIL-OSI: The Father of Third-Party Logistics Passes Away

    Source: GlobeNewswire (MIL-OSI)

    NEW FREEDOM, Pa., Feb. 28, 2025 (GLOBE NEWSWIRE) — Nexterus, a world-class supply chain management and third-party logistics (3PL) services provider is saddened to announce the death of its former CEO, Jay Polakoff. Mr. Polakoff was the second-generation owner of Nexterus, America’s oldest privately held non-asset based third party logistics company. He died from injuries sustained in an automobile accident on February 25, 2025, one day before his 89th birthday.

    In 1967, 31-year-old Jay Polakoff inherited the transportation consulting firm his father founded twenty-one years earlier in downtown Baltimore. The boutique firm was called Transportation Bureau of Baltimore and helped small and mid-sized companies audit freight bills and settle disputes with freight companies, namely less-than-truckload (LTL) and truckload with some railroad activity. The firm was small and eked out a modest living for its diminutive staff.

    Jay wanted to build the company his father created. He created a subscription-based service to become the Logistics (then called Traffic) department for small companies. Jay worked up a business model, formulated a basic contract, and began hiring customer service staff and people with expertise in transportation rates and regulation. For amounts as low as $100 per month, the company, often referred to as TBB, provided freight routing, pre-and-post audit of trucking invoices, expediting, and filing and follow-up of claims for loss and damage. The company began to grow as hundreds of customers embraced the value proposition of the country’s first “outsourced” traffic department service. Today, varying resources place the revenue of the third-party logistics industry to be between $200-$300 billion.

    In 1980, Congress began deregulating the trucking industry. With help from transportation attorneys at Grove, Jaskiewicz and Cobert in Washington, DC, Jay began an LTL brokerage by aggregating the volume of TBB’s clients and negotiating with carriers. Older LTL carriers recall how TBB was their first brokerage customer. The list includes Estes Express, Ward Transport and Logistics, Overnite Transportation (sold to UPS and is now T-Force), Roadway Express and many others. With these relationships, TBB grew to be the largest LTL broker in America during the 1990s.

    As deregulation progressed, competitive pressures forced dozens of LTL carriers out of business. The rates charged by these bankrupt entities were not properly filed with the Interstate Commerce Commission (ICC). The estates of the carriers went back to shippers to reclaim the discounted amounts which, at that time, were routinely in the 50% range. A $4 billion national undercharge crisis ensued that took two acts of Congress and a Supreme Court decision to resolve. Jay, using his knowledge as a licensed ICC practitioner, his business degree, vast business experience, and his relationship with Ron Cobert from the DC law firm, developed ironclad LTL contracts that insulated TBB clients from paying a dime to the bankrupt motor carrier estates.

    “My father was a true industry pioneer. He had the business acumen and the courage to create a national powerhouse with LTL brokerage, the country’s first privately held freight payment plan and its first Transportation Management System (TMS).” – Nexterus Chairman, Sam Polakoff

    A few years later, large banks controlling all the nation’s freight payment services, decided rather abruptly to exit the business due to declining opportunities to make money on “float.” Recognizing an opportunity, Jay commissioned his team to evaluate the viability of offering the country’s first privately held freight payment plan. That service launched in 1987 and continues to this day.

    In the mid-1980’s, with the LTL brokerage growing like wildfire, TBB maintained three shifts of typists to create freight invoices, for amounts as little as $35. The typing pool simply couldn’t keep up with the volume, so Jay engaged a general computer programming firm to work with his team to develop what is believed to be America’s first Transportation Management System (TMS). That system went live in the late 1980’s.

    Jay Polakoff successfully led the company from 1967 till his retirement in 2000. He was an early member in today’s influential industry organizations such as the Council of Supply Chain Professionals (CSCMP) then known as the National Council for Physical Distribution Management and Transportation Intermediaries Association then known as Transportation Brokers Conference of America and NASSTRAC. Mr. Polakoff held a bachelor’s degree in business from the University of Baltimore, served as an adjunct professor at his alma mater and was a frequent guest columnist for prominent industry publications such as Inbound Logistics and Traffic World, now part of the Journal of Commerce. He built long-term customer relationships with many companies at their earliest stages including Lands End, QVC Network, Polk Audio and School Specialty.

    Jay Polakoff was born in Brooklyn, New York on February 26, 1936. He was raised in Baltimore and lived the remainder of his years in the greater Baltimore area. He is survived by Ann Polakoff, his wife of 51 years, sons, Ed (Liz) Polakoff, Phil (Lori) Polakoff, Sam (Denise) Polakoff and nine grandchildren including current Nexterus 4th generation CEO, Ryan (Rischelle) Polakoff.

    To learn more about Nexterus, please visit Nexterus.com

    About Nexterus
    Nexterus solves urgent and complex supply chain issues, applying expertise and technology to manage and optimize global supply chains. As America’s oldest private, non-asset-based, third-party logistics (3PL) company, Nexterus helps small and medium-sized companies better compete through the power of their supply chains. With best-in-class strategies and services, Nexterus gives clients the freedom to build their businesses without being distracted by complex supply chain challenges and tedious tasks, allowing these companies to improve productivity, efficiencies, and customer service. Please find us at nexterus.com (https://www.nexterus.com).

    For More Information, contact:
    Mary Schmidt
    Nexterus
    Cell: (717)-817-5763
    Mschmidt@nexterus.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8237d1b4-fd3d-43bc-b671-c8635f94263d

    The MIL Network –

  • MIL-OSI: FRO – Q4 2024 Presentation

    Source: GlobeNewswire (MIL-OSI)

    Please find enclosed the presentation of Frontline plc´s fourth quarter 2024 results to be held on the webcast / conference call 28 February, 2025 at 15:00 CET.

    This information is subject to the disclosure requirements pursuant to section 5 – 12 of the Norwegian Securities Trading Act.

    Attachment

    The MIL Network –

  • MIL-OSI: AGM Group Holdings Inc. Announces Strategic Partnership with HashBeaver to Drive Blockchain and AI Innovation

    Source: GlobeNewswire (MIL-OSI)

    Beijing, Feb. 28, 2025 (GLOBE NEWSWIRE) — AGM Group Holdings Inc. (“AGM Holdings” or the “Company”) (NASDAQ: AGMH), an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment, announced today a strategic partnership agreement (the “Agreement”) with HashBeaver, a cloud mining platform in the digital currency financial sector. This collaboration aims to join AGM Holdings’ mining resources in Canada alongside HashBeaver’s expertise in computing power services to advance innovations in Bitcoin mining and artificial intelligence (“AI”) services.

    The partnership marks a pivotal step in AGM Holdings’ strategy for sustainable growth and technological leadership. By integrating AGM Holdings’ robust infrastructure with HashBeaver’s innovative cloud mining solutions, the collaboration will focus on 1) increasing the scale and efficiency of Bitcoin mining operations; 2) developing AI-driven blockchain solutions; and 3) promoting sustainable and transparent practices within the industry.

    Pursuant to the Agreement, AGM Holdings and HashBeaver agree to harness AGM Holdings’ abundant mining resources in Canada to support large-scale Bitcoin mining initiatives. The partnership also plans to expand HashBeaver’s cloud computing capabilities to meet growing demand for sustainable and efficient solutions. Furthermore, the two companies aim to develop innovative AI and blockchain applications for diverse industries.

    Preliminary estimates suggest that the partnership could generate over 2 Exahash (EH)/s of additional computing power, significantly boosting both companies’ operational capacity.

    Dr. Zhu Bo, CEO of AGM Holdings, commented, “This partnership represents a significant milestone in AGM’s journey towards sustainable growth and innovation. By collaborating with HashBeaver, we believe we are well poised to deliver groundbreaking solutions in blockchain and AI, creating substantial value for both our shareholders and clients.”

    Harry Li, CEO of HashBeaver, added, “We are excited to join forces with AGM Holdings to enhance our cloud mining offerings and drive technological advancements in the blockchain space. This partnership will unlock new opportunities and fuel exceptional growth in the digital asset industry.”

    About HashBeaver

    HashBeaver is engaged in cloud mining services, dedicated to revolutionizing the digital currency landscape. The company provides solutions for digital asset management, catering to both individual and institutional clients. As a recipient of strategic investment from MinerVa Semiconductor, a cryptocurrency mining hardware manufacturer, HashBeaver continues to push the boundaries of innovation in computing power services. HashBeaver’s mission is to build secure, transparent, and compliant blockchain infrastructures. Through its global operations and strong emphasis on sustainability, HashBeaver empowers clients to achieve efficient and profitable digital asset management.

    About AGM Group Holdings Inc.

    AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment. With a mission to become a key participant and contributor in the global blockchain ecosystem, AGMH focuses on the research and development of blockchain-oriented Application-Specific Integrated Circuit (ASIC) chips, the assembling and sales of high-end crypto miners for Bitcoin and other cryptocurrencies. For more information, please visit www.agmprime.com.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

    For more information, please contact:

    AGM Group Holdings Inc.
    Email: ir@agmprime.com
    Website: http://www.agmprime.com

    Ascent Investor Relations LLC
    Tina Xiao
    President
    Phone: +1-646-932-7242
    Email: investors@ascent-ir.com

    The MIL Network –

  • MIL-OSI: AGF Investments Launches AGF Enhanced U.S. Income Plus Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 28, 2025 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) (TSX:AGF.B) today announced the launch of AGF Enhanced U.S. Income Plus Fund, an alternative mutual fund that seeks to provide long-term capital appreciation and generate a high level of consistent income by investing in U.S. equity securities and employing dynamic options strategies such as put writing and covered call writing. The Fund may also use leverage, primarily through the use of derivatives.

    “Investors are seeking products that have the potential to provide higher income with lower volatility,” said Meaghan Kelly, Chief Marketing & Product Officer. “We believe alternative strategies, including flexible option writing strategies, are well-suited to meet this need.”

    AGF Enhanced U.S. Income Plus Fund offers:

    • Enhanced Monthly Income: Aims to pay a high fixed monthly target distribution.*
    • Alternative Strategy: Seeks to enhance yield while mitigating volatility using a flexible option writing strategy and the ability to incorporate leverage.
    • Portfolio Diversification: Potential to deliver a lower correlation to traditional asset classes through a differentiated strategy.

    * The target distribution is not guaranteed, may be adjusted from time to time at the discretion of the fund manager and may vary from payment to payment.

    Fund Details

    Fund Name Fundserv Code Currency Series Load Type
    AGF Enhanced U.S. Income Plus Fund AGF739 CAD MF FE
    AGF Enhanced U.S. Income Plus Fund AGF539 USD MF FE
    AGF Enhanced U.S. Income Plus Fund AGF5046 CAD F NL
    AGF Enhanced U.S. Income Plus Fund AGF5146 USD F NL
             

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com  

    The MIL Network –

  • MIL-OSI: Banco Santander Chile Announces the Filing of Its Annual Report on Form 20-F With the United States Securities and Exchange Commission for Fiscal Year 2024

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, Feb. 28, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (“Santander Chile” or the “Company”) (NYSE: BSAC; SSE: Bsantander) announced today that its Annual Report on Form 20-F for the fiscal year ended December 31, 2024 (the “2024 Annual Report”) has been filed with the U.S. Securities and Exchange Commission (the “SEC”).

    The 2024 Annual Report can be accessed either by visiting the SEC’s website at www.sec.gov or Santander Chile’s corporate website at www.santander.cl. In addition, shareholders may receive a hard copy of the 2024 Annual Report, which includes the Company’s complete audited financial statements, free of charge by requesting a copy from Santander Chile’s Investor Relations Office at + 56 2 26483583 or by email at: irelations@santander.cl.

    CONTACT INFORMATION
    Investor Relations
    Banco Santander Chile
    Bandera 140, Floor 20
    Santiago, Chile
    (562) 26483583
    Email: irelations@santander.cl
    Website: www.santander.cl

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes White Pearl Technology Group AB to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced White Pearl Technology Group AB (Nasdaq First North Growth Market Stockholm: WPTG; OTCQX: WPTGF), a global technology company specialising in digital transformation solutions, has qualified to trade on the OTCQX® Best Market.

    White Pearl Technology Group AB begins trading today on OTCQX under the symbol “WPTGF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    Marco Marangoni, CEO of White Pearl Technology Group, commented: “We are thrilled to begin trading on OTCQX, which represents an important milestone in our growth strategy. This opportunity enhances our visibility within the U.S. investment community and provides a convenient way for North American investors to trade our shares in their local market and currency. As we continue to expand our global footprint, particularly with our strategic focus on the North American market, trading on OTCQX will support our efforts to diversify our shareholder base and increase our international presence.”

    About White Pearl Technology Group AB
    White Pearl Technology Group AB (WPTG) is a global technology company specializing in digital transformation solutions. With a presence in over 30 countries and a team of more than 650 experts, WPTG helps organisations navigate the complexities of the digital age, offering services ranging from ICT and system integration to business software and digital innovation.

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

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

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

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

    Subscribe to the OTC Markets RSS Feed

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

    The MIL Network –

  • MIL-OSI: Boralex reports net earnings of $74 million for fiscal 2024 and continues construction of its large-scale projects in Québec, Ontario and the United Kingdom

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, Feb. 28, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the three-month period and year ended December 31, 2024.

    Highlights
    Financial results

    • EBITDA(A)1, operating income and net earnings under pressure in Q4-2024 owing to adverse wind and hydropower conditions
      • Production 16% (11% on a Combined1 basis)2 lower than in Q4-2023 and 16% (12%) below anticipated production1, due primarily to the adverse climate conditions. For fiscal 2024 overall, production was 5% (2%) lower than in 2023 and 10% (8%) below anticipated production.
      • EBITDA(A) of $169 million ($191 million) for Q4-2024, down $33 million ($38 million) from Q4-2023. For fiscal 2024, EBITDA(A) was $581 million ($670 million), up $3 million (down $5 million) from 2023. The decrease in production was partly offset by the contribution of newly commissioned sites in France and the positive impact of the electricity selling price optimization strategy.
      • Operating income of $78 million ($53 million) for Q4-2024, down $20 million ($66 million) from Q4-2023. For fiscal 2024, operating income totalled $226 million ($267 million), unchanged (down $39 million) from 2023.
      • Net loss of $2 million in Q4-2024, down $60 million from T4-2023. For fiscal 2024, net earnings amounted to $74 million, $41 million lower than in 2023. Excluding the impairment of an asset, net earnings would have been $6 million higher in fiscal 2024 compared to fiscal 2023.
    • Lower cash flow related to operating activities for the quarter but balance sheet remains strong
      • Net cash flows related to operating activities of $31 million for Q4-2024 and $215 million for fiscal 2024, compared to $107 million for Q4-2023 and $496 million for fiscal 2023.
      • Discretionary cash flows1 of $47 million for Q4-2024 and $158 million for fiscal 2024, down $44 million from Q4-2023 and $26 million from fiscal 2023.
      • Boralex has $592 million in cash and cash equivalents and $523 million in available cash resources and authorized financing1 as at December 31, 2024.
      • A record of nearly $1.2 billion in project financing, bridge financing and letter of credit facilities obtained in 2024.

    Update on development and construction activities

    • Portfolio of projects under development and growth path totalling 8,005 MW in the high growth potential markets of Canada, the United States, the United Kingdom and France, 1,227 MW or 18% higher than in 2023
    • Progress in under-construction and ready-to-build projects
      • Start of electrification of the Limekiln wind farm in the United Kingdom (106 MW) in February 2025, with full commissioning planned for early April, and work continues on the Apuiat wind farm in Quebec (total 200 MW, Boralex’s share 100 MW), with commissioning planned for the first half of 2025.
      • Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025. Financings closed in December 2024.
      • Start of work on the Des Neiges Sud wind project in Quebec (total 400 MW, Boralex’s share 133 MW), with commissioning scheduled for 2026.
    • Acquisition of the Clashindarroch Wind Farm Extension project in the United Kingdom, with an installed capacity of 145 MW, and the adjacent battery energy storage system (BESS) with a maximum capacity of 50 MW, for a total capacity of 195 MW. Boralex has a 50% interest, but has control over the project and will fully consolidate the results in the financial statements.
    1 EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
    2 Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.
       

    “The year 2024 proved to be full of challenges, which our employees met head-on. I would highlight in particular the significant effort our team invested in 2024 to secure nearly $1.2 billion in financing, a record for Boralex, on very good terms. Despite high volatility in the financial markets and pressure on the stock prices of renewable energy companies, notably in the wake of the American elections, we are convinced that renewable energy development will continue in many regions. Strong growth in electricity demand is expected in the regions where we are developing wind and solar farms and battery storage systems, namely Canada, the United Kingdom, the United States and France,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

    Renewable energy, which is the most competitive type of energy, can be brought on line to meet demand much faster than other types of energy. Boralex is in a position to capitalize on its project pipeline and growth path, which now represent more than 8 GW of power, and will continue to develop key projects with rates of return in line with its targets.

    “Boralex saw its financial results decline in fiscal 2024, mainly as a result of adverse wind conditions in France and to a lesser extent in Canada, as well as impairment of an asset. During the year, we continued to implement our various initiatives aimed at optimizing administrative, financial and development costs. We ended our 2024 financial year with net earnings of $74 million, a strong balance sheet and good financial flexibility, with over $500 million in available cash resources and authorized financing,” Mr. Decostre added.

    Boralex continues to excel on the corporate social responsibility front. In 2024, the Corporation announced that it was one of the few in the industry to have had its greenhouse gas emission reduction targets validated by the Science Based Targets initiative (SBTi). This recognition shows Boralex’s commitment to achieving net zero emissions by 2050. In addition, Boralex ranked 94th out of the 215 S&P/TSX Composite Index companies and trusts analysed as part of The Board Games, with a score of 80/100, while in 2023 it was 102nd with a score of 76. Finally, Boralex placed 15th in the ranking of Canada’s 50 best corporate citizens, out of the 340 leading Canadian organizations analysed.

    4th quarter highlights

    Three-month periods ended December 31

      Consolidated Combined
    (in millions of Canadian dollars, unless otherwise specified)   2024     2023 Change   2024     2023 Change
            $   %           $   %  
    Power production (GWh)1   1,520     1,814   (294 ) (16 )   2,099     2,351   (252 ) (11 )
    Revenues from energy sales and feed-in premium   228     315   (87 ) (28 )   258     345   (87 ) (25 )
    Operating income   78     98   (20 ) (21 )   53     119   (66 ) (55 )
    EBITDA(A)   169     202   (33 ) (17 )   191     229   (38 ) (17 )
    Net earnings (loss)   (2 )   58   (60 ) >(100 )    (2 )   58   (60 ) >(100 )
    Net earnings (loss) attributable to shareholders of Boralex   (16 )   37   (53 ) >(100 )    (16 )   37   (53 ) >(100 )
    Per share – basic and diluted   ($0.15 ) $0.36   ($0.51 ) >(100 )    ($0.15 ) $0.36   ($0.51 ) >(100 )
    Net cash flows related to operating activities   31     107   (76 ) (71 )   —     —   —   —  
    Cash flows from operations2   105     161   (56 ) (35 )   —     —   —   —  
    Discretionary cash flows   47     91   (44 ) (48 )   —     —   —   —  
                                             

    In the fourth quarter of 2024, Boralex produced 1,520 GWh (2,099 GWh) of power, 16% (11%) less than the 1,814 GWh (2,351 GWh) produced in the same quarter of 2023. The decrease was mainly attributable to adverse weather conditions. As a result, Boralex ended the quarter with total production that was 16% (12%) below anticipated production.

    Revenues from energy sales and feed-in premiums for the three-month period ended December 31, 2024, amounted to $228 million ($258 million), 28% (25%) lower than in the fourth quarter of 2023. The decrease was mainly attributable to the lower production. EBITDA(A) amounted to $169 million ($191 million), down 17% (17%) from the fourth quarter of 2023. The decline in production was partly offset by the contribution of new assets commissioned in France and the positive impact of the electricity selling price optimization strategy. Operating income totalled $78 million ($53 million), compared to $98 million ($119 million) for the same quarter of 2023. The Company posted a net loss of $2 million, which represents a $60 million decrease from the $58 million in net earnings reported for the fourth quarter of 2023.

    1 Power production includes the production for which Boralex received financial compensation following power generation limitations as management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed-in premium.
    2 The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release.
       

    Years ended December 31

      Consolidated Combined

    (in millions of Canadian dollars, unless otherwise specified)

    		   2024   2023 Change   2024   2023 Change
            $   %           $   %  
    Power production (GWh)1   5,691   5,973   (282 ) (5 )   7,845   8,020   (175 ) (2 )
    Revenues from energy sales and feed-in premium   817   994   (177 ) (18 )   933   1,104   (171 ) (15 )
    Operating income   226   226   —   —     267   306   (39 ) (12 )
    EBITDA(A)   581   578   3   —     670   675   (5 ) (1 )
    Net earnings   74   115   (41 ) (35 )   74   115   (41 ) (35 )
    Net earnings attributable to shareholders of Boralex   36   78   (42 ) (54 )   36   78   (42 ) (54 )
    Per share – basic and diluted $0.35 $0.76 ($0.41 ) (54 ) $0.35 $0.76 ($0.41 ) (54 )
    Net cash flows related to operating activities   215   496   (281 ) (57 )   —   —   —   —  
    Cash flows from operations   415   445   (30 ) (7 )   —   —   —   —  
    Discretionary cash flows   158   184   (26 ) (14 )   —   —   —   —  
      As at
    Dec. 31    		 As at
    Dec. 31    		 Change As at
    Dec. 31    		 As at
    Dec. 31    		 Change
            $   %           $   %  
    Total assets   7,604   6,574   1,030   16     8,476   7,304   1,172   16  
    Debt – principal balance   4,032   3,327   705   21     4,588   3,764   824   22  
    Total project debt   3,608   2,844   764   27     4,166   3,281   885   27  
    Total corporate debt   424   483   (59 ) (12 )   424   483   (59 ) (12 )
                                         

    For the year ended December 31, 2024, Boralex produced 5,691 GWh (7,845 GWh) of power, less than the 5,973 GWh (8,020 GWh) produced during the same period in 2023. Revenues from energy sales and feed-in premiums for the financial year ended December 31, 2024, amounted to $817 million ($933 million), down $177 million ($171 million) or 18% (15%) from the same period in 2023.

    EBITDA(A) amounted to $581 million ($670 million), up $3 million (down $5 million) from the same period last year. Operating income totalled $226 million ($267 million), essentially unchanged (down $39 million) from the same period in 2023. Overall, Boralex posted net earnings of $74 million ($74 million) for the financial year ended December 31, 2024, compared to $115 million ($115 million) for fiscal 2023.

    1 Power production includes the production for which Boralex received financial compensation following power generation limitations imposed by its customers since management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed-in premiums.
       

    Outlook

    Boralex’s 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth, diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex’s corporate social responsibility strategy, are found in the Corporation’s annual report. Highlights of the main achievements for the 2024 financial year in relation to the 2025 Strategic Plan can be found in the 2024 Annual Report, in the Investors section of the Boralex website.

    In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs. The Corporation will present a new plan for the period to 2030 during the course of 2025.

    Finally, to fuel its organic growth, the Corporation has a portfolio of projects under development and growth path based on clearly identified criteria, totalling more than 8 GW of wind, solar and energy storage projects.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit www.boralex.com or www.sedarplus.ca. Follow us on Facebook and LinkedIn.

    Non-IFRS measures
    Performance measures

    In order to assess the performance of its assets and reporting segments, Boralex uses performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. The non-IFRS and other financial measures should not be considered as substitutes for IFRS measures.

    These non-IFRS and other financial measures are derived primarily from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. Non-IFRS and other financial measures are not audited. They have important limitations as analytical tools and investors are cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.

    Non-IFRS financial measures
    Specific financial
    measure    		 Use Composition Most directly
    comparable IFRS
    measure
    Financial data – Combined (all disclosed financial data) To assess the operating performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates. Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests.

    Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex’s respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.)

    		 Respective financial data – Consolidated
    Discretionary cash flows To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business.

    Corporate objectives for 2025 from the strategic plan.

    		 Net cash flows related to operating activities before “change in non-cash items related to operating activities,” less
    (i) distributions paid to non-controlling shareholders;
    (ii) additions to property, plant and equipment (maintenance of operations);
    (iii) repayments on non-current debt (projects) and repayments to tax equity investors;
    (iv) principal payments related to lease liabilities;
    (v) adjustments for non-operational items; plus
    (vi) development costs (from the statement of earnings).    		 Net cash flows related to operating activities
    Cash flows from operations To assess the cash generated by the Company’s operations and its ability to finance its expansion from these funds. Net cash flows related to operating activities before changes in non-cash items related to operating activities. Net cash flows related to operating activities
    Non-IFRS financial measures
    Specific financial
    measure    		 Use Composition Most directly
    comparable IFRS
    measure
    Available cash and cash equivalents To assess the cash and cash equivalents available, as at balance sheet date, to fund the Corporation’s growth. Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded. Cash and cash equivalents
    Available cash resources and authorized financing To assess the total cash resources available, as at balance sheet date, to fund the Corporation’s growth. Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents. Cash and cash equivalents
    Other financial measures – Total of segments measure
    Specific financial measure Most directly comparable IFRS measure
    EBITDA(A) Operating income
    Other financial measures – Supplementary Financial Measures
    Specific financial measure Composition
    Credit facilities available for growth The credit facilities available for growth include the unused tranche of the parent company’s credit facility, apart from the accordion clause, as well as the unused tranche credit facilities of subsidiaries which includes the unused tranche of the credit facility- France and the unused tranche of the construction facility.
    Anticipated production For older sites, anticipated production by the Corporation is based on adjusted historical averages, planned commissioning and shutdowns and, for all other sites, on the production studies carried out.
       

    Combined

    The following tables reconcile Consolidated financial data with data presented on a Combined basis:

        2024     2023  
    (in millions of Canadian dollars) Consolidated   Reconciliation(1)   Combined   Consolidated  Reconciliation(1) Combined  
    Three-month periods ended December 31:              
    Power production (GWh)(2) 1,520   579   2,099   1,814 537 2,351  
    Revenues from energy sales and feed-in premium 228   30   258   315 30 345  
    Operating income 78   (25 ) 53   98 21 119  
    EBITDA(A) 169   22   191   202 27 229  
    Net earnings (loss) (2 ) —   (2 ) 58 — 58  
    Years ended December 31:                    
    Power production (GWh)(2) 5,691   2,154   7,845   5,973 2,047 8,020  
    Revenues from energy sales and feed-in premiums 817   116   933   994 110 1,104  
    Operating income 226   41   267   226 80 306  
    EBITDA(A) 581   89   670   578 97 675  
    Net earnings 74   —   74   115 — 115  
      As at December 31, 2024
    		   As at December 31, 2023
    		  
    Total assets 7,604   872   8,476   6,574 730 7,304  
    Debt – Principal balance 4,032   556   4,588   3,327 437 3,764  
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS. This contribution is attributable to the North America segment’s wind farms and includes corporate expenses of $2 million under EBITDA(A) for the year ended December 31, 2024 ($2 million as at December 31, 2023). 
    (2) Includes compensation following electricity production limitations.
       

    EBITDA(A)

    EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition and integration costs, other losses (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), with the last two items included under Other.

    EBITDA(A) is used to assess the performance of the Corporation’s reporting segments.

    EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table:

      2024       2023   Change 2024 vs 2023
    (in millions of Canadian dollars) Consolidated Reconciliation(1) Combined Consolidated Reconciliation(1) Combined Consolidated   Combined
    		  
    Three-month periods ended December 31:            
    EBITDA(A) 169   22   191   202   27   229   (33 ) (38 )
    Amortization (73 ) (15 ) (88 ) (75 ) (14 ) (89 ) 2   1  
    Impairment —   (47 ) (47 ) (20 ) (1 ) (21 ) 20   (26 )
    Other gains (losses) (3 ) —   (3 ) 1   (1 ) —   (4 ) (3 )
    Share in earnings of joint ventures and associates (3 ) 3   —   (17 ) 17   —   14   —  
    Change in fair value of a derivative included in the share in earnings of a joint venture —   —   —   7   (7 ) —   (7 ) —  
    Impairment included in the share in earnings of a joint venture (12 ) 12   —   —   —   —   (12 ) —  
    Operating income 78   (25 ) 53   98   21   119   (20 ) (66 )
                 
    Years ended December 31:            
    EBITDA(A) 581   89   670   578   97   675   3   (5 )
    Amortization (297 ) (59 ) (356 ) (293 ) (58 ) (351 ) (4 ) (5 )
    Impairment (5 ) (47 ) (52 ) (20 ) (1 ) (21 ) 15   (31 )
    Other gains 5   —   5   1   2   3   4   2  
    Share in earnings of joint ventures and associates (46 ) 46   —   (59 ) 59   —   13   —  
    Change in fair value of a derivative included in the share in earnings of a joint venture —   —   —   19   (19 ) —   (19 ) —  
    Impairment included in the share in earnings of a joint venture (12 ) 12   —   —   —   —   (12 ) —  
    Operating income 226   41   267   226   80   306   —   (39 )
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS.
       

    Cash flow from operations and discretionary cash flows

    The Corporation computes the cash flow from operations and discretionary cash flows as follows:

      Consolidated
      Three-month periods ended Years ended
      December 31 December 31
    (in millions of Canadian dollars) 2024   2023   2024   2023  
    Net cash flows related to operating activities 31   107   215   496  
    Change in non-cash items relating to operating activities 74   54   200   (51 )
    Cash flows from operations 105   161   415   445  
    Repayments on non-current debt (projects)(1) (53 ) (50 ) (240 ) (232 )
    Adjustment for non-operating items(2) 5   2   7   6  
      57   113   182   219  
    Principal payments related to lease liabilities(3) (6 ) (4 ) (19 ) (17 )
    Distributions paid to non-controlling shareholders(4) (17 ) (33 ) (52 ) (57 )
    Additions to property, plant and equipment (maintenance of operations)(5) (3 ) 2   (10 ) (6 )
    Development costs (from statement of earnings)(6) 16   13   57   45  
    Discretionary cash flows 47   91   158   184  
    (1) Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility – Boralex Energy Investments portfolio and the CDPQ Fixed Income Inc. term loan.
    (2) For the years ended December 31, 2024 and December 31, 2023, favourable adjustment consisting mainly of acquisition, integration and other non-operating miscellaneous items.
    (3) Excludes the principal payments related to lease liabilities for projects under development and construction.
    (4) Comprises distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl.
    (5) Excludes the additions to the property, plant and equipment of regulated assets (treated as assets under construction since they are regulated assets for which investments in the plant are considered in the setting of its electricity selling price). During the fourth quarter of 2023, an amount of $4 million was reclassified as new property, plant, and equipment under construction.
    (6) During Q1-2024, the Corporation reclassified the employee benefits for 2023 and 2024 related to its incentive plans, which were reported in full under Operating expenses in the consolidated statements of earnings. To better allocate these expenses to the Corporation’s various functions and thus provide more relevant information to users of the financial statements, the Corporation is now allocating these costs to Operating, Administrative and Development expenses in the consolidated statements of earnings according to the breakdown of staff. This change resulted in a $1 million increase in development costs for the three-month period ended December 31, 2023 and $5 million increase for the year ended December 31, 2023.
       

    Available cash and cash equivalents and available cash resources and authorized financing

    The Corporation defines available cash and cash equivalents as well as available cash resources and authorized financing as follows:

      Consolidated
      As at December 31   As at December 31  
    (in millions of Canadian dollars) 2024   2023  
    Cash and cash equivalents 592   478  
    Cash and cash equivalents held by entities subject to project debt agreement and restrictions(1) (526 ) (388 )
    Bank overdraft (5 ) (6 )
    Available cash and cash equivalents 61   84  
    Credit facilities available for growth 462   463  
    Available cash resources and authorized financing 523   547  
    (1) This cash can be used for the operations of the respective projects, but is subject to restrictions for non-project related purposes under the credit agreements.
       

    Disclaimer regarding forward-looking statements

    Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation’s financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation’s Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.

    Forward-looking statements are based on major assumptions, including those about the Corporation’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate.

    Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex’s MD&A for the fiscal year ended December 31, 2024.

    Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.

    Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes.

    For more information:

    The MIL Network –

  • MIL-OSI: TeraWulf Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Announced strategic expansion into AI-driven HPC hosting with long-term data center leases expected to generate $1 billion in cumulative revenue over initial 10-year contract terms

    Annual revenue and non-GAAP adjusted EBITDA increase 102% and 89% year-over-year, respectively

    Expanded self-mining operating capacity by 94% year-over-year to 9.7 EH/s as compared to 5.0 EH/s in 2023

    Strengthened the Balance Sheet with cash and bitcoin holdings of $275 million as of December 31, 2024

    Proactively repaid legacy term loan debt ahead of schedule and financed HPC hosting growth with new 2.75% convertible notes issuance due 2030

    Authorized $200 million share repurchase program and executed over $150 million of repurchases equivalent to over 24 million shares of Common Stock to date

    EASTON, Md., Feb. 28, 2025 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

    Management Commentary

    “In 2024, TeraWulf achieved significant financial and operational milestones, further solidifying our leadership in sustainable digital infrastructure,” said Paul Prager, Chief Executive Officer of TeraWulf. “We expanded our self-mining capacity to 9.7 EH/s, secured long-term data center lease agreements with a credit-worthy counterparty that are expected to generate significant recurring revenue, providing a stable foundation for long-term growth, and enhanced our financial flexibility through strategic asset monetization and capital raises. As the scarcity of digital infrastructure intensifies, we believe we are exceptionally well-positioned to scale our high-performance compute (HPC) hosting and colocation services by 100-150 MW annually.”

    Patrick Fleury, Chief Financial Officer, added, “Our disciplined financial management was reflected in our $500 million oversubscribed convertible debt offering, which strengthened our liquidity and funded our initial expansion into HPC hosting. The $85 million sale of our 25% equity interest in Nautilus allowed us to monetize an asset with a declining value at peak pricing and reinvest in Lake Mariner’s HPC hosting capabilities. Demonstrating confidence in our long-term growth, we also strategically repurchased over $150 million in shares in late 2024 and early 2025 while maintaining a strong liquidity position.”

    Paul Prager concluded, “Looking ahead, our focus is on executing the 72.5 MW of HPC hosting capacity set for delivery in 2025. With strong demand for AI-driven compute infrastructure, we see a significant opportunity to leverage our low-cost, predominantly zero-carbon energy infrastructure platform to meet this growing need. TeraWulf sits at the convergence of bitcoin mining and HPC hosting, reinforcing our role as a leader in next-generation digital infrastructure.”

    Full Year 2024 Operational and Financial Highlights

    Key financial and operational highlights for the fiscal year ended December 31, 2024 include:

    • Revenue increased 102% to $140.1 million in 2024, as compared to $69.2 million in fiscal 2023, driven by increased bitcoin production and higher average realized bitcoin prices during the period.
    • Cost of revenue, exclusive of depreciation, increased 129% to $62.6 million in 2024, as compared to $27.3 million in fiscal 2023, driven by increased bitcoin mining capacity due to infrastructure constructed and placed in service during 2024, a near doubling of network difficulty and the impacts of the bitcoin halving in April 2024, and, to a lesser extent, an increase in realized power prices during 2024 as compared to 2023.
    • Non-GAAP adjusted EBITDA increased by $28.5 million to $60.4 million in 2024, as compared to $31.9 million in fiscal 2023.
    • Reported cash and cash equivalents of $274.1 million as of December 31, 2024, as compared to $54.4 million at fiscal year-end 2023.
    • The Company’s legacy term loan debt was eliminated in 2024, as compared to $139.4 million at fiscal year-end 2023, significantly improving strategic and financial flexibility.

    Expansion into HPC Hosting

    In 2024, TeraWulf expanded into the rapidly growing digital infrastructure market with a focus on AI and HPC hosting, backed by long-term customer agreements.

    A pivotal milestone in this expansion was achieved on December 23, 2024, when TeraWulf signed long-term data center lease agreements with Core42, securing 72.5 MW of hosting capacity at Lake Mariner for GPU cloud compute workloads. These lease agreements are expected to commence at various dates in 2025 and include an option to expand by an additional 135 MW.

    To support this diversification of its business, the Company has upgraded its digital infrastructure at Lake Mariner, incorporating advanced liquid cooling systems and Tier 3 redundancy to optimize high-density compute workloads. This cutting-edge infrastructure further strengthens TeraWulf’s ability to attract hyperscale and enterprise customers.

    Fiscal Year 2024 Financial Results

    Revenue for the year ended December 31, 2024 increased 102% to $140.1 million compared to $69.2 million in fiscal 2023. The increase in revenue is primarily attributable to a 129% increase in the average price of bitcoin year-over-year. The Company increased its mining capacity at Lake Mariner to 195 MW as of December 31, 2024, as compared to 110 MW as of December 31, 2023. Despite industry-wide headwinds from the April 2024 halving and network hashrate increases, TeraWulf maintained strong mining margins, leveraging its low-cost, predominantly zero-carbon infrastructure.

    Cost of revenue, exclusive of depreciation, increased 129% to $62.6 million compared to $27.3 million in fiscal 2023. These increases were driven by increased bitcoin mining capacity due to infrastructure constructed and placed in service during 2024, the impacts of the bitcoin halving in April 2024 and, to a lesser extent, an increase in realized power prices during 2024 as compared to 2023.

    Non-GAAP adjusted EBITDA for the year ended December 31, 2024 was $60.4 million, as compared to $31.9 million for the year ended December 31, 2023.

    Liquidity and Capital Resources

    As of December 31, 2024, the Company held $274.5 million in cash and cash equivalents and bitcoin on its balance sheet. As of the same period, the Company had outstanding indebtedness of approximately $500 million related to the 2.75% convertible senior notes due 2030. As of February 26, 2025, TeraWulf had 383,137,722 common shares outstanding.

    Investor Conference Call and Webcast

    As previously announced, TeraWulf will host its fourth quarter and full year 2024 earnings call and business update for investors today, Friday, February 28, 2025, commencing at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). Prepared remarks will be followed by a question-and-answer session with management.

    The conference call will be broadcast live and will be available for replay via “Events & Presentations” under the “Investors” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/.

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    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, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Non-GAAP Measures

    We have not provided reconciliations of preliminary and projected Adjusted EBITDA to the most comparable GAAP measure of net income/(loss). Providing net income/(loss) is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net income/(loss), including but not limited to asset impairments and income tax valuation adjustments. Reconciliations of this non-GAAP measure with the most comparable GAAP measure for historical periods is indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the “Non-GAAP financial information” accompanying our quarterly earnings conference call presentations on our website at www.terawulf.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.

    Investors:
    Investors@terawulf.com 

    Media:
    media@terawulf.com 

    CONSOLIDATED BALANCE SHEETS
    AS OF December 31, 2024 AND 2023
    (In thousands, except number of shares, per share amounts and par value)

      December 31, 2024   December 31, 2023
    ASSETS      
    CURRENT ASSETS:      
    Cash and cash equivalents $ 274,065     $ 54,439  
    Digital currency   476       1,801  
    Prepaid expenses   2,493       4,540  
    Other receivables   3,799       1,001  
    Other current assets   598       806  
    Total current assets   281,431       62,587  
    Equity in net assets of investee   —       98,613  
    Property, plant and equipment, net   411,869       205,284  
    Operating lease right-of-use asset   85,898       10,943  
    Finance lease right-of-use asset   7,285       —  
    Other assets   1,028       679  
    TOTAL ASSETS   787,511       378,106  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    CURRENT LIABILITIES:      
    Accounts payable   24,382       15,169  
    Accrued construction liabilities   16,520       1,526  
    Accrued compensation   4,552       4,413  
    Other accrued liabilities   4,973       4,766  
    Share based liabilities due to related party   —       2,500  
    Other amounts due to related parties   1,391       972  
    Current portion of operating lease liability   25       48  
    Current portion of finance lease liability   2       —  
    Insurance premium financing payable   —       1,803  
    Current portion of long-term debt   —       123,465  
    Total current liabilities   51,845       154,662  
    Operating lease liability, net of current portion   3,427       899  
    Finance lease liability, net of current portion   292       —  
    Long-term debt   —       56  
    Convertible notes   487,502       —  
    TOTAL LIABILITIES   543,066       155,617  
           
    Commitments and Contingencies (See Note 12)      
           
    STOCKHOLDERS’ EQUITY:      
    Preferred stock, $0.001 par value, 100,000,000 authorized at December 31, 2024 and 2023; 9,566 shares issued and outstanding at December 31, 2024 and 2023; aggregate liquidation preference of $12,609 and $11,423 at December 31, 2024 and 2023, respectively.   9,273       9,273  
    Common stock, $0.001 par value, 600,000,000 and 400,000,000 authorized at December 31, 2024 and 2023, respectively; 404,223,028 and 276,733,329 issued and outstanding at December 31, 2024 and 2023, respectively.   404       277  
    Additional paid-in capital   685,261       472,834  
    Treasury Stock at cost, 18,568,750 and 0 at December 31, 2024 and 2023, respectively   (118,217 )     —  
    Accumulated deficit   (332,276 )     (259,895 )
    Total stockholders’ equity   244,445       222,489  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 787,511     $ 378,106  
     

    CONSOLIDATED STATEMENTS OF OPERATIONS
    FOR THE YEAR ENDED December 31, 2024, 2023 AND 2022
    (In thousands, except number of shares and loss per common share)

      Year Ended December 31,
        2024       2023       2022  
    Revenue $ 140,051     $ 69,229     $ 15,033  
               
    Costs and expenses:          
    Cost of revenue (exclusive of depreciation shown below)   62,608       27,315       11,083  
    Operating expenses   3,387       2,116       2,038  
    Operating expenses — related party   4,262       2,773       1,248  
    Selling, general and administrative expenses   57,883       23,693       22,770  
    Selling, general and administrative expenses — related party   12,695       13,325       13,280  
    Depreciation   59,808       28,350       6,667  
    Gain on fair value of digital currency, net   (2,200 )     —       —  
    Realized gain on sale of digital currency   —       (3,174 )     (569 )
    Impairment of digital currency   —       3,043       1,457  
    Loss on disposals of property, plant, and equipment, net   17,824       1,209       —  
    Loss on nonmonetary miner exchange   —       —       804  
    Total costs and expenses   216,267       98,650       58,778  
               
    Operating loss   (76,216 )     (29,421 )     (43,745 )
    Interest expense   (19,794 )     (34,812 )     (24,679 )
    Loss on extinguishment of debt   (6,300 )     —       (2,054 )
    Other income   3,927       231       —  
    Loss before income tax and equity in net income (loss) of investee   (98,383 )     (64,002 )     (70,478 )
    Income tax benefit   —       —       256  
    Equity in net income (loss) of investee, net of tax   3,363       (9,290 )     (15,712 )
    Gain on sale of equity interest in investee   22,602       —       —  
    Loss from continuing operations   (72,418 )     (73,292 )     (85,934 )
    Loss from discontinued operations, net of tax   —       (129 )     (4,857 )
    Net loss $ (72,418 )   $ (73,421 )   $ (90,791 )
               
    Loss per common share:          
    Continuing operations $ (0.21 )   $ (0.35 )   $ (0.78 )
    Discontinued operations   —       —       (0.04 )
    Basic and diluted $ (0.21 )   $ (0.35 )   $ (0.82 )
               
    Weighted average common shares outstanding:          
    Basic and diluted   351,315,476       209,956,392       110,638,792  
     

    CONSOLIDATED STATEMENTS OF CASH FLOWS
    FOR THE YEAR ENDED December 31, 2024, 2023 AND 2022
    (In thousands)

      Year Ended December 31,
        2024       2023       2022  
    CASH FLOWS FROM OPERATING ACTIVITIES:          
    Net loss $ (72,418 )   $ (73,421 )   $ (90,791 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
    Amortization of debt issuance costs, commitment fees and accretion of debt discount   11,382       19,515       11,676  
    Related party expense to be settled with respect to common stock   —       2,917       2,083  
    Common stock issued for interest expense   —       26       82  
    Stock-based compensation expense   30,927       5,859       1,568  
    Depreciation   59,808       28,350       6,667  
    Amortization of right-of-use asset   1,373       1,001       303  
    Revenue recognized from digital currency mining and hosting services   (139,278 )     (63,877 )     (10,810 )
    Gain on fair value of digital currency, net   (2,200 )     —       —  
    Realized gain on sale of digital currency   —       (3,174 )     (569 )
    Impairment of digital currency   —       3,043       1,457  
    Proceeds from sale of digital currency   97,559       83,902       9,739  
    Digital currency paid as consideration for services   370       —       —  
    Loss on disposals of property, plant, and equipment, net   17,824       1,209       —  
    Loss on nonmonetary miner exchange   —       —       804  
    Loss on extinguishment of debt   6,300       —       2,054  
    Deferred income tax benefit   —       —       (256 )
    Equity in net loss of investee, net of tax   (3,363 )     9,290       15,712  
    Gain on sale of equity interest in investee   (22,602 )     —       —  
    Loss from discontinued operations, net of tax   —       129       4,857  
    Changes in operating assets and liabilities:          
    Decrease (increase) in prepaid expenses   2,047       555       (3,601 )
    Decrease in amounts due from related parties   —       —       815  
    Increase in other receivables   (2,774 )     (1,001 )     —  
    Decrease (increase) in other current assets   288       (215 )     (46 )
    (Increase) decrease in other assets   (466 )     310       (994 )
    Increase (decrease) increase in accounts payable   740       (7,272 )     10,197  
    Increase (decrease) in accrued compensation and other accrued liabilities   694       (931 )     5,916  
    Increase (decrease) increase in other amounts due to related parties   480       (2,013 )     700  
    (Decrease) increase in operating lease liability   (11,113 )     (42 )     175  
    Net cash (used in) provided by operating activities from continuing operations   (24,422 )     4,160       (32,262 )
    Net cash (used in) provided by operating activities from discontinued operations   —       103       (1,804 )
    Net cash (used in) provided by operating activities   (24,422 )     4,263       (34,066 )
               
    CASH FLOWS FROM INVESTING ACTIVITIES:          
    Investments in joint venture, including direct payments made on behalf of joint venture   —       (2,845 )     (46,172 )
    Reimbursable payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner   —       —       (11,741 )
    Reimbursement of payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner   —       —       11,716  
    Proceeds from sale of equity interest in investee   86,086       —       —  
    Purchase of and deposits on plant and equipment   (267,940 )     (75,168 )     (61,116 )
    Proceeds from sales of property, plant and equipment   23,324       —       —  
    Proceeds from sale of net assets held for sale   —       —       13,266  
    Proceeds from sale of digital currency   67,371       —       —  
    Net cash used in investing activities   (91,159 )     (78,013 )     (94,047 )
               
    CASH FLOWS FROM FINANCING ACTIVITIES:          
    Proceeds from issuance of long-term debt, net of issuance costs paid of $0, $0 and $38   —       —       22,462  
    Principal payments on long-term debt   (139,401 )     (6,599 )     —  
    Payments of prepayment fees associated with early extinguishment of long-term debt   (1,261 )     —       —  
    Principal payments on finance lease   (941 )     —       —  
    Proceeds from insurance premium and property, plant and equipment financing   211       2,513       7,041  
    Principal payments on insurance premium and property, plant and equipment financing   (2,103 )     (2,738 )     (4,924 )
    Proceeds from issuance of promissory notes to stockholders   —       —       3,416  
    Proceeds from issuance of common stock, net of issuance costs paid of $663, $1,051 and $142   188,715       135,917       47,326  
    Proceeds from exercise of warrants   4,808       2,500       5,700  
    Purchase of capped call   (60,000 )     —       —  
    Purchase of treasury stock   (118,217 )     —       —  
    Payments of tax withholding related to net share settlements of stock-based compensation awards   (23,654 )     (2,013 )     —  
    Proceeds from issuance of preferred stock   —       —       9,566  
    Proceeds from issuance of convertible notes, net of issuance costs paid of $12,950, $0, and $0   487,050       —       —  
    Proceeds from issuance of convertible promissory note   —       1,250       14,700  
    Principal payments on convertible promissory note   —       —       (15,306 )
    Payment of contingent value rights liability related to proceeds from sale of net assets held for sale   —       (10,964 )     —  
    Net cash provided by financing activities   335,207       119,866       89,981  
               
    Net change in cash, cash equivalents and restricted cash   219,626       46,116       (38,132 )
    Cash, cash equivalents and restricted cash at beginning of year   54,439       8,323       46,455  
    Cash, cash equivalents and restricted cash at end of year $ 274,065     $ 54,439     $ 8,323  
               
    Cash paid during the year for:          
    Interest $ 6,957     $ 19,572     $ 13,989  
    Income taxes $ —     $ —     $ —  
                           

    Non-GAAP Measure

    The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense, amortization of right-of-use asset and related party expense to be settled with respect to common stock, all of which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) one-time, non-recurring transaction-based compensation expense related to the 2030 Convertible Notes (iv) equity in net income (loss) of investee, net of tax, related to Nautilus and the gain on sale of interest in Nautilus; (v) other income which is related to interest income or income for which management believes is not reflective of the Company’s ongoing operating activities; (vi) loss on extinguishment of debt and net losses on disposals of property, plant and equipment, net, which are not reflective of the Company’s general business performance and (vii) losses from discontinued operations, net of tax, which is not be applicable to the Company’s future business activities. The Company’s Adjusted EBITDA also includes the impact of distributions from investee received in bitcoin related to a return on the Nautilus investment, which management believes, in conjunction with excluding the impact of equity in net income (loss) of investee, net of tax, is reflective of assets available for the Company’s use in its ongoing operations as a result of its investment in Nautilus.

    Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company’s core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management’s internal use of non-GAAP Adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.

    The Company’s Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company’s Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to operating loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP.

    The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands):

      Year Ended December 31,
        2024       2023  
    Net loss $ (72,418 )   $ (73,421 )
    Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA:      
    Loss from discontinued operations, net of tax   —       129  
    Gain on sale of equity interest in investee   (22,602 )     —  
    Equity in net (income) loss of investee, net of tax, related to Nautilus   (3,363 )     9,290  
    Distributions from investee, related to Nautilus   22,776       21,949  
    Income tax benefit   —       —  
    Other income   (3,927 )     (231 )
    Loss on extinguishment of debt   6,300       —  
    Interest expense   19,794       34,812  
    Loss on disposals of property, plant, and equipment, net   17,824       1,209  
    Depreciation   59,808       28,350  
    Amortization of right-of-use asset   1,373       1,001  
    Stock-based compensation expense   30,927       5,859  
    Transaction-based compensation expense   3,885       —  
    Related party expense to be settled with respect to common stock   —       2,917  
    Non-GAAP adjusted EBITDA $ 60,377     $ 31,864  

    The MIL Network –

  • MIL-OSI: Cheems Memecoin Surpasses 80,000 Holders, Solidifying Its Place as a Leading Meme Token on BNB Chain

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — The Cheems memecoin ($CHEEMS), one of the most prominent and beloved tokens on the BNB Chain inspired by the namesake meme, has officially surpassed 80,000 token holders, marking a major milestone in its journey as a community-driven digital asset. With 85,205 holders and over 1.8 million total transfers, Cheems continues to gain traction as a dominant force in the memecoin market.

    From Meme to Movement
    What began as a viral meme has transformed into a full-fledged movement. The Cheems IP has transcended internet culture, evolving into a rallying symbol for crypto enthusiasts navigating market cycles. With over 40 million TikTok views on recent campaigns and strong engagement across digital platforms, Cheems is more than just a token—it’s a revolution.

    Built on the principles of fun, inclusivity, and strong community engagement, Cheems has demonstrated remarkable growth since its inception. The token’s on-chain market capitalization currently stands at $188.4 million, with a circulating supply market cap of $178.9 million. As a testament to its widespread appeal, Cheems has become a cornerstone of the BNB Chain memecoin ecosystem, fostering a passionate and rapidly expanding community of supporters worldwide.

    Christian, Founder of Infini, a major Cheems tokenholder and spokesperson, expressed his excitement about this milestone:

    “Cheems is more than just a memecoin—it’s a movement. Surpassing 80,000 holders is a testament to the power of decentralized communities and the limitless potential of the BNB Chain ecosystem. The Cheems Army is growing stronger every day, and this is just the beginning. We’re committed to building a long-term, sustainable project that continues to engage and reward our holders.”

    The CHEEMS Advantage
    Built on the Binance Smart Chain’s scalable and efficient infrastructure, CHEEMS is a fully decentralized, community-owned token featuring:

    • Zero transaction taxes
    • 100% burned liquidity pool
    • No team allocations
    • Fully decentralized governance

    Strengthening the BNB Ecosystem
    The Binance listing comes after months of collaboration with the BNB Chain ecosystem, including:

    • Liquidity pool enhancements
    • Co-branded marketing initiatives
    • Ecosystem development grants

    Philanthropy & Real-World Impact
    Beyond blockchain, CHEEMS remains committed to giving back, aligning with its CryptoForGood initiative:

    • 100% of merchandise proceeds donated to animal welfare charities
    • Collaborations with Cheems’ real-life owner Kathy on global aid initiatives
    • Over 5,500 meals funded through viral TikTok challenges

    With a max total supply of 219,776,051,832,670.73 tokens and an ever-growing user base, Cheems is well-positioned for continued expansion. As the memecoin sector evolves, Cheems remains committed to leading the charge, embracing innovation, and solidifying its status as the “Lord Cheems” of BNB Chain.

    For more details and to join the Cheems movement, visit: https://linktr.ee/lordcheems_bsc

    About Cheems:
    Cheems is a community-driven memecoin built on the BNB Chain. Designed to bring fun and engagement to the crypto space, Cheems has grown into one of the most recognized and celebrated tokens in the memecoin sector. With a strong and dedicated holder base, Cheems continues to shape the future of meme-based digital assets.

    Media Contact:
    Cheems Foundation
    contact@cheems.pet

    Join the Cheems Community:

    • Twitter: @lordcheems_bsc
    • Telegram: t.me/LordCheems_Bsc
    • Contract: 0x0df0587216a4a1bb7d5082fdc491d93d2dd4b413

    Disclaimer: This press release is provided by Cheems Foundation. 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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f4fe2fec-9459-4491-9a77-c24c46f6e005

    The MIL Network –

  • MIL-OSI: Boralex Launches Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, Feb. 28, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) today announced that it has authorized, and the Toronto Stock Exchange (the “TSX”) has approved, a normal course issuer bid (the “NCIB”) to purchase for cancellation up to 8,669,245 Class A shares of Boralex (the “Common Shares”) over the twelve-month period commencing on March 4, 2025, and ending no later than March 3, 2026, representing approximately 10% of the “public float” (as defined in the TSX Company Manual) of the Common Shares issued and outstanding as at February 19, 2025. As of such date, there were 102,766,580 Common Shares issued and outstanding. Subject to the required regulatory approvals, the NCIB will be conducted through the facilities of the TSX or alternative trading systems in Canada, if eligible, or outside the facilities of the TSX pursuant to exemption orders issued by securities regulatory authorities. Common Shares will be acquired under the NCIB at the prevailing market price at the time of acquisition, plus brokerage fees, except that any purchases made under an issuer bid exemption order will be at a discount to the prevailing market price as per the terms of the order. Any Common Share purchased under the NCIB will be canceled.

    Under the NCIB, other than purchases made under block purchase exemptions, Boralex will be allowed, subject to applicable securities laws, to purchase daily a maximum of 72,088 Common Shares representing 25% of the average daily trading volume of 288,355 Common Shares, as calculated per the TSX rules for the six-month period ended on January 31, 2025.

    In connection with the NCIB, Boralex will also enter into an automatic share purchase plan (“ASPP”) on the date hereof with the designated broker responsible for the NCIB. The ASPP will allow for the purchase for cancellation of Common Shares under the NCIB, subject to certain trading parameters, by the designated broker at times when Boralex would ordinarily not be permitted to purchase its securities due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, before entering into a blackout period, Boralex may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with certain purchasing parameters. Such purchases will be made by the designated broker based on such purchasing parameters, without further instructions by Boralex, in compliance with the rules of the TSX, applicable securities laws and the terms of the ASPP.

    Boralex believes that its Common Shares are trading from time to time at levels generally below the underlying value of the Company’s business and that the introduction of an NCIB will provide an additional tool to optimize its use of funds and create long-term value for its shareholders. This program will provide greater flexibility to carry on Boralex financial strategy without altering investments planned to seize development opportunities. Furthermore, the purchases are expected to benefit all persons who continue to hold Boralex Common Shares by increasing their equity interest in Boralex when such repurchased Common Shares are canceled.

    The decisions regarding the timing and size of purchases under the NCIB are subject to management’s discretion and will be based on various factors, including the Company’s capital and liquidity positions, accounting and regulatory considerations, the Company’s financial and operational performance, alternative uses of capital, the trading price of the Common Shares and general market conditions. The NCIB does not obligate Boralex to acquire a specific dollar amount or number of shares and may be modified or discontinued at any time. Boralex has not repurchased any of its outstanding Common Shares under a normal course issuer bid in the past 12 months.

    Caution Regarding Forward-Looking Statements

    Some of the statements contained in this press release, including, without limitation, those regarding the NCIB and ASPP and the intended purchase for cancellation of Common Shares thereunder, are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measure it adopts could differ materially from those indicated by or underlying these statements or could have an impact on the degree of realization of a particular forward-looking statement. Unless otherwise specified by the Company, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made. There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events, or other changes.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit boralex.com or sedarplus.com. Follow us on Facebook and LinkedIn.

    For more information

    Source: Boralex inc.        

    The MIL Network –

  • MIL-OSI: AGF Investments Announces Proposed Fund and ETF Terminations

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 28, 2025 (GLOBE NEWSWIRE) —

    ETF Terminations

    AGF Investments Inc. (AGF Investments) today announced the proposed termination of AGF Systematic Global Multi-Sector Bond ETF (ticker: QGB), AGF Systematic International Equity ETF (ticker: QIE) and AGF Systematic US Equity ETF (ticker: QUS) (each an “AGF Investments ETF” and collectively, the “AGF Investments ETFs”) effective at the close of business on or about April 29, 2025 (the “ETF Termination Date”).

    Accordingly, AGF Investments will also request to voluntarily de-list the units of the AGF Investments ETFs from Cboe Canada Inc. and the Toronto Stock Exchange (TSX) at the close of business on or about April 28, 2025 (the “Delisting Date”), with all units still held by securityholders being subject to a mandatory redemption as of the ETF Termination Date.

    Securityholders of the AGF Investments ETFs will be able to sell their units through the facilities of the applicable stock exchanges until the Delisting Date. Effective as of the close of business on February 28, 2025, no further direct subscriptions (i.e. primary market creations of new ETF units) for units of the AGF Investments ETFs will generally be accepted.

    Any remaining securityholders of an AGF Investments ETF as at the ETF Termination Date will receive the net proceeds from the liquidation of the assets of the AGF Investments ETF, less all liabilities and all expenses incurred in connection with the dissolution of the AGF Investments ETF, on a pro rata basis.

    AGF Investments will issue an additional press release on or about the ETF Termination Date confirming final details of the terminations, including final distributions, if any.

    As a result of the proposed terminations, AGF Investments is also announcing today ad hoc distributions for AGF Systematic Global Multi-Sector Bond ETF (ticker: QGB), AGF Systematic International Equity ETF (ticker: QIE) and AGF Systematic US Equity ETF (ticker: QUS), which usually pay quarterly/annual distributions. Unitholders of record on March 7, 2025 will receive cash distributions payable on March 13, 2025.

    Please note: Additional ad hoc distributions will be announced on or about April 2.

    Details regarding the final “per unit” distribution amounts are as follows:

    ETF Ticker Exchange Cash Distribution Per Unit ($)
    AGF Systematic Global Multi-Sector Bond ETF QGB Cboe Canada Inc. $0.149364
    AGF Systematic International Equity ETF QIE Toronto Stock Exchange $0.020788
    AGF Systematic US Equity ETF QUS Toronto Stock Exchange $0.069762

    Further information about the AGF Investments ETFs can be found at AGF.com.

    Mutual Fund Termination

    AGF Investments is also today announcing the proposed termination of AGF Emerging Markets Bond Fund (the “Fund”) effective on or about April 29, 2025 (the “Fund Termination Date”).

    Effective as of the close of business today, units of the Fund are no longer available for purchase and AGF Investments will stop accepting purchases and switches into the Fund, including systematic purchase and switch plans.

    AGF Investments is waiving the management fee that is normally applicable to the Fund from the close of business on February 28, 2025 until the Fund Termination Date. Note that there may be distributions paid by the Fund prior to the termination.

    Unitholders can transfer their investments into another AGF Fund or redeem their units prior to the Fund Termination Date.

    Investors who remain holding units of the Fund in client-name registered plans will have their units transferred to the same series and purchase option of AGF Canadian Money Market Fund, effective on or about April 29, 2025. Investors who remain holding units of the Fund in client-name non-registered plans and/or any nominee/intermediary-held accounts (both registered and non-registered) will have their units redeemed on or about April 29, 2025, without any redemption fees or sales charges applied.

    AGF Investments strongly encourages unitholders to consult with their financial advisor to discuss their individual circumstances, including possible tax consequences, and determine the solution that best meets their investment needs.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    Disclaimer

    ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers. Commissions, management fees and expenses all may be associated with investing in ETFs. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. There is no guarantee that ETFs will achieve their stated objectives and there is risk involved in investing in the ETFs. Before investing you should read the prospectus or relevant ETF Facts and carefully consider, among other things, each ETF’s investment objectives, risks, charges and expenses. A copy of the prospectus and ETF Facts is available on AGF.com.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com

    The MIL Network –

  • MIL-OSI: Form 8.3 – [LEARNING TECHNOLOGIES GROUP PLC – 27 02 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

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

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 LEARNING TECHNOLOGIES GROUP PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 27 FEBRUARY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

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

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

    Class of relevant security: 0.375p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 9,000,505 1.1357    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 9,000,505 1.1357    

    On 27/02/2025 there was a transfer in of 312 shares by a discretionary client.

    All interests and all short positions should be disclosed.

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

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

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

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

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

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

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    0.375p ORDINARY SALE 4,800 99.2151p

    (b)        Cash-settled derivative transactions

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

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

    (i)        Writing, selling, purchasing or varying

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

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

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

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

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

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

    NONE

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

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

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 28 FEBRUARY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

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

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

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

    The MIL Network –

  • MIL-OSI: Castellum, Inc. Announces 2024 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., Feb. 28, 2025 (GLOBE NEWSWIRE) — Castellum, Inc. (NYSE-American: CTM) (“Castellum” or “the Company”), a cybersecurity, electronic warfare, and software services company focused on the federal government, announces certain unaudited highlights of its operating results for its year ended December 31, 2024.

    Revenue for 2024 was $44.8 million, down slightly from $45.2 million in 2023. Operating loss was ($7.2 million) versus ($16.7 million) in 2023, which included $6.9 million of non-cash charges for goodwill impairment.

    Management uses a Non-GAAP measure, Adjusted EBITDA, as an important measure of the Company’s operating performance. Adjusted EBITDA was $0.8 million for 2024 and excludes non-cash charges, such as stock-based compensation expense of $5.4 million, and depreciation and amortization of $2.2 million, compared to $0.2 million for 2023. See the reconciliation to GAAP in the chart below.

    Cash flow provided by operating activities for 2024 was $1.1 million versus ($2.3 million) in 2023.

    Total cash as of December 31, 2024, was $12.3 million versus $1.8 million as of December 31, 2023. Debt as of December 31, 2024, was $10.7 million versus $12.4 million as of December 31, 2023.

    Castellum’s fully audited financial results for the year ended December 31, 2024, are expected to be filed on or before March 15, 2025, on Form 10-K, available at www.sec.gov.

    “I’m encouraged by the progress we made in 2024, particularly since I assumed the role of CEO this past July,” said Glen Ives, President and Chief Executive Officer of the Company. “While we produced solid revenue and gross profit in 2024, 2025 will be our year of growth as new contract wins and continued execution on our existing contracts should lead to strong year-over-year growth in revenue and adjusted EBITDA. Our decreased debt and dramatic increase in cash from our offerings, combined with our recent IDIQ wins have really positioned us well for 2025.”

    About Castellum, Inc.:

    Castellum, Inc. (NYSE-American: CTM) is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government – http://castellumus.com.

    Cautionary Statement Concerning Forward-Looking Statements:

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as “estimate,” “project,” “believe,” “anticipate,” “shooting to,” “intend,” “plan,” “foresee,” “likely,” “will,” “would,” “appears,” “goal,” “target” or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth and new customer opportunities, improvements to cost structure, and profitability. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth and new customer opportunities, including opportunities arising from its contracts with NAVAIR and other customers, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, among others: the Company’s ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company’s revenue due to a delay in the U.S. Congress approving a federal budget, operating under a prolonged continuing resolution, government shutdown, or breach of the debt ceiling, as well as the imposition by the U.S. government of sequestration in the absence of an approved budget; the ability of the U.S. federal government to unilaterally cancel a contract with or without cause, and more specifically, the potential impact of the U.S. DOGE Service Temporary Organization on government spending and terminating contracts for convenience.. For a more detailed description of these and other risk factors, please refer to the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.

    Non-GAAP Financial Measures and Key Performance Metrics

    This press release contains Non-GAAP Adjusted EBITDA, which is a Non-GAAP financial measure that is used by management to measure the Company’s operating performance. A reconciliation of this measure to the most directly comparable GAAP financial measure is contained herein. To the extent required, statements disclosing this measure’s definition, utility, and purpose are also set forth herein.

    Definition:

    Adjusted EBITDA is a Non-GAAP measure, calculated as the Company’s earnings before (not including expenses related to) interest, taxes, depreciation, and amortization, also adjusted for other non-cash items such as stock-based compensation, and other non-recurring, cash items, such as expenses for a one-time policy change.

    Utility and Purpose:

    The Company discloses Non-GAAP Adjusted EBITDA because this Non-GAAP measure is used by management to evaluate our business, measure its operating performance, and make strategic decisions. We believe Non-GAAP Adjusted EBITDA is useful for investors and others in understanding and evaluating our operating results in the same manner as its management. However, Non-GAAP Adjusted EBITDA is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for GAAP operating loss or any other operating performance measure calculated in accordance with GAAP. Using this Non-GAAP measure to analyze our business would have material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in our industry may report a measure titled Non-GAAP Adjusted EBITDA, this measure may be calculated differently from how we calculate this Non-GAAP financial measure, which reduces its overall usefulness as a comparative measure. Because of these inherent limitations, you should consider Non-GAAP Adjusted EBITDA alongside other financial performance measures, including net loss and our other financial results presented in accordance with GAAP.

    Castellum, Inc.
    Reconciliation of unaudited Non-GAAP Adjusted EBITDA to Operating Income/ (Loss)
    The Year Ended December 31, 2024, and 2023
        2024     2023  
    Revenues $ 44,764,852   $ 45,243,812  
    Gross Profit   18,266,415     18,675,327  
    Loss from operations before other income (expense)   (7,244,627 )   (16,668,825 )
         
    Add back:    
    Depreciation and amortization   2,220,185     2,528,815  
         
    Adjust for non-cash and one-time charges:    
    Stock based compensation   5,426,985     7,495,759  
    Goodwill Impairment   –     6,919,094  
    Change in FV of earnout   –     (92,000 )
    Non-recurring charges   445,007     –  
    Total non-cash charges   5,871,992     14,322,853  
         
    Non-GAAP Adjusted EBITDA $ 847,550   $ 182,843  
                 

    Contact:
    Glen Ives
    President and Chief Executive Officer
    Phone: (703) 752-6157
    info@castellumus.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d022e960-9912-4701-8fdb-fcb3ed07050a

    The MIL Network –

  • MIL-OSI: SIMPPLE Ltd. Announces Transition of Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    Singapore, Feb. 28, 2025 (GLOBE NEWSWIRE) — SIMPPLE Ltd. (NASDAQ: SPPL) (“SIMPPLE” or “the Company”), a leading technology provider and innovator in the facilities management (FM) sector, today announced that Mr. Sovik Bromha has tendered his resignation as Chief Financial Officer (“CFO”) of the Company to pursue other business opportunities, effective April 14, 2025. Mr. Gary Goh has been appointed as SIMPPLE CFO, effective January 22, 2025, succeeding Sovik Bromha. Gary will oversee SIMPPLE’s financial operations, enterprise-wide optimization, and capital allocation activities, and will play a meaningful leadership role in guiding the Company’s strategy to support its long-term growth objectives and enhance shareholder value.  

    Mr. Goh is a finance and accounting industry leader in Singapore, with over 15 years of audit and assurance, accounting and financial advisory experience serving a wide range of industries, including technology, retail, maritime, construction and manufacturing sectors. Mr. Goh founded a public accounting firm, GYSG Group, in 2014 that provides professional services including audit and assurance, accounting, tax advisory-compliance, corporate secretarial, and corporate advisory services. On that note, GYSG had provided financial advisory and corporate secretarial services to SIMPPLE in 2022. Prior to that, he spent four years at KPMG as an Engagement Manager, where he contributed to audit and assurance projects for multi-national corporations, listed companies, and government-linked companies. Gary had graduated with a Bachelor of Mechanical Engineering from the National University of Singapore in 2008 and Bachelor of Applied Accounting from Oxford Brookes University in 2009. Aside from being a Chartered Accountant, he is also a Chartered Valuer and Appraiser (CVA), ISCA Financial Forensic Accounting, and Public Accountant.

    In compliance with SEC and NASDAQ regulations, SIMPPLE has updated its governance framework, finance controls, and processes to maintain compliance with respect to engagements with GYSG.

    “We are confident that Gary’s wealth of financial knowledge and keen sense of business and industry understanding will strengthen our Company’s financial operations and business strategies. Sovik and Gary will work closely together to ensure a smooth transition as we continue to build on the momentum we have already established in late-2024,” said SIMPPLE chief executive officer Norman Schroeder.

    “I am excited to be part of this fast-growing journey at SIMPPLE. SIMPPLE is a great company on a meaningful mission, to revolutionize facilities management operations through advanced technologies. I am aligned with SIMPPLE’s leadership team and will continue to build on the good work the Company has achieved to enhance shareholder value.” Gary said.

    Chairman of the Board and Executive Director, Kelvin Lee, added “All of us at SIMPPLE thank Sovik for his contribution as CFO. With Gary onboard, I am confident we are able to align our overall cost structure and setting SIMPPLE up for profitable growth.”

    About SIMPPLE LTD.

    Headquartered in Singapore, SIMPPLE LTD. is an advanced technology solution provider in the emerging PropTech space, focused on helping facilities owners and managers manage facilities autonomously. Founded in 2016, the Company has a strong foothold in the Singapore facilities management market, serving over 60 clients in both the public and private sectors and extending out of Singapore into Australia and the Middle East. The Company has developed its proprietary SIMPPLE Ecosystem, to create an automated workforce management tool for building maintenance, surveillance and cleaning comprised of a mix of software and hardware solutions such as robotics (both cleaning and security) and Internet-of-Things (“IoT”) devices. 

    For more information on SIMPPLE, please visit: https://www.simpple.ai/

    Safe Harbor Statement

    This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.

    Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

    For investor and media queries, please contact:

    SIMPPLE LTD.
    Investor Relations Department
    Email: ir@simpple.ai

    Visit the Investor Relation Website: https://www.investor.simpple.ai/

    Skyline Corporate Communications Group, LLC
    Scott Powell, President
    1177 Avenue of the Americas, 5th Floor
    New York, NY 10036
    Tel: (646) 893-5835
    Email: info@skylineccg.com 

    The MIL Network –

  • MIL-OSI: No. 5/2025 – Notice to convene annual general meeting

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen                                                                                   
    Nikolaj Plads 6
    DK-1067 Copenhagen K   

    Copenhagen, 28 February 2025
    ANNOUNCEMENT no. 5/2025

    CEMAT A/S
    Company reg. (CVR) no. 24 93 28 18
    Annual general meeting

    The Board of Directors hereby convene the annual general meeting of Cemat A/S (the “Company”) for Wednesday, 26 March 2025, at 1:00 pm at the office of DLA Piper Denmark, Oslo Plads 2, 2100 Copenhagen OE, Denmark.

    Agenda

    The agenda of the annual general meeting is the following:

    1. The management’s report on the Company’s activities during the past financial year.
    1. Presentation of the audited annual report for adoption.
    1. The Board of Directors’ proposal for appropriation of profit or covering of loss according to the adopted annual report.
    1. Presentation of and indicative vote on remuneration report.
    1. Approval of the Board of Directors’ fees for the current financial year.
    1. Election of members to the Board of Directors.
    2. Appointment of auditor.
    1. Proposals from the Board of Directors or shareholders.
    1. Any other business.

    Complete proposals

    Re item 1     The management’s report on the Company’s activities during the past financial year.

    The Board of Directors proposes that the general meeting takes note of the management’s report.

    Re item 2     Presentation of the audited annual report for adoption.

    The Board of Directors proposes that the general meeting adopts the annual report.

    Re item 3     The Board of Directors’ proposal for appropriation of profit or covering of loss according to the adopted annual report.

    The Board of Directors proposes that the profit for the year as recorded in the Annual Report as adopted by the general meeting be carried forward to next year.   

    Re item 4     Presentation of and indicative vote on remuneration report.

    The Board of Directors proposes that the general meeting adopts the presented remuneration report.

    Re item 5     Approval of the Board of Directors’ fees for the current financial year.

    The Board of Directors proposes that members of the Board of Directors will receive the basic fee of DKK 220,000 for the financial year 2025.

    The chairman of the Board of Directors will receive the basic fee multiplied by a factor of 2.5, and the vice-chairman will receive the basic fee multiplied by a factor of 1.75.

    Re item 6     Election of members to the Board of Directors.

    The Board of Directors proposes to re-elect:

    Frede Clausen, chairman, born 1959
    Professional board member
    Various banking qualifications
    Graduate Diploma in Business Administration
    Elected chairman in 2018
    Other duties and offices:
    Frede Clausen Holding ApS (CEO)
    Core Poland Residential V (board member)
    Malik Supply A/S (chairman)
    Developnord A/S (chairman)
    Søndergaard Holding Aalborg ApS (chairman)
    Palma Ejendomme ApS (chairman)
    Ejendomsselskabet Gøteborgvej 18 ApS (vice-chairman)
    PL Holding Aalborg A/S (chairman)
    Radioanalyzer ApS (chairman)
    Independent
    Special qualifications: Strategic management, business development and real estate
    Languages: Danish and English

    Eivind Dam Jensen, vice-chairman, born 1951
    Estate Agent
    Member of the Danish Association of Chartered Estate Agents
    Diploma in Administration
    Elected vice-chairman in 2005
    Other duties and offices:
    Owner of Chartered Estate Agency E. Dam Jensen
    Chairman and sole shareholder of A/S Eivind Dam Jensen
    Owner of Brundtland Golfcenter (via A/S Eivind Dam Jensen)
    Non-independent
    Special competences: Purchase, sale, valuation and letting of commercial and
    investment properties and property management
    Languages: Danish, English and German.

    Joanna L. Iwanowska-Nielsen, born 1968
    Real Estate Expert
    Degree in International Trade, Organisation and Management
    from the Warsaw School of Economics
    Joined the Board of Directors in 2016
    Directorships and other managerial positions:
    Member of the board of directors of Sustainable Malkowo
    Advisor to the Board of Directors, Ecofarm Foundation
    Member of the board of directors of Coille Righ Green Energy, Scotland
    Member of the board of directors of WildaNova
    Member of the board at NielsenNielsen Ltd (UK)
    Managing Partner in NOLTA Consultants and NOLTA Career Experts
    Board Member of EPI (European Property Institute) think tank
    Member of Warsaw Women in Real Estate & Development
    Founding Member of Women in Global Health’s CEE Chapter
    No directorships in other Danish companies
    Independent
    Special qualifications:
    Experience in the real estate trade in Poland, CEE and
    internationally (development, strategy, sales and project
    management in both the commercial and residential property
    sectors, including sustainable housing, farming enterprises and energy solutions)
    EMCC accredited business coach & mentor
    Languages: Polish, English and Russian.

    Brian Winther Almind, born 1966
    Executive Vice President, DSV Group Property
    Joined the Board of Directors in 2023
    Other duties and offices:
    Shipping agent – Ellegard Transport, of which 2 years were in Verona, Italy
    Traffic manager – DFDS Transport
    Traffic manager – DHL A/S
    Executive Vice President – DSV A/S since 1997
    Directorships and other managerial positions:
    Member of the board in several companies owned by DSV A/S
    Network – European Logistics Forum (ELF), VL 111
    No directorships in other Danish companies
    Special competences:
    Generel management, business development, integration of companies. Property in relation with purchase of land, public sector handling, project management, building activities, purchase and sale, leasing, law, strategy, finances, various large projects in more than 90 countries.  
    Languages: Danish and English.

    Re item 7     Appointment of auditor.

    The Board of Directors proposes that BDO Statsautoriseret Revisionsaktieselskab be reappointed.

    Re item 8     Proposals from the Board of Directors.

    No proposals have been received from the board of directors or executive board

    General information

    The Company’s nominal share capital amounts to DKK 4,997,006.06, divided into 249,850,303 shares of DKK 0.02 each. Each share of DKK 0.02 entitles the holder to one vote.

    The Company has concluded a connection agreement with VP Securities A/S. The financial rights of the shareholders may thus be exercised through VP Securities A/S.

    Requirements for adoption

    Items 2-7 considered at the general meeting will be determined by a simple majority of votes, see article 10.1 of the Company’s articles of association as well as section 105 of the Danish Companies Act.

    The Company’s website

    This notice, including the agenda, remuneration report, information about the total number of shares and voting rights on the date of the notice and proxy, postal voting and registration forms for ordering an entry card, will be made available to the shareholders on the Company’s website, www.cemat.dk, under “Investor/General Meetings” from 28 February 2025.

    This notice has also been published via Nasdaq Copenhagen A/S, the IT system of the Danish Business Authority and the Company’s website as well as by e-mail to the shareholders having requested e-mail notification of general meetings when stating their e-mail addresses.

    Date of registration

    The shareholders will be entitled to exercise the right to vote attaching to the shareholders’ shares, by attendance at the Company’s general meetings or by post pro rata to their shareholding at the date of registration, which is one week before the general meeting.

    The date of registration is Wednesday, 19 March 2025.

    The shareholding of each individual shareholder will be determined at the end of the date of registration based on the number of shares held by the shareholder according to the register of shareholders as well as any notice of ownership received by the Company for the purpose of registration in the register of shareholders, but not yet been registered. In order to be registered in the register of shareholders and included in the calculation, notices of shareholdings must be documented by a transcript from VP Securities A/S or other similar documentation. This documentation must be received by the Company before the end of the date of registration.

    Only the persons who are shareholders of the Company on the date of registration will be entitled to participate and vote at the general meeting but see below regarding the shareholders’ timely request for entry cards.

    Accordingly, any person who has purchased shares, whether by transfer or otherwise, will not be entitled to vote on the shares in question at the general meeting, unless he or she has been recorded in the register of shareholders or has notified the Company and provided documentation of his or her acquisition, no later than on the date of registration, which is Wednesday, 19 March 2025.

    Entry cards

    In order to participate in the general meeting, the shareholders must request an entry card for the general meeting no later than Friday, 21 March 2025. Entry cards may be requested electronically via www.cemat.dk until Friday, 21 March 2025, at 23:59 using MitID or custody account number and password on the Company’s shareholder portal. Shareholders registering for the general meeting electronically will immediately receive a confirmation of their registration.

    It is also possible to request an entry card by forwarding a completed registration form to the Company’s keeper of the register of shareholders, Computershare A/S, Lottenborgvej 26D, 2800 Kongens Lyngby, Denmark, which must receive the form by Friday, 21 March 2025 at 23.59. The registration form is available at www.cemat.dk.

    Please notice that ordered admission cards will no longer be sent out by ordinary mail.

    Admission cards ordered via the shareholder portal will be sent out electronically via email to the email address specified in the shareholder portal upon registration. The admission card must be presented at the annual general meeting either electronically on a smartphone/tablet or in a printed version.

    Admission cards can be picked up at the entrance of the general meeting upon presentation of a valid ID.

    Proxy

    Shareholders are entitled to attend by proxy. An electronic proxy instrument may also be submitted via the shareholder portal until Friday, 21 March 2025, at 23:59.

    The complete proxy form must be received by the Company’s keeper of the register of shareholders, Computershare A/S, by Friday, 21 March 2025, at 23:59. The proxy form is available at www.cemat.dk.

    Postal voting

    Shareholders may elect to vote by post, i.e., by casting their votes in writing, before the general meeting, instead of attending the general meeting and voting there.

    Shareholders who elect to vote by post may submit their postal vote electronically via the shareholder portal or send their postal vote to Computershare A/S where it must be received by Tuesday, 25 March 2025, at 16:00.

    Once received, a postal vote cannot be recalled. Please note that letters may sometimes take several days to reach their destination.

    Questions

    Shareholders will have an opportunity to ask questions to the agenda as well as to the other materials for the general meeting before the general meeting.

    Any questions concerning this announcement may be directed to info@cemat.dk.

    Cemat A/S

    Frede Clausen
    Chairman of the Board of Directors

    This announcement has been issued in Danish and English. In case of any inconsistencies, the Danish version will prevail.

    Please write to investor@cemat.dk to deregister from this mailing list.

    Attachment

    The MIL Network –

  • MIL-OSI: MWC 2025: Innovations to increase engagement and efficiency in telecom business

    Source: GlobeNewswire (MIL-OSI)

    MWC 2025: Innovations to increase engagement and efficiency in telecom business

    In the highly competitive telecom and service provider markets worldwide, companies face equally complex challenges: attracting new customers, retaining existing ones, and increasing their engagement. Innovative solutions such as gamification and reward systems, are becoming powerful tools to achieve these goals, allowing companies not only to maintain customer interest but also to significantly improve their loyalty. In this context, at MWC 2025 in Barcelona, QazCode will present its solutions designed to help overcome these challenges across different markets.

    Gamification as an easy way to increase loyalty

    The global gamification market is growing rapidly, from $9.1 billion in 2020 to a projected $30.7 billion in 2025. Already, 70% of global Global 2000 companies are using game elements to engage customers. In addition, data shows that products with thoughtful interaction design retain customers three times better than those using basic gamification.

    Gamification can increase user engagement by 25% or more and build the habit of using services regularly, which also helps to reduce customer churn and increase customer loyalty. As a result, companies can increase profitability and improve their position in competitive markets.

    Real case study: how gamification helps businesses grow

    On the image: Gamification and reward systems for users

    QazCode, one of the leaders in developing solutions for the telecom and IT sectors, has demonstrated successful examples of gamification implementation in CIS countries. For example, in Kazakhstan, the introduction of gamification in the “Janymda” superapp (formerly “My Beeline”) made games the second most popular domain after telecom services, and every fifth user became an active gamer. Gamification not only helps attract and retain users but also positively influences their perception of the brand, driving both direct and indirect revenue growth. It is important to note that user retention among those who actively engage with games and rewards is 25% higher than among those who do not use these features.

    To make the games engaging and profitable, QazCode established its own game development team, which created its own gaming platform, portfolio, and services. However, in other markets such as Ukraine and Kyrgyzstan, companies had to tailor their offerings, including games, to better suit local cultural differences, user behaviour, and market trends.

    Another opportunity that gamification offers businesses is the rewards system. The decline in conversion rates of traditional communication channels, alongside the growing product portfolio of service providers, necessitates the search for new, effective methods to raise awareness among the audience about products and services, as well as attract and retain customers.

    By completing various tasks, users can strengthen their emotional connection with the brand, earning bonuses or achievements. For example, in the case of the “Janymda” superapp in Kazakhstan, the rewards system helped organically boost user engagement and increased revenue per user by 7%, directly impacting the company’s financial performance and customer satisfaction.

    “Our experience working with various regions of the CIS has given us a clear understanding of how important it is to consider the cultural and economic characteristics of users when implementing gamification and reward systems. We are confident that our solutions can be adapted to meet the needs and requirements of other markets. For example, more complex user interaction systems may be in demand in Western markets, while in the Middle East, the focus may be on specific values and habits. We are ready to offer flexible solutions that can meet the needs of clients in any market,” commented Alexey Sharavar, CEO of QazCode”, –  commented Oleksii Sharavar, CEO at QazCode.

    The company has successful experience working in Central Asia, Europe, and the Middle East, and continues to actively expand its presence in international markets. Participation in MWC 2025 in Barcelona (stand 6F12) will provide a unique opportunity for knowledge exchange and discussions on advanced technologies in the field of gamification and reward systems.

    About QazCode
    QazCode is an IT company and exclusive digital partner of Beeline Kazakhstan. The company is part of the VEON group listed on the NASDAQ and Euronext stock exchanges.
    The company has over 750 employees with 8 years of experience in software development for the telecom and IT markets with a deep understanding of business and technology. The solution portfolio includes the development of private Large Language Models (LLM) with a focus on data security, game development, and reward systems, process optimization through Agile methodologies, full-cycle implementation of Business Support Systems (BSS), and IT outsourcing for effective product development, team expansion, and project management to help accelerate time to market. 

    About VEON 
    VEON is a digital operator providing converged communications and digital services to nearly 160 million customers. Operating in six countries with over 7% of the world’s population – Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan, and Kyrgyzstan – VEON transforms people’s lives through technology services that empower people and drive economic growth. VEON is headquartered in Dubai.

    The MIL Network –

  • MIL-OSI: Stars Align for Bybit’s Crypto Zodiac League Trading Competition with 1 Million USDT in Prizes

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 28, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is transforming solitary trading into a cosmic team sport in its most dramatic trading competition yet. In the Crypto Zodiac League event, traders will get to unite under their star signs to compete for a share of a 1,000,000 USDT prize pool. 

    This celestial-themed event reinvents traditional trading battles with a touch of astrological magic, grouping participants into 12 zodiac-based squads. Whether the user is a bold Aries or a strategic Capricorn, their birth date determines their team allocation. Each team will then race for top spots in the leaderboards for a chance to win from a grand prize pool of a million USDT.

    Event Timeline: 

    From now to Mar. 21, 2025, eligible users may sign up for the event where their designated squad is written in the stars. 

    The race for crypto trading excellence features various achievement categories. During the competition period from Mar. 3 to Mar. 28, 2025, individual traders and squads may compete on four leaderboards, ranked respectively by:

    1. Individual PnL% during the competition period with a 300,000 USDT prize pool
    2. Squad trading volume during the competition period with a 300,000 USDT prize pool
    3. Individual Spot trading volume during the competition period with a 100,000 USDT prize pool
    4. Daily individual trading volume in a total of 25 days, with 5,000 USDT up for grabs each day

    To top it off, eligible new users who sign up during the event period can receive a 5 USDT airdrop on a first-come, first-served basis. Additionally, all eligible users have the opportunity to earn USDT and MNT through mystery boxes by completing designated tasks.

    Special Livestream:

    To kick off this stellar event, Bybit will host a livestream on Mar. 4, 2025 at 8AM UTC, featuring expert insights and $500 in Red Packet giveaways. The session will shed light on rules and mechanisms, inspiration for strategies, and sound the battle hymns for the limited-time competition. Speakers include Bybit’s Shadie Berro, Head of Social Media, Stella Yuan, Global Campaigns Specialist, and Jack Zhou, Global Marketing Operations Specialist. 

    “We’re bringing a new dimension to competitive trading by combining the thrill of trading with the playful element of luck in astrology,” said Joan Han, Sales and Marketing Director at Bybit. “If a trader ever wonders if they were predestined to be winners, this is the perfect opportunity to find out while honing their trading skills,” she said. 

    For more information about joining the Crypto Zodiac League and terms and conditions, users may visit: Crypto Zodiac League: Squad Up for the Stars

    #Bybit / #TheCryptoArk 

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press

    For media inquiries, please contact: media@bybit.com 

    For updates, please follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c82077e3-6669-440f-b3c0-2b4420514fe4

    The MIL Network –